Release Date: February 14, 2025
Author: BlockBeats Editorial Team

In the past 24 hours, the cryptocurrency market has been continuously evolving across various dimensions. Mainstream topics have focused on the controversy surrounding high-frequency prediction markets and stablecoin yields, with trading and regulatory boundaries once again brought to the forefront. In terms of ecological development, the Perp DEX track is accelerating innovation by introducing RWA and new margin mechanisms, while some projects are choosing to exit, with competition and elimination happening simultaneously.

1. Mainstream Topics

1. Polymarket Launches "5-Minute Price Prediction" Market

Polymarket announced the launch of a new prediction market that allows users to stake on cryptocurrency price movements within 5 minutes, with data and security supported by Chainlink. This product covers mainstream assets like Bitcoin and emphasizes a high-frequency, fast interactive experience. Zerohedge commented that if the time window were to be further shortened to the nanosecond level, Wall Street high-frequency trading firms (like Jane Street) might enter the market. Trader Tradermayne pointed out that theoretically starting from $10, if one predicts correctly for 17 consecutive times, it could turn into a million dollars in about 1.5 hours, sparking market discussions.

Community reactions are noticeably polarized. On one hand, many users have shown strong interest in high-frequency betting opportunities, discussing the use of the Martingale (bet doubling) strategy, "sniping" bets in the last 30 seconds, and even sharing robot testing results claiming to have achieved 7 consecutive wins with a 150% return. On the other hand, critics argue that the product further reinforces the "gambling attribute" in the crypto space, undermining long-termism and value investing culture, and exacerbating short-term speculation and distraction. Chainlink's official response emphasized the importance of high-speed data, and Polymarket publicly acknowledged this collaboration.

2. Ethereum Foundation Executive Director to Depart After Less Than a Year

Tomasz K. Stańczak, the Co-Executive Director of the Ethereum Foundation, announced that he will resign at the end of February 2026, with his position to be taken over by Bastian Aue, who will co-lead the foundation with Hsiao-Wei. Stańczak stated in a blog that he has brought stronger urgency and awareness of change to the foundation, pushing the organization to become more strategic and proactive. Joseph Lubin affirmed the team's progress and expressed confidence in Aue's leadership abilities. Ryan Berckmans commented that the Ethereum Foundation has been "revitalized," refocusing on Ethereum's core values.

Overall public opinion is leaning positive, with many users thanking Stańczak for enhancing the foundation's efficiency and execution within a short time, believing that he has promoted a cultural shift and reshaped priorities. Some argue that the short-term rotation of leadership helps avoid personal ambitions dominating the long-term vision, while others are concerned about organizational continuity. The temporary co-executive director Aerugo's statements were widely quoted, emphasizing that the foundation will continue to adhere to core principles such as review resistance, open-source, and privacy, and reiterating the importance of community diversity.

3. Wall Street Downgrades Coinbase Rating, Controversy Over Stablecoin Yields Continues

Multiple Wall Street institutions have downgraded Coinbase's investment rating, but Coinbase's stock price surged over 17% in the following trading day, humorously dubbed a "reverse indicator" by the market. The controversy centers around whether stablecoin issuers should be allowed to pay yields to users. Coinbase CEO Brian Armstrong maintains a principled stance against banks using legislative means to limit competition. Omid Malekan publicly supported Coinbase, stating that "yield-generating stablecoins" represent a disruptive financial innovation that can provide ordinary users with returns unmatched by traditional Wall Street, criticizing the banking industry's lobbying and misleading advertising.

Many users mocked Wall Street analysts for their inaccurate predictions, viewing the rating downgrade as a buying signal. Supporters argue that stablecoin yields help break the banks' monopoly on savings, enhance returns for ordinary users, and could structurally lower overall credit costs. Critics point out that banks' profits rely on cheap deposits rather than genuinely lowering borrowing rates, while others worry that if the U.S. bans yield-generating stablecoins, related funds will flow to overseas markets. The overall consensus is that Coinbase's position may come at a high cost, but it is crucial for DeFi and permissionless financial networks.

4. Robinhood May Open Private Investment to Retail Investors Through Ventures

Robinhood announced the launch of Robinhood Ventures Fund I, planning to allow ordinary investors to participate in the private market for the first time, investing in non-public companies in the cutting-edge technology sector. This fund is seen as an important attempt to break the long-standing closure of the private market to retail investors, set to formally debut on February 17 through App, X, and YouTube live streams, with CEO Vlad Tenev and core team participating in a Q&A session.

Market sentiment is generally high, with many users viewing it as another breakthrough for "financial democratization," believing this will help retail investors participate in the value growth of high-growth tech companies before IPOs. Some users specifically hope to invest in companies like Anthropic and Anduril, while others look forward to further disclosures on fee structures and risk warnings. The overall atmosphere leans positive, with many comments suggesting it could become an important milestone in the evolution of future financial products.

2. Mainstream Ecological Dynamics

1. Perp DEX

Lighter Launches Unified Margin Mechanism for RWA Perp

Lighter.xyz announced the introduction of a cross-margin mechanism for real-world assets (RWA), initially covering precious metal markets such as gold and silver, and planning to expand to more RWA categories next week. This mechanism allows RWA to share collateral with crypto-native markets, significantly enhancing capital efficiency.

Lighter emphasizes its low-cost, low-latency trading experience based on Ethereum L2 and achieves verifiable matchmaking and clearing through custom ZK circuits. Community data shows that its liquidity providing pool (LLP) has an annualized yield of about 12%–17%, with outstanding Sharpe and Sortino ratios, and LLP shares can be directly used as collateral for Perp's cross-margin. At the same time, the funding rate for RWA Perp has dropped to 3.5%, with long-term holding costs lower than Coinbase's similar swap products.

The overall community response is positive, widely recognizing Lighter's rapid iteration and product innovation, believing it is gradually becoming "the best Perp venue for going long on stocks and RWA." Discussion focuses on LLP yields and the points system, with users sharing experiences of accumulating $6 equivalent OTC points through daily trading and predicting that future airdrop sizes could reach five figures.

Challenging voices are relatively limited, mainly concentrating on liquidity competition in the RWA market. However, general sentiment remains optimistic, emphasizing that the number of platform users has surpassed 38,000 and continues to attract Perp traders with features like zero fees and multi-collateral support.

HIP-3 DEX Dreamcash Receives Investment from Tether

Dreamcash announced it has received an investment from Tether and launched its first HIP-3 perpetual contract market with USDT0 as margin. Dreamcash is the native mobile trading application within the Hyperliquid ecosystem and has processed over $1.5 billion in trading volume, with over 110,000 users on the waiting list.

The HIP-3 model includes a weekly incentive plan of $200,000, emphasizing a mobile-native Perp trading experience, developed by the top ten trading teams of Hyperliquid. Partners such as MoonPay and Exodus have publicly expressed support, highlighting Dreamcash's advantages in product iteration speed and community points system.

Community sentiment is high, broadly viewing this investment as an important milestone for the Hyperliquid ecosystem. Many users share invitation codes to earn extra points (e.g., million-level point rewards) and are optimistic about attracting more retail investors. Discussions focus on the smoothness of the mobile UI and the strategic significance of Tether's investment, with early testers stating the experience exceeds that of traditional CEX; while others caution about the risks of high-frequency derivative trading. The overall atmosphere leans optimistic, believing Dreamcash is a key product linking underlying liquidity with real user scenarios.

Polynomial Announces Shutdown of Project and Application Chain

Polynomial Fi announced the closure of Polynomial Chain and Polynomial Trade. The project has accumulated over $4 billion in trading volume, completing 27 million transactions, with a peak TVL of $8 million.
The official shutdown timetable is as follows: Stop market trading on February 13, forced liquidation on February 18, closure of the liquidity layer on February 24, and complete offline of the application chain on March 3. The team has made it clear that it will not issue tokens for "dying products," but has completed snapshots of participants and promised that future projects will prioritize early users.
The reason for the shutdown is due to consistently insufficient liquidity levels, making it difficult to compete with leading Perp platforms, although it has technical innovations in hybrid AMM + order book design and multi-collateral support.

The community generally expresses regret and sorrow, with many users thanking the team for their long-term commitment and sharing personal participation experiences (e.g., continuous staking for 1.5 years). Criticism mainly focuses on the failure to issue tokens in a timely manner, leading to insufficient community incentives and user attrition.

A broader reflection indicates this reaffirms the harsh reality of the derivatives market: liquidity is the only competitive moat, and technological innovation alone is not sufficient to retain traders. The overall tone remains positive, recognizing its orderly exit and funding safety arrangements, and looking forward to the team's future return.

2. Others

DeFiLlama Launches Whitelist Domain Search Tool

DeFiLlama developer 0xngmi launched search.defillama.com, a tool that collects and manually maintains over 5,000 whitelist domains to avoid phishing ads and scam links in Google searches.
The tool is under 6KB in size, ready to use upon loading, and supports searching for old protocol names (e.g., MakerDAO automatically mapped to Sky) and has been integrated into LlamaAI. DeFiLlama also enhances security through browser extensions and regular inspection mechanisms (like domain expiration monitoring).

The community highly evaluates this tool, believing it has become a "must-have component" of DeFi infrastructure, helping the industry avoid phishing losses amounting to hundreds of millions of dollars. Many users share personal experiences, claiming to have made DeFiLlama the default entry point for newcomers. Discussions also include suggestions for launching a Chrome plugin and acknowledgment of DeFiLlama's long-term transparency and neutrality. The overall consensus is that this tool precisely addresses the pain points of newcomers, significantly raising the safety baseline for the industry.

eGirl Capital Releases Stable Investment Thesis Sparks Controversy

eGirl Capital released an investment thesis on Stable, emphasizing its potential in the stablecoin and payment tracks, and claiming it surpasses competitive solutions like Plasma and ZRO. The article focuses on not requiring Ethereum gas for on-chain stablecoins and supporting a "stablecoin paying stablecoin" design, but is overall brief with limited details.

Discussions quickly polarized. Supporters recognized eGirl's narrative expression and early exposure ability; critics pointedly described the article as "vacuous," merely summarizing the stablecoin track in three paragraphs, and questioned whether bias existed due to early participation.
The controversy further extends to the differentiation between "stablecoin narratives" and "true product value." Although opinions are evidently divided, most acknowledge that eGirl still possesses undeniable market influence.

OpenSea Announces Token Release One Year Later Still Not Implemented

Community member MontiMania posted a reminder that OpenSea announced a year ago the issuance of the $SEA token, but there has been no substantial progress to date. The original announcement emphasized historical usage behavior as an important reference, promising to simplify the claiming process, cover U.S. users, and focus on long-term sustainability. The official response has repeatedly stressed "to rely on information from official channels."

Community sentiment is noticeably negative, filled with sarcasm and dissatisfaction, with many users feeling they have been "farmed" for an entire year while entering a bear market, viewing it as a case of the platform exhausting community trust.
However, there are a few voices arguing that the platform should not be used solely for potential airdrops, but the overall consensus still calls for OpenSea to respond positively and fulfill its promises.

Brave Discovers zkLogin Design Vulnerability

The Brave research team disclosed that zkLogin (blockchain transaction authorization mechanism) has potential security vulnerabilities, pointing out that several assumptions regarding the authorization environment have not been enforceably constrained at the protocol layer. Brave has published a blog and a complete research paper, suggesting stricter validation rules (like mandatory normalization of JSON) to reduce the attack surface.

The community's overall attitude is rational and constructive, widely affirming Brave's responsible communication with the Mysten Labs team before disclosure. Mysten Labs' founder responded that he does not entirely agree with some of the attack path assumptions (e.g., Sui's explicit provider whitelist has mitigated certain risks), but has adopted several improvement suggestions.

Discussion centers on a more general issue: zero-knowledge systems often shift risks from the cryptography itself to the implementation and integration layers, necessitating end-to-end threat modeling. Overall evaluation suggests this is a highly valuable real-world case for privacy and authorization system design.

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