Release Date: February 26, 2025
Author: BlockBeats Editorial Team

In the past 24 hours, the crypto market has shown high-density evolution across multiple dimensions. Mainstream topics focus on the potential manipulation controversy surrounding Wall Street market makers and the structural impact brought by the accelerated commercialization of AI agents; in terms of ecological development, Solana is restoring trust and expanding application boundaries through prediction markets and infrastructure updates, internal governance accountability in Ethereum is heating up, and the Perp DEX track is entering a new round of competition in terms of defense mechanisms and derivatives innovation.

I. Mainstream Topics

1. Jane Street Controversy Continues to Evolve

The bankruptcy administrator of Terraform has sued Jane Street, accusing it of obtaining undisclosed liquidity information through a private chat called "Bryce's Secret" during the 2022 Terra/Luna crash and colluding with insiders. After Terraform was the first to withdraw $150 million UST from Curve 3pool, Jane Street quickly followed with a withdrawal of $85 million in liquidity, totaling $235 million withdrawn within 10 minutes, directly triggering the UST depeg, causing approximately $40 billion in market capitalization to evaporate in the following six days.

Meanwhile, Jane Street significantly increased its holdings of SLV (Silver ETF) in Q4, adding 20.6 million shares, becoming the largest position, raising suspicions of market manipulation through "paper silver - physical pairing trades."

After the lawsuit was exposed, the long-standing rumor of "daily 10 AM BTC selling pressure" suddenly disappeared, with BTC rising 10% in a single day, and the market capitalization increased by nearly $200 billion, with the community jokingly referring to it as "bogeyman gone." Influencers like Eric Balchunas expressed, "Finally, we don't have to get hit every day at 10 o'clock", with many viewing the price trend as a side validation of manipulation theories. Accounts such as Aakash Gupta and ZeroHedge focused on dismantling the operational chain of "insider information + pre-trading + bottom buying," calling for thorough investigations and even imprisonment. Overall sentiment is mixed with anger, relief, and structural distrust of Wall Street.

2. Tether's Strategic Investment in Whop

Tether announced a strategic investment of $200 million in Whop, bringing its valuation to $1.6 billion. Whop positions itself as "the largest market platform on the internet," planning to integrate Tether's wallet with a global payment network to help users earn sustainable income online. Previously, Whop had completed a $55 million Series B funding round led by Bain Capital Ventures and others.

The community generally views this as a key step for Whop to upgrade from sneaker bot/course markets to "global creators + payment infrastructure," with highly optimistic sentiment celebrating the new narrative of "stablecoins + open markets." Whop CEO @cultured published a lengthy article reflecting on his entrepreneurial journey, from selling software as a teenager to building a new internet economy with Tether, which sparked widespread sharing. Several Crypto KOLs (such as @based16z) exclaimed, "Whop starts at 100x," believing the combination of Paolo Ardoino and Cultured is highly imaginative.

3. Perplexity Launches "Perplexity Computer"

Perplexity officially launched "Perplexity Computer," integrating search, research, design, coding, deployment, and management into a single end-to-end system. CEO Arav Srinivas demonstrated on-site how to build a real-time data Bloomberg Terminal replacement (originally priced around $30,000/year) in one go. At the same time, the company is transitioning from a subscription model to a credits consumption model + model routing with a "cloud computing billing" business model.

The community is amazed by the disruption of financial terminals while discussing the systemic risks for analyst positions, with sentiment swinging between shock and anxiety. @BoringBiz_ believes "2026 will be the true beginning of agentic workflow," predicting that hedge funds and PE firms may significantly cut junior analyst positions. Aakash Gupta pointed out that Perplexity is becoming a "multi-model reseller + AI procurement layer," routing 19 models to select the optimal solution, with revenue ceilings being completely opened (targeting an ARR of $656 million by 2026).

4. Claude Cowork Introduces Scheduled Tasks

Claude Cowork launched the "Scheduled Tasks" feature that can automatically execute repetitive tasks at fixed times, such as morning reports, weekly reports, and team presentations. Combined with previous capabilities in remote device operation and code execution, as well as enhancements to computer operating capabilities after Anthropic's acquisition of Vercept_ai, this is seen as a key step for Claude towards becoming a general work agent.

The community is generally shocked by the pace of iteration while discussing "job replacement" and "adapt or be eliminated," swinging between love and fear. @sytaylor joked, "Can Anthropic take a day off?", while @sjdedic bluntly stated, "Today we eliminated global secretaries and personal assistants." @cryptopunk7213 believes that after 48 hours of intensive feature updates, Claude Cowork could fully match OpenClaw within 2–4 weeks.

5. Anthropic Acquires Vercept_ai

Anthropic officially announced the acquisition of the computer usage startup Vercept_ai, with the core goal of enhancing Claude's "computer usage abilities," allowing it to complete clicks, operations, and task executions in a real desktop environment.

This acquisition is seen as a significant signal of Anthropic's full bet on the agentic route, forming a "three-power game" together with Perplexity Computer and OpenClaw. The community exclaims "the agent duel has officially ignited," with some creating comparison images and others joking that "Claude's computer is about to go on strike." Overall public opinion interprets this alongside improvements in Claude Cowork, believing Anthropic has entered a clear all-in phase.

II. Mainstream Ecological Dynamics

1. Solana: Meteora Clarifies Controversy, Jupiter Launches Prediction Market API

Meteora co-founder @realdezen published a lengthy article addressing recent doubts regarding insider trading. He stated that since taking over operations in March 2025, the team has established strict internal control mechanisms; Meteora is a completely permissionless protocol, and the team has learned relevant information only after multiple significant launches (such as $NYC and $YZY) over the past year, with their core focus always on technology and infrastructure itself rather than partnerships with project parties.

In response to the community's concerns over the Polymarket betting issues, the team has completed an internal review, confirming process compliance and finding no anomalies, emphasizing that they will continue to focus on "putting every bit of energy into the right things."

Meanwhile, Jupiter has officially launched the Prediction API Beta, the first programmatic access for Polymarket (settled based on Solana), supporting custom front-ends, AI automated trading predictions, social copy trading, and other use cases. Relevant documentation has been opened. Current daily trading volume on Polymarket has exceeded $100 million, making Jupiter the only entry point on Solana offering this type of API.

The Meteora clarification post received over 540 likes, with the community generally leaning towards support, asserting that its "permissionless structure is the strongest proof itself" and that "the team has always been doing the hard but right thing," while some jokingly requested the team to buy NO on Polymarket to "self-prove their actions."

After the launch of Jupiter Prediction API, it quickly became the focus, with KOLs shouting "the prediction market + AI agents are about to explode," and "Solana is about to capture all Polymarket traffic." Developers have already begun discussing specific landing scenarios like "AI reading news to automatically bet" and "robotic copy trading." Overall sentiment is optimistic, believing Solana is continuously consolidating its infrastructure advantage through trust restoration + new tool supply.

2. Ethereum: AAVE Governance Conflict Escalates, Vitalik Publicly Supports "Anti-Internal Closure"

Aave Chan Initiative (@AaveChan) released a heavyweight audit report, directly pointing out governance and execution issues with AAVE Labs over the past several years:
Accumulating approximately $86 million (ICO, VC, DAO, unauthorized swap fees), accounting for about 23% of the initial supply, but no major business development has been completed; six launched products have all incurred losses; governance participation rate is only about 2.5%; of 785 multi-signatures executed, 0 are directly related to proposals; and no systematic accountability or review reports have been released. Tomorrow, Snapshot will vote on a proposal titled "Aave Will Win" worth $51 million, with ACI urging the community to pay close attention.

At the same time, Vitalik openly responded to the related discussions, stating, "There are serious walled garden issues within Ethereum's own ecosystem," and believes that only by first solving internal closure and interest structure problems can a truly open model be exported externally. He emphasized that the core aspects of permissionless, open source, and minimal trust assumptions should be continuously strengthened to ensure long-term superiority over any closed system.

The AAVE Labs audit post has surpassed 140,000 reads, and community sentiment has rapidly heated up, with many users exclaiming "took $86 million yet produced 0 output" and "Morpho has already left AAVE far behind," while the comments section is filled with statements like "vote NO," "prepare to fork," and "Stani should listen to the voice of the community."

Vitalik's remarks received nearly 900 likes, interpreted by ETH maxis as "V God personally intervening" and "Ethereum needs to return to its roots," also sparking extended discussions on the trend of L2 closures. Overall sentiment reflects intense pressure for governance accountability + renewed resonance with Ethereum's long-term open narrative.

3. Perp DEX: Lighter Defense Operational Success, Hyperliquid Ecosystem Accelerates

Lighter (@Lighter_xyz) released a lengthy thread disclosing its first complete defense case in practice using LLP Strategies:
ARC whale address 0x5F64 established a $21 million ARC position (worth about $2.045 million), attempting to launch an attack, with unclosed OI at one point reaching $50 million USDC. Lighter limited LLP risk within single strategy to $75,000 USDC through OI limit control, funding rate adjustment, and ADL mechanism, ultimately causing the attacker to be liquidated, losing about $5.3 million, while LLP only lost about $75,000. Lookonchain subsequently synchronized on-chain data to verify the entire event process.

At the same time, the Hyperliquid test network discovered its first options contract (BTC binary price prediction, expiring on February 28, 2026), with the community speculating that HIP-4 may soon land. Hyperlend (Hyperliquid's native lending protocol) also released a TGE preview video, officially entering the countdown phase.

Lighter's thread and Lookonchain data post received a lot of interaction, with the Perp trading circle generally evaluating "LLP design is too strong," "I saw a perp protocol fend off whale attacks for the first time," and "Lighter proves it is not a paper tiger."

As soon as the Hyperliquid options signal was released, it became the focus, asking "Are BTC options finally coming?" and "prediction market + options double buff," while Hyperlend's TGE video triggered emotional releases like "gLend" and "finally waiting for the token." Overall atmosphere shows that the Perp DEX arms race has entered a high-intensity phase while the main narrative of the Hyperliquid ecosystem continues to strengthen.

4. Others: ZachXBT Investigation Subject Speculation Turns to Robinhood

@based16z posted that the upcoming exposure from ZachXBT's investigation into the "most profitable insider trading in crypto history," the market has basically fully priced in Meteora (MET), with him personally leaning towards Robinhood (HOOD) and giving it a probability judgment of about 20%, while @LuckyXBT joked that it's "an interesting bet."

The comments section focused on viewpoints like "MET has fully priced in," "HOOD deserves the title of 'most profitable business'," and "Zach won't be guessed so easily," while some started to humorously parlay MET + HOOD. Overall, it feels more like a prelude discussion to "Zach's big show on Thursday," adding a bit of entertainment value to market sentiment.

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