【Crypto World】2025 has just passed its halfway point, and the ecological competition among L1 public chains is becoming increasingly fierce. Based on the latest on-chain data statistics, let's take a look at the actual user scale of major public chains.
BNB Chain currently has an average of 4.32 million daily active users, far ahead of other public chains. This number is already quite impressive — it means that ecological applications on BNB Chain continue to attract a large number of users.
Solana follows closely, with an average of 3.23 million daily active users. Although the gap is not small, it remains at a relatively high level. NEAR Protocol ranks third with 3.15 million, and the competition among the three is still quite intense.
TronDAO has a user base of 2.55 million, ranking fourth but occupying a significant market share. Meanwhile, Aptos currently has an average of 1.03 million daily active users, still in the chasing stage compared to the others.
From this data

Dora Factory's World MACI platform is currently in the public Alpha testing phase, aiming to utilize blockchain technology for decentralized polling to ensure the authenticity of votes. This tool is crucial for governance and opinion collection within the Web3 community, supporting developers to participate in testing and provide feedback to improve the product experience.

【币界】12月25日，链上数据监测发现，一个与比特币早期推崇者Erik Voorhees相关的钱包出现了大动作——向新地址转移了1635枚ETH，按当时价格折合约481万美元。更有趣的是，这笔转移还经过了Thorchain的跨链桥接。虽然有部分ETH被转出，但该钱包目前仍然持有4004枚ETH，总资产价值约1182万美元。这样的转移策略似乎暗示持有者在做某种资产调整或风险管理的动作。

【BlockBeats】On December 25th, an interesting data release occurred—faster-than-expected economic growth brought about changes, and CME's observation data shows that the probability of a rate cut in January 2026 has significantly converged.
After this data was released, the leading candidate for Federal Reserve Chair, Harker, made a direct statement. He believes that the foundation for growth still comes from three factors: falling prices, income growth, and improved market sentiment. He also did some calculations: if GDP growth remains around 4%, new employment is expected to return to a range of 100,000 to 150,000 jobs per month. But he was also straightforward—he openly stated that the Federal Reserve is clearly lagging behind the trend on rate cuts.
However, there is a key detail. The economic growth in the third quarter was mainly due to a rebound caused by the clearing of inventory backlog and trade disruptions, which actually masks the larger trend of weakening employment margins. With employment becoming a core policy consideration and the selection of the Federal Reserve Chair gradually being finalized, the market

【Crypto World】Big moves are again coming from the hedge fund circle. Paul Tudor's Tudor Investment Corporation has quietly increased its holdings in MicroStrategy. Since the beginning of the year, they have purchased over 50,000 shares of MicroStrategy stock, with a book investment of $8.5 million.
This is no small-scale action. As the most aggressive Bitcoin accumulator among listed companies, MicroStrategy's every move can influence market sentiment. For institutional investors like Tudor, choosing to increase holdings in MicroStrategy stock essentially reflects confidence in Bitcoin's long-term value. They are not directly buying Bitcoin but participating through MicroStrategy's leverage, indicating that institutions have moved from testing the waters to a more systematic deployment in Bitcoin allocation.
From a market signal perspective, such large-scale position changes often indicate the formation of some deep market consensus—institutions are voting with real money, and the direction of their votes is very clear. Stocks of high-leverage players like MicroStrategy can attract top hedge funds.

Recent misconceptions about Scroll suggest that the DAO is disbanding, but in reality, it is a restructuring of the governance framework. Scroll DAO is continuing its governance work, having just approved the Galileo upgrade proposal. Community participation has increased, with a total of 488 funding applications, demonstrating ecosystem expansion and mature governance.

Recent important developments in the HYPE ecosystem: over 85% of validators have voted to support the permanent destruction of HYPE tokens at address 0xfefe, alleviating market concerns about token re-circulation, enhancing transparency of the supply structure, and reflecting broad community support.

Latest data shows that the derivatives DEX trading landscape has changed, with Lighter surpassing Hyperliquid with a $6.1 billion trading volume, placing the latter in second. Although Hyperliquid's TVL and open interest remain strong, Aster follows closely behind. Overall, market liquidity remains balanced, providing traders with more options.

【Blockchain Rhythm】 Recently, the US stock market holidays have arrived, and many exchanges have begun to adjust their services. It is understood that a mainstream platform's US stock tokens and related contract products will suspend trading during Christmas and New Year's Day.
The specific arrangements are as follows:
Christmas: From 2:00 AM on December 25 to 9:00 AM on December 26 (Beijing time), US stock products trading will be suspended.
New Year's Day: From 9:00 AM on January 1, 2026, to 9:00 AM on January 2, 2026 (Beijing time), US stock products trading will be suspended.
But don't worry, spot trading, on-chain trading, and other crypto products like contracts will continue as usual and are unaffected.
It is worth noting that due to Ondo Finance's trading mechanism, on-chain US stock trading will close 1 minute early, and open 5 minutes late. Friends who want to take US stock exposure can adjust their positions and strategies in advance.

【Blockchain Rhythm】On December 24th, on-chain data monitoring shows that the large holder "0x0e4" with leveraged long positions is under significant pressure. Its 20x leveraged SOL long position faces an unrealized loss of $5.78 million, and the losses for BTC and HYPE leveraged longs are even as high as $8.5 million. The most heartbreaking part is that this holder's unrealized profit has plummeted from $18 million to $3 million, a huge contrast.
In stark contrast, another large holder "0x35d" has a thriving short strategy. Its 20x leveraged SOL short currently has an unrealized profit of $11 million, with profits gradually being realized. Combined with a 40x leveraged BTC short and a 25x leveraged ETH short, this holder's total profit has exceeded $27.7 million. In the same market, different directions yield profits that differ by several times.

[Coin World] This debate about tokens and equity has actually just begun to pump.
Looking back over the past few years, many crypto projects were born during the era of strict regulation under former SEC Chairman Gary Gensler. That period was filled with immense pressure, forcing development teams to focus all their value on equity, while tokens became secondary. But now things are different — the policy direction is changing, and new possibilities are emerging.
To truly understand how tokens and equity can work together to achieve maximum efficacy, it requires a significant amount of time for exploration and experimentation. The good news is that this experimental period is currently underway.
The key is to have clarity. Token holders must understand what they possess, what they can control, and what they cannot control. This point cannot be overstated.
From the perspective of design space, the imagination of tokens far exceeds that of traditional equity. It is normal that highly standardized token models like stocks are unlikely to emerge in the short term. Our understanding is: tokens

[Coin World] ETH Whale activity has a new trend. In the past 23 hours, a new Address withdrew 25,131.6 Ether from Bitgo in a single transaction, worth approximately 74.76 million USD. The cost of this transfer was about 2,974.8 USD per coin, and various signs point to the operator behind it likely being Bitmine. Such large outflows often represent the fund allocation of institutions or Large Investors—possibly preparing for trading, risk Hedging, or simply adjusting asset allocation. The liquidity performance of ETH during this phase and the trends of Large Investors are worth noting for market participants.

On December 24th, the interesting aspect of the U.S. stock market is that the market steadily rose, with the Dow up 0.16%, the Nasdaq up 0.57%, and the S&P 500 index up 0.45%, reaching a new closing high, but the encryption concept stocks were all in the red, forming a clear divergence.
The performance of several leading encryption companies is the most eye-catching. The largest compliant platform in the U.S. (COIN) fell by 2.26%, while the stablecoin operator (CRCL) saw a deeper decline of 4.91%, and the company known for bottom-fishing BTC (MSTR) dropped by 3.92%. Exchange concept stocks also did not escape, with (BLSH) down 6.26% and (GEMI) down 5.54%.
The mining sector is also under great pressure - (BMNR) fell by 4.21%, (BTBT) fell by 4.52%. Gaming and other encryption-related concepts are also adjusting, (SBET) fell by 3.45%, (ALTS) fell by 5.69%.

The altcoin market has experienced a sharp fall, with a market capitalization shrinkage of 580 billion USD since October last year, now at 1.19 trillion USD. Despite heightened market panic, some signs indicate a possible rebound, especially in areas like artificial intelligence and Privacy Coins. The key lies in the subsequent changes in market sentiment.

The Atlanta Federal Reserve predicts that the GDP growth rate for the fourth quarter in the United States will be 3%, reflecting the health of the economy. This macroeconomic data will impact investors' attitudes towards risk assets, making it particularly important for those who follow market trends to adjust their investment strategies.

Recently, a large-scale USDC burn occurred on the Ethereum chain, with the destruction of 50 million tokens indicating adjustments in on-chain liquidity and market supply, which may signal market fluctuations. This change could affect the trading depth and risk management of the DeFi ecosystem, and is worth following.

The USDe stablecoin issued by Ethena halved its market capitalization in just two months, falling from 14.7 billion USD to 6.4 billion USD, with a net outflow of funds reaching 8.3 billion USD. The market's confidence in stablecoins has declined, reflecting investors' more cautious choices regarding Liquidity Providers.

Recently, a whale investor purchased $38.16 million worth of WBTC within a month, and then began to reduce position, transferring 195 WBTC, accumulating unrealized gains of $325,000. Meanwhile, they still hold 200 WBTC with unrealized gains of $389,000, indicating that the flow of funds in the market toward leading exchanges may suggest future trends.

The US stock AI data center company Hyperscale Data's subsidiary Sentinum has acquired 514.9655 Bitcoins, worth approximately 76 million USD, and plans to invest an additional 30.5 million USD to increase its Bitcoin holdings, targeting a total value of 100 million USD. This reflects institutions' optimistic attitude towards the Bitcoin market, and subsequent market trends are worth following.

Ultiland launched the miniARTX Testnet, aimed at testing a user behavior-based Token supply management mechanism. By combining behavior accumulation and destruction, along with reduced supply, it ensures that the actual usage of the Token is linked to its supply. The market responded positively, and the ARTX price rose.