What is the overseas crypto world talking about today?

In the past 24 hours, the crypto market has witnessed a multifaceted dynamic ranging from macroeconomic discussions to specific ecosystem developments. Mainstream topics focused on the significant announcements and project updates from the Solana Breakpoint conference, debates about ADL, a historic high in on-chain volume for Polymarket, and discussions about the future of crypto bank cards. In terms of ecosystem development, both Solana and Ethereum had important updates, showcasing the rapid innovation and expansion in the industry. This report will organize and summarize these hot topics.

1. Main Topics

2. Solana Breakpoint: The conference released a series of major announcements that sparked widespread discussion in the community. Among them, Jupiter announced that its lending platform will be fully open-source, and its stablecoin JupUSD will launch next week, with a new Jupiter terminal already in use. In addition, Coinbase's retail application will now allow users to purchase and trade any Solana DEX tokens directly using debit cards, bank accounts, or USDC, greatly enhancing the liquidity of the Solana ecosystem. JP Morgan and Galaxy also announced that they will team up to issue U.S. commercial paper on Solana, while Bhutan plans to launch tokenized gold on Solana. These initiatives are seen as significant milestones for institutional adoption and real-world assets (RWA) on-chain.

3. ADL (Automatic Deleveraging) Debate: The discussion about the Automatic Deleveraging (ADL) mechanism within the community continues. Some experts believe there are many misconceptions regarding the role of ADL in exchanges. ADL is a crucial part of any margin trading system, designed to prevent users from incurring continuous losses and to offset bad debts. It combines the concepts of “liquidation” (forced closing) and “profit trimming” found in traditional finance. A well-designed ADL system should prioritize systematic risk reduction for users with the highest leverage and prevent malicious attacks using this mechanism. Although the current ADL design is not perfect, its existence is vital for maintaining the stability of exchanges.

4. Polymarket on-chain volume hits an all-time high: The on-chain volume of the prediction market platform Polymarket has reached an all-time high, with weekly volume reaching $1.3 billion, even surpassing the peak during the 2024 U.S. elections. The total value on the platform (open contracts/total locked value + USDC balance) has reached $517 million, growing 2.9 times since the beginning of 2025. Additionally, Polymarket's website traffic in November reached 19.9 million, setting a new high for 2025, and its U.S. version app topped the sports app rankings during its beta phase. These data indicate that user engagement and market interest in the prediction market are sharply increasing.

5. Blockworks Lightspeed Investor Relations Platform: The industry's first investor relations platform built for the Solana ecosystem, aimed at improving the participation experience of institutional investors.

6. The article “Cryptographic Bank Cards Have No Future” provides a detailed summary of Pavel Paramonov's in-depth analysis on the lack of future for cryptographic bank cards, including his criticisms of the dependence on payment processors, KYC requirements, and other issues.

7. Mainstream Ecosystem Dynamics

1.Solana:

Ellipsis Labs Phoenix Perpetuals - An on-chain perpetual exchange launched on Solana, regarded as one of the most important announcements of the conference. The Toby project announced the launch of $TOBY token at the Breakpoint conference, aiming to bring foundational yields to Solana through OpenMEV. The OpenMEV initiative is set to serve a real yield demand of $10 billion in the ecosystem and will be integrated into several mainstream protocols such as Jupiter, Sanctum, Kamino, and Drift.

2. Ethereum:

Fusaka Upgrade and L2 Scalability: The discussion focuses on the Fusaka upgrade of Ethereum, including the 8x L2 capacity increase brought by PeerDAS, the increase in gas limits, and the impact on the security of DeFi and institutional applications, emphasizing secure scaling rather than just speed.

Aave V4 Liquidation Engine, along with ecosystem integration and growth: The focus is on the new liquidation engine of Aave V4, including improvements over V3, experience in handling over $3.3 billion in liquidations, and how to enhance the protocol's security and efficiency, emphasizing protection against bad debts and technological optimizations. In addition, Aave's integration with Arbitrum, Tangem, Babylon, etc., promotes native BTC collateral, yield models, and incentive mechanisms.

3.Perp DEX:

The perpetual contract decentralized exchange (Perp DEX) space is also vibrant. Lighter DEX has garnered attention due to its attractive valuation, and analysts believe it is severely undervalued compared to other Perp DEXs. In recognition of its potential, renowned trader hyena on Hyperliquid spent nearly $30,000 to purchase the Ticker for $LIT . Additionally, Hyperliquid itself has launched a new feature called “Reverse Mode,” allowing users to close positions with one click and open the same size position in the opposite direction, enhancing trading efficiency and effectiveness. **$FLOCK **$SONIC **$BIO **