What the crypto community has been debating in the past 24 hours

The cryptocurrency market is always vibrant with discussions about new developments and industry trends. Recently, the main topics of conversation have revolved around the Solana Breakpoint conference, automatic liquidation mechanisms in margin trading, impressive figures from Polymarket, and technical updates from the two largest ecosystems. Below is a summary of the hottest topics of community interest.

Developments at Breakpoint 2025

This year’s Solana Breakpoint conference featured several notable announcements. Jupiter – the leading trading platform on Solana – announced that their lending platform will become fully open source, JupUSD stablecoin is set to launch next week, and an upgraded version of Jupiter Terminal has been deployed.

More significantly, a major retail app has enabled users to use debit cards, bank accounts, or USDC to buy and sell tokens on Solana’s decentralized exchange (DEX), significantly enhancing liquidity within the ecosystem.

Partnership announcements were equally important: JPMorgan and Galaxy publicly revealed plans to issue US commercial paper on the Solana blockchain, while Bhutan plans to tokenize gold on this chain. These moves are seen as major milestones in large organizations pushing real-world assets (RWA) onto the blockchain.

Automatic liquidation mechanism: What is ADL and why is it important?

The debate over ADL (Automatic Deleveraging - Automatic Leverage Reduction) continues to be a lively topic among the community. Many analysts point out that there are quite a few misconceptions about this mechanism’s role.

What is liquidation? Simply put, liquidation (“thanh lý” in Vietnamese) is the process of forcibly closing positions when risks exceed permitted thresholds. ADL is an automatic mechanism designed to prevent users from incurring further losses and to cover bad debts. It combines two concepts from traditional finance: forced liquidation and profit reduction.

A well-designed ADL system will prioritize reducing systemic risk by targeting traders with the highest leverage, while preventing abuse of this mechanism to attack the exchange. Although current designs are not yet perfect, the existence of ADL is crucial for maintaining the stability of margin trading platforms.

Polymarket: Record-breaking prediction platform

Polymarket, the prediction market platform, continues to make waves. On-chain trading volume last week reached $1.3 billion, surpassing the highest levels seen during the 2024 US elections. The total value locked in the protocol (including open contracts and USDC balances) hit $517 million, a 2.9x increase since early 2025.

Polymarket’s website traffic in November reached 19.9 million visits, setting a new record for the year. The platform’s sports app also ranked first during its beta phase. These figures reflect the growing interest of the community in prediction markets.

Updates from major ecosystems

Solana: Launching perpetual exchanges and MEV solutions

Ellipsis Labs introduced Phoenix Perpetuals – a fully on-chain perpetual contract exchange on Solana, considered one of the most notable announcements at the conference.

The Toby project publicly released its token $TOBY , aiming to bring real profits to the Solana ecosystem through OpenMEV. OpenMEV is expected to address profit demands of up to $10 billion within the ecosystem and is integrated into major protocols like Jupiter, Sanctum, Kamino, and Drift.

Ethereum: Upgrading Fusaka and Aave V4

The Ethereum community is focused on the Fusaka upgrade with PeerDAS technology, which is expected to deliver 8x scalability for layer 2 solutions. This improvement emphasizes safety in scaling rather than just speed.

Aave V4’s new liquidation engine also attracted attention. The protocol has handled over $3.3 billion in liquidation orders, with significant improvements over previous versions. Integration of Aave with Arbitrum, Tangem, Babylon, and other chains is driving native Bitcoin collateralization and staking models.

Perp DEX Market: Lighter gains attention

The decentralized perpetual exchange sector remains very active. Lighter DEX has gained attention due to its attractive valuation, which some analysts consider undervalued compared to competitors. This was demonstrated when a well-known trader on Hyperliquid spent nearly $30,000 to buy $LIT tokens.

Hyperliquid also launched a new feature called “Reverse Mode,” allowing users to close a position and open an opposite position of the same size in just one step, optimizing trading efficiency.

Conclusion

The cryptocurrency market is experiencing parallel growth across many fronts: from major event announcements, important protocol updates, to the rapid rise of prediction platforms. Understanding mechanisms like liquidation and ADL is key for safe trading, while DEX platforms continue to innovate to provide better experiences for the community.