Debate Over Coin Issuance, Breakpoint Conference Recap, What's Hot in the Overseas Crypto Community Today?

Summary: What was the most concerning topic for the crypto community in the past 24 hours?

Publication Date: December 15, 2025
Author: BlockBeats Editorial Team

In the past 24 hours, the crypto market has shown a complex development in multiple dimensions. The mainstream topics have focused on the frequent exposure of security risks on trading platforms, while improper executive promotion behavior has also sparked discussions on industry regulations. In terms of ecosystem development, the Solana ecosystem has demonstrated a shift towards practicality after the Breakpoint conference, Ethereum has introduced an innovative fundraising mechanism, and the competition intensifies in the Perp DEX race track.

1. Mainstream Topics

1. On-chain detective ZachXBT reveals potential edgeX and MEXC connection

The renowned on-chain detective ZachXBT recently turned the investigation spotlight to the edgeX trading platform and made a startling assumption: edgeX may have a connection to the so-called "MEXC conspiracy group." ZachXBT's working theory further suggests that the previous Jelly Jelly/Zerebro attack on Hyperliquid may also be linked to networks associated with MEXC.

This investigation is not an isolated incident and is related to a major theft case ZachXBT exposed in September. In that case, a criminal syndicate used highly sophisticated social engineering attacks to steal up to $243 million in assets from a single victim. ZachXBT's investigation at that time not only exposed the identities of the criminals but also successfully assisted law enforcement in arresting multiple suspects and freezing millions of dollars of stolen funds. Now, the new investigation points to a broader network of trading platform associations, implying the systemic risks and organized crime activities that may exist within the crypto industry.

2. Base CEO's promotion of high-risk Meme coin sparks controversy

Coinbase's Chief Product Officer Jesse Pollak recently ignited a huge controversy with a tweet on social media. He openly promoted a Meme coin deployed on the Base chain and described it as a "new internet thing." A screenshot of the tweet shows that he personally spent around $1,500 to purchase the token. However, community members quickly pointed out that the project exhibited strong characteristics of a rug pull scam, both in terms of its name and token distribution.

As a leading compliance-focused trading platform and executive of the Base Chain development team, Jesse Pollak's actions have come under intense community scrutiny. A large number of negative comments have accused him of using his influence to promote high-risk or even potentially fraudulent projects, which not only could mislead retail investors but also damage the reputation of the Base ecosystem. This event has once again sparked a discussion on what responsibilities crypto industry leaders should bear.

II. Mainstream Ecosystem Trends

1. Solana Ecosystem

Following the conclusion of Solana's annual event, Breakpoint, community leaders and participants offered contrasting feedback. On one hand, researcher Frankie from Paradigm and Marius, the founder of the Kamino trading platform, highly praised the outcomes of the conference. They believe that Solana has made significant progress at various levels of its tech stack, witnessed a notable increase in Traditional Finance (TradFi) involvement, and the conference discussions focused more on practical applications and utility rather than empty narratives. Marius specifically mentioned that many crazy dreams from five years ago, such as tokenized stocks and bonds, are now a reality on Solana.

However, Jason Choi, the founder of Tangent, painted a completely different picture. He described this as the "dullest" crypto conference he has attended in recent years. He observed a general sense of "weariness" among project builders, venture capitalists, and traders. Many industry veterans (OG) are quietly exiting, venture funds are underperforming, and new projects are few and far between. This complex and contradictory sentiment may reflect the delicate crossroads that Solana and the entire crypto market find themselves in after a full market cycle.

Despite the complex market sentiment, the Solana ecosystem has still announced several significant developments. Firstly, the leading wallet app Phantom announced plans to launch a debit card in partnership with Visa, initially targeting U.S. users, aiming to bridge crypto assets with real-world consumer scenarios. Secondly, data shows that Solana has demonstrated strong performance across multiple key metrics. Ecosystem lead Lily Liu cited data referring to it as the "most used chain," with total value locked (TVL) growing tenfold since 2023, and transaction volumes peaking at five times that of Ethereum.

2. Ethereum Ecosystem

The Ethereum ecosystem's public goods funding platform, Octant, launched an innovative funding allocation mechanism called StreamVote. Unlike traditional periodic lump-sum grants, StreamVote allows funds to be continuously distributed to supported projects in a "stream" based on real-time community member voting results.

The voting power of a voter can be adjusted at any time, meaning that the project team can attract more real-time funding through ongoing progress. The system is built on the Superfluid protocol and utilizes Quadratic Voting to prevent Sybil attacks and encourage a broader distribution of votes. This innovation aims to provide more flexible and incentivized funding support for high-impact projects in the Ethereum ecosystem.

3. New Blockchain Dynamics

The high-performance Ethereum-compatible chain MegaETH has announced that its 'Frontier' platform will open to application developers this week, marking a new stage in its mainnet ecosystem development.

Meanwhile, the highly anticipated new blockchain Monad is facing community sentiment challenges following its TGE. The founder of the blue-chip NFT project Chog within its ecosystem posted to reassure the community, acknowledging that the project's marketing set overly high expectations and urging the community to focus on long-term development, noting that successful blockchains like Solana have also gone through long periods of consolidation and development.

Lastly, the payment-focused new chain Tempo has partnered with ethos network to launch a new concept of a stablecoin called $ethosUSD. This stablecoin can only circulate among verified trusted users, aiming to enhance transaction security and compliance through an identity system.

4. Perp DEX Track

Hyperliquid has released detailed documentation on its 'Portfolio Margin' feature, allowing users to use a wider range of assets as collateral, taking another step towards achieving functionality equivalent to centralized exchanges (CEXs). Community analysis believes that this feature will have interesting synergies with the lending protocols on Hyperliquid's EVM-compatible layer (HyperEVM).

Meanwhile, Tradexyz's trading platform experienced a market manipulation event over the weekend. A new address initiated a large short position, triggering a cascading liquidation that forced the liquidation of over $13 million long positions. This event highlights the potential risks of running a perpetual contract market on assets that do not trade 24/7.

The community has also conducted an in-depth comparison between the upcoming TGE of the Lighter trading platform and Hyperliquid. The community believes that the two represent different development paths. Lighter is more inclined to collaborate with existing giants like Coinbase and Robinhood, with its bullish logic being acquisition or integration. On the other hand, Hyperliquid is committed to building a complete financial ecosystem independent of the existing system. This difference is also reflected in the tokenomics, where the HYPE token is deeply integrated with the ecosystem, while the utility of the LIT token is relatively limited.