Core Insights - The Ethereum Foundation has established a dedicated DeFi task force under its application relations team to support the development of new protocols [1] - Charles St. Louis, former CEO of DELV and governance architect of MakerDAO, has been appointed as the DeFi protocol expert [1] - Ivan (ivangbi), co-founder of Gearbox Protocol, has been appointed as the DeFi coordinator [1] - The foundation aims to advance DeFi development under the direction of "DeFipunk" while collaborating with its privacy working group [1]

Group 1 - Base will integrate key components of its operating network into a self-managed unified codebase, increasing upgrade frequency from 3 to 6 times a year and transitioning from optimistic proofs to TEE/ZK proofs while maintaining Stage 1 Rollup status [1] - Moonwell is exploring recovery options for users affected by the cbETH Core Market incident, proposing partial repayments and compensation in stkWELL tokens [2] - ether.fi plans to migrate its crypto debit card product Cash to the Optimism network, involving over 70,000 active cards and a total value locked (TVL) exceeding $160 million [2] Group 2 - Jupiter DAO has initiated a vote to decide whether to cancel the 2026 Jupuary airdrop to achieve net-zero emissions and alleviate token dilution pressure [3] - xStocks has surpassed a cumulative trading volume of $25 billion since its launch in June 2025, ranking among the top 10 tokenized stocks in 24-hour trading volume [3] - Uniswap has launched a proposal to expand protocol fees across all remaining v3 liquidity pools and enable fees on new chains for both v2 and v3 [4] Group 3 - Hyperliquid reported a last twelve months (LTM) revenue of $832.9 million, with a market cap of $7 billion and a price-to-sales (P/S) ratio of 8.4x, compared to Robinhood and Coinbase [5] - x402's early seller retention rate for the first month is 55.7%, but retention for new sellers entering after the initial surge has dropped to nearly zero by the second month [5] - ZeroLend announced it will gradually cease operations after three years due to declining liquidity and challenges in achieving sustainable revenue [6] Group 4 - Polynomial has ceased operations and will close its chain and trading products, with a forced liquidation scheduled and plans to cancel its upcoming token generation event (TGE) [6]

Core Viewpoint - EtherFi token (ETHFI) has a market capitalization that is three times that of EigenLayer token (EIGEN) and 1.3 times its fully diluted valuation (FDV) [1] Group 1: Market Comparison - EtherFi was initially a Layer 2 (LRT) protocol of EigenLayer but has now surpassed its price [1] - The shift in EtherFi's focus to cashback credit cards is a significant factor in its increased valuation [1] Group 2: Product Development - EigenLayer has also transitioned to EigenCloud, but it appears that foundational infrastructure is more challenging to achieve product-market fit (PMF) compared to user-facing products [1]

Core Insights - Aave Labs has proposed a governance initiative called "Aave Will Win Framework" to allocate 100% of Aave brand product revenue to the Aave DAO treasury [1] - The roadmap will focus on Aave V4, which is currently in the governance temperature testing phase [1] - Aave believes that the current regulatory clarity in the market presents an opportunity to enhance token value recovery [1] Financial Performance - Aave V3 has achieved an annual revenue exceeding $100 million [1] - If the regulatory environment continues to improve, there is potential for future revenue to be captured by the DAO [1]

Core Viewpoint - Multicoin Capital's investment team leader Vishal Kankani supports Aave Labs' proposed framework direction, believing that directing 100% of Aave brand product revenue to the DAO will help establish a more "token-centric" economic model and may set a precedent for DeFi [1] Financial Summary - The proposed plan aims to allocate approximately $25 million in stablecoins and 75,000 AAVE tokens (around $9 million), with additional milestone grants, leading to a potential total scale of $40 million to $50 million, which would account for about 25% to 30% of the treasury [1] - It is suggested that the funding be disbursed in phases based on more financial and ROI data, linked to quantifiable launch and revenue targets, with a budget breakdown provided for 12 to 24 months [1]

Core Insights - Flying Tulip, currently in the pre-launch phase, has generated protocol revenue through its financing structure, ranking among the top 230 revenue-generating applications [1] - Despite not having launched its product yet, Flying Tulip has achieved a weekly protocol revenue of approximately $30,000 and a Total Value Locked (TVL) of about $50 million [1] - The project team anticipates that its revenue ranking could rise to the top 30 before the launch of its first product [1]

Core Viewpoint - Aave founder Stani Kulechov purchased a Victorian-style mansion in Notting Hill, London for £22 million (approximately $30 million), which is about £2 million lower than the previous asking price, highlighting a rare positive transaction in the high-end residential market amidst increased taxes and tightened regulations for ultra-high-net-worth foreign residents in the UK [1] Group 1 - The property is a five-story mansion with views overlooking the Notting Hill area [1] - The transaction is noted as one of the few bright spots in the London luxury real estate market for 2025 [1] - The purchase occurred against the backdrop of the UK Labour government's increase in stamp duty and restrictions on tax benefits for wealthy foreign residents [1]

Core Insights - Step Finance, a DeFi platform within the Solana ecosystem, reported that some of its treasury and fee wallets were compromised, and an investigation is currently underway [1] - On-chain data indicates that approximately 261,854 SOL were unlocked and transferred during the incident, valued at around $30 million at the time [1]

Core Viewpoint - Lido has launched Lido V3 on the Ethereum mainnet, introducing a modular staking architecture called stVaults, which enhances the integration of Ethereum staking with DeFi [1] Group 1: Product Features - The new version allows institutions, node operators, and developers to customize validator selection, fee structures, and reward mechanisms while maintaining the liquidity of stETH [1] - Lido V3 supports isolated and customized staking products, expanding the possibilities for Ethereum staking [1] Group 2: Market Impact - The introduction of stVaults is expected to further integrate Ethereum staking with decentralized finance (DeFi) applications, potentially increasing user engagement and investment in the ecosystem [1]

Core Insights - The DeFi project Flying Tulip, led by Andre Cronje, has raised additional funds through private and public token sales, achieving a total funding of $225.5 million [1] Group 1: Funding Details - The private Series A round raised $25.5 million at a $1 billion fully diluted valuation (FDV), bringing the total institutional funding to $225.5 million [1] - The project has also raised $50 million through the Impossible Finance Curated platform [1] - An allocation of $200 million has been reserved for the upcoming public sale on CoinList [1]