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Uniswap Token Burn Proposal Approved, What Is the Overseas Crypto Community Talking About Today?
Publication Date: December 26, 2025
Author: BlockBeats Editorial Team
Over the past 24 hours, the crypto market has witnessed various dynamics ranging from macroeconomic discussions to specific ecosystem developments.
Mainstream discussions have focused on protocol governance and value capture mechanisms, from token burns to fee structure adjustments. Mature protocols are recalibrating their relationships with token holders. In terms of ecosystem development, Ethereum has focused on the continued expansion of DeFi credit and asset management scale, while Perp DEX has accelerated the extension of trading pairs to include silver and other commodity assets, indicating that on-chain finance is transitioning from crypto-native to broader macro assets.
I. Mainstream Topics
1. UNI Burn Proposal Approved
The "Unification" proposal vote by Uniswap has concluded with an overwhelmingly positive outcome: 125,342,017 in favor and only 742 against. This proposal is seen as a key step for Uniswap towards a more unified governance structure. Key contents include burning 100 million UNI after approximately two days of voting, activating the protocol fee switch, Uniswap Labs shutting down front-end fees, and further focusing on protocol-level development.
Hayden Adams described the result as a "Christmas gift," emphasizing that this is a clear choice regarding protocol uniformity and long-term optimization direction. The original post author, Sisyphus, jokingly referred to this vote as "DeFi governance voting and third-world country election similarity," highlighting the high level of consensus.
Community reactions were mainly humorous and ironic. Many comments revolved around the number of dissenting votes, such as "742 dissenting votes are doing an incredible job" and "centralization will find a way." Some discussed the voting behavior in a more abstract manner, stating "perhaps this is human nature—we tend to choose familiar things," or likening the result to some kind of "oracle effect." While the overall atmosphere was light-hearted, beneath the jokes, there was a subtle hint of mild questioning of the governance process itself.
2. HYPE Burns Approximately 10% of Circulating Supply
The Hyperliquid community officially burned 11.068% (commonly referred to as "10%" in community discussions) of the $HYPE circulating supply through a governance vote. The corresponding address is 0xfefefefefefefefefefefefefefefefefefefefe and has been confirmed by the Hyper Foundation.
This vote used a proof-of-stake weighting mechanism, resulting in 85% in favor, 7% against, and 8% abstaining. The official statement positions this as a community-driven deflationary action aimed at reducing supply and enhancing token scarcity.
Community feedback overall highly positive. Most comments focus on the potential price boost of long-term value due to "permanently disappearing supply," such as "That's a big chunk of forever gone supply" and "Supply reduction, greater value potential." Some users also refer to it as "a paragon of deflationary action," bluntly stating "damn that's some serious deflation in action."
A small number of replies mention price expectations (e.g., referring to pushing $HYPE to $1,000 as larper), or express the view "Still need more." The overall sentiment is notably optimistic.
3. Wintermute Partner on Aave
Wintermute partner Evgeny Gaevoy shared views on the current state of Aave in a lengthy thread, first disclosing Wintermute's participation in Aave governance as an investor since 2022, but with no Labs equity. Key issues include mismatched value capture expectations (token holders vs. Labs), the infeasibility of a dual structure (token-equity) (quoting Hasu's view), and handling of external functions (e.g., BD).
He calls for a solution similar to Uniswap's "Unification," criticizes poor communication and politicized behavior, and announces Wintermute will vote against the current forum proposal due to its lack of detail, unable to ensure token value capture. He sees this as a "temperature check," urging all parties to calmly restart the dialogue to address long-term value issues.
Reactions focus on debate and questioning, such as "The token should either capture value or shouldn't exist," criticizing the interim state as "snake oil." Someone jokingly asks "wen thoughts on wintermute situation," prompting Gaevoy to respond calling it "purely imaginative." The overall discussion is rational but divisive, involving criticism of Labs communication and concerns about the proposal.
II. Mainstream Ecosystem Updates
1. Ethereum
Maple Finance completed its largest-ever single loan issuance yesterday ($5 billion), while the outstanding loan amount hit an all-time high (ATH). Some in the community see this milestone as a phase peak of the current DeFi credit growth cycle.
Founder Sid Powell, in an open letter, reviewed Maple's key milestones in 2025 and set 2026 goals: achieve $100 million ARR (Annual Recurring Revenue) positioning Maple as the "standard bearer for on-chain asset management," with core keywords being transparency, automation, and global accessibility.
The outstanding loan data of Maple's lending product Syrup continues to rise. The Dune dashboard shows that since June 2024, the outstanding loan size of Syrup has rapidly expanded, surpassing $1.5 billion by December, with Syrup USDT and Syrup USDC seeing a significant increase in share. The overall curve shows a steep growth from near-zero scale to 1.5B+, reflecting a significant recovery in the DeFi lending market.
Some institutional viewpoints (such as Relayer Capital) see $SYRUP as a high conviction position, believing that the continuously accumulating data is reinforcing the narrative of "opportunity scale + team execution."
Discussion highlights both Maple's breakthrough on a business level and the "protocol performance reaching all-time highs, but the token price still far below its historical peak" disconnect. Overall, 2025 is widely seen as a landmark year for Maple, with this progress further solidifying Ethereum's position as the core settlement layer of DeFi, while also being seen as potentially attracting more institutional-grade lending demand. However, the community also reminds that continuous attention to regulatory uncertainty and whether the incentive mechanism is fully aligned with long-term value is needed.
2.Perp DEX
Trade.xyz announces the launch of SILVER perpetual contracts, supporting up to 10x leverage and providing a 7×24×365 uninterrupted trading experience. The official emphasis on their product vision is "trade any asset anytime," allowing users to trade directly on the Hyperliquid frontend.
This launch is accompanied by visual content displays, emphasizing the convenience of on-chain trading of silver perpetual contracts. As a Perp DEX, Trade.xyz is further expanding its product range from native crypto assets to commodity derivatives, providing users with a speculative and hedging tool for silver price fluctuations. Within the Hyperliquid ecosystem, this move is seen as a significant complement to asset diversification and trading scenarios.
The overall community feedback is positive, with discussions focusing on leveraged trading opportunities and the potential bullish logic of commodity assets. Some caution that a high leverage structure amplifies both opportunities and risks. Overall, this event reflects the further maturation of the Perp DEX track and demonstrates that DeFi derivatives are continuously penetrating the traditional commodity market.
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The X Chat will be available for download on the App Store this Friday. The media has already covered the feature list, including self-destructing messages, screenshot prevention, 481-person group chats, Grok integration, and registration without a phone number, positioning it as the "Western WeChat." However, there are three questions that have hardly been addressed in any reports.
There is a sentence on X's official help page that is still hanging there: "If malicious insiders or X itself cause encrypted conversations to be exposed through legal processes, both the sender and receiver will be completely unaware."
No. The difference lies in where the keys are stored.
In Signal's end-to-end encryption, the keys never leave your device. X, the court, or any external party does not hold your keys. Signal's servers have nothing to decrypt your messages; even if they were subpoenaed, they could only provide registration timestamps and last connection times, as evidenced by past subpoena records.
X Chat uses the Juicebox protocol. This solution divides the key into three parts, each stored on three servers operated by X. When recovering the key with a PIN code, the system retrieves these three shards from X's servers and recombines them. No matter how complex the PIN code is, X is the actual custodian of the key, not the user.
This is the technical background of the "help page sentence": because the key is on X's servers, X has the ability to respond to legal processes without the user's knowledge. Signal does not have this capability, not because of policy, but because it simply does not have the key.
The following illustration compares the security mechanisms of Signal, WhatsApp, Telegram, and X Chat along six dimensions. X Chat is the only one of the four where the platform holds the key and the only one without Forward Secrecy.
The significance of Forward Secrecy is that even if a key is compromised at a certain point in time, historical messages cannot be decrypted because each message has a unique key. Signal's Double Ratchet protocol automatically updates the key after each message, a mechanism lacking in X Chat.
After analyzing the X Chat architecture in June 2025, Johns Hopkins University cryptology professor Matthew Green commented, "If we judge XChat as an end-to-end encryption scheme, this seems like a pretty game-over type of vulnerability." He later added, "I would not trust this any more than I trust current unencrypted DMs."
From a September 2025 TechCrunch report to being live in April 2026, this architecture saw no changes.
In a February 9, 2026 tweet, Musk pledged to undergo rigorous security tests of X Chat before its launch on X Chat and to open source all the code.
As of the April 17 launch date, no independent third-party audit has been completed, there is no official code repository on GitHub, the App Store's privacy label reveals X Chat collects five or more categories of data including location, contact info, and search history, directly contradicting the marketing claim of "No Ads, No Trackers."
Not continuous monitoring, but a clear access point.
For every message on X Chat, users can long-press and select "Ask Grok." When this button is clicked, the message is delivered to Grok in plaintext, transitioning from encrypted to unencrypted at this stage.
This design is not a vulnerability but a feature. However, X Chat's privacy policy does not state whether this plaintext data will be used for Grok's model training or if Grok will store this conversation content. By actively clicking "Ask Grok," users are voluntarily removing the encryption protection of that message.
There is also a structural issue: How quickly will this button shift from an "optional feature" to a "default habit"? The higher the quality of Grok's replies, the more frequently users will rely on it, leading to an increase in the proportion of messages flowing out of encryption protection. The actual encryption strength of X Chat, in the long run, depends not only on the design of the Juicebox protocol but also on the frequency of user clicks on "Ask Grok."
X Chat's initial release only supports iOS, with the Android version simply stating "coming soon" without a timeline.
In the global smartphone market, Android holds about 73%, while iOS holds about 27% (IDC/Statista, 2025). Of WhatsApp's 3.14 billion monthly active users, 73% are on Android (according to Demand Sage). In India, WhatsApp covers 854 million users, with over 95% Android penetration. In Brazil, there are 148 million users, with 81% on Android, and in Indonesia, there are 112 million users, with 87% on Android.
WhatsApp's dominance in the global communication market is built on Android. Signal, with a monthly active user base of around 85 million, also relies mainly on privacy-conscious users in Android-dominant countries.
X Chat circumvented this battlefield, with two possible interpretations. One is technical debt; X Chat is built with Rust, and achieving cross-platform support is not easy, so prioritizing iOS may be an engineering constraint. The other is a strategic choice; with iOS holding a market share of nearly 55% in the U.S., X's core user base being in the U.S., prioritizing iOS means focusing on their core user base rather than engaging in direct competition with Android-dominated emerging markets and WhatsApp.
These two interpretations are not mutually exclusive, leading to the same result: X Chat's debut saw it willingly forfeit 73% of the global smartphone user base.
This matter has been described by some: X Chat, along with X Money and Grok, forms a trifecta creating a closed-loop data system parallel to the existing infrastructure, similar in concept to the WeChat ecosystem. This assessment is not new, but with X Chat's launch, it's worth revisiting the schematic.
X Chat generates communication metadata, including information on who is talking to whom, for how long, and how frequently. This data flows into X's identity system. Part of the message content goes through the Ask Grok feature and enters Grok's processing chain. Financial transactions are handled by X Money: external public testing was completed in March, opening to the public in April, enabling fiat peer-to-peer transfers via Visa Direct. A senior Fireblocks executive confirmed plans for cryptocurrency payments to go live by the end of the year, holding money transmitter licenses in over 40 U.S. states currently.
Every WeChat feature operates within China's regulatory framework. Musk's system operates within Western regulatory frameworks, but he also serves as the head of the Department of Government Efficiency (DOGE). This is not a WeChat replica; it is a reenactment of the same logic under different political conditions.
The difference is that WeChat has never explicitly claimed to be "end-to-end encrypted" on its main interface, whereas X Chat does. "End-to-end encryption" in user perception means that no one, not even the platform, can see your messages. X Chat's architectural design does not meet this user expectation, but it uses this term.
X Chat consolidates the three data lines of "who this person is, who they are talking to, and where their money comes from and goes to" in one company's hands.
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Soaring 50 times, with an FDV exceeding 10 billion USD, why RaveDAO?
1 billion DOTs were minted out of thin air, but the hacker only made 230,000 dollars
After the blockade of the Strait of Hormuz, when will the war end?
Before using Musk's "Western WeChat" X Chat, you need to understand these three questions
The X Chat will be available for download on the App Store this Friday. The media has already covered the feature list, including self-destructing messages, screenshot prevention, 481-person group chats, Grok integration, and registration without a phone number, positioning it as the "Western WeChat." However, there are three questions that have hardly been addressed in any reports.
There is a sentence on X's official help page that is still hanging there: "If malicious insiders or X itself cause encrypted conversations to be exposed through legal processes, both the sender and receiver will be completely unaware."
No. The difference lies in where the keys are stored.
In Signal's end-to-end encryption, the keys never leave your device. X, the court, or any external party does not hold your keys. Signal's servers have nothing to decrypt your messages; even if they were subpoenaed, they could only provide registration timestamps and last connection times, as evidenced by past subpoena records.
X Chat uses the Juicebox protocol. This solution divides the key into three parts, each stored on three servers operated by X. When recovering the key with a PIN code, the system retrieves these three shards from X's servers and recombines them. No matter how complex the PIN code is, X is the actual custodian of the key, not the user.
This is the technical background of the "help page sentence": because the key is on X's servers, X has the ability to respond to legal processes without the user's knowledge. Signal does not have this capability, not because of policy, but because it simply does not have the key.
The following illustration compares the security mechanisms of Signal, WhatsApp, Telegram, and X Chat along six dimensions. X Chat is the only one of the four where the platform holds the key and the only one without Forward Secrecy.
The significance of Forward Secrecy is that even if a key is compromised at a certain point in time, historical messages cannot be decrypted because each message has a unique key. Signal's Double Ratchet protocol automatically updates the key after each message, a mechanism lacking in X Chat.
After analyzing the X Chat architecture in June 2025, Johns Hopkins University cryptology professor Matthew Green commented, "If we judge XChat as an end-to-end encryption scheme, this seems like a pretty game-over type of vulnerability." He later added, "I would not trust this any more than I trust current unencrypted DMs."
From a September 2025 TechCrunch report to being live in April 2026, this architecture saw no changes.
In a February 9, 2026 tweet, Musk pledged to undergo rigorous security tests of X Chat before its launch on X Chat and to open source all the code.
As of the April 17 launch date, no independent third-party audit has been completed, there is no official code repository on GitHub, the App Store's privacy label reveals X Chat collects five or more categories of data including location, contact info, and search history, directly contradicting the marketing claim of "No Ads, No Trackers."
Not continuous monitoring, but a clear access point.
For every message on X Chat, users can long-press and select "Ask Grok." When this button is clicked, the message is delivered to Grok in plaintext, transitioning from encrypted to unencrypted at this stage.
This design is not a vulnerability but a feature. However, X Chat's privacy policy does not state whether this plaintext data will be used for Grok's model training or if Grok will store this conversation content. By actively clicking "Ask Grok," users are voluntarily removing the encryption protection of that message.
There is also a structural issue: How quickly will this button shift from an "optional feature" to a "default habit"? The higher the quality of Grok's replies, the more frequently users will rely on it, leading to an increase in the proportion of messages flowing out of encryption protection. The actual encryption strength of X Chat, in the long run, depends not only on the design of the Juicebox protocol but also on the frequency of user clicks on "Ask Grok."
X Chat's initial release only supports iOS, with the Android version simply stating "coming soon" without a timeline.
In the global smartphone market, Android holds about 73%, while iOS holds about 27% (IDC/Statista, 2025). Of WhatsApp's 3.14 billion monthly active users, 73% are on Android (according to Demand Sage). In India, WhatsApp covers 854 million users, with over 95% Android penetration. In Brazil, there are 148 million users, with 81% on Android, and in Indonesia, there are 112 million users, with 87% on Android.
WhatsApp's dominance in the global communication market is built on Android. Signal, with a monthly active user base of around 85 million, also relies mainly on privacy-conscious users in Android-dominant countries.
X Chat circumvented this battlefield, with two possible interpretations. One is technical debt; X Chat is built with Rust, and achieving cross-platform support is not easy, so prioritizing iOS may be an engineering constraint. The other is a strategic choice; with iOS holding a market share of nearly 55% in the U.S., X's core user base being in the U.S., prioritizing iOS means focusing on their core user base rather than engaging in direct competition with Android-dominated emerging markets and WhatsApp.
These two interpretations are not mutually exclusive, leading to the same result: X Chat's debut saw it willingly forfeit 73% of the global smartphone user base.
This matter has been described by some: X Chat, along with X Money and Grok, forms a trifecta creating a closed-loop data system parallel to the existing infrastructure, similar in concept to the WeChat ecosystem. This assessment is not new, but with X Chat's launch, it's worth revisiting the schematic.
X Chat generates communication metadata, including information on who is talking to whom, for how long, and how frequently. This data flows into X's identity system. Part of the message content goes through the Ask Grok feature and enters Grok's processing chain. Financial transactions are handled by X Money: external public testing was completed in March, opening to the public in April, enabling fiat peer-to-peer transfers via Visa Direct. A senior Fireblocks executive confirmed plans for cryptocurrency payments to go live by the end of the year, holding money transmitter licenses in over 40 U.S. states currently.
Every WeChat feature operates within China's regulatory framework. Musk's system operates within Western regulatory frameworks, but he also serves as the head of the Department of Government Efficiency (DOGE). This is not a WeChat replica; it is a reenactment of the same logic under different political conditions.
The difference is that WeChat has never explicitly claimed to be "end-to-end encrypted" on its main interface, whereas X Chat does. "End-to-end encryption" in user perception means that no one, not even the platform, can see your messages. X Chat's architectural design does not meet this user expectation, but it uses this term.
X Chat consolidates the three data lines of "who this person is, who they are talking to, and where their money comes from and goes to" in one company's hands.
The help page sentence has never been just technical instructions.
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