Hot topics in the overseas crypto world in the last 24 hours: Aave governance battle, Crypto existentialism, Solana revenue surpasses ETH, HYPE breaks cost

In the past 24 hours, the crypto market has been running multiple lines in parallel: DeFi governance tension (Aave yield distribution controversy + Tornado Cash blacklist risk), philosophical retrospection (Crypto empowerment narrative), ecological competition (Solana's annual revenue surpasses Ethereum for the first time), Perp DEX fluctuation (HYPE breaks aid fund costs). The depth of community discussion, from power boundaries to privacy costs, and then to institutional evolution - Degens are not sleeping, and the topics keep coming!

Main Topics Top 4

1. The Dispute over Aave's Yield Distribution and Governance Boundaries

The Aave community is filled with tension: regarding the [ARFC] Token Alignment proposal, founder Stani Kulechov has publicly opposed it.

The structural tension in DeFi reappears: the ideal of DAO vs the actual control by founders, with a lack of boundary consensus.

$AAVE 2. “Crypto Existentialism”: Empowerment Narrative Revisited

Vitalik posted a reflection on the core philosophy of crypto: empowerment is not original; the Pirate Party predates Bitcoin and has advocated for information freedom/privacy/decentralization of power.

• Illustrated “Pirate Wheel” model: Empowerment, Transparency, Privacy Support
• Community Extension: Empowerment must be irreversible; blockchain first provides incentives + global execution
• Discussion range: from privacy tools to meme “Dino powerment”

Philosophical uncertainty continues to influence technological/institutional choices.

3. Tornado Cash Blacklist Effect: The Cost of Privacy Reality

User Warning: Interacting with Tornado Cash may result in your address being blacklisted by hundreds of protocols (including Hyperliquid).

• Community fragmentation: Criticism of “decentralized” applications becoming regulators; suggesting ZK proof for clean funds or transferring to Monero
• Fundamental question: Is blockchain transparency a bug or a feature? Dust attacks also trigger risks.

The conflict between privacy and compliance is intensifying, calling for more refined infrastructure (such as Arcium).

4. Robinhood Accelerates Tokenization: TradFi Enters L2

Robinhood has deployed 500 tokenized stocks on Arbitrum, bringing the total to 1993.

• Dune data: Speed up from 1000 to 2000
• Community optimism: US stock daily trading over 500 billion, some on-chain migration → transaction fees/ETH burning increase significantly
• Macroeconomic: The early singularity of DeFi/TradFi, the composability of blockchain attracts institutions.

Traditional assets are accelerating on-chain, and the Arbitrum ecosystem is gaining new scenarios.

Mainstream Ecosystem Dynamics

1. Solana's annual revenue surpasses Ethereum for the first time

2025 YTD: Solana protocol revenue 250 million > Ethereum 140 million.

• History: Solana grew from 28 million in 2021 to 480 million in 2024; Ethereum decreased from 510 million to 142 million.
• Interpretation: User activity + DeFi frequency wins, the advantages of high-performance public chains are strengthened.
• Sentiment: Solana may take on the next round of “normie entry”

2. “Creator ETF”: A New Imagination for Solana Finance

Imagine: KOL builds an asset basket (such as SOL/BTC/ZEC), tokenizes it and opens it to fans, collecting AUM fees.

• Protocols like Symmetry.fi support share minting/transparency settlement
• Active community: Creator coins can sustainably evolve, balancing investment advice + global validation

Solana has low cost and high throughput, making it a perfect testing ground.

3. Perp DEX: HYPE support fund cost price

$HYPE first broke the average price of the assistance fund (13.24 USD) in August, falling back to the 20 USD range.

• Analogous to the April “jelly incident”: New high after breaking down for two months.
• Community: Seeing the current situation as a layout window, there are many voices for increasing positions.
• Confidence: The assistance fund mechanism stabilizes expectations, and the sector has strong resilience.

4. Bitcoin “wrench attack” normalization

Jameson Lopp reduces “Wrench Attack” archive maintenance: incidents from extreme to once every few days.

• Handover @beausecurity, GitHub reserved
• Community: From Warning → Protective Tool System Construction

Physical security risks are normalized, focusing on privacy + real-world protection.

Overseas crypto market 24 hours: governance wars, philosophical thoughts, ecological competition, privacy pain, tokenization progress - Degen never sleeps! Which topic are you most concerned about? Let's chat in the comments～ A. Aave Governance Dispute B. Crypto Empowerment Philosophy C. Solana surpasses ETH in income D. HYPE breaks the cost

Take one step at a time - the information flow is constant, and opportunities are always there!