Solana after Breakpoint: practical reorientation or just temporary optimism? What is the international crypto community discussing?

Summary: Major developments in the past 24 hours across leading blockchain ecosystems > Update date: December 15, 2025

Cryptocurrency Market: Conflicting Signals from Major Conferences

The Solana Breakpoint conference just concluded, generating mixed reactions within the community. On one side, significant progress is recognized—researchers at Paradigm like Frankie and platform leaders such as Marius from Kamino praise Solana’s advancements across all technological layers, the influx of traditional capital (TradFi), and a clear shift from hype stories to practical applications.

Conversely, some builders perceive a “boring” atmosphere at the event. They point out that pessimism is spreading among developers, investment funds, and traders. Many industry leaders are quietly withdrawing, new projects are scarce, and investment activity is no longer as vigorous as before.

These conflicting signals may indicate a transitional phase—after a rapid growth cycle, the market is contemplating its next move. This reflects the challenging situation faced by many blockchain ecosystems today.

Solana: Data Milestones but Psychological Challenges

Solana’s performance metrics are truly impressive—total value locked (TVL) has increased tenfold since 2023, and transaction volume at peak times is up to five times that of Ethereum. These indicators confirm Solana as the most widely used public chain today.

But numbers don’t tell the whole story. The “crazy dreams” from five years ago—such as tokenizing stocks and bonds—are now becoming reality on Solana. Notably, the leading wallet app Phantom announced a partnership with Visa to issue debit cards for US users, a significant step toward connecting digital assets with everyday consumption.

However, market sentiment remains complex, and Solana must prove that these achievements can be sustained long-term.

Ethereum: A Fundraising Platform with “Adaptability”

The Ethereum ecosystem has just witnessed an innovative financial initiative. The Octant platform launched StreamVote—a completely different capital allocation system from traditional cyclical grants.

Instead of providing a fixed amount, StreamVote allows continuous funding in the form of a “flow” to projects, with the ability to adjust at any time based on real-time voting results. The system employs (Quadratic Voting) to prevent Sybil attacks and encourage broader distribution.

This approach opens up more flexible funding options for impactful projects within the Ethereum ecosystem.

New Public Chains: Between Expectations and Challenges

MegaETH, a high-performance Ethereum-compatible chain, announced the launch of its “Frontier” platform for developers this week—a key milestone in building its mainnet ecosystem.

Meanwhile, Monad faces psychological pressure after its TGE. Project members admitted that overly high expectations were created by marketing strategies, and called on the community to focus on long-term development. They reminded that Solana—a successful public chain—also experienced periods of stagnation and prolonged building phases.

A new step in stablecoin development is the collaboration between Tempo (payment-focused chain) and Ethos Network to launch $ethosUSD —a stablecoin that circulates only among verified users. This effort aims to enhance security and compliance in transactions.

Perpetual DEXs: The Strategic Race

The perpetual DEX market is becoming increasingly competitive. Hyperliquid announced a new “Portfolio Margin” feature allowing users to collateralize multiple assets, moving closer to competing with centralized exchanges.

A market manipulation incident at a certain exchange over the weekend caused a liquidation cascade, closing over $13 million in long positions. This event once again exposes the risks of managing perpetual contracts on assets that don’t trade 24/7.

The community also compares two DEX platforms with different development philosophies: one favors cooperation with existing giants, hoping for acquisition or integration, while the other aims to build an entirely independent financial ecosystem. These differences are reflected in their tokenomics.

Security Risks: Allegations of Unusual Links

Chain analysis firm ZachXBT recently released findings raising concerns about potential links between exchanges. Some attacks involving projects like Jelly Jelly / Zerebro may be connected through a complex network.

This investigation extends from a major theft in September, where a criminal group used highly sophisticated social engineering techniques to steal up to $243 million from a victim. These findings have supported law enforcement in arresting suspects and freezing millions of dollars in stolen assets.

Current investigations suggest that systemic risks and organized crime activities may be more widespread in the crypto industry, raising questions about oversight and compliance.

Industry Standards: Leadership Responsibility Discussions

A recent promotional action by a product director of a major platform for a high-risk token project has sparked debate over the ethical boundaries of industry leaders. The community pointed out that these projects show clear signs of potential rug pulls.

This action was criticized for exploiting influence to promote risky projects, potentially deceiving retail investors and damaging the reputation of the entire ecosystem.

This event raises a second question about the social responsibility that crypto industry leaders should bear, especially given their influential positions.

Looking Back and Future Outlook

The past 24 hours in the global crypto community reflect a market in transition. Technological advances and practical applications are gradually becoming reality, but market sentiment remains uncertain. Security issues, ethical standards, and risk governance still demand urgent attention from the entire industry.