What is the overseas crypto community talking about today?

Published on: December 11, 2025

Author: BlockBeats Editorial Team

In the past 24 hours, the crypto market has witnessed a wide range of dynamics, from macroeconomic discussions to developments within specific ecosystems. Mainstream topics have focused on the long-term moat of Web3 projects and the value of token buybacks, sparking heated debates among industry leaders. At the same time, the sentiment of "no regrets in the crypto world" has resonated widely. In terms of ecosystem development, major updates have been released by public chains and their projects such as Solana, Ethereum, Hyperliquid, and the emerging MegaETH, showcasing the industry's rapid pace of innovation and expansion. This report will review and summarize these hot topics.

I. Mainstream Topics

1. The Debate on the "Moat" and Value Capture of Web3 Projects

Recently, discussions have intensified regarding whether Web3 projects, especially public chains, truly possess a "moat." Haseeb Qureshi, partner at Dragonfly, questioned the rating of "blockchain moat only 3/10," citing Ethereum as an example. He pointed out that despite facing hundreds of competitors over the past decade, Ethereum has maintained its dominant position, which itself proves its strong network effects and first-mover advantage.

In contrast, Qiao Wang, co-founder of Alliance DAO, approached the issue from the perspective of traditional business analysis and provided a more comparative ranking of moats. He believes that companies like Microsoft (mission-critical SaaS) and Apple (brand + developer ecosystem) have a top-tier moat of 10/10, while Google and Amazon also enjoy strong competitive barriers. Although he did not directly rate blockchains, his framework suggests a cautious attitude toward the value capture ability of current Web3 projects. This debate reflects the market's core disagreement on how to assess the long-term value of decentralized networks.

2. Eight Years in Crypto: "No Regrets" Becomes the Community's Voice

Nic Carter, co-founder of Castle Island Ventures, posted on social media that he has "no regrets" about spending eight years in the crypto industry. This statement quickly resonated widely within the community. After experiencing multiple bull and bear cycles and dramatic market fluctuations, such persistence and conviction not only affirm personal career choices but also reflect the steadfast belief of many long-term participants in the potential of cryptocurrency and blockchain technology to change the world.

II. Mainstream Ecosystem Developments

1. Solana: Meteora Protocol Receives Major Upgrade

The liquidity infrastructure protocol Meteora in the Solana ecosystem has announced a major upgrade. Key highlights of this upgrade include the introduction of "Auto Vaults" and improvements to Dynamic AMM v2 (DAMM v2). These new features are expected to provide liquidity providers (LPs) with better yield strategies and more flexible capital management tools, consolidating Meteora's position as a core DeFi hub on Solana.

2. Ethereum: Technological Innovation and Application Expansion in Parallel

Aave Expands into Latin America: DeFi lending giant Aave announced partnerships with several leading fintech companies in Argentina (including Lemon, Ripio, Buenbit, and Belo) to jointly provide stablecoin-based DeFi solutions for the Latin American region. This move marks an important step in Aave's global financial inclusion strategy, aiming to bring decentralized financial services to hundreds of millions of users in emerging markets.

RWA Track Remains Hot: Projects such as Ondo Finance and Superstate continue to be market focal points. As a leading platform for RWA (Real World Asset) tokenization, Ondo's native token rose after the SEC concluded its related investigation. Meanwhile, Superstate, founded by Aave founder Robert Leshner, focuses on issuing and trading traditional financial assets such as stocks on-chain, further promoting the integration of DeFi and traditional finance.

3. Hyperliquid Ecosystem: HIP-3 Sparks In-Depth Discussion

The governance proposal HIP-3 from decentralized derivatives exchange Hyperliquid has become the focus of community discussion. The proposal aims to establish a more open and permissionless perpetual contract market creation mechanism. In response, ether.fi Ventures released a research report analyzing the potential business model and ecosystem impact of HIP-3 in depth. At the same time, Paradigm researcher Dan Robinson also participated in the discussion, debating the pros and cons of this mechanism with other industry experts, demonstrating the market's high attention to the future development path of decentralized derivatives protocols.

4. MegaETH Ecosystem: Aave Announces First Batch Deployment

As a highly anticipated high-performance Ethereum L2 solution, the MegaETH ecosystem has welcomed an important partner. A proposal has appeared in the Aave community suggesting the simultaneous deployment of the Aave V3 protocol when the MegaETH mainnet launches. This deployment will support a variety of assets, including native stablecoins USDm, cUSD, and stcUSD. This collaboration not only injects strong liquidity and a user base into MegaETH's cold start but also signals Aave's proactive layout for emerging high-performance public chains in its multi-chain deployment strategy.