小楼

Solana once claimed to be the 'Ethereum killer' and mocked L2 as a 'band-aid'. However, in 2024-2025, Base, as an Ethereum L2 (OP Stack), is leading in TVL growth, daily active users in the L2 category, as well as meme coins and creator activity, with the number of new coins and DEX transactions in August 2025 even surpassing Solana. Toly stated that the 'killer' narrative is inherently boring, and competition drives progress. Conclusion: The fastest growth in consumer-grade comes from Ethereum L2, the narrative has shifted, and multi-chain competition has become the norm.

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The "Network State" must start with clear moral propositions as its mission. Bitcoin, Ethereum, and Zcash are centered around the core values of "separation of currency and state," "decentralization," and "privacy," respectively, and bear the costs of efficiency and speed for this. The value of Base is to "build an open and inclusive global economy for everyone," insisting on positive-sum and globalization even at the expense of short-term gains. Since values bring difficult trade-offs, there needs to be a "recognized founder" who makes long-term and costly decisions based on values. Ultimately, a network led by founders with a strong moral conviction is more likely to bridge the gap and become a network state.

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The essence of the perpetual contract market is a cash pool formed by margin, where cash is redistributed between long and short positions as prices fluctuate, and both sides must always be equal in volume, with those who lose being liquidated. Normal liquidation relies on the order book, where new counterparties take over and replenish the cash pool. However, when the liquidity of the order book is insufficient and transactions cannot be completed within acceptable losses, to avoid loss spillover and system imbalance, the platform will enable automatic deleveraging (ADL): forcing the closure of part of the positions on the opposite side to restore balance between the cash pool and long and short positions. ADL is a last resort in extreme situations, used to protect overall solvency, rather than a conventional trading function.

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Six dimensions to evaluate whether the airdrop is worth it: protocol fundamentals and narrative, token distribution and economic design (user share, value capture, unlock/lockup, FDV, pre-market, fair distribution), qualifications and anti-sybil measures, input costs and expected returns, market and timing, liquidity and exit. Emphasize that high FDV, long lock-up, and low user participation are prone to sharp declines; focus on a small number of high-quality projects, control wallets and costs, set checkpoints, and adjust based on on-chain data. On the execution level, advocate for capturing first-day liquidity, taking profits in batches, reserving for taxes and compliance; improve success rates through research, quantitative scoring, and risk management.

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Market fluctuations allowed Arbitrum to earn approximately 1.85 million USD in protocol revenue in a single day: of which 1.74 million came from L2 Surplus Fee, 58 thousand from Timeboost, and 45 thousand from L1/L2 base fees. Unlike 'burn fees', this revenue directly enters the DAO treasury, converting into funding for builders and ecosystem growth, reflecting efficient and sustainable L2 design. On-chain data can be verified; despite approximately 19 billion USD in liquidations in the market, DeFi and Arbitrum continue to operate normally.
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As concerns arise from the market downturn, Arbitrum's Timeboost has "quietly" achieved an annual revenue exceeding ten million dollars (ARR 10M+) by optimizing block space. The author emphasizes that this is the "real protocol revenue" paid for by users for efficiency, rather than growth disguised by token inflation. Compared to other chains that rely on subsidies and gimmicks, Arbitrum drives cash flow and a moat with sustainable, payable features, demonstrating that "sustainability beats hype".

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2) The South Korean Ministry of Industry has reached a memorandum of understanding with Arm, a chip design company under SoftBank Group, to collaborate on strengthening South Korea's capabilities in the semiconductor and artificial intelligence sectors, including a plan for Arm to establish a chip design school in South Korea. This training program aims to cultivate approximately 1,400 high-level chip design experts in South Korea, seen as an important measure to address the relatively weak areas of the fourth largest economy in Asia in the fields of system semiconductors and fabless design. South Korean President Yoon Suk-yeol met with Masayoshi Son at the presidential office in Seoul that day.

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1) On December 8, according to Bloomberg, Wall Street's view on AI-related companies is changing: OpenAI is being sidelined and is no longer seen as the cutting-edge representative of AI, while facing questions about its profitability. Meanwhile, Alphabet is making a strong comeback with its substantial financial resources. The market's optimism towards Alphabet is not only due to Gemini; the company ranks third in market capitalization in the S&P 500 index and has a large amount of disposable cash, along with a series of advantageous related businesses such as Google Cloud, its emerging semiconductor manufacturing business, and the company's strengths in AI data, talent reserves, and distribution channels. Since 2025, the stock prices of a series of companies associated with OpenAI have risen by a cumulative 74%, a bright performance, yet far behind the 146% increase of stocks related to Alphabet. Lumentum, which provides optical components for Alphabet's data centers, has seen its stock price more than double this year, becoming one of the top 30 performing stocks in the Russell 3000 index. Tianhong, which provides hardware support for Alphabet's AI development, has seen its stock price rise by 252% cumulatively since 2025. At the same time, Broadcom, which designs and manufactures tensor processing units (TPU) chips for Alphabet, has seen its stock price increase by 68% since the end of last year.

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3) On December 8, according to Reuters, Robinhood Markets will acquire the Indonesian broker Buana Capital Sekuritas and licensed digital asset trader Pedagang Aset Kripto. The transaction is expected to be completed in the first half of 2026, with specific financial terms not disclosed. Patrick Chan, head of Robinhood's Asia region, stated that Indonesia is an ideal place to further advance Robinhood's mission of financial democratization.

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2) On December 8, according to Cointelegraph, Bittensor will experience its first token halving event around December 14. At that time, the daily issuance of its native token TAO will be halved from the current 7,200 to 3,600.

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1) Binance announced today that it has received a financial services license (FSP) issued by the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM), the international financial center of Abu Dhabi, United Arab Emirates. Starting from January 6, 2026, Binance will provide trading operations, clearing and custody, brokerage, and over-the-counter services through three licensed entities. Additionally, Binance has signed a cooperation agreement with Dubai Customs to assist in enhancing trade efficiency and accelerating investment flow through payment solutions including Binance Pay.

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1) On December 8, the Trump administration's latest national security strategy document lists artificial intelligence and quantum computing as core national interests of the United States, emphasizing the need to ensure that the U.S. leads the world in technology and standards related to artificial intelligence, biotechnology, and quantum computing. The only statement in the document that may be related to cryptocurrency is the need to maintain and enhance "the dominance of the U.S. financial sector," using "leadership in digital finance and innovation to ensure market liquidity and security.

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🔍 2025-12-08 Daily Briefing
📊 I. Key Data
Fear and Greed Index: 24 (Fear)
US BTC Spot ETF: Last week's net inflow -$87.77 million
US ETH Spot ETF: Last week's net inflow -$65.59 million

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The last dream of SocialFi has also come to an end. Farcaster has decided to shift towards a wallet strategy, abandoning the social-first strategy it attempted for 4-5 years.
In the last cycle, the beautiful narrative of SocialFi, GameFi, NFTFi, and everything that could be Fi has completely collapsed in this cycle. Now Crypto has returned to a focus on "trading" and "issuance." It feels like a retro journey back to the ICO era of 2017.

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8) 30 signals indicating that Bitcoin's traditional cycle has reached its peak have not been triggered, which means the market has not yet reached the peak area.
9) The market trend for 2025, including the current price fluctuations, may just be a range-bound phase laying the groundwork for the next upward movement.
10) The maximum pain point prices for Bitcoin options in late November and December are $102,000 and $99,000 respectively, far above the current market price.
11) Bitcoin prices have bottomed near the ETF cost basis range (approximately $79,000 to $82,000), which also corresponds to the realized price of the ETF.
12) Additionally, $80,200 (slightly below the recent low) is considered the true market average price of Bitcoin. Multiple price indicators overlap in the range of $79,000 to $83,000, including the ETF cost basis, realized price, and market average price. This price overlap is typically viewed as a support area.
13) Further analysis of Bitcoin's realized price distribution reveals that the range of $83,000 to $85,000 is also a key area of support and resistance transformation.
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Murad：
1）Bitcoin may rise parabolically in the future, reaching highs of $150,000 to $200,000.
2）ETF holders have a very strong long-term confidence in Bitcoin.
3）The Bitcoin bull market is not over and will continue until 2026.
4）The stablecoin market is in a super cycle.
5）Most of the recent sell-off has come from traders and short-term holders.
6）I do not agree with the view that the market cycle is only four years; this cycle may extend to four and a half or even five years and may last until 2026.
7）The liquidation volume on the upside (shorting direction) is significantly higher than on the downside (longing direction), with more short positions than long positions.

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Zama mainnet and TGE are scheduled to launch in the fourth quarter of this year
Zhao Changpeng responds to market prediction doubts: there are many counterexamples, it is just a cognitive bias
The 169th Ethereum ACDC meeting: the second hard fork with only block parameter progress on the Hoodi testnet is proceeding smoothly
Eric Trump: Bitcoin has become the strongest asset of the era, surpassing traditional assets as a safe haven choice
GAIB establishes a foundation and announces GAIB token economics
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DappRadar announces it will soon cease operations due to financial difficulties
Zama launches testnet v2, users can build and deploy applications
Brevis releases ProverNet white paper, building a decentralized zero-knowledge proof generation market
CoinList will collaborate with Privy to launch a non-custodial wallet, with plans to conduct on-chain ICO issuance, trading, and asset tokenization in the future
Sentient launches airdrop registration portal

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Filecoin launches on-chain cloud platform Filecoin Onchain Cloud, now live on the testnet
Kraken secures $200 million strategic investment from Citadel Securities, reaching a valuation of $20 billion
Phantom launches professional trading platform 'Phantom Terminal' for web public testing
Google DeepMind introduces Gemini 3, with its first product being Gemini 3 Pro
The crypto incubation platform Obex completes $37 million in funding to support the development of yield-bearing stablecoins led by the Sky ecosystem

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