PA Daily | Aave Labs plans to share off-protocol earnings with token holders; in 2025, Solana's on-chain fee revenue surpasses $600 million, surpassing Ethereum and TRON

Today’s Headlines:

1. Hong Kong JPEX case update: Influencer “Mr. Zhu” faces 3 additional money laundering charges, involving over HKD 18.8 million

2. Trust Wallet browser extension has been re-listed on the Chrome Web Store

3. Aave plans to explore sharing protocol outside earnings with token holders, supporting the team to independently build products on the protocol

4. Helium founder: Due to weak market response, will cease HNT token buybacks

5. Data: In 2025, Solana on-chain fee revenue surpasses $600 million, overtaking Ethereum and TRON

6. Cryptocurrency phishing attack losses in 2025 plummeted 83% to $83.85 million, with victims decreasing by 68%

Macroeconomics

Hong Kong JPEX case update: Influencer “Mr. Zhu” faces 3 additional money laundering charges, involving over HKD 18.8 million

According to Ming Pao, the unlicensed virtual asset trading platform JPEX was exposed in 2023 for suspected fraud, with multiple celebrities and influencers involved in scams that caused investors to lose assets. The latest report from Wen Wei Po states that influencer “Mr. Zhu” Zhu Jiahui has been charged with 3 counts of money laundering and granted continued bail. Between November 25, 2020, and August 30, 2023, he processed over HKD 18.8 million through accounts at Zhong An Bank, Mox Bank, Lihui Bank, and Huili Bank.

According to Ming Pao, the unlicensed virtual asset trading platform JPEX was exposed in 2023 for suspected fraud, with multiple celebrities and influencers involved in scams that caused investors to lose assets. The latest report from Wen Wei Po states that influencer “Mr. Zhu” Zhu Jiahui has been charged with 3 counts of money laundering and granted continued bail. Between November 25, 2020, and August 30, 2023, he processed over HKD 18.8 million through accounts at Zhong An Bank, Mox Bank, Lihui Bank, and Huili Bank.

US SEC “Crypto Skeptics” Commissioner Caroline Crenshaw Resigns

The U.S. Securities and Exchange Commission announced that Commissioner Caroline Crenshaw has officially resigned. Crenshaw is known as a crypto skeptic; she previously stated that the SEC’s guidance on Meme coins lacked clear legal definitions. In February this year, she published “Crypto 2.0: Regulatory Push,” criticizing Coinbase enforcement actions for damaging regulatory credibility and misleading the public into thinking law enforcement would deploy resources based on election cycles or to favor the wealthy.

The U.S. stock market’s three major indices closed mixed, with blockchain concept stocks broadly rising

The three major U.S. stock indices closed mixed; the Nasdaq opened high but fell slightly, down 0.03%; the S&P 500 rose slightly by 0.19%; the Dow Jones increased by 0.66%. Blockchain concept stocks generally rose: BitMine up 14.88%, Circle up 5.26%, Coinbase up 4.59%, Strategy up 3.43%.

The three major U.S. stock indices closed mixed; the Nasdaq opened high but fell slightly, down 0.03%; the S&P 500 rose slightly by 0.19%; the Dow Jones increased by 0.66%. Blockchain concept stocks generally rose: BitMine up 14.88%, Circle up 5.26%, Coinbase up 4.59%, Strategy up 3.43%.

Opinions

Mechanism Capital Partner: 2026实体AI数据规模将扩大100倍

Andrew Kang, a partner at Mechanism Capital, posted on X that by 2025, the robotics field will have solved long-standing challenges in model architecture and training, making significant progress in data collection technology, data quality understanding, and data formulation. This gives AI companies confidence to invest in large-scale data collection. Companies like Figure, Dyna, and PI are using reinforcement learning (RL) with innovative techniques to achieve over 99% success in various real-world applications.

Furthermore, advances in memory technology have broken the “memory wall.” NVIDIA’s ReMEmber uses memory-based navigation; Titans and MIRAS achieve memory during testing. Better virtual positioning models (VLM) mean the virtual positioning array (VLA) has improved spatial understanding and can significantly enhance throughput in data annotation and processing workflows. In 2025, the market will begin to see the capabilities of zero-shot mapping, visual sensitivity, and general physical reasoning enabled by data scale. In 2026, the physical AI data scale will expand 100 times.

Grayscale Research Director: Four reasons may drive Bitcoin to reach new highs in the first half of 2026

According to Ark Invest Tracker on X, Grayscale Research Director Zach Pandl, in an interview with CNBC, predicts Bitcoin will hit a new high in the first half of 2026, driven by four main reasons:

1. Growing demand for alternative value storage;

2. Weakening US dollar;

3. Possible Federal Reserve rate cuts;

4. Progress in bipartisan legislation on cryptocurrency market structure.

1confirmation Founder: The “Lying Down and Winning” era in crypto is over; product-driven approach will replace token speculation

Nick Tomaino, founder of 1confirmation, posted on X that the total market cap of cryptocurrencies is currently $3.1 trillion (down 14% over the past year), but in 2009, it was zero. For the crypto industry, 2025 marks the end of the “lying down and winning” era: venture capital pump-and-dump, Meme coins, and DAT have all failed. However, last year, the crypto industry saw its first product performance surpassing other products without relying on token speculation, such as Polymarket and stablecoins. To achieve excess returns in the future, developing and using such products is essential. Three constants in crypto:

1. Recognize the true nature of fraudsters;

2. The macro trend of declining trust in institutions and the increasing importance of the internet presents genuine investment opportunities in credible neutral currencies;

3. Only two cryptocurrencies are truly neutral: Bitcoin (BTC) and Ethereum (ETH).

CryptoQuant Analyst: Bitcoin whales are not accumulating heavily; actual whale balances are decreasing

CryptoQuant analyst Julio Moreno posted that whales are not buying large amounts of Bitcoin. Most whale data is affected by exchanges, which concentrate large amounts of Bitcoin into a few addresses. These addresses have larger balances, making whales appear to have accumulated a lot recently.

After removing all exchange addresses, data shows whale balances are decreasing (Chart 1). Addresses holding 100–1000 BTC show the same trend, mainly holding ETFs (Chart 2).

Glassnode: Current market structure shows typical long-term bear market features

Glassnode posted on X that as capital inflow slows, long-term holders are increasing stop-loss activities. This structure is evident within the narrow price fluctuation range. It reflects growing investor fatigue with long-term trends, a typical feature of a prolonged bear market.

Project Updates

Trust Wallet browser extension has been re-listed on the Chrome Web Store

Trust Wallet announced on X that the browser extension is now re-listed on the Chrome Web Store. Version 2.71.0 has also been released, including customer service CAPTCHA support to assist with claim processing.

Aave plans to explore sharing protocol outside earnings with token holders, supporting the team to independently build products on the protocol

Due to recent community governance disagreements, Aave founder Stani Kulechov posted a long message on the governance forum outlining plans to share outside protocol earnings with AAVE token holders and to soon release a formal proposal, including specific operational mechanisms. The proposal will aim to build a framework supporting this long-term vision, providing sufficient safeguards for DAO and Aave token holders. Kulechov stated: “We believe the most effective way forward is to allow a proactive team to independently build products on the permissionless Aave protocol, with the protocol itself earning through increased usage and revenue.” He emphasized the need for a shared long-term vision to unify the community and avoid short-term disputes and misguided incentives. The focus is on expanding protocol support for new asset classes (like RWA) and new lending models (like consumer and institutional), while serving existing DeFi needs and exploring larger markets.

Tom Lee urges BitMine shareholders to approve the proposal to increase authorized shares from 500 million to 50 billion by January 14

Ethereum asset management firm BitMine Immersion (BMNR) Chairman Tom Lee urges shareholders to approve the board’s proposal to significantly increase the company’s authorized shares from 500 million to 50 billion. Lee assures that this increase is not intended to dilute shares but to facilitate fundraising, trading, and future stock splits. Shareholders must vote on the proposal before January 14; the annual shareholder meeting is scheduled for January 15 in Las Vegas.

Jupiter co-founder seeks community feedback on whether to suspend JUP buyback

Jupiter co-founder SIONG posted on X asking the community whether to suspend JUP buybacks. SIONG noted that last year, over $70 million was spent on buybacks, but the token price did not change much. He suggested using that $70 million to reward existing and new users to promote growth. The decision to stop buybacks is still under discussion.

Helium founder: Due to weak market response, will cease HNT token buybacks

Helium founder Amir tweeted that the market does not seem to care about the project team’s token buybacks, so they will stop wasting funds on HNT buybacks. Amir said Helium + Mobile generated $3.4 million in revenue just in October, and they prefer to use that money to grow the business.

Binance will add observation tags for ACA, D, DATA, and FLOW

According to official announcement, Binance will add observation tags to more tokens starting January 2, 2026. Tokens with observation tags may experience higher volatility and risk compared to other listed tokens. Binance will monitor closely and continue review. Trading these tokens with observation tags involves risks; these tokens no longer meet the listing standards and may be delisted. The tokens added to the observation list are:

• Acala Token (ACA)
• DAR Open Network (D)
• Streamr (DATA)
• Flow (FLOW)

Binance will remove trading pairs for AI/BNB, ETC/BNB, FLOW/BTC, LPT/BNB, etc.

According to official announcement, Binance will periodically review all spot trading pairs and may delist some due to low liquidity or trading volume. Based on recent reviews, Binance will remove and stop trading the following pairs:

January 3, 2026, 16:00 (UTC+8): AI/BNB, ETC/BNB, FLOW/BTC, LPT/BNB, SFP/BTC, VET/BNB, WCT/FDUSD, WIF/BRL, WLFI/BRL.

Binance leverage will remove full and isolated margin trading pairs for FLOW/BTC

According to official announcement, Binance leverage trading for the following pairs will be removed on January 3, 2026, at 12:00 (UTC+8):

• Full margin trading pair: FLOW/BTC
• Isolated margin trading pair: FLOW/BTC

Key Data

Data: In 2025, Solana on-chain fee revenue exceeds $600 million, surpassing Ethereum and TRON

According to the latest blockchain fee revenue data from Nansen, in 2025, Solana’s on-chain fee revenue exceeded $600 million, ranking first, surpassing TRON and Ethereum. The top five blockchains by on-chain fee revenue last year were: Solana ($603 million), TRON ($581 million), Ethereum ($514 million), BNB Chain ($259 million), Bitcoin ($172 million).

Additionally, Solana has over 1.05 million active addresses and approximately 23.01 billion on-chain transactions, both higher than Ethereum, Bitcoin, and TRON.

Bitmine stakes an additional 82,560 ETH, totaling 544,064 ETH staked

According to Onchain Lens monitoring, Bitmine has staked another 82,560 ETH, worth approximately $259 million. The total staked ETH now stands at 544,064, valued at about $1.7 billion.

In 2025, cryptocurrency phishing attack losses plummeted 83% to $83.85 million, with victims decreasing 68%

The Scam Sniffer annual report for 2025 shows that losses from crypto phishing attacks dropped sharply from $494 million in 2024 to $83.85 million, an 83% decrease. The number of victims also fell 68% to 106,106.

Phishing types: Permit signature remains most common; EIP-7702 malicious signatures appeared after Pectra system upgrade, with two major incidents in August. Phishing losses are closely related to market activity, with higher occurrence during active market periods. In Q3, Ethereum’s price surged strongest, and phishing losses were highest at $31 million. When markets are active, overall user activity increases, and the proportion of affected users rises.

In 2025, global ETF net inflows hit a record $1.48 trillion, with BlackRock’s IBIT being the only ETF in the top 15 with negative returns

According to Bloomberg ETF analyst Eric Balchunas on X, global ETF net inflows in 2025 reached a record $1.48 trillion, up 28% from 2024. BlackRock’s Bitcoin ETF IBIT managed approximately $248.44 billion in assets, ranking sixth. Due to poor Bitcoin performance last year, IBIT was the only top 15 ETF with a negative annual return, at -6.41%.

Bitcoin spot ETF saw net inflows of $471 million yesterday; BlackRock IBIT led with $287 million

According to SoSoValue data, yesterday (January 2, US Eastern Time), Bitcoin spot ETFs had a total net inflow of $471 million.

The ETF with the highest single-day net inflow was BlackRock’s IBIT, with $287 million. Its total net inflow since inception is $62.38 billion.

Second was Fidelity’s FBTC, with $88.08 million in net inflow yesterday. Its total net inflow is $12.203 billion.

As of press time, Bitcoin spot ETF total assets under management are $116.95 billion, with an ETF asset ratio (market cap relative to total Bitcoin market cap) of 6.53%. Total net inflows since inception have reached $57.084 billion.

Ethereum spot ETF saw net inflows of $174 million yesterday; Grayscale ETHE led with $53.686 million

According to SoSoValue data, yesterday (January 2, US Eastern Time), Ethereum spot ETFs had a total net inflow of $174 million.

The ETF with the highest single-day net inflow was Grayscale Ethereum Trust ETF ETHE, with $53.686 million. Its total net outflow since inception is $4.996 billion.

Second was Grayscale Ethereum Mini Trust ETF ETH, with $50.029 million in net inflow yesterday. Its total net inflow since inception is $1.538 billion.

As of press time, Ethereum spot ETF total assets under management are $19.046 billion, with an ETF asset ratio of 5.06%. Total net inflows since inception have reached $12.502 billion.