Author: 0xResearcher Introduction: When DeFi Encounters a "Midlife Crisis" Since the second half of 2024, a noteworthy phenomenon has emerged in the DeFi lending sector: several leading protocols have begun to adjust their governance structures simultaneously, shifting from purely DAO governance to more flexible hybrid models. Behind this change lies a collective exploration by the entire industry in response to the waves of institutionalization, regulatory pressures, and efficiency bottlenecks. Morpho’s launch of the MetaMorpho curator system in 2024, Aave’s attempt at institution-only markets, and Compound’s discussions centered around the Treasury all point in the same direction: the traditional “one person, one vote” governance model is revealing its limitations when facing rapidly changing market demands. This article conducts a comparative analysis of several major protocols in 2024-20

As the S&P 500 posted its largest weekly trading range since June 2025, market anxiety has risen significantly, with the VIX Fear Index climbing to its highest level since April. Tech stocks saw a sharp reversal following Nvidia’s earnings report, with single-day volatility reaching its highest level since the tariff sell-off on April 8. Meanwhile, Bitcoin has fallen about one-third from its all-time high, and its correlation with the Nasdaq 100 Index continues to strengthen. Options market data shows investors are actively buying protective put options, with QQQ ETF option costs nearing an eight-month high, and the put skew for the iShares Bitcoin Trust ETF rising significantly, indicating heightened concerns about further declines.

Bitcoin (BTC) saw a slight rebound from its weekend slump and was temporarily trading around $86,990 on November 24. MicroStrategy may be removed from the MSCI index, and Bitcoin supporters are calling for a boycott of JPMorgan. Bloomberg analysts warn that Zcash could lead to a "split vote" for Bitcoin. "Rich Dad Poor Dad" author Robert Kiyosaki revealed that he sold $2.25 million worth of Bitcoin at a price of $90,000.

Last week, the global market was under pressure due to macro fears, but as analysts' views and dovish remarks from Fed officials emerged, market sentiment gradually recovered. Bitcoin made a strong rebound to $86,861. This week, the market will face Trump's new AI policies and profit doubts from short positions Michael Burry, along with the release of important PCE data that will determine the future direction of the market. Overall, the market will engage in fierce battles around macro policies and the future of the tech industry.

According to on-chain analyst Yu Jin, a Whale purchased 24,000 AAVE for 4 million dollars, after being liquidated for 32,000 AAVE due to a big dump in the market, resulting in a loss of 3.22 million dollars. After the repurchase, they hold 276,000 AAVE, with an average cost of still 165 dollars.

Author: Zhang Feng As Web3 technology continues to mature and become more widespread, decentralized applications (DApps) are undergoing a profound evolution from concept to practice. Their core characteristics go beyond decentralization of power; they also feature intelligent interaction, business automation, precise incentive mechanisms, and increasingly complex governance. Together, these traits point to a digital future that is more autonomous, efficient, and aligned with natural human behavior. I. The Evolution from “Graphical Interface” to “Intent-Based Interface” The interaction paradigm in Web3 is shifting from the early, tech-geek-dominated “sign-verify” complexity to “intent-based interfaces” that better match mainstream user habits. The core is to understand “what the user wants,” rather than mechanically requiring users to learn “how to operate.” This shift is not only a technological advancement, but also a fundamental transformation in user experience philosophy. Deepening of sovereign identity and wallet gateways. Crypto wallets serve as the foundation for global digital identity...

According to Mars Finance news, Cointelegraph reports that Artemis data shows that in the past 24 hours, Sui has led in stablecoin supply changes with a net inflow of 2.4 billion dollars, followed closely by Aptos and Ethereum.

According to Mars Finance, Onchain Lens monitored that a Whale "0x184" deposited 1 million USDC into HyperLiquid and opened a 20x leveraged long position in SOL.

Author: Deep Tide TechFlow Market Dynamics Yesterday Federal Reserve's Collins: Still believes there is reason to be cautious about a rate cut in December. According to Jinshi data reports, Federal Reserve's Collins stated that given the ongoing risks to both inflation and employment dual targets, she still tends to oppose the Federal Reserve lowering interest rates next month. During a meeting, Collins said, "I do think we need to be cautious about lowering rates at the December FOMC meeting. After a cumulative 50 basis points cut in September and October, I personally believe that the current policy is in a moderately tight range, which is appropriate for the current economic situation." U.S. Treasury Secretary Becerra: The entire economy is not facing the risk of recession. U.S. Treasury Secretary Becerra: Interest rate-sensitive sectors are in a recession, but I am confident about the growth prospects for these sectors in 2026. The entire economy is not facing recession risks. The SEC will hold a cryptocurrency privacy issue event on December 15.

According to the latest data from the Bloomberg Billionaires Index, the Trump family’s wealth plummeted from $7.7 billion to $6.7 billion between September and November 2025, with $1 billion evaporating in a single quarter. The main reason was the severe shrinkage of their cryptocurrency investment portfolio. Trump Media Company’s Bitcoin holdings saw an unrealized loss of 25%, the value of the World Liberty Financial platform token WLFI was cut in half, U.S. Bitcoin company shares plunged over 50%, and Trump-themed meme coins have fallen about 25% since August. These losses occurred against a macro backdrop where the global cryptocurrency market has seen over $1 trillion wiped out, revealing that political influence cannot fully shield against market cycles.

Opinion leaders like to use rising M2 charts or a weakening US dollar to claim that Bitcoin is about to soar, but the factors driving Bitcoin’s price are much more complex than that. So far this year, the correlation between Bitcoin’s price and M2 supply is 0.78, and the correlation with the US Dollar Index (DXY) is -0.58. However, when using logarithmic returns, the daily correlation between Bitcoin and M2 drops to just 0.02, and the daily correlation with the US Dollar Index is 0.04.

The New Zealand Minister of Education announced that starting in 2026, a mandatory financial literacy program will be added to the national curriculum, covering students from grades 1 to 10. The curriculum will include modern payment systems, digital assets, blockchain technology, etc., with lower grade students learning basic skills and higher grade students being exposed to complex concepts like investment, and gaining a deeper understanding of blockchain principles through practical activities.

Recent financial disclosures reveal that President Trump holds over $82 million in municipal and corporate bonds, indicating a strong macro bet on anticipated Federal Reserve rate cuts in 2025. His strategy aligns with market forecasts of economic decline but carries significant risks if rates remain high.

Bloomberg Senior ETF Analyst Eric Balchunas has warned that Zcash could have a negative impact on Bitcoin at this critical moment. In his post, Balchunas mentioned that Zcash gives off a "third-party candidate vibe, like Gary Johnson or Jill Stein," suggesting that promoting the issuance of an independent privacy coin could "split the vote," especially when Bitcoin needs unified political and cultural support.

Pepe, Gigachad, Turbo, Bonk, and Floki recorded heightened activity as traders monitored speculative asset performance during market shifts. Each memecoin displayed strong engagement metrics, although market performance remains influenced by volatility and sector positioning. Bonk and Floki

Solana is trading near $130 today, stabilizing after a volatile week of sell-offs and an imminent death cross between the 50-day and 200-day moving averages. Historically, this crossover has been associated with longer downward cycles. Traders are assessing whether the support zone between $121 and $123 can withstand increasing pressure; a break below $121 could lead to tests of $107 and $95.

According to a report by Jin10 on November 24, Citic Securities' research report states that New York Fed President Williams hinted at further rate cuts in December, reversing market expectations for a rate cut, with the market currently believing there is a 70% chance the Fed will cut rates in December. The Fed will enter its quiet period starting November 29, and before this period, Powell has no scheduled public speeches or media interviews. Williams, a "close ally" of Powell, may have delivered the last comments from a Fed official that could influence market expectations. We maintain our previous view that December may be a "close call" for a rate cut of 25bps. For the market, the reversal of rate cut expectations, combined with the advancement of the "28-point" plan and the Trump administration's consideration of exporting H200 chips to China, means that macro factors are no longer a source of market pressure in the short term, and the market may focus more on AI companies issuing bonds and the trends in Crypto Assets.