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Author: Chloe, ChainCatcher
Uniswap Foundation (UF) recently sparked heated discussion in the DeFi community due to excessive executive compensation. According to @ImperiumPaper's detailed comparison of the financial data of UF and the Optimism Foundation's Optimism Grants Council, it indicates that UF's fund utilization efficiency is low.
This controversy not only causes UNI holders to question the value provided by the foundation but also brings Uniswap DAO's main contributor Pepo to respond, as he previously resigned due to dissatisfaction with UF governance.
The salaries of three senior executives at the Uniswap Foundation are equivalent to the entire team of Optimism
According to the Uniswap Foundation's 2024 financial data

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Original title: Why the defi lending moat is bigger than you think
Original author: Silvio, crypto researcher
Original compilation: Ding Dang, Odaily Planet Daily
As the market share of vaults and curators in the DeFi world continues to increase, the market is beginning to question: Are lending protocols constantly squeezing profit margins? Lending is no longer a good business?
But if you look back at the entire on-chain credit value chain, the conclusion is the opposite. Lending agreements still occupy the strongest moat in this value chain. We can quantify this with data.
In Aave and

Title: Midterms, shutdown risks and negotiations: Can Congress pass a sweeping crypto bill in 2026?
Author: Sarah Wynn
Source:
Reprint: Mars Finance
The next year is crucial for cryptocurrency legislation, with the key issue being whether lawmakers can pass comprehensive digital asset regulation before the midterm elections.
Cryptocurrency advocates interviewed by The Block estimate that the likelihood of such a bill becoming law in 2026 is between 50% and 60%. Optimism stems from ongoing discussions between Democrats and Republicans, but several thorny issues remain to be resolved.
Anchorage

Liquid Capital founder Yi Lihua stated that short-term unrealized losses are not a concern, and he is optimistic about the future bull market in the long term. He emphasized that the team continues to conduct market research, believes that now is the bottom range, and plans to continue buying ETH on dips to seize future growth opportunities.

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Author: Cake, Deep Tide TechFlow
Every year on the fifth day of the first lunar month, Xiaobing will get up early in the morning to go to the world's first wealth temple in the northern peak of Hangzhou.
I originally thought I was going to squeeze out my head with my aunts and uncles, but when I arrived at the scene, I saw that the people kneeling in the smoke were all acquaintances.
On the left is a well-known KOL who broke the news, on the right is a plate community, and a few upstarts in the technology circle who are usually full of "decentralization", are striking their heads reverently at this moment. At that moment, no algorithm consensus or Fed movement could withstand the three pillars of incense in hand.
In the past two years, metaphysics has become the "prominent learning" of the currency circle. If you are still looking at the K-line chart, it means that you are still a classical leek, a real old iron, and you are now looking at the horoscope.
A cryptocurrency trader who is familiar with various macro indicators finally embarked on the road of metaphysics, and recently calculated the horoscope for BTC, and the big thing is not good: Huochong Treasury, 2026

火星财经消息，据官方社媒消息，去中心化合约交易平台孙悟空（SunX）将于今日 20 时（UTC+8）举办“孙悟空 72 辩：2026 年政治监管风暴｜Crypto 市场的机遇与挑战”主题直播。大漠哥、Crazyox、加密大师兄、子儒｜MemeMax 等加密 KOL 将受邀出席，共同探讨 2026 年全球加密监管走向、政策不确定性对市场影响及应对策略等核心议题。

Mars Finance reports that AMLBot's report shows that between 2023 and 2025, Tether froze 7,268 addresses involving 3.29 billion USDT, with 53% on the Tron network; meanwhile, Circle only froze 372 addresses and 109 million USDC. The strategies of the two are significantly different, with Tether actively enforcing the law and Circle responding to court orders.

Mars Finance News: Ethena Labs announced that Anchorage Digital Bank has officially become one of the custodians supporting the assets behind USDe, joining the ranks of Copper and Ceffu custodians. Anchorage Digital Bank is the first federally licensed crypto-native bank in the United States, strictly regulated by the Office of the Comptroller of the Currency (OCC). The protocol currently uses addresses starting with 0xAFBb and 0xF270 (both storing Ethereum) as isolated wallets, which are included in the weekly published reserve proofs. Starting from January 2026, Anchorage will provide monthly signed and publicly available custody proofs. Additionally, this custody scheme will be integrated into the USDe minting and burning smart contracts, supporting users to instantly convert USD on demand.

On-chain analysts have pointed out that Trend Research, affiliated with Yilihua, started building a position in Ethereum in early November. Currently, they hold approximately 645,000 ETH, making them the third-largest holder entity, with an unrealized loss of about $242 million. If they invest an additional $1 billion later, they may become the second-largest holder entity.

Mars Finance reports that Greeks.live macro researcher Adam pointed out that more than half of the options will expire on the 26th. Rebalancing is the main trend, but it will increase market noise, so it is not advisable to rely on options data trading recently. Currently, 30% of Put transactions do not indicate a bearish signal, as many options are repositioned in advance to hedge risks.

Actually, both Crypto and AI are empowering humanity; they do so in completely different ways and depths. Consider the following:
1) Crypto empowerment emphasizes the so-called "decentralized financial sovereignty," allowing individuals to manage their assets and conduct value exchanges without relying on traditional centralized institutions like banks. This form of empowerment is "defensive"—meaning that if there is no better alternative, the commitment to decentralized empowerment ensures that the Crypto industry will never be discredited;
2) AI empowerment focuses on "exponentially amplifying productivity," enabling people to accomplish tasks that were previously impossible. This is why internet giants continue to invest heavily in AI, driving the growth of AI-related stocks. This form of empowerment is "offensive"—in other words, the growth trajectory of the AI industry has already followed a pattern similar to Moore's Law.

In 2026, the crypto industry will experience structural maturity, with the speculative cycle diminishing. Liquidity and infrastructure development will take the lead. The agency economy, super apps, and ownership tokens will rise, privacy coins like Zcash will be revalued, and the market will no longer rely solely on short-term profit-driven motives.

The Hong Kong Financial Services and the Treasury Bureau and the Securities and Futures Commission jointly announced that two new license categories, "Providing Opinions on Virtual Assets" and "Virtual Asset Management," will be added under the Anti-Money Laundering Ordinance, and a one-month public consultation will be launched. The establishment of these two license categories aims to independently regulate these activities.

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As the global crypto landscape sharply diverges between "dollar substitute" and "tax haven," a long-ambiguous giant in the crypto field has finally revealed its hand.
On December 24, 2025, the Central Bank of Russia officially announced a proposed regulatory framework, planning to complete legislation by July 2026, aimed at legalizing and regulating individual and institutional cryptocurrency transactions. This marks Russia's shift in attitude toward cryptocurrencies, from past wavering and restrictions to a systematic "institutionalization."
However, this multi-year policy brewing is not simply an embrace. It is more like a carefully constructed "walled garden" amid geopolitical pressure, the reality of capital outflows, and financial sovereignty demands.
A five-year history of policy evolution
Russia's attitude toward cryptocurrency regulation has gone through a path from "strict prohibition