Wide voting on UNI, anticipation of Lighter launch, and key DeFi challenges in December 2025

The cryptocurrency market has been rapidly developing on several fronts simultaneously in recent days. Discussions cover token management of DEX projects, strategies for buybacks by major platforms, and uncertainty regarding the timing of new product launches. Meanwhile, Ethereum is advancing its DeFi mechanisms, Solana is moving toward DePIN, and traditional financial systems are actively integrating with stablecoins.

Governance and Tokenomics: Are the Development Directions Correct?

Uniswap voting on UNI burn – control or necessity?

Uniswap founder Hayden Adams proposed “Unification” for a final vote from December 19 to 25. It involves burning 100 million UNI, activating fee mechanisms on v2, v3, and Unichain, and establishing a clearer legal structure through DUNA in Wyoming.

However, controversy within the community is heated. Some critics see this as a maneuver by Labs to regain control over the DAO’s agenda at a critical moment, weakening decentralization. Supporters emphasize the potential for internal MEV monetization and fee redistribution, considering this a necessary step toward balanced tokenomics.

Interestingly, a contrast is also discussed with projects like Aave, which are gradually returning revenues to the DAO. Overall, this event is viewed as a transitional moment for Uniswap’s economic model, but it also highlights the long-standing issue of blurred boundaries between commercial structures and decentralized governance.

Lido and the paradox of large TVL, low capitalization

Lido controls about 25% of the Ethereum liquid staking market with a TVL of over $26 billion. Annual revenue is approximately $75 million, with about $170 million in treasury, but the market cap of the LDO governance token has fallen below $500 million – sparking a wave of dissatisfaction.

The key question: what is the worth of a governance token that does not provide direct dividends and does not capture cash flow? Some believe that the intrinsic value of LDO approaches zero given this structure. Others explain the price decline by reduced ETH staking APR and increased competition in the restaking sector.

The high ratio of market cap to liquidity, reaching 52:1, indicates a systemic issue among many DeFi governance tokens, where the “infrastructure status” does not align with “value capture capacity.” The potential launch of a buyback mechanism in Q1 2026 is considered a possible catalyst for change.

Payments, Privacy, and the Transparency Discourse

Binance founder CZ retweeted a discussion on privacy in crypto payments. The main issue: blockchain fully reveals transaction history, and users can currently only avoid tracking through centralized platforms.

The discussion quickly expanded from a theoretical question to showcasing ready-made solutions. The community proposed Railgun, Zcash, ZK-based stablecoins, and chains with UTXO architecture. It was humorously noted that in a fully transparent system, buying coffee with crypto is almost like revealing your entire financial portrait.

CZ’s retweet broadened the discussion from technical circles to a wider user audience. This again highlighted the tension between decentralized design and real-world payment needs.

Ecosystem Movements: From Solana to Ethereum

Solana launches DePIN with real business use cases

Fuse Energy, an energy company, completed a Series B round of $70 million with a valuation of $5 billion. The company’s ARR already reaches $300 million. It plans to accelerate commercialization through DePIN models, using token incentives to lower payment and geographic barriers.

This is seen as a signal of systemic adoption of DePIN by major players with established cash flows. They are launching a “flywheel” of proposals via token incentives, which could significantly impact the crypto industry. Some community members remain skeptical about the actual effectiveness of DePIN in commercialization, but overall, it is viewed as an expansion of the concept of energy infrastructure.

Ethereum advances on multiple fronts

In the DEX sector, Curve’s revenue share has significantly increased, nearly equalizing with Uniswap. Uniswap has lost its position in fees compared to previous years, while Curve has quickly recovered. Some see this as a representative case of DeFi restructuring in 2025, although watchers note that the actual income of veCRV holders has not substantially improved.

Meanwhile, the ERC-8004 (Trustless Agents) protocol has been confirmed for mainnet launch on January 16. Developed jointly by MetaMask, Ethereum Foundation, Google, and Coinbase, it aims to provide a decentralized trust layer for autonomous AI agents. Over 150 projects and 1000 community members are already involved. Some see this as an attempt for Ethereum to become a foundation for AI agent settlements, but the balance between UX, security, and decentralization needs to be tested after launch.

Perp DEX and High Expectations for Launches

Time Uncertainty and Market Expectations for Lighter

Polymarket data shows a 35% probability that Lighter will not conduct a TGE in 2025, with December 29 as the most likely launch date. This probability increased from 15% on December 18, sparking controversy within the community.

Some doubt the reliability of these forecasts, others believe that under current market conditions, there are no incentives for a TGE this year. The end of December is a holiday period with low market activity; even with a token launch, significant dynamics are unlikely.

Overall, the discussion reflects considerable uncertainty about the pace and risks of Perp DEX projects in the market.

New Perpetuals in Hype and the buyback strategy $HYPE

Perpetuals — a new Perp project in the Hyperliquid ecosystem, presented as decentralized trading of perpetual contracts with innovations in leverage mechanisms. The community considers it an extension of the Hype derivatives line and a competitor to Lighter.

Regarding the ongoing buyback strategy, $HYPE clear disagreements have arisen. Some point out that Hyperliquid has spent about $1.1 billion on buybacks, but this has had little impact on the long-term price. These funds should be directed toward compliance and creating competitive barriers against traditional financial giants like Coinbase or Nasdaq to avoid structural risks after 2026.

Others believe that buybacks are one of the few structural tools to stabilize expectations and return cash flow directly to the token. Buybacks do not exclude investments in growth; the key is proper balancing of fund allocation.