PA Daily News | Aave Labs plans to share off-protocol revenue with token holders; Solana's on-chain fee revenue is projected to surpass $600 million by 2025, exceeding Ethereum and TRON.

Today's top news highlights:

1. Update on the Hong Kong JPEX case: Internet celebrity "Master Zhu" faces three additional charges of money laundering, involving over HK$18.8 million.

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

3. Aave plans to explore sharing revenue outside the protocol with token holders, supporting teams to independently build products on top of the protocol.

4. Helium founder: Due to lukewarm market response, HNT token buybacks will be discontinued.

5. Data: In 2025, Solana's on-chain fee revenue exceeded $600 million, surpassing Ethereum and TRON.

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

Macro

Update on the Hong Kong JPEX case: Internet celebrity "Master Zhu" faces three additional charges of money laundering, involving over HK$18.8 million.

According to Hong Kong media Ming Pao, JPEX, an unlicensed virtual asset trading platform, was exposed in 2023 for suspected fraud. Several celebrities and internet influencers were involved in the fraud, inducing investors to lose their assets. According to the latest disclosure from Hong Kong media Wen Wei Po, internet influencer "Master Zhu" Zhu Jiahui was granted bail after being charged with three additional counts of money laundering. It is understood that between November 25, 2020 and August 30, 2023, he handled four transactions totaling more than HK$18.8 million through his accounts at ZA Bank, Mox Bank, Li & Fung Bank, and Wealth Bank.

Caroline Crenshaw, the SEC's "Cryptoskeptic" commissioner, has resigned.

According to an official announcement from the U.S. Securities and Exchange Commission (SEC), Commissioner Caroline Crenshaw has officially resigned. Crenshaw, a crypto skeptic, previously stated that the SEC's guidance on Meme coin did not provide a clear legal definition. However, in February of this year, she published "Crypto 2.0: Regulatory Whip," arguing that Coinbase's enforcement actions damaged regulatory credibility and misled people into believing that law enforcement resources were deployed based on election cycles or favoring the wealthy, drawing criticism.

US stocks closed mixed, with blockchain concept stocks generally rising.

U.S. stocks closed mixed. The Nasdaq opened higher but closed down 0.03%, the S&P 500 rose slightly by 0.19%, and the Dow Jones Industrial Average rose 0.66%. Blockchain concept stocks generally rose, with BitMine up 14.88%, Circle up 5.26%, Coinbase up 4.59%, and Strategy up 3.43%.

Opinion

Mechanism Capital Partner: The scale of physical AI data will expand 100 times by 2026

Andrew Kang, a partner at Mechanism Capital, wrote on the X platform that by 2025, the robotics field will have solved long-standing challenges in model architecture and training, and made significant progress in data acquisition technology, data quality understanding, and data formulation. This will give AI companies the confidence to finally begin investing in large-scale data collection. Companies like Figure, Dyna, and PI have achieved success rates of over 99% in various real-world applications by leveraging innovative reinforcement learning (RL) techniques.

Furthermore, advancements in memory technology have broken down the "memory wall." NVIDIA's ReMember utilizes memory-based navigation, while Titans and MIRAS achieve test-time memory. A superior Virtual Localization Model (VLM) means that Virtual Localization Arrays (VLAs) possess better spatial understanding capabilities, as well as data annotation and processing workflows that can significantly improve throughput. By 2025, the market will begin to experience the zero-shot capability mapping, visual strength sensitivity, and general physics reasoning brought about by the scale of data. By 2026, the scale of entity AI data will expand 100 times.

Grayscale Research Director: Four Reasons That Could Drive Bitcoin to New Highs in the First Half of 2026

According to an interview with CNBC by Zach Pandl, Head of Research at Grayscale, published on the Ark Invest Tracker X platform, Bitcoin will reach a new all-time high in the first half of 2026, and he believes there are four main reasons driving this:

1. The demand for alternative means of storing value is constantly growing;

2. The US dollar is weak;

3. The Federal Reserve may cut interest rates;

4. Progress has been made by both parties in the United States in legislation concerning the structure of the cryptocurrency market.

1confirmation founder: The era of "easy wins" in the crypto industry is over; product-driven growth will replace token speculation.

Nick Tomaino, founder of 1confirmation, stated on the X platform that the current total market capitalization of cryptocurrencies is $3.1 trillion (down 14% in the past year), but in 2009, this number was zero. For the crypto industry, 2025 signifies the end of the "easy win" era: venture capital pump-and-dump schemes, Memecoin, and DAT have all failed. However, last year, for the first time in cryptocurrency history, products that don't rely on token speculation outperformed other products, such as Polymarket and stablecoins. In the future, to achieve excess returns, it's essential to develop and use such products. Three things in the crypto industry remain constant:

1. You must see through the true nature of the fraudster;

2. The macroeconomic trends of declining trust in institutions and the increasing importance of the internet are real, and credible neutral currencies offer worthwhile investment opportunities.

3. Only two cryptocurrencies have credible neutrality: Bitcoin (BTC) and Ethereum (ETH).

CryptoQuant analyst: Bitcoin whales are not buying in large quantities; actual whale balances are declining.

CryptoQuant analyst Julio Moreno wrote that whales are not buying large amounts of Bitcoin. Currently, most data on Bitcoin whales is influenced by exchanges, which concentrate large amounts of Bitcoin in a few addresses with larger balances, making it appear as if whales have recently accumulated significant amounts of Bitcoin.

After removing data from all exchange addresses, it is shown that the balance of whales is decreasing (Chart 1). Addresses holding 100-1000 Bitcoins also show the same trend, and these addresses mainly hold ETFs (Chart 2).

Glassnode: The current market structure exhibits typical characteristics of a long-term bear market.

Glassnode, in a post on the X platform, stated that while capital inflows have slowed, long-term holders have also increased their stop-loss orders. This structure is emerging within a narrow price trading range. This reflects growing investor fatigue with long-term trends, a typical characteristic of a prolonged bear market.

Project Updates

The Trust Wallet browser extension is now back available on the Chrome Web Store.

Trust Wallet announced on its X platform that the browser extension is now back on the Chrome Web Store. Version 2.71.0 is also available and includes support for customer service CAPTCHAs to help with the claims process.

Aave plans to explore sharing off-protocol revenue with token holders, supporting teams in independently building products on top of the protocol.

In light of recent community governance disagreements, Aave founder Stani Kulecho published a lengthy post on the governance forum, outlining plans to share revenue generated outside the protocol with AAVE token holders and announcing a formal proposal soon, which will include specific operational mechanisms. Furthermore, the upcoming proposal will strive to build a framework that supports this long-term vision and provide sufficient safeguards for the DAO and Aave token holders. Kulecho stated, “We believe the most effective path forward is to allow visionary teams to independently build products on top of the permissionless Aave protocol, while the protocol itself generates revenue through increased usage and income.” Stani Kulecho emphasized the need for a shared long-term vision to unify the community and avoid short-term disputes and incentive-driven misdirection. The focus is on expanding the protocol to support new asset classes (such as RWA) and new lending models (such as consumer and institutional lending), while serving existing DeFi needs and expanding into larger markets.

Tom Lee urged BitMine shareholders to approve a proposal to increase the authorized number of shares from 500 million to 50 billion by January 14.

Tom Lee, chairman of Ethereum asset management firm BitMine Immersion (BMNR), urged shareholders to approve a board proposal to significantly increase the number of authorized shares from 500 million to 50 billion. Lee assured shareholders that the increase was not intended to dilute shares, but rather to facilitate fundraising, trading, and future stock splits. Shareholders must vote on the proposal by January 14th, with the annual shareholder meeting scheduled for January 15th in Las Vegas.

Jupiter co-founders are seeking community input on whether to suspend JUP buybacks.

Jupiter co-founder SIONG sought feedback from the community on the X platform regarding a potential suspension of JUP buybacks. SIONG stated that over $70 million was spent on buybacks last year, but the token price has not changed significantly. He suggested using this $70 million to reward existing and new users and promote growth. Currently, whether to halt buybacks is still under discussion.

Helium founder: HNT token buybacks to be halted due to lukewarm market response.

Helium founder Amir tweeted that the market doesn't seem to care about the project team buying back tokens, so under the current circumstances, he will stop wasting funds on HNT buybacks. Amir stated that Helium + Mobile generated $3.4 million in revenue in October alone, and he would rather use that money to grow the business.

Binance will add watch tags for ACA, D, DATA, and FLOW.

According to an official announcement, Binance will add watch tags to more tokens on January 2, 2026. Tokens with watch tags may have higher volatility and risk compared to other listed tokens. We will closely monitor and continuously review them. Please be aware that trading these tokens with watch tags carries risk; these tokens no longer meet the standards they met when they were listed on our platform and may be delisted. The tokens added to the watch tag list are as follows:

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

Binance will remove trading pairs such as AI/BNB, ETC/BNB, FLOW/BTC, and LPT/BNB.

According to an official announcement, Binance conducts regular reviews of all listed spot trading pairs and may delist some pairs due to factors such as poor liquidity and trading volume. Based on recent review results, Binance will remove the following spot trading pairs and suspend trading:

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

Binance Leverage will remove the FLOW/BTC cross and isolated margin trading pair.

According to the official announcement, Binance Leverage will remove the following leveraged trading pairs on January 3, 2026 at 12:00 (UTC+8):

• Full margin trading pair: FLOW/BTC
• Isolated Margin Trading Pair: FLOW/BTC

Important data

Data: Solana's on-chain fee revenue exceeded $600 million in 2025, surpassing Ethereum and TRON.

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

In addition, Solana has over 1.05 million active addresses and approximately 23.01 billion on-chain transactions, both higher than Ethereum, Bitcoin, Tron, and other blockchains.

Bitmine has staked another 82,600 ETH, bringing its total staked amount to 544,000 ETH.

According to Onchain Lens monitoring, Bitmine has staked another 82,560 ETH, worth $259.07 million. Its total staked ETH has reached 544,064 ETH, worth $1.7 billion.

Cryptocurrency phishing attack losses plummeted 83% to $83.85 million in 2025, with a 68% decrease in victims.

According to Scam Sniffer's 2025 annual report, losses from cryptocurrency phishing attacks have decreased significantly, down 83% from $494 million in 2024 to $83.85 million, and the number of victims has also decreased by 68% to 106,106.

In terms of type, Permit signatures remain the most common; the EIP-7702 malicious signature emerged after the Pectra system upgrade, with two major cases occurring in August. Phishing losses are closely related to market activity, with the probability of occurrence positively correlated with user activity. The third quarter saw the strongest price increase for Ethereum, and also the highest number of phishing losses ($31 million). When the market is active, overall user activity increases, and the proportion of victims also rises.

Global ETF net inflows are projected to reach a record high of $1.48 trillion in 2025, with BlackRock's IBIT being the only one among the top 15 ETFs to experience negative returns.

According to statistics compiled by Bloomberg ETF analyst Eric Balchunas on the X platform, global ETF net inflows hit a record high in 2025, reaching $1.48 trillion, a 28% increase compared to 2024. BlackRock's Bitcoin exchange-traded fund (IBIT) ranked sixth with approximately $248.44 billion in assets under management. Due to Bitcoin's overall poor performance last year, BlackRock's IBIT was the only ETF among the top 15 with a negative annual return, at -6.41%.

Bitcoin spot ETFs saw net inflows of $471 million yesterday, with BlackRock's IBIT leading the way with $287 million in net inflows.

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

The Bitcoin spot ETF with the largest single-day net inflow yesterday was BlackRock ETF IBIT, with a net inflow of $287 million. IBIT's total historical net inflow has now reached $62.38 billion.

The second largest net inflow was into the Fidelity ETF FBTC, with a single-day net inflow of $88.0782 million. The total historical net inflow of FBTC has now reached $12.203 billion.

As of press time, the total net asset value of the Bitcoin spot ETF was $116.952 billion, with an ETF net asset ratio (market capitalization as a percentage of Bitcoin's total market capitalization) of 6.53%, and a historical cumulative net inflow of $57.084 billion.

Ethereum spot ETFs saw net inflows of $174 million yesterday, with Grayscale's ETHE leading the way with a net inflow of $53.6861 million.

According to SoSoValue data, the Ethereum spot ETF saw a total net inflow of $174 million yesterday (January 2nd, Eastern Time).

The Ethereum spot ETF with the largest single-day net inflow yesterday was the Grayscale Ethereum Trust ETF (ETHE), with a net inflow of $53.6861 million. ETHE's total historical net outflow has reached $4.996 billion.

The second largest inflow was into Grayscale's Ethereum Mini Trust ETF (ETH), with a net inflow of $50.0295 million in a single day. ETH's total historical net inflow has now reached $1.538 billion.

As of press time, the Ethereum spot ETF has a total net asset value of $19.046 billion, an ETF net asset ratio (market capitalization as a percentage of Ethereum's total market capitalization) of 5.06%, and a historical cumulative net inflow of $12.502 billion.

According to Hong Kong media Ming Pao, JPEX, an unlicensed virtual asset trading platform, was exposed in 2023 for suspected fraud. Several celebrities and internet influencers were involved in the fraud, inducing investors to lose their assets. According to the latest disclosure from Hong Kong media Wen Wei Po, internet influencer "Master Zhu" Zhu Jiahui was granted bail after being charged with three additional counts of money laundering. It is understood that between November 25, 2020 and August 30, 2023, he handled four transactions totaling more than HK$18.8 million through his accounts at ZA Bank, Mox Bank, Li & Fung Bank, and Wealth Bank.

U.S. stocks closed mixed. The Nasdaq opened higher but closed down 0.03%, the S&P 500 rose slightly by 0.19%, and the Dow Jones Industrial Average rose 0.66%. Blockchain concept stocks generally rose, with BitMine up 14.88%, Circle up 5.26%, Coinbase up 4.59%, and Strategy up 3.43%.