50T Investor Newsletter (Dec 29th)
Dec 29, 2025
Hi Investors,
This week brought a mix of platform expansion, governance developments, and continued institutional engagement within the DAE. Coinbase continued building out its prediction markets offering through an acquisition, Uniswap pushed through one of the most consequential governance changes in DeFi to date, and JPMorgan signaled deeper interest in institutional crypto trading following a string of recent onchain product launches. At the same time, stress across DAT models and several high-profile incidents served as reminders that the ecosystem continues to mature.
Below are the key developments:
Market Moves
Uniswap DAO approved the “UNIfication” proposal, activating protocol fees on v2 and v3 and authorizing a 100MM UNI token burn
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A governance dispute between Aave DAO and Aave Labs continued over control of the protocol’s frontend, brand, and interface-level revenue
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JPMorgan explored offering institutional spot and derivatives crypto trading, following recent launches of tokenized treasuries and money market products
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ETHZilla sold roughly $75MM worth of ETH to reduce debt, highlighting pressure on leveraged digital asset treasury strategies
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Trust Wallet suffered a ~$7MM exploit tied to a malicious browser extension update, with Binance committing to reimburse affected users
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Flow faced backlash after a ~$4MM exploit and a proposed chain rollback, raising concerns around governance and crisis response
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Polymarket attributed recent user account breaches to a third-party login provider following reports of unauthorized access
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MoMA added CryptoPunks and Chromie Squiggles NFTs to its permanent collection following a coordinated community donation
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Portfolio Headlines
 | Coinbase acquired The Clearing Company to support the build-out of its prediction markets product alongside Kalshi Coinbase announced the first arrest in India tied to an insider-driven customer data breach disclosed earlier this year |
Charts of the Week
Solana’s stablecoin supply grew from roughly $3Bn in late 2023 to nearly $16Bn by December 2025, marking more than 5x expansion in two years
Aave accounts for roughly 85% of total onchain lending revenue, maintaining dominance despite ongoing governance challenges
Solana application revenue peaked above $600MM monthly earlier this year and remains materially higher than mid-2024 levels
Industry News Flash
Notable Raises
Architect – Perpetual Futures Exchange
Raised $35MM in a Series A anchored by Miami International Holdings and Tioga Capital to scale AX, its centralized perpetual futures exchange for traditional assets
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HashKey Capital – Exchange / Crypto Asset Manager
Announced a $250MM first close for its Fintech Multi-Strategy Fund IV, targeting $500MM to invest across blockchain infrastructure and applications
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Industry News
Crypto.com hired a U.S.-based quant trader to build in-house pricing and liquidity for sports event prediction markets
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Bitcoin briefly traded near $24,000 on Binance’s BTC/USD1 pair due to an isolated liquidity dislocation before quickly rebounding
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Hong Kong’s insurance regulator proposed applying a 100% risk charge to insurers’ crypto exposure while aligning stablecoin treatment with underlying fiat risk
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Ghana legalized crypto trading under a new regulatory framework and signaled plans to explore gold-backed stablecoins in 2026
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The EU Council backed ECB digital euro plans while supporting caps on individual holdings to avoid competition with bank deposits
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Bybit said it will restrict access for Japanese users starting in 2026 as it moves to comply with local regulations
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Russia’s central bank proposed easing crypto rules to allow limited retail trading of select tokens under annual caps
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Media & Insights
📄 Research Piece of the Week: Galaxy
26 Crypto, Bitcoin, DeFi, and AI Predictions for 2026
📌 Post of the Week: Dan Tapiero
"Americanization" of Crypto