This week's market has been volatile, but there are many noteworthy developments in the Web3 ecosystem. First, regarding token unlocks, KMNO is about to unlock approximately 229 million tokens, with an estimated market value of $11.8 million; immediately following, SVL will release 234 million tokens, worth about $6.8 million; ZORA also has 166 million tokens pending unlock, valued at approximately $6.7 million. These actions may impact recent market trends, so stay alert.

There are new changes in gaming and applications—Web3 game studio ChronoForge announced closure due to funding issues, which also highlights the operational pressures faced by many projects. On the positive side, Lighter has launched a new token, LIT, with the ecosystem and team each holding 50%. Product revenue is used for ecosystem growth and buybacks, which is a relatively healthy design approach. Additionally, the Trump-themed mobile game "Trump Billionaires Club" plans to launch on the Apple App Store on December 30, and IP collaborations are indeed popular in Web3 gaming.

Regulatory aspects cannot be ignored—Italy's securities regulator requires virtual asset service providers to apply for transformation into regulated crypto asset service providers by December 30, 2025. This indicates that compliance trends in Europe are accelerating. Meanwhile, a major exchange has adjusted its FDUSD margin trading pairs, restricting leverage trading for combinations like EIGEN/FDUSD and ARB/FDUSD.

On the macro front, the Federal Reserve will release the December policy meeting minutes on December 30, and the Bank of Japan has also published monetary policy review opinions. These events could influence liquidity and market sentiment moving forward.