Ellipsis Labs has launched Phoenix Perp DEX, a platform focused on perpetual contract trading, now in closed beta. The team previously developed AMM on Solana and has shifted to the derivatives market, promising new opportunities in on-chain contract trading.

【Coinpush】The international business division under the parent company of Alipay has been making frequent moves in fintech recently.
Let's start with a few impressive figures: their developed Falcon predictive model has processed a total transaction volume of 1.5 trillion USD, with a prediction accuracy of up to 90%, and more importantly, has cut the costs of cross-border currency exchange by 60%. Behind this are the combined efforts of AI and blockchain—featuring the Antom Copilot intelligent assistant for full-process management aimed at merchants, and an AI payment protocol developed in partnership with giants like Google, Mastercard, and Visa. On risk control, the SHIELD system is also steadily enhancing transaction security.
What’s even more noteworthy are the regulatory developments. CEO Peng Yang revealed at the Singapore FinTech Festival that they are deeply involved in two major projects: the Monetary Authority of Singapore’s Guardian and the Hong Kong Monetary Authority’s Ensemble. Peng Yang’s judgment is very straightforward—

【比推】Pump.fun最近在Solana生态刷了个新纪录——代币回购总额突破2.05亿美元大关，直接把Raydium甩在身后，坐上了整个Solana协议回购榜的头把交椅。
更夸张的是时间线：这个回购计划才跑了五个月，就已经把流通盘里13.8%的PUMP代币收回来了。这个速度和力度，在当前的Solana生态里确实挺能打。

【Crypto Rhythm】On December 11th, Tuesday, news came out that Loop Crypto is collaborating with Lead Bank, targeting the lucrative stablecoin market.
Many people may be unfamiliar with Lead Bank, which is an old community bank with a 97-year history, headquartered in Kansas City, Missouri. However, they have long since abandoned traditional methods and have undergone a complete transformation in recent years, now specializing in serving fintech and cryptocurrency companies. In 2022, Jackie Reses, along with a team of tech industry executives, directly acquired this bank.
This year, Lead Bank secured $70 million in Series B funding, with its valuation soaring to $1.47 billion. The investor lineup is quite impressive: a16z, ICONIQ, Greycroft, Ribbit Capital, Coatue, Khosla

Alliance DAO believes that the competitive barriers in different industries vary significantly. The moat in the blockchain industry scores only 3 points, indicating poor performance. In contrast, companies like Microsoft and Apple have full marks for their moats. Although the blockchain moat is relatively narrow, there are still opportunities for innovation, and Bitcoin is considered highly competitive with a score of 9 points.

[ChainWen] The Federal Reserve has cut interest rates again, but this time it's different.
On the evening of December 10, the Fed lowered the benchmark interest rate by 25 basis points, from the 4% range to 3.5%-3.75%. Including this cut, it has been reduced three times in a row, with a total decrease of 75 basis points. Usually, this is good news, but the committee was in an uproar—three members voted against it! This is the first such scene since September 2019.
Board member Milan dissented for the third consecutive time (his term ends in January), and Smith also opposed for the second time. The significant disagreement indicates that the decision-makers have no unified view on the economic outlook.
The statement mentioned that the economy is still expanding moderately, but the labor market has noticeably cooled—job creation has slowed this year, and the unemployment rate has been rising since before September. Recent data also confirms this trend.
More importantly, the signals from the "dot plot" suggest that there may be only one rate cut in 2026 and another in 2027.

【Blockchain Rhythms】On December 11th, I watched Anna Wong's latest analysis and felt that the Federal Reserve's recent moves are quite subtle.
Her assessment is: generally dovish, but with hawkish undertones. The dovish signals are very clear—raising growth expectations while suppressing inflation forecasts. The dot plot hasn't changed, and they have even started engaging in reserve purchases. However, there's a detail in the policy statement that hints the committee may keep its stance for a long time without rushing to cut rates again.
Interestingly, although the dot plot shows only one rate cut in 2026 (the market initially expected two), Anna's team believes the Fed will cut by 100 basis points next year. Their reasoning is that wage growth is weakening, and they see no signs of inflation rebounding in the first half of 2026.
This difference in expectations could significantly impact liquidity. If the Fed indeed cuts by 100 basis points, risk assets might have room to grow; but if the Fed truly adopts a "long-term pause," then the market will need to readjust.

[Block Rhythm] The news on December 11th is quite interesting. The Federal Reserve has cut interest rates again, making it the third consecutive time. But here’s the problem—the internal debate is now heated beyond control.
Should they be more worried about inflation or the labor market? The opinions within the committee are completely divided. Over the past few weeks, various public statements have shown just how serious this split is. Ultimately, the final decision may just depend on how Powell wants to push it.
The timing is also quite delicate. Powell’s term ends in May next year, meaning he can only chair three more rate meetings. The current situation is indeed tricky: prices won’t come down, and the labor market is cooling off. This kind of dilemma has not been encountered by the Fed in decades. The last time similar circumstances arose was during the stagflation of the 1970s, when policy indecision led to even deeper high inflation.
UBS’s Chief US Economist Jonathan P

【BlockBeats】On December 10th, a pretty exciting piece of news came out—Sei public chain has secured a major deal with Xiaomi. Basically, apart from Mainland China and the US, future Xiaomi new phones will come pre-installed with a crypto wallet App built on Sei.
This pre-installed app is no decorative item. Users can log in directly with their Google or Xiaomi accounts, running on a secure MPC wallet system. It also integrates entrances to a bunch of popular DApps, with features like P2P transfers and merchant payments all ready to go.
The coverage is quite interesting, mainly targeting markets in Europe, Latin America, Southeast Asia, and Africa. Xiaomi holds a 36.9% market share in Greece and 24.2% in India. These regions have a high acceptance of cryptocurrencies, and now with the wallet embedded directly into phones, the barriers are significantly lowered.
Even more impressive is the plan for payments. The team is working on stablecoins.

【链文】刚得到消息，扎克伯格要求Meta停止开源AI项目了。这个转向来得挺突然，之前Meta在开源AI领域可是下了不少功夫。看来科技巨头们在AI这条赛道上的打法又要变了。

【Bi推】Ark Invest's Cathie Wood recently shared an interesting perspective in an interview— that the classic four-year cycle of Bitcoin might be "broken" by institutional funds.
Her reasoning is this: As more institutional players enter the market, Bitcoin's price is less likely to experience the large fluctuations seen before. Volatility is decreasing, which is an observable trend. Moreover, Bitcoin now behaves more like a "risk-on asset," completely different from the safe-haven properties of gold.
Interestingly, a UK bank released a similar research report this week. They explicitly said that the emergence of ETFs has made the halving cycle theory "less applicable"— traditional price-driving logic is changing. But they are pragmatic and have lowered their Bitcoin price forecast for this year from $200,000 to $100,000.
In essence: institutional participation has entered, and the game rules are changing.

【Blockchain Movement】On December 10th, Morgan Stanley Investment Management released an outlook report with quite interesting insights.
They believe that the current 10-year US Treasury yield at around 4% may be underestimated relative to the actual state of the US economy. The reason is that the favorable factors supporting economic growth in 2026 are increasing.
The key point is—stronger growth coupled with inflation that can't be brought down, this combination could limit the Federal Reserve's potential for rate cuts over the next 12 to 18 months, much less than what the market currently expects.
Based on this logic, Morgan Stanley Investment Management's allocation advice for US Treasuries is: underweight. Simply put, they are not very optimistic about bond performance at this stage.