Cryptocurrency Market 24 Hours: When Privacy Computing Meets Politicians' "Runaway," Solana Plays a New "Trust Game"

In the third week of 2026, the crypto market is undergoing a multi-dimensional revaluation of value.

From the idealism of fully homomorphic encryption technology to the meme coin "first rug in politics" by a former New York mayor, from data platforms gracefully exiting under AI disruption to the "human emotional market" experiment in the Solana ecosystem—over the past 24 hours, this industry has once again shown us its most fascinating side: technological innovation coexists with absurd speculation, institutional ambitions intertwine with retail anger.

1. Mainstream Narrative: Trust Crisis and Value Discovery

Zama's "Privacy Computing Dream": Undervalued Window or Trap for Catching the Falling?

The fully homomorphic encryption(FHE) project Zama's CoinList auction has become the most controversial topic today. 8% token supply, a $55 million floor valuation, 100% unlock mechanism—these numbers hide a fierce battle over technological faith and short-term interests.

Optimists see "cost-effectiveness": FHE as the holy grail of institutional-grade privacy computing, with a technological moat strong enough to support long-term value. The sealed Dutch auction mechanism is also considered relatively fair—all winners are settled at the same price, eliminating internal manipulation. But market feedback is more honest: presale prices remain under pressure, with a drop of over 13%, and the community is filled with jokes like "woke up and haven't x-folded yet."

Core contradiction: When TGE (Token Generation Event) achieves 100% immediate unlock, who will absorb the potential selling pressure of these 880 million tokens? Can technological idealism withstand the brutal laws of market liquidity?

CoinGecko's "Midlife Crisis": The AI Generation Revolution Behind a $500 Million Valuation

Exclusive report by CoinDesk shakes the data service sector: the veteran data platform CoinGecko is seeking to sell at a $500 million valuation, with monthly visits halved from 43.5 million to 18.5 million. The culprit? Systematic replacement of traditional data query needs by AI tools.

Community reactions are surprisingly positive—"From a price tracker to a half-billion-dollar business, this is a decent victory." But deeper anxiety lies in: when ChatGPTs can fetch on-chain data in real-time and generate insights, what remains of the moat for traditional data platforms? This potential sale may not be the end, but rather the beginning of a collective transformation for crypto data service providers.

NYC Token: How Politicians Turn "Anti-Semitism" into a Rug Tool?

Former New York City Mayor Eric Adams' $NYC token is arguably the ugliest DeFi event of 2025. With an opening market cap of $175 million, liquidity was removed within hours, and investors lost over $2.5 million—this is not just a simple exit, but a carefully planned "power cash-out" experiment.

On-chain analysis points to LP manipulation and insider trading, but more alarming is the narrative packaging: bundling meme coins with "fighting anti-Semitism," blockchain education, and other grand themes. Community consensus is highly unified: this is a more dangerous "political rug" than Indian scams, with calls for FBI intervention ringing out. While Trump/Melania tokens are just celebrity speculation, NYC tokens have already opened Pandora's box of "public official credit collateral."

2. Ecosystem Frontline: Solana's "Human Nature Experiment" and Ethereum's "Execution War"

Solana: When "Reputation" Becomes a Tradable Perpetual Contract

The v2 beta version of the Solana ecosystem social token platform Believe App has launched what may be this year's most philosophically meaningful feature: the "Human Emotions Market." Users can perpetually bet on the rise or fall of personal reputation, with the first market anchored by founder Ben Pasternak, "belief value" at 62%, and the market never settling.

This sounds like a simplified prediction market, but is actually a dangerous social experiment. The controversy quickly shifted from product design to moral judgment: Pasternak's past black history of selling in the KLED project was dug up, and the community directly labeled him as a "clown show."

Key insight: Between meme coins and prediction markets, the Solana ecosystem is exploring the middle ground of "emotion financialization." But when the credibility of the executor itself is questionable, even the most sophisticated mechanism design is just a castle in the air. This may be the ultimate question the entire SocialFi track needs to answer: how do we quantify and trade trust without being undermined by trust collapse?

Ethereum: ETHGas Foundation Launches the "Execution Certainty" First Shot

Innovation in Ethereum's infrastructure layer has never stopped. ETHGas Foundation launched governance token $GWEI, directly targeting delays and volatility nightmares caused by blind competition for block space. $12 million in funding, Polychain backing, and an "8 trillion dollar-level" block space commitment—these numbers reflect another systemic optimization of Ethereum user experience.

"Real-time execution, gasless experience, pre-confirmation"—if these three promises can be realized, they will fundamentally change DeFi interaction paradigms. The community has already regarded it as an extension of Ethereum infrastructure narrative, and the snapshot on January 19 ignited the enthusiasm of airdrop hunters.

Deep value: When Layer2 solutions address cost issues, ETHGas Foundation aims to solve the problem of execution certainty. In 2025, when MEV runs rampant, programmable block space markets may be the last puzzle piece for large-scale institutional on-chain deployment.

3. Perp DEX "Mobile War": Can Self-Custody Experience Truly Challenge CEX?

The perpetual contract DEX track is undergoing a silent revolution. The launch of Lighter's iOS/Android app marks the official entry of on-chain derivatives trading into the mobile era, with a 100,000 LIT reward contest behind a desire to seize CEX traffic.

But shadows follow: an entity extracted nearly 10 million LIT (about $26 million) from LLP, and has sold $4.7 million worth, accounting for 4% of circulating supply. This has sparked a deep question in the community: "Is it still worth刷空投?" (questioning whether airdrops are worth chasing). However, the market seems to be digesting the selling pressure, and the advantages of self-custody are still highly regarded.

Snapshot of the competitive landscape:

• Markets (@kinetiq_xyz): Over $70 million in trading volume on the first day, slippage 0.07bps, directly challenging TradeXYZ

• USDH: Supply hits a new high of $76 million, becoming an invisible beneficiary of the ecosystem

• Cascade: Final pre-allocation of $5 million, invitation codes become community hard currency

• Nado DEX: Backed by Kraken, 24-hour trading volume exceeds $1 billion

Key variable: When trading experience is infinitely close to CEX, and capital efficiency and security are fully surpassed, the PMF (Product-Market Fit) narrative of Perp DEX truly takes hold. The competition in 2025 has shifted from "can it be used" to "is it good to use."

4. Institutional Entry: WLFI's DeFi Institutionalization Ambition

World Liberty Financial launched the Markets lending platform, supported by Dolomite. This is not just a simple DeFi Lego assembly but the first systemic display of institutional-level capital efficiency: virtual liquidity, modular architecture, and RWA scenario optimization.

The community views it as "a strong competitor to Aave," but the deeper story is: the integration of TradFi and DeFi has entered the execution layer. As Dolomite's TVL grows and WLFI's brand backing combines, we may be witnessing DeFi's daring leap from "crypto-native" to "financial infrastructure."

Conclusion: Building Valuable Products in an Era of Trust Scarcity

The 24-hour market volatility reflects three major themes for 2025's crypto industry:

1. Monetization of Trust: From FHE privacy computing to politician meme coins, trust is both an asset and a weapon

2. Invisible Barriers of Experience: AI disruption of data platforms, mobile reconstruction of trading, execution certainty optimization—infra that users don't perceive is the core competitiveness

3. Institutional Gray Entry: CEX launches DEX, politicians issue tokens, traditional finance integrates with DeFi—the boundaries are blurring, but the quality gap is widening

As one KOL said when discussing NYC tokens: "This industry always rewards builders, occasionally rewards gamblers, but ultimately punishes scammers."

💬 Interactive Topic:

• How do you view the long-term value of FHE technology? Would you bid in the Zama auction?

• Should politicians' meme coin issuance be subject to stricter regulation?

• Under AI disruption, which crypto tracks can build real moats?

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