Over the past 24 hours, the crypto market has shown intertwined developments across multiple layers. Mainstream topics have focused on platforms and protocols reaching critical junctures—from the countdown to Backpack's TGE and the mainnet launch of ERC-8004, to The DAO making a "return to the stage" in the form of a security fund, while macro-level discussions around personnel changes at the Federal Reserve continue to heat up. In terms of ecosystem development, the Solana ecosystem is accelerating its expansion into real-world assets and institutional products, Ethereum is emphasizing infrastructure and cultural narrative building, and the Perp DEX sector is witnessing a new round of competition centered around unlock schedules and new chain launches.

I. Mainstream Topics

1. Backpack Prepares for TGE

Backpack Exchange officially announced that it will redistribute 40 million points over the next four weeks and confirmed that 25% will be unlocked at the TGE (Token Generation Event). This arrangement signifies the project's official entry into a critical sprint phase, with the core goal of further activating user participation and ecosystem vitality.

Community sentiment has noticeably warmed. Some users have expressed strong optimism about related assets like Mad Lads, even voicing optimistic expectations such as "$10K per Mad Lads in 2 yrs"; others have expressed regret for not participating in farming earlier. Overall, the mood is optimistic, with Backpack widely regarded as a leading project in the current sector.

2. Warsh Becomes Top Candidate for Fed Chair

Multiple sources indicate that the Trump administration plans to nominate Kevin Warsh as the next Federal Reserve Chair, with a related announcement potentially being made tomorrow. Warsh has long advocated for structural reforms at the Fed, believing that AI-driven productivity gains will lower inflation and thus supporting a more aggressive rate-cutting path; however, he opposes QE and favors reducing the Fed's balance sheet. This stance could significantly alter the future orientation of monetary policy.

Market discussions have quickly intensified. On one hand, some question whether his historically "hawkish" stance conflicts with Trump's preference for low-interest-rate policies (e.g., "why would Trump pick a hawk?") and express concerns about potential pressure on stocks and crypto assets, even leading to discussions about increasing ETH short positions; on the other hand, some views suggest that this combination could lead to a complex scenario of "more rate cuts + asset repricing." Warsh's record of remaining highly vigilant about inflation risks during past crises has kept the market alert to potential tightening tendencies. Related expectations have already been reflected on Polymarket, where his odds have seen a significant jump.

3. ERC-8004 Launches on Mainnet

ERC-8004 (Trustless Agents standard) has been officially deployed on the Ethereum mainnet. This standard aims to provide a unified framework for trustless AI agents, with over 10,000 agents registered during the testnet phase. The "Genesis Month" has simultaneously begun, with the official release of contract templates, development guides, and community resources, along with plans to expand to mainstream L2 networks in the future.

Community feedback has been highly positive. Projects such as Oasis, OpenServ, KITE AI, and AltLayer have expressed congratulations and collaboration intentions, widely viewing it as a significant milestone in the deep integration of AI and blockchain. Some users have begun discussing the imaginative space of the "agent economy" and mentioned related token targets (e.g., $TIBBIR), overall seen as a key infrastructure upgrade for the Ethereum ecosystem.

4. The DAO Restarts, Receives 75,000+ ETH in Funding Support

The DAO, after nearly a decade of silence, announced its restart and established The DAO Security Fund, utilizing over 75,000 ETH (approximately $220 million) to strengthen Ethereum's security infrastructure. The fund has received support from the Ethereum Foundation and Vitalik Buterin, aiming to sustainably fund auditing and security-related initiatives, symbolizing its transformation from the protagonist of a historic hack to a "guardian of the ecosystem."

The community widely views this as a "redemptive return." Many comments note "the DAO is security," reflecting on the 2016 incident while affirming its current positive contribution to Ethereum's security; some users also half-jokingly remark that Vitalik "almost single-handedly changed the direction of crypto." Overall sentiment is bullish, adding positive points to Ethereum's fundamentals, though mixed with some sarcastic调侃 (e.g., "they could have just robbed us").

II. Mainstream Ecosystem Dynamics

1. Solana

· Fuse Energy Launches First Product

The energy network project Fuse Energy announced the upcoming release of its first product, "The Energy Network," aiming to expand grid capacity and alleviate congestion and supply shortages in existing energy systems. The official preview video showcases the product's vision, emphasizing the intrinsic link between "energy sovereignty" and "economic sovereignty." The project is supported by institutions such as Multicoin, Lowercarbon, Accel, and Balderton.

Community feedback is generally positive. Many users see it as a rare real-world application case combining "Web3 technology + Web2 customers + verifiable ARR," believing that grid capacity itself is a long-overlooked core bottleneck in the energy industry. However, some voices also caution about its implementation risks and complexity.

· JitoSOL ETP for EU Users Launches

Jito, in collaboration with 21Shares, launched the JitoSOL ETP (ticker: JSOL), becoming Europe's first exchange-traded product fully backed by Solana's mainstream LST—JitoSOL. The product offers investors exposure to SOL price movements while integrating staking yields and MEV rewards, targeting institutional-grade allocation channels within a compliant framework.

The community highly recognizes this progress, widely viewing it as an important step in the fusion of DeFi and TradFi, with "the gap between DeFi and TradFi is closing" being a frequent评价. Many users inquired about the possibility of a US version, seeing Europe as the pioneering market for this innovation.

· HYPE Officially Enters Solana Ecosystem

Hyperliquid's native token HYPE has been officially deployed to Solana via the Sunrise bridge, supporting direct trading and cross-chain transfers with Solana native assets. The official also announced the contract address and emphasized the need to operate through正规 channels to avoid risks.

Community sentiment has noticeably warmed, with many views describing this integration as the connection of "all finance's house" and "internet capital markets." Projects like Titan, Mayan, and DFlow have expressed support, with market expectations that more cross-chain assets will gather on Solana in the future.

2. Ethereum

· Ethereum Foundation Launches Official Podcast

The Ethereum Foundation officially launched its content project OFFSTAGE, presenting stories "behind the stage" of the crypto world in video and podcast formats, focusing on people, personal journeys, failures, and long-term beliefs rather than price or product promotion.

Community response has been enthusiastic, seeing it as "a new way to see crypto" that helps enrich crypto cultural narratives. Some discussions extended to the role of AI in editing and content production, alongside light-hearted jokes about Vitalik and historical moments in Ethereum's history. Overall, it is seen as a positive attempt at long-term branding and cultural construction.

· MegaETH Reveals Token Economics Design Ideas

MegaETH further disclosed its KPI-driven token distribution mechanism: over half of the MEGA supply will be gradually released based on protocol milestones (such as TVL growth, degree of decentralization, performance metrics, and contributions to the Ethereum ecosystem), rather than relying solely on time-based unlocks.

The community generally believes this design helps alleviate the structural issue of "low circulation, high FDV" and strengthens incentive alignment between holders and the protocol's long-term goals. "Hope to see more innovative designs around incentive alignment" is the consensus, with some users expressing confidence in MegaETH's long-term development.

· Vitalik's "Holey Socks" Spark Discussion

Vitalik Buterin was photographed wearing socks with holes at a public event, drawing community attention. His modest appearance contrasted sharply with his influence in the crypto领域.

The community responded mainly with teasing and respect, believing "money hasn't changed him," and interpreting this detail as a symbol of his long-term focus on technology and changing the world rather than external image. The overall atmosphere was positive, though mixed with some reflection on "judging by appearance."

3. Perp DEX

· HYPE Team Unlock Size Drops 90% Month-over-Month

Hyperliquid disclosed that next month's team unlock will be only about 140,000 HYPE, down approximately 90% from last month's 1.2 million. Previous unlock schedules showed that some tokens were re-locked or gradually sold.

Community opinions are divided. Some interpret this as a signal of the team's focus on long-term interests and community orientation; others question the transparency of the unlock mechanism and whether it has already been priced in by the market. Overall, the change is seen as a positive governance signal, but its impact on price remains controversial.

· N1 Chain Mainnet and 01 Exchange Launch on the Same Day

N1 Chain announced that its mainnet will launch on February 3, 2026, simultaneously with the 01 Exchange, promoting a professional trading experience with "all assets and markets unified on one chain." The project is supported by Founders Fund and has released its official website and preview video.

Community sentiment is high, with "the chain is real" being a representative comment. Apart from a minor episode regarding the date expression, discussions mainly focus on its potential for professional traders and terminal design.

· Nado NFT Floor Price Around 0.4 ETH

Nado launched its official NFT series, Templars of the Storm (1,200 pieces in total), distributed to eligible wallets and traded on OpenSea's Ink chain. It is currently in the pre-reveal phase, with a floor price of around 0.4 ETH.

Community feedback is mixed. Some users celebrate the rapid price increase, while others express dissatisfaction with the积分兑换 value or NFT distribution issues. Discussions about its connection to the Kraken team have increased, but it is still seen as an important node in the Nado ecosystem.

4. Others

· Monad Team Member Changes

Monad Foundation Growth Director @Intern announced his departure, transitioning to an advisory role. He reflected on his three-year experience participating in Monad's growth from zero to one and emphasized the team's long-term commitment to the decentralized EVM-compatible L1路线.

Community reaction is complex. On one hand, they acknowledge his contributions; on the other hand, they express concern about personnel changes just before the mainnet launch, even with some调侃式解读. After founder Keone publicly thanked him, market sentiment eased slightly, but attention to Monad's subsequent execution capabilities continues.