OVERVIEW

Oh The Volume Outside Is Frightful 🌨️

Before we dive in, here’s today’s crypto market heatmap:

DEFI
Uniswap's UNIfication Vote Passes With Near-Unanimous Support 🦄

$UNI ( ▼ 1.1% ) just cleared the most significant governance hurdle in its history. 🫢 

The "UNIfication" proposal - a sweeping overhaul of UNI's tokenomics - passed with 69 million votes in favor, demolishing the 40 million threshold required for approval. And the results in favor were as close to 100% as you could get: 99%.

The proposal does three things.

• Authorizes a 100 million UNI token burn from the Foundation's treasury, slashing circulating supply from 629 million to 529 million tokens.

• Activates Uniswap's long-debated fee switch on v2 and v3 pools, routing a portion of protocol fees toward additional UNI burns.

• Formalizes the relationship between Uniswap Labs and on-chain governance with a $20 million annual growth budget.

For years, UNI existed as a governance token without direct value accrual. This vote changes that, tying the token's economics directly to Uniswap's $4 trillion cumulative trading volume.

The market noticed. Since voting opened on December 20th, UNI has rallied roughly 25%, bouncing from a critical $5.00 support zone to trade around $6.08-$6.17. And Stocktwits users are bullish. Which is saying something because big boys like BTC are oscillating between Extremely Bearish or Bearish.

Uniswap is pretty much one of the only major crypto’s not on Santa’s naughty list.

The upgrade enters a two-day timelock before implementation. Now comes the real test: whether UNI can hold these levels post-event or falls into classic "buy the rumor, sell the news" territory. 🤔

SPONSORED
Invest in one of Crypto’s Fastest-Growing Networks…for a 0% Fee

Grayscale Solana Trust ETF (ticker: GSOL) delivers exposure to SOL, the native token of Solana, a high performance, low-cost, user-friendly blockchain emerging as one of the industry's most used networks. SOL is among the largest and most widely traded digital assets, a result of Solana’s wide range of applications and functional utility.

GSOL is now delivering enhanced value to investors, including 100% staking and a 0% management fee. Solana staking rewards have historically averaged 6-8% a year ², which is accretive to GSOL’s total return potential. 

GSOL is sponsored by Grayscale, the world's largest digital asset-focused investment platform ³. GSOL trades on NYSE Arca and is available through your brokerage account, offering efficient exposure to SOL in an ETP wrapper.

1 Gross expense ratio at 0% for 3 months or the first $1.0 billion of assets. After GSOL reaches $1.0 billion in assets or after a 3-month waiver period ending February 5, 2026, the fee will be 0.35%. Brokerage and other fees may apply. 

2 Stakingrewards.com. The range observed is from 09/16/22 to 09/28/25 and the average over this period is 7.10%.

3 Largest crypto-focused asset manager based on AUM as of 10/31/2025. For other companies in this category, AUM is considered as of most recent public disclosure.

Grayscale Solana Trust ETF (GSOL), an exchange traded product, is not registered under the Investment Company Act of 1940, as amended (“40 Act”), and therefore is not subject to the same regulations and protections as 40 Act registered ETFs and mutual funds. GSOL is subject to significant risk and heightened volatility. GSOL is not suitable for an investor who cannot afford to the loss of the entire investment. An investment in GSOL is not a direct investment in Solana.

Please read the prospectus carefully before investing in the Fund. 

Foreside Fund Services, LLC is the Marketing Agent for the Trust.

Staking Risk. When the Fund stakes Solana, Solana is subject to the risks attendant to staking generally. Staking requires that the Fund lock up Solana for the period of time required by the staking protocol, meaning that the Fund cannot sell or transfer the staked Solana, thereby making it illiquid for the period it is being staked. In addition, during the lock-up period, the Fund is subject to the market price volatility of Solana, and it may miss opportunities to sell the staked SOL during opportune times. During the unstaking period, the Fund may miss out on earning opportunities because, in some cases, the staked SOL may not earn rewards during the unstaking period or may only earn rewards during part of the unstaking period. Staked SOL is also subject to security breaches, network downtime or attacks, smart contract vulnerabilities, and validator or custodian failure or compromise, which can result in a complete loss of the staked Solana or a loss of any rewards.

Digital assets represent a new and rapidly evolving industry. The value of GSOL depends on the acceptance of the digital assets, the capabilities and development of blockchain technologies, and the fundamental investment characteristics of the digital asset. Digital assets may be volatile and subject to fluctuations due to a number of factors.

*3rd Party Ad. Not an offer or recommendation by Stocktwits. See disclosure here.

NEWS
CoinShares: Clarity Act Limbo Spooked the Smart Money 💸 

The four-week inflow streak is dead. Digital asset investment products hemorrhaged $952 million last week - the first outflows since mid-November. 🩸 

CoinShares research says delays to the US Clarity Act have extended regulatory purgatory, and whale wallets started dumping. Institutional money hit the exits.

The Damage

This was an American exodus. The US alone shed $990 million - more than 100% of net outflows. Germany (+$46M) and Canada (+$16M) were actually buying the weakness.

• Ethereum: -$555M (most exposed to Clarity Act uncertainty)

• Bitcoin: -$460M

• Solana: +$48M

• XRP: +$63M

BlackRock's iShares Ethereum Trust got crushed hardest at -$558M. Meanwhile, leveraged ETH products saw inflows - some traders are gearing up for a bounce.

Surprised & Not Surprised

2025 won't beat 2024 for Bitcoin inflows: $27.2B YTD vs $41.6B last year.

But Ethereum? It's crushing 2024 - $12.7B vs $5.3B. The "ETH is dead" narrative doesn't match where institutional money actually went this year.

One bad week doesn't break a bull market, but this is a warning shot. SOL and XRP catching bids while BTC and ETH bleed tells you risk appetite is rotating to alts. 🔄 

DEFI
Aave's Christmas Coup? 🧑‍🚒 

One of DeFi's most successful protocols… wait. That’s too minimizing. Aave is really the Bitcoin of lending. It’s massive. It’s huge. Anyway, is in the middle of an identity crisis - and the timing couldn't be worse. 🎅

A faction within Aave governance is pushing for the DAO to seize control of the protocol's brand and frontend from Aave Labs, the founding team. The argument: these "traffic entry points" are existential to the protocol's future and should belong to token holders, not the team that built the thing.

The problem? A vote appears to be heading toward the community over the Christmas holiday - a move critics are calling outright hostile. Marc Zeller, a prominent governance voice, has advised voting "neutral."

I’ll toss in what I read appear to be the primary arguments, but this DAO drama is definitely interesting because there’s a good chunk of the voters who are basically like, ‘um, the people who started this and are running this have done a good job, don’t mess up a good thing.’

Arguments for DAO control:

• Brand and frontend ownership is critical to the protocol's long-term survival

• These assets should belong to token holders, not a private entity

• Aligns with core DeFi decentralization principles

Arguments against:

• Aave works -the treasury is flush, value capture is functioning, why fix what isn't broken?

• The protocol is like TCP/IP: successful precisely because it's abstracted away from users

• Many voices pushing for change are service providers with direct financial incentives tied to how control gets redistributed

• Aave Labs isn't a replaceable vendor -they're the founding team with a track record across multiple market cycles

• Decentralizing strategic control to a committee introduces fragility where none existed

• Holiday timing suggests bad faith

Instead of a rallying cry for pure decentralization, there’s a yuge amount of support for keeping the party that’s been keeping things going where they’re at. ☑️ 

SPONSORED
100% Staking, 0% Fee

Grayscale Solana Trust ETF (ticker: GSOL) now offers 100% staking and a 0% management fee ⁴. Solana staking rewards have historically averaged 6-8% a year ⁵.

GSOL is designed to capture the continued growth potential of Solana, a high performance, low-cost, user-friendly blockchain emerging as one of the industry's most used networks.

GSOL is sponsored by Grayscale, the world's largest digital asset-focused investment platform ⁶, with over a decade of expertise innovating within the asset class.

4  Gross expense ratio at 0% for the first 3 months of trading or the first $1.0 billion. Afterwards, the fee will be 0.35%. Brokerage and other fees may apply.

5 Stakingrewards.com. The range observed is from 09/16/22 to 09/28/25 and the average over this period is 7.10%. Past performance is not indicative of future results.

6 Largest crypto-focused asset manager based on AUM as of 10/31/2025. For other companies in this category, AUM is considered as of most recent public disclosure.

Grayscale Solana Trust ETF (GSOL), an exchange traded product, is not registered under the Investment Company Act of 1940, as amended (“40 Act”), and therefore is not subject to the same regulations and protections as 40 Act registered ETFs and mutual funds. GSOL is subject to significant risk and heightened volatility. GSOL is not suitable for an investor who cannot afford to the loss of the entire investment. An investment in GSOL is not a direct investment in Solana.

Please read the prospectus carefully before investing in the Fund. 

Foreside Fund Services, LLC is the Marketing Agent for the Trust.

Staking Risk. When the Fund stakes Solana, Solana is subject to the risks attendant to staking generally. Staking requires that the Fund lock up Solana for the period of time required by the staking protocol, meaning that the Fund cannot sell or transfer the staked Solana, thereby making it illiquid for the period it is being staked. In addition, during the lock-up period, the Fund is subject to the market price volatility of Solana, and it may miss opportunities to sell the staked SOL during opportune times. During the unstaking period, the Fund may miss out on earning opportunities because, in some cases, the staked SOL may not earn rewards during the unstaking period or may only earn rewards during part of the unstaking period. Staked SOL is also subject to security breaches, network downtime or attacks, smart contract vulnerabilities, and validator or custodian failure or compromise, which can result in a complete loss of the staked Solana or a loss of any rewards.

Digital assets represent a new and rapidly evolving industry. The value of GSOL depends on the acceptance of the digital assets, the capabilities and development of blockchain technologies, and the fundamental investment characteristics of the digital asset. Digital assets may be volatile and subject to fluctuations due to a number of factors.

*3rd Party Ad. Not an offer or recommendation by Stocktwits. See disclosure here.

NEWS IN THREE SENTENCES
Metaverse, NFT, & Gaming News 🎮️

🎮 Super-B Launched on Epic With Optional Web3 That Stays Invisible

The multiplayer sandbox game runs on Sui and Walrus, but blockchain only shows up if you connect a wallet for onchain rewards. zkLogin handles authentication with Google accounts, sponsored transactions cover gas, and dynamic NFTs can evolve based on player actions. Web3 infrastructure in the background, casual chaos in the foreground. Sui.

🐸 Moku's Preseason Lets You Train NFTs to Become Official Game Cards

The Grand Arena on Ronin is live for four weeks - train your Moki NFTs, win auto-battles, and the top 100 become Champions with royalty rights in Season 1. All progress carries over to the $1M prize pool season, so early grinders get a real advantage. It's Play-to-Earn meets card game meets, you know, actual gameplay. Ronin.

NEWS IN THREE SENTENCES
DeFi, DEX, & Lending News 🏦

🎁 Infinex Extends sUSD Rewards for 12 More Weeks

Synthetix is distributing 10,000 SNX weekly to sUSD depositors on Infinex through March 13th, plus a weekly raffle with Patron NFTs and ETH prizes. You need at least 1,000 sUSD to qualify, and every 1,000 sUSD gets you one raffle entry. Christmas came early for the perps-on-mainnet crowd. Synthetix.

📊 EigenLayer Proposes an Incentives Committee to Stop Rewarding Idle Stake

ELIP-12 introduces a new governance body that can redirect EIGEN emissions to fee-paying AVSs and productive stake instead of capital just sitting there. They're also adding a 20% fee on AVS rewards and directing 100% of EigenCloud fees to buybacks. The message is clear: rewards should flow to participants actually securing the network. EigenLayer.

NEWS IN THREE SENTENCES
Protocol News 🏦

🔬 Cardano's Leios Team Found the Latency Bug and It Was Buffer Bloat

The November Leios review uncovered why networking tests showed unexpected 3-second delays - their original test harness wasn't simulating TCP behavior correctly. Switching to Linux traffic control fixed the measurements, and the updated visualizer now supports step-by-step replay of network scenarios approaching 1,000 TPS. Cardano.

🦅 VeChain's Hayabusa Upgrade Is MiCA-Aligned and Ready for Institutions

The hard fork moves VeChainThor to Delegated Proof-of-Stake with transparent validator incentives and VTHO generation tied to actual network usage. MiCA whitepapers have been formally updated to include Hayabusa, so the regulatory documentation matches the protocol upgrade. VeChain.

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Author Disclosure: The author of this newsletter holds positions in AVAX, ADA, PUDGY, WLC, IMX, XTZ, NEAR, HBAR, ALGO, INJ, LTC, LINK, ZEC, XLM, and FET. 📋