137Labs

137 · Market Trends✨1 - 10

Highlighting 24H Hotspots - Market Overview

1、Nasdaq and CME Group launch the "Nasdaq-CME Crypto Index" - The two parties introduce the "Nasdaq-CME Crypto Index," integrating their existing cryptocurrency index benchmarks;

2、Polymarket becomes the exclusive prediction market partner for the Hollywood Golden Globes;

3、The U.S. Supreme Court is expected to issue a ruling/opinion on Trump's tariff case on January 14;

4、30 Democrats support a bill proposing to ban elected officials from betting in political prediction markets;

5、a16z raises $15 billion, with multiple funds investing and emphasizing support for the U.S. to "win" the technology race;

6、Intel's stock rose as much as nearly 9%, reaching its highest level since April 2024;

7、BNB Chain's "$100 Million Incentive Program" bought two meme coins: a $50,000 token called "I'm Here, Damn It!" and a $50,000 token called "Binance Life";

8、http://Pump.fun upgrades its creator fee model; after the reform, the number of tokens issued reached the highest in nine months, with PUMP up 11%

137 · Market Trends✨1 - 9

Review of 24H Hotspots - Market Overview

1、Trump says he has no current plans to pardon FTX founder SBF;

2、Senate's crypto 'market structure' bill enters critical voting phase: Wall Street groups and DeFi representatives report progress in bridging differences;

3、CFTC issues no-action relief to Bitnomial, advancing 'event/prediction contract' business;

4、Coinglass: BTC breaking above $92,000 may trigger approximately $1.15 billion in short liquidations; breaking below $89,000 may trigger around $944 million in long liquidations;

5、Privacy coin sector: XMR strengthens to reclaim the privacy crown, while internal turmoil at Zcash disrupts its upward momentum

6、New York Fed survey: 1-year inflation expectations rose to 3.4% in December; re-employment probability expectations dropped to a historical low;

7、Alphabet reportedly surpasses Apple to become the world's second-largest public company, with a market cap of approximately $3.96 trillion;

137 · Market Trends ✨1 - 8

Review of 24H Hotspots - Market Overview

1、The U.S. Senate Banking Committee and Agriculture Committee are scheduled to review and vote on crypto "market structure" legislation (markup) on January 15;

2、WLFI's entity has applied to the OCC for a national trust bank charter, aiming to directly issue/hold USD1 and expand institutional custody and stablecoin exchange services;

3、Aave: Net deposits in the Horizon RWA lending market have surpassed $600 million

4、The Wyoming Stablecoin Commission has approved Kraken's public access to purchase the stablecoin FRNT;

5、Crypto market weakened: #BTC once dropped below $91,000, with #ETH and #SOL also synchronously declining;

6、Morph launched a $150 million payment accelerator program, supporting the scaling of real-world payment systems onto the blockchain;

7、Binance released its 38th reserve proof: as of January 1, user holdings amounted to 618K BTC, 4.17M ETH, and 38.2B USDT;

8、Solana's native token #SKR will be launched on January 21, #Mobile

137 · Market Trends✨1 - 7

Review of 24H Hotspots - Market Overview

1、Morgan Stanley reportedly submitted applications/registrations related to Bitcoin and #Solana #ETF ; Bitcoin ETF saw net inflows of approximately $697 million in a single day;

2、#Solana released its 2025 annual review: multiple indicators such as application revenue, DEX trading volume, active users, and REV reached new highs;

3、According to CoinDesk, Circle Internet (#CRCL )'s dollar-pegged stablecoin USDC continued its second consecutive year of growth exceeding its main competitor Tether's USDT in 2025;

4、Macroeconomic and Risk Assets: #US stocks stronger, gold and silver prices rose; expectations for technology computing power demand are increasing; silver's market cap reached $4.63 trillion, surpassing #NVIDIA to become the world's second-largest asset;

5、Walmart launched payment and Ethereum transaction services via the ONEPAY app, #比特币 ;

6、The U.S. Senate is advancing legislation on cryptocurrency market structure: the Banking Committee reportedly plans to review/vote next week, with Sacks engaging with senators to push forward;

7、The U.S. Supreme Court has designated this Friday as 'Opinion Release Day,' where a key ruling on the legality of Trump's global tariff measures may be issued.

137 · Market Trends ✨ 1 - 6

Review of 24H Hot Topics - Market Overview

1. Bitfinex Report: Bitcoin is oscillating in a narrow range of $85,000 - $94,000, liquidity conditions may improve;

2. The U.S. "Crypto Market Structure Bill" legislation may be significantly delayed: possibly passing by 2027 at the latest, with implementation in 2029;

3. Ritchie Torres plans to propose restrictions on government officials participating in prediction markets: responding to the controversy over insider trading related to the "Maduro Event Bets";

4. Market News: Polymarket will launch a real estate prediction market, allowing users to bet on housing price trends, with quotes provided by $PRLC;

5. Federal Reserve interest rate cut expectations (CME FedWatch): January remains unchanged at about 82% (82.8%), with a 25bp rate cut at about 17.2%;

6. Jupiter launches native stablecoin JupUSD: 90% of the reserves are supported by USDtb from BlackRock and Ethena.

7. BTC briefly broke through $94,000 before oscillating at high levels, with liquidation structures showing "bearish dominance".

137 · Market Trends

Review of 24H Hotspots - Market Overview

1. Semafor: Before the U.S. launched secret raids on Venezuela, the New York Times and Washington Post were already aware of the related information.
2. This week, the U.S. Ethereum spot #ETF has seen a cumulative net inflow of $160.8 million;
3. #WLFI : Will utilize unlocked treasury funds to incentivize USD1 adoption;
4. Macro: CME FedWatch shows a probability of a 25bp rate cut in January of about 16%–17%;
5. Crypto Market: Volatile rebound, with Meme tokens leading the surge.
According to Coinglass data, the total liquidation amount in the cryptocurrency market in the past 24 hours reached $191 million, including long liquidations of $33.0996 million and short liquidations of $158 million;
6. According to Defillama data, the revenue on the entire #solana has begun to surge.

What does Uniswap's zero fees for applications and APIs mean?

Last night, Uniswap announced: all interface fees for applications and APIs have been set to zero. Although it appears to be a fee reduction, it is actually a restructuring of the economic framework at the protocol level. Let's discuss this in detail.

1. The logic behind the adjustment
Many people's first reaction is "the front end is free, users save money", but the underlying logic is deeper:

Zero front-end fees: Apps and APIs no longer charge access fees
Fee Switch is about to be activated: protocol-level revenue becomes the core of value
UNI deflationary mechanism: large-scale UNI destruction locks the value return mechanism to the token

With front-end revenue exiting, value and income return to the protocol layer and holders.

2. Market and community concerns

▪️ Value capture mechanism
Who ultimately gets the Fee Switch revenue?
LPs, UNI holders, or the foundation?
Will the income mechanism be auctioned or dynamically adjusted?
These questions are more critical than the front-end zero fees, as they determine the long-term value anchor of UNI.

▪️ UNI deflationary effects
The destruction of 100 million UNI is a historic level of deflation
The market is concerned about changes in circulation and price reactions after destruction
This is a practical test in the DeFi community of "the impact of deflation on token prices"

▪️ Reconstruction of protocol-level revenue
The simultaneous occurrence of zero front-end fees + activation of Fee Switch + UNI deflation means that future revenue sources will be more transparent, and the market will begin to price UNI based on actual revenue and protocol cash flow rather than narratives.

3. Possible chain reactions

▪️ Other protocols may adjust their revenue structures
Sushiswap, Balancer, Curve, Aave, etc., may re-examine front-end vs. protocol-level revenue distribution, aligning with Uniswap.

▪️ Lower barriers for developers and aggregators
Free APIs mean: aggregators and wallet providers are more willing to integrate deeply, and the ecosystem of second-layer applications and data services may accelerate growth.

▪️ UNI price becomes more reliant on actual usage and protocol revenue
In the future, UNI pricing may shift from "short-term speculation + number of wallets" to:
Transaction volume × protocol revenue × deflation expectations, becoming closer to stock valuation models.

Uniswap's decision to set application and API fees to zero is a protocol-level economic structural adjustment that allows value and income to return to the protocol layer, while also laying the foundation for the developer ecosystem and long-term UNI pricing.

🙋What else would you like to know? Feel free to leave a comment!🙋
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Regarded as one of the most complex underlying upgrades of Ethereum in the past decade,
#ETH #Fusaka what does the upgrade actually mean?
Today at 20:00 (UTC+8) @137Labs a comprehensive explanation.
@Howie1024 @oneone @3Frends @0x_Tony GAO @币圈圆桌派 @Cindy胖迪