Uncommonlab Weekly Alpha compiles and shares newly emerging crypto alpha each week.

• A theft involving approximately $50 million occurred through an address poisoning attack.

• Most wallets hide the middle portion of an address with “…” to improve UI readability. As a result, many users have developed the habit of verifying only the first and last characters of an address when reviewing transaction history.

• Scammers exploit this behavior by generating lookalike wallet addresses that share the same beginning and ending characters as the victim’s real address. This tactic is known as an address poisoning attack.

• In a recent case, a user sent 50 USDT as a test transaction to their own wallet before transferring a much larger amount. Immediately after this test transfer, the scammer generated a wallet address with the same first 4 and last 4 characters as the real address and created a transaction to the victim.

• Unaware of the attack, the victim later copied the scammer’s fake address from their transaction history and sent the remaining 49,999,950 USDT to it, believing it to be their own wallet. As a result, the entire amount was stolen.

A $50 million fund theft occurred through an address poisoning attack. After the victim sent 50 USDT as a test transaction, the scammer immediately generated a lookalike address with the same starting and ending characters as the test wallet and created a transaction to make it appear legitimate. Unaware of this manipulation, the wallet owner mistook the scammer’s address in the transaction history for their own test wallet, copied and pasted it, and sent the remaining full balance. As a result, all funds were stolen. Given the wide variety of scams that exist on-chain, it is essential to double-check the entire wallet address when transferring large amounts of assets.

• Until now, Polymarket has operated on the Polygon L2 network. However, an incident involving RPC node issues on Polygon caused temporary disruptions to Polymarket’s operations.

• Following this event, Polymarket announced plans to leave the Polygon network and build its own dedicated L2. At the same time, it stated that it will end its reliance on external infrastructure providers such as GoldSky and Alchemy, using strong language to describe their services as inadequate and emphasizing an intention to migrate away from them as quickly as possible.

• Overall, Polymarket appears to have concluded that relying on external infrastructure limits its ability to guarantee reliability and performance. As a result, it plans to design a customized chain tailored specifically to its needs.

Since 2020, Polymarket has been highly active on Polygon, accounting for roughly 25% of transaction activity on the network. However, the recent Polygon outage highlighted the need for greater stability and operational control. With Polymarket now established as the leading prediction market and having raised approximately $2.3 billion in funding, it no longer needs to be dependent on a single chain. As stability and control become increasingly critical, this strategic shift toward launching its own L2 appears to be a natural decision.

• Aave is broadly divided into two entities: Aave Labs, founded by Stani, and the DAO, which consists of governance token holders.

• On December 4, 2025, Aave Labs integrated CoWSwap into the Aave interface to improve swap pricing and provide MEV protection. However, controversy arose when swap fees generated by the new CoWSwap contracts were routed to a private wallet controlled by Aave Labs rather than to the DAO.

• From the DAO’s perspective, this was problematic because a brand and UI built using DAO resources were being used for private benefit. Aave Labs countered that the interface is privately owned and maintained by Labs, and that the fees are used to cover operational costs. Labs also argued that any previous revenue shared with the DAO had been voluntary and not an obligation.

• As tensions escalated, on December 23, 2025, Aave Labs initiated a Snapshot vote proposing to transfer all brand-related assets and rights to AAVE token holders via the DAO. This included brand assets, domains, social media accounts, naming rights, GitHub, NPM, and other associated permissions.

• The proposal stated that it was written based on a suggestion from Aave’s CTO, Ernesto. However, Ernesto publicly objected, stating that the vote was initiated without his consent while discussions were still ongoing, and that his name had been used without permission. He urged token holders to abstain.

• Marc from ACO, the largest delegator in the Aave DAO, responded by stating that the issue had not been resolved, that no clear agreement had been reached, and that the proposal had been unilaterally advanced to the Snapshot stage without Ernesto’s consent. He described this as an unprecedented interference in DAO governance processes and released a formal statement outlining ACO’s position.

This dispute—sparked by the allocation of CoWSwap-generated revenue—has evolved into a broader conflict between Aave Labs and the DAO over control of branding, frontend infrastructure, and intellectual property. It can be viewed as one of the most significant governance disputes in DeFi, raising fundamental questions about how much control a DAO should exert.

Aave Labs has been instrumental in Aave’s success, having developed and launched V2 and V3, which established Aave as one of the strongest DeFi protocols in the industry. While Labs is indispensable, excessive concentration of power within a single entity raises concerns about token value alignment and organizational incentives. How the DAO and Labs ultimately reach consensus will be critically important. The outcome of this dispute is likely to set a meaningful precedent for DeFi governance and DAO operations, with potential implications not only for AAVE’s token price but also for the future of governance across DeFi as a whole.

• Trust Wallet is a non-custodial wallet acquired by Binance, where users retain full control over their private keys and funds.

• Until now, Trust Wallet had not experienced any major issues. However, on December 25, reports began circulating on social media that many Trust Wallet users had their wallets compromised and assets stolen.

• The following day, Trust Wallet announced via its official account that a security incident had affected only version 2.68 of the browser extension. Users were instructed to immediately disable version 2.68 and upgrade to version 2.69.

• The total confirmed losses so far are estimated at around $6 million, raising questions about whether Trust Wallet will be able—or willing—to compensate affected users. Although mobile users were not impacted by the incident, it is likely that many users will stop using Trust Wallet altogether.

A security incident occurred in Trust Wallet browser extension version 2.68. While the exact root cause has not yet been identified, the fact that the issue was isolated to a specific version suggests that malicious code may have been injected during the update process, possibly disguised as an analytics script. The estimated losses from this incident amount to at least $6 million, and CZ has promised to compensate affected users. Although Trust Wallet has officially stated that the mobile app and other versions were not affected, from a user’s perspective there is little incentive to continue using a wallet once a security breach has occurred. As a result, many users are likely to uninstall and stop using Trust Wallet following this incident.

• Dawn is a Solana-based DePIN protocol that allows users to share their excess internet bandwidth in exchange for rewards.

• With a recent additional $13 million raise, Dawn has now secured a total of $48.5 million in funding from well-known VCs such as Polychain Capital, Dragonfly, and VanEck.

• Users can earn points by downloading a validator extension on their PC, or by purchasing Black Box hardware, both of which may qualify them for a future token airdrop.

• Details about Dawn’s native token have not yet been announced, and the protocol leverages the Helium network, one of the most well-known DePIN projects on Solana.

Dawn is a DePIN project that rewards users for sharing excess internet bandwidth. It has raised a total of $48.5 million from tier-1 VCs including Polychain Capital and Dragonfly, and plans to launch a token airdrop based on its points system. While detailed information about the token TGE has not yet been released, the size of the funding round and the ability to mine points simply by installing a PC extension make it an attractive project to consider participating in. That said, Solana-based DePIN projects have shown highly mixed outcomes at TGE, so it will be interesting to see how Dawn ultimately performs.

• HashKey Holdings has successfully completed its IPO and listing on the Hong Kong Stock Exchange (HKEX).

• This marks the first publicly listed digital asset company in Asia. HashKey operates as a fully compliant platform, holding Hong Kong SFC licenses including Type 1, Type 7, and VATP.

• On the back of its regulatory credibility, HashKey also operates the HashKey Exchange, which allows trading of Bitcoin and various other crypto assets. The exchange is split into two platforms: one for Hong Kong and one for global users.

• However, since the launch of the HashKey Exchange, it has struggled to gain traction. Liquidity has been extremely low—insufficient for meaningful trading—and as users declined, the price of the HSK token fell steadily from around $2 to $0.25.

• Going forward, HSK’s price is expected to move in correlation with the stock price of HashKey Holdings (3887.HK) listed on HKEX.

HashKey Holdings has successfully listed on the Hong Kong Stock Exchange under the ticker 3887.HK. Beyond the symbolic significance of being Asia’s first publicly listed digital asset company, HashKey’s strong emphasis on regulatory compliance could enhance the competitiveness of the HashKey Exchange within the crypto sector. In particular, a clear regulatory framework may increase the likelihood of institutional and traditional finance participation.

That said, the HashKey Exchange currently has very low trading volume compared to other exchanges and effectively lacks an active user base. How HashKey plans to address these challenges will be critical to watch. If the exchange revives previously paused initiatives such as its launchpad, uses group-level revenue for HSK buybacks, and successfully attracts institutional capital, HashKey Exchange could regain momentum.

• KGST is a stablecoin officially supported by the government of Kyrgyzstan.

• It is issued and traded on the BNB Chain and is a collateral-backed stablecoin pegged 1:1 to the Kyrgyz som. This project represents a national-level effort to tokenize fiat currency on blockchain. Following a meeting with President Sadyr Japarov, CZ became involved as an advisor to the project.

• On December 22, KGST was successfully listed on Binance. This listing is a notable example of regulatory compliance, as KGST fully complies with Kyrgyzstan’s virtual asset laws and has received formal government approval.

The KGST stablecoin, officially supported by the Kyrgyzstan government and advised by CZ, has achieved a spot listing on Binance. KGST complies with Kyrgyzstan’s 2022 Virtual Asset Law and operates under the supervision of the central bank and the Ministry of Digital Development, making it a concrete example of fiat currency tokenization at the national level. Rather than pursuing decentralization for its own sake, this case highlights how sovereign stablecoins—designed for specific use cases—can improve accessibility and enable participation in global markets, as demonstrated by Kyrgyzstan’s approach.

• Tria, a crypto neobank project, has introduced an XP-based points system.

• Users can earn XP by making payments with the Tria card, upgrading their card, or referring friends. As XP accumulates, users level up, and starting from Level 10, a higher-tier system based on card decks is applied.

• Points Season 1 is scheduled to end in late January, and at the end of the season, Tria tokens will be distributed as rewards based on each user’s final tier.

Tria has implemented a system where using the card earns XP points. Rankings on the leaderboard are determined by XP, and higher rankings are expected to receive larger rewards. Since Points Season 1 is likely to conclude around the same time as the Tria token TGE in late January, rewards are expected to be distributed alongside the token launch. If you already have card spending needs, using Tria for payments to accumulate XP could be a reasonable strategy. Among recently launched crypto neobank projects, Tria stands out with a solid $15 million funding round and appears to be one of the projects most likely to launch its token in the near term, making it particularly interesting to watch.

• Following the success of Hyperliquid, a large number of new PerpDEXs have emerged.

• Among them, the projects receiving the most attention are Lighter and EdgeX.

• Lighter is currently accepting airdrop claims from point holders until December 26, indicating that its TGE is imminent. Its token ticker has been revealed as LIT, and the token is already tradable on various pre-market venues, including Binance.

• EdgeX has also launched a beta version of its spot trading product, signaling that its TGE is approaching as well. Prior to that, EdgeX plans to launch a meme token called MARU around Christmas.

• Despite unfavorable market conditions, many PerpDEX tokens are moving forward with their TGEs. The listing performance of Lighter and EdgeX is likely to shape overall market expectations for the PerpDEX sector going forward.

Since Hyperliquid’s success, significant capital has flowed into the PerpDEX sector, leading to the emergence of many new platforms. Among these, Lighter and EdgeX stand out as the most anticipated projects with upcoming TGEs. Lighter’s LIT token is already trading on pre-markets and is reportedly being valued at around $3.5 billion, making it the largest PerpDEX token launch since Hyperliquid. As such, many market participants are closely watching its performance. EdgeX is also expected to conduct its TGE soon, with plans to list a meme token called MARU beforehand. If Lighter and EdgeX perform well upon listing, valuations across PerpDEX-based projects could rise broadly. Conversely, weak performance could significantly reduce the sector-wide premium.

• This content is provided for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any asset. Cryptocurrency and digital asset investments involve significant risk, so please conduct your own research and exercise caution before making any decisions.

• All research commentary reflects the views of an Uncommonlab research intern and does not represent financial or legal advice. It is not intended to recommend the purchase or sale of any specific asset.

Uncommonlab Weekly Alpha compiles and shares newly emerging crypto alpha each week.

• A theft involving approximately $50 million occurred through an address poisoning attack.

• Most wallets hide the middle portion of an address with “…” to improve UI readability. As a result, many users have developed the habit of verifying only the first and last characters of an address when reviewing transaction history.

• Scammers exploit this behavior by generating lookalike wallet addresses that share the same beginning and ending characters as the victim’s real address. This tactic is known as an address poisoning attack.

• In a recent case, a user sent 50 USDT as a test transaction to their own wallet before transferring a much larger amount. Immediately after this test transfer, the scammer generated a wallet address with the same first 4 and last 4 characters as the real address and created a transaction to the victim.

• Unaware of the attack, the victim later copied the scammer’s fake address from their transaction history and sent the remaining 49,999,950 USDT to it, believing it to be their own wallet. As a result, the entire amount was stolen.

A $50 million fund theft occurred through an address poisoning attack. After the victim sent 50 USDT as a test transaction, the scammer immediately generated a lookalike address with the same starting and ending characters as the test wallet and created a transaction to make it appear legitimate. Unaware of this manipulation, the wallet owner mistook the scammer’s address in the transaction history for their own test wallet, copied and pasted it, and sent the remaining full balance. As a result, all funds were stolen. Given the wide variety of scams that exist on-chain, it is essential to double-check the entire wallet address when transferring large amounts of assets.

• Until now, Polymarket has operated on the Polygon L2 network. However, an incident involving RPC node issues on Polygon caused temporary disruptions to Polymarket’s operations.

• Following this event, Polymarket announced plans to leave the Polygon network and build its own dedicated L2. At the same time, it stated that it will end its reliance on external infrastructure providers such as GoldSky and Alchemy, using strong language to describe their services as inadequate and emphasizing an intention to migrate away from them as quickly as possible.

• Overall, Polymarket appears to have concluded that relying on external infrastructure limits its ability to guarantee reliability and performance. As a result, it plans to design a customized chain tailored specifically to its needs.

Since 2020, Polymarket has been highly active on Polygon, accounting for roughly 25% of transaction activity on the network. However, the recent Polygon outage highlighted the need for greater stability and operational control. With Polymarket now established as the leading prediction market and having raised approximately $2.3 billion in funding, it no longer needs to be dependent on a single chain. As stability and control become increasingly critical, this strategic shift toward launching its own L2 appears to be a natural decision.

• Aave is broadly divided into two entities: Aave Labs, founded by Stani, and the DAO, which consists of governance token holders.

• On December 4, 2025, Aave Labs integrated CoWSwap into the Aave interface to improve swap pricing and provide MEV protection. However, controversy arose when swap fees generated by the new CoWSwap contracts were routed to a private wallet controlled by Aave Labs rather than to the DAO.

• From the DAO’s perspective, this was problematic because a brand and UI built using DAO resources were being used for private benefit. Aave Labs countered that the interface is privately owned and maintained by Labs, and that the fees are used to cover operational costs. Labs also argued that any previous revenue shared with the DAO had been voluntary and not an obligation.

• As tensions escalated, on December 23, 2025, Aave Labs initiated a Snapshot vote proposing to transfer all brand-related assets and rights to AAVE token holders via the DAO. This included brand assets, domains, social media accounts, naming rights, GitHub, NPM, and other associated permissions.

• The proposal stated that it was written based on a suggestion from Aave’s CTO, Ernesto. However, Ernesto publicly objected, stating that the vote was initiated without his consent while discussions were still ongoing, and that his name had been used without permission. He urged token holders to abstain.

• Marc from ACO, the largest delegator in the Aave DAO, responded by stating that the issue had not been resolved, that no clear agreement had been reached, and that the proposal had been unilaterally advanced to the Snapshot stage without Ernesto’s consent. He described this as an unprecedented interference in DAO governance processes and released a formal statement outlining ACO’s position.

This dispute—sparked by the allocation of CoWSwap-generated revenue—has evolved into a broader conflict between Aave Labs and the DAO over control of branding, frontend infrastructure, and intellectual property. It can be viewed as one of the most significant governance disputes in DeFi, raising fundamental questions about how much control a DAO should exert.

Aave Labs has been instrumental in Aave’s success, having developed and launched V2 and V3, which established Aave as one of the strongest DeFi protocols in the industry. While Labs is indispensable, excessive concentration of power within a single entity raises concerns about token value alignment and organizational incentives. How the DAO and Labs ultimately reach consensus will be critically important. The outcome of this dispute is likely to set a meaningful precedent for DeFi governance and DAO operations, with potential implications not only for AAVE’s token price but also for the future of governance across DeFi as a whole.

• Trust Wallet is a non-custodial wallet acquired by Binance, where users retain full control over their private keys and funds.

• Until now, Trust Wallet had not experienced any major issues. However, on December 25, reports began circulating on social media that many Trust Wallet users had their wallets compromised and assets stolen.

• The following day, Trust Wallet announced via its official account that a security incident had affected only version 2.68 of the browser extension. Users were instructed to immediately disable version 2.68 and upgrade to version 2.69.

• The total confirmed losses so far are estimated at around $6 million, raising questions about whether Trust Wallet will be able—or willing—to compensate affected users. Although mobile users were not impacted by the incident, it is likely that many users will stop using Trust Wallet altogether.

A security incident occurred in Trust Wallet browser extension version 2.68. While the exact root cause has not yet been identified, the fact that the issue was isolated to a specific version suggests that malicious code may have been injected during the update process, possibly disguised as an analytics script. The estimated losses from this incident amount to at least $6 million, and CZ has promised to compensate affected users. Although Trust Wallet has officially stated that the mobile app and other versions were not affected, from a user’s perspective there is little incentive to continue using a wallet once a security breach has occurred. As a result, many users are likely to uninstall and stop using Trust Wallet following this incident.

• Dawn is a Solana-based DePIN protocol that allows users to share their excess internet bandwidth in exchange for rewards.

• With a recent additional $13 million raise, Dawn has now secured a total of $48.5 million in funding from well-known VCs such as Polychain Capital, Dragonfly, and VanEck.

• Users can earn points by downloading a validator extension on their PC, or by purchasing Black Box hardware, both of which may qualify them for a future token airdrop.

• Details about Dawn’s native token have not yet been announced, and the protocol leverages the Helium network, one of the most well-known DePIN projects on Solana.

Dawn is a DePIN project that rewards users for sharing excess internet bandwidth. It has raised a total of $48.5 million from tier-1 VCs including Polychain Capital and Dragonfly, and plans to launch a token airdrop based on its points system. While detailed information about the token TGE has not yet been released, the size of the funding round and the ability to mine points simply by installing a PC extension make it an attractive project to consider participating in. That said, Solana-based DePIN projects have shown highly mixed outcomes at TGE, so it will be interesting to see how Dawn ultimately performs.

• HashKey Holdings has successfully completed its IPO and listing on the Hong Kong Stock Exchange (HKEX).

• This marks the first publicly listed digital asset company in Asia. HashKey operates as a fully compliant platform, holding Hong Kong SFC licenses including Type 1, Type 7, and VATP.

• On the back of its regulatory credibility, HashKey also operates the HashKey Exchange, which allows trading of Bitcoin and various other crypto assets. The exchange is split into two platforms: one for Hong Kong and one for global users.

• However, since the launch of the HashKey Exchange, it has struggled to gain traction. Liquidity has been extremely low—insufficient for meaningful trading—and as users declined, the price of the HSK token fell steadily from around $2 to $0.25.

• Going forward, HSK’s price is expected to move in correlation with the stock price of HashKey Holdings (3887.HK) listed on HKEX.

HashKey Holdings has successfully listed on the Hong Kong Stock Exchange under the ticker 3887.HK. Beyond the symbolic significance of being Asia’s first publicly listed digital asset company, HashKey’s strong emphasis on regulatory compliance could enhance the competitiveness of the HashKey Exchange within the crypto sector. In particular, a clear regulatory framework may increase the likelihood of institutional and traditional finance participation.

That said, the HashKey Exchange currently has very low trading volume compared to other exchanges and effectively lacks an active user base. How HashKey plans to address these challenges will be critical to watch. If the exchange revives previously paused initiatives such as its launchpad, uses group-level revenue for HSK buybacks, and successfully attracts institutional capital, HashKey Exchange could regain momentum.

• KGST is a stablecoin officially supported by the government of Kyrgyzstan.

• It is issued and traded on the BNB Chain and is a collateral-backed stablecoin pegged 1:1 to the Kyrgyz som. This project represents a national-level effort to tokenize fiat currency on blockchain. Following a meeting with President Sadyr Japarov, CZ became involved as an advisor to the project.

• On December 22, KGST was successfully listed on Binance. This listing is a notable example of regulatory compliance, as KGST fully complies with Kyrgyzstan’s virtual asset laws and has received formal government approval.

The KGST stablecoin, officially supported by the Kyrgyzstan government and advised by CZ, has achieved a spot listing on Binance. KGST complies with Kyrgyzstan’s 2022 Virtual Asset Law and operates under the supervision of the central bank and the Ministry of Digital Development, making it a concrete example of fiat currency tokenization at the national level. Rather than pursuing decentralization for its own sake, this case highlights how sovereign stablecoins—designed for specific use cases—can improve accessibility and enable participation in global markets, as demonstrated by Kyrgyzstan’s approach.

• Tria, a crypto neobank project, has introduced an XP-based points system.

• Users can earn XP by making payments with the Tria card, upgrading their card, or referring friends. As XP accumulates, users level up, and starting from Level 10, a higher-tier system based on card decks is applied.

• Points Season 1 is scheduled to end in late January, and at the end of the season, Tria tokens will be distributed as rewards based on each user’s final tier.

Tria has implemented a system where using the card earns XP points. Rankings on the leaderboard are determined by XP, and higher rankings are expected to receive larger rewards. Since Points Season 1 is likely to conclude around the same time as the Tria token TGE in late January, rewards are expected to be distributed alongside the token launch. If you already have card spending needs, using Tria for payments to accumulate XP could be a reasonable strategy. Among recently launched crypto neobank projects, Tria stands out with a solid $15 million funding round and appears to be one of the projects most likely to launch its token in the near term, making it particularly interesting to watch.

• Following the success of Hyperliquid, a large number of new PerpDEXs have emerged.

• Among them, the projects receiving the most attention are Lighter and EdgeX.

• Lighter is currently accepting airdrop claims from point holders until December 26, indicating that its TGE is imminent. Its token ticker has been revealed as LIT, and the token is already tradable on various pre-market venues, including Binance.

• EdgeX has also launched a beta version of its spot trading product, signaling that its TGE is approaching as well. Prior to that, EdgeX plans to launch a meme token called MARU around Christmas.

• Despite unfavorable market conditions, many PerpDEX tokens are moving forward with their TGEs. The listing performance of Lighter and EdgeX is likely to shape overall market expectations for the PerpDEX sector going forward.

Since Hyperliquid’s success, significant capital has flowed into the PerpDEX sector, leading to the emergence of many new platforms. Among these, Lighter and EdgeX stand out as the most anticipated projects with upcoming TGEs. Lighter’s LIT token is already trading on pre-markets and is reportedly being valued at around $3.5 billion, making it the largest PerpDEX token launch since Hyperliquid. As such, many market participants are closely watching its performance. EdgeX is also expected to conduct its TGE soon, with plans to list a meme token called MARU beforehand. If Lighter and EdgeX perform well upon listing, valuations across PerpDEX-based projects could rise broadly. Conversely, weak performance could significantly reduce the sector-wide premium.

• This content is provided for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any asset. Cryptocurrency and digital asset investments involve significant risk, so please conduct your own research and exercise caution before making any decisions.

• All research commentary reflects the views of an Uncommonlab research intern and does not represent financial or legal advice. It is not intended to recommend the purchase or sale of any specific asset.