According to Onchain Lens monitoring, as the price of HYPE fell to its lowest point since May 21, a whale (a large investor) went long on HYPE with 5x leverage and is currently facing a paper loss of $15.3 million. This whale held 1.38 million HYPE tokens, worth $38 million, with an entry price of $38.67 and a liquidation price of $22.16.

Huoxun Finance News, December 9th - OKX's "Flash Earn" Midnight (NIGHT) event will officially launch at 16:00 (UTC+8) on December 9th. This event will offer a total of 400 million NIGHT tokens, 10 times the size of the previous airdrop, primarily targeting OKB holders and users of other supported cryptocurrencies. Users can participate using OKB, USDT, BTC, ETH, or ADA, with a minimum subscription threshold of approximately 100 USDT and a subscription limit increasing from regular users to VIP7+. Users can participate and win rewards immediately by opening the OKX APP → "Earn & Rewards" section in the upper left corner → Flash Earn page. Simultaneously, according to the official Midnight (NIGHT) rules, OKX will also support the distribution of airdrop tokens to users holding ADA, BTC, ETH, SOL, XRP, BNB, AVAX, and BAT, with an initial airdrop total of approximately 40 million tokens.

Huoxun Finance reported on December 9th that, according to Criptonoticias, the number of active validators on the Solana network has decreased significantly over the past three years: from over 2,500 active nodes in March 2023 to approximately 800 currently, a drop of over 68%. Different interpretations have been offered regarding this significant contraction in ecosystem participants. Some community members believe that this decline is mainly due to "sybil nodes" leaving the network, arguing that "having 800 reliable validators is healthier than having 3,000 sybil nodes," pointing out that reducing nodes that don't contribute significantly actually helps improve network quality. However, some infrastructure teams hold a different view. Layer33 developers stated that they know many teams that recently shut down their nodes, and these exits "are mostly not sybil nodes, but rather chose to cease operations due to economic or technical factors."

Huoxun Finance News, December 9th – According to its official blog, stablecoin issuer Circle announced that it has received a Financial Services License (FSP) from the Abu Dhabi Global Markets Financial Services Regulatory Authority, authorizing it to operate as a money service provider in the Abu Dhabi International Financial Centre (IFC). In addition, Circle appointed Dr. Saeeda Jaffar as Managing Director for Circle Middle East and Africa. Jaffar will join Circle from Visa, where she served as Senior Vice President and Group Country Manager for the Gulf Cooperation Council. She will lead Circle's regional strategy, deepen partnerships with financial institutions and businesses, and drive the accelerated adoption of the company's digital dollar and on-chain payment solutions in the UAE and the wider Middle East and African markets.

Huoxun Finance reported on December 9th that ShieldedLabs has proposed a new proposal to create a dynamic fee market for Zcash to address rising transaction costs and network congestion. The proposal suggests abandoning Zcash's static fee model—initially 10,000 "zatoshi," later reduced to 1,000. While this model worked under low demand, it ultimately triggered a "sandblast" of spam transactions, causing wallet congestion and on-chain transaction blockage. The previous ZIP-317 proposal used an operation-based ledger, which addressed abuse, but fees remained predictable and low, unable to adjust based on usage. The latest proposal introduces a simple, stateless dynamic fee design built around "comparables," using the median fee of each operation observed over the past 50 blocks as a benchmark, and adding synthetic transactions to simulate persistent congestion. The median fee will become the standard fee, divided into power-of-ten intervals to reduce chainability and prevent the leakage of user information. Under pressure, a priority channel will be temporarily opened, charging 10 times the standard fee, allowing users to compete for block space without redesigning the protocol. The system is planned for phased rollout. Initially, it will be monitored off-chain, then implemented as a wallet policy, and only after approval will it be rolled out as a simple consensus change, setting expiration height limits and power-of-ten fee rules. This avoids the complexity and fork risks of mechanisms like EIP-1559 while maintaining Zcash's privacy constraints. Other proposed ideas include using mining difficulty as a long-term heuristic for USD-denominated fees, adjusting prices based on mempool pressure.