Happy Monday, Defiers!

Here’s what’s happening:

Flow resumes after exploit
Markets trade sideways
Kalshi had a record week

The Defiant’s 2025 in review:

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Stellar: The Proving Ground for Real-World Privacy The latest Stellar upgrade, X-Ray, delivers zero-knowledge cryptography that lets developers build privacy into their apps—protecting what matters while keeping Stellar radically open, trusted, and ready for real-world finance.

We’re back! Here’s what you need to know in web3 today

📈 Markets in the Past 24 Hours

TICKER	VALUE	24H
Bitcoin	$87,740	-0.16 %
Ethereum	$2,943.38	-0.17 %
BNB	$853.02	-0.50 %
XRP	$1.87	-0.06 %
Solana	$123.79	-0.77 %

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🎬WATCH

Unpacking Uniswap’s “fee switch” with Hayden Adams

The UNIfication proposal just passed with an overwhelming majority of voters in favor. On the most recent episode of The Defiant podcast, Uniswap founder Hayden Adams joins us to break down the proposal — a sweeping plan from Uniswap Labs + the Uniswap Foundation that would activate protocol fees, introduce a programmatic UNI burn, and realign how value accrues across the Uniswap ecosystem.

Top News Since Friday

FLOW Drops 40% After Flow Network Suffers ~$4M Exploit FLOW plummeted sharply early Saturday morning amidst an exploit of the network that saw $3.9 million in crypto stolen. The team behind the blockchain at first announced its plans for a rollback of the chain before pivoting to a “network restart” on Sunday. Why it matters: Flow was developed by Dapper Labs, the team behind one of the earliest NFT projects, CryptoKitties, as well as mainstream-focused collection NBA Top Shot and others.
Crypto Markets Slip, BTC Hovers Near $87K as Holiday Trading Stays Quiet Total crypto market cap is holding out just above $3 trillion as large-caps trade sideways. Bitcoin and Ethereum edged lower, while liquidations and ETF outflows continued to weigh on sentiment. Why it matters: Markets remain subdued over the holiday period and investor activity light ahead of year-end.
Kalshi’s Weekly Volume Hits $2.3B, Nearly Double Polymarket’s Prediction marketplace Kalshi saw its spot volumes hit a new record for the week ending on Dec. 21, notably almost doubling its main rival Polymarket’s activity that week. Why it matters: While Polymarket led the sector for most of the year, activity on Kalshi has been ramping up since this fall, with both platforms seeing record monthly volumes in November.