Hot News
Bitcoin rose 0.65% last week, closely following the US stock market, but relative price volatility was relatively flat ahead of the FOMC meeting this week. The market expects the Fed to keep interest rates unchanged at the FOMC meeting this Thursday with a 96.2% chance.
Macro Outlook
The U.S. Treasury Department announced a new round of refinancing auctions totaling $125 billion, with the auction issuance volume in line with market expectations. The Treasury Department also stated that the auction scale will remain stable for "at least" the next few quarters.
The initial estimate of the U.S. GDP for the first quarter fell by 0.3% at an annualized quarterly rate, far below the market's expected growth of 0.3%. This was mainly due to a 41.3% surge in imports, a slowdown in consumer spending, and a reduction in federal government spending, which dragged down the overall GDP in the first quarter.
The US core PCE price index remained flat in March, lower than the market's expected 0.1% increase. Personal income grew by 0.5% in March, slightly higher than the market's expected 0.4%; personal spending increased by 0.7% in the same month, also higher than the market's expected 0.5%.
The US ISM Manufacturing PMI index fell to 48.7, better than the market expectation of 48.
The number of job vacancies in the United States fell to 7.192 million in March, a six-month low and lower than the market expectation of 7.48 million. The number of non-agricultural employment in the United States increased by 177,000 in April, higher than the market expectation of 130,000. The unemployment rate remained at 4.2% in the same month, the same as in March, which was also in line with market expectations.
Upcoming economic calendars include:
May 6 (Monday) 10:00 am: US April ISM Services PMI Index
Thursday, May 9, 2 a.m.: FOMC meeting
Cryptocurrency Market Overview
BlackRock has filed an application with the U.S. SEC to launch DLT-digital shares to reflect the holdings of its $150 billion U.S. Treasury trust fund.
The Crypto Council for Innovation, composed of more than 30 organizations, including a16z, Paradigm and Kraken, jointly wrote to the U.S. SEC, requesting that crypto asset pledge be treated as a technical process rather than a securities transaction.
Solana, SuperState, and Orca submitted a Project Open proposal to the U.S. SEC to launch a pilot program that would allow the issuance and trading of equity-type securities on the Solana blockchain.
Arizona's two bitcoin reserve-related bills, SB1373 and SB1025, have passed the state House of Representatives. SB1373 is currently waiting for the state Senate Democratic Party to accept the House of Representatives' amendment; while SB1025 has been vetoed by Governor Katie Hobbs on the grounds that digital assets are "unproven investments" in public asset management.
Abu Dhabi sovereign wealth funds ADQ, IGC and First Abu Dhabi Bank are reportedly planning to launch a regulated dirham stablecoin .
Mastercard announced the launch of a global stablecoin payment system, covering wallet support, card issuance, merchant settlement and on-chain remittance functions.
Visa is working with Bridge to help developers launch stablecoin-backed Visa cards in Argentina, Colombia, Ecuador, Mexico, Peru and Chile.
Freight Technologies announced that it raised $20 million through convertible corporate bonds, and the funds will be used to acquire TRUMP tokens.
Layer 1 and Layer 2 Public Chains
Ethereum R1 is announced as a neutral Ethereum layer 2 network with no tokens, no private placements, and no blind governance. The Rollup will be funded entirely by donations and will pay 1% of its base fee to Taiko DAO by 2030.
Scroll has launched the Euclid upgrade, officially becoming a Tier 1 zk layer 2 network . This upgrade provides users with an exit buffer, the ability to submit review-free transactions through Ethereum, and permissionless mode when the sequencer or proposer is paused.
Base announced the achievement of the first layer 2 network milestone, achieving a permissionless error proof mechanism and decentralized upgrades through 10 independent security committees.
TON has partnered with LibreCapital to launch the $500 million Telegram Bond Fund (TBF), which will tokenize bonds issued by Telegram and open them to institutions and qualified investors.
Stacks announced that its Asia Foundation has joined Abu Dhabi Global Market and will operate under its DLT Foundation framework, strengthening its influence and trust base in the Middle East.
xTAO announced its merger with Adrianna Ventures to promote its listing on the Canadian TSX exchange. xTAO's core business is operating validator nodes on the Bittensor network, and plans to raise $10 million for operations and technology development.
Movement confirmed that it has terminated co-founder Rushi Manche’s position as the protocol is under third-party investigation for its involvement in a market-making scandal . Coinbase delisted the MOVE token on May 1.
Avail launches Enigma upgrade to provide encryption protection for the second layer of network data availability.
Ant Financial Services Group announced the launch of the Jovay second-layer network to strengthen the RWA financing infrastructure, and released the DTVM stack, a smart contract execution framework that supports multi-language SDK, EVM compatibility, open source and integrates smart AI tools.
Dapps
Aave passed a proposal to list PT-sUSDe and PT-eUSDe from Ethereal in the Aave V3 core version.
Jupiter launched the Ultra v2 upgraded trading engine, adding new features such as real-time slippage estimation (RTSE v2), Juno liquidity optimization engine, dynamic order splitting, MEV protection, JupShield's real-time fraud detection, and Gas abstraction to comprehensively enhance the trading experience.
Kamino integrated Chainlink Data Stream into its Multi-Price System oracle architecture to improve data accuracy and timeliness.
Lido V3 is now available on the testnet . The new version introduces stVaults, which can be customized for institutional pledge, specific node operator connection, leverage strategy, re-pledge and other needs.
PancakeSwap Infinity has been officially launched, using a singleton contract design to save Gas, and supports a variety of liquidity pool architectures and customizable Hook mechanisms.
Filecoin launched the Fast Finality (F3) upgrade, which significantly shortened the transaction final confirmation time from about 7.5 hours to a few minutes, improving the response speed and user experience of decentralized applications.
The decentralized trading aggregation platform 1inch has now officially launched on the Solana mainnet.
AI proxy platform Spectral launched an AI hedge fund vault driven by Spectra proxy on Hyperliquid. Those who hold SPEC and stake can receive 25% of Spectra withdrawals, transaction fees, and activation rewards.
Ethena will launch USDe on the TON network. Users who stake USDe on TON can receive an additional APY bonus of up to 10%.
World (formerly Worldcoin) has now been launched in the United States and has partnered with Visa to launch the World Card , which allows users to use cryptocurrency as payment.
Virtuals is launching two new features after launching the “Genesis Release”: “Diamond Hand Rewards”, which will allocate additional points to those who hold Genesis tokens for more than 24 hours; and “Profit Cooldown”, which will activate a point cooldown period after the user makes a profit, and the points will slowly recover over time.
Ondo’s USDY stablecoin has been launched on Solana through LayerZero.
Solv Protocol launches Sharia- compliant Bitcoin yield product aimed at expanding into the Middle East and Islamic markets.
Governance/Project Updates
Hyperliquid will activate a new fee mechanism on May 5, including: staking HYPE to reduce transaction fees, separating the fee structure of perpetual contracts from the spot market, and doubling the spot trading volume when calculating the fee level. In addition, Hyperliquid HIP-3 is now online on the testnet, supporting the deployment of permissionless perpetual contract markets. Deployers need to stake 1 million HYPE to prevent malicious operations and receive 50% of the fees generated by the market.
Berachain’s Boyco vault will unlock approximately $2.8 billion in TVL and 2% of the BERA token supply on May 6th.
Ethereum is expected to implement the Pectra upgrade on May 7. This upgrade will greatly improve the transaction experience. The upgrade includes transaction batch processing, expenditure control, Gas payment, alternative verification methods, asset recovery mechanism and other functions.
Conflux passeda proposal to destroy 76 million CFX (about 1.35% of the total supply) from the ecological fund and pledge 500 million CFX to reduce PoS APY from 18.2% to 13.38%.
Soul Protocol, a cross-chain lending aggregation protocol, will launch a " fair public offering " of SO tokens on May 16. SO tokens will be used for governance, weighted voting, revenue addition, and will enjoy a partial protocol revenue repurchase mechanism. The protocol supports cross-chain mortgage lending, seamless transfer of mortgage assets and other functions.
Token Unlock
JTO tokens will be unlocked on May 7, accounting for 3.54% of the total supply.
MOVE tokens will be unlocked on May 9th, accounting for 2.04% of the total supply.
IO tokens will be unlocked on May 11th, accounting for 2.00% of the total supply.
APTOS tokens will be unlocked on May 12th, accounting for 1.83% of the total supply.
IMX tokens will be unlocked on May 16th, accounting for 1.35% of the total supply.
ARB tokens will be unlocked on May 16, accounting for 1.95% of the total supply.
VANA tokens will be unlocked on May 16, accounting for 1.47% of the total supply.
APE tokens will be unlocked on May 17, accounting for 1.93% of the total supply.
MELANIA tokens will be unlocked on May 20th, accounting for 5.67% of the total supply.
PLUME tokens will be unlocked on May 21, accounting for 5.43% of the total supply.
INIT tokens will be unlocked on May 24, accounting for 1.68% of the total supply.
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