Hot News
Last week, Bitcoin rose 2.37%. As concerns about US credit and weak demand for Treasury bonds weakened market confidence in the US dollar, funds poured into safe-haven assets, pushing Bitcoin prices up. In addition, progress on the Strategic Bitcoin Reserve Act and the GENIUS Act in Texas further fueled the gains. However, as Trump raised new tariff threats, Bitcoin subsequently fell in tandem with US stocks. This dual reaction highlights the evolution of Bitcoin's characteristics, acting as a safe haven amid fears of systemic financial risks, but behaving like a risky asset when broad economic growth concerns trigger a market-wide sell-off.
Macro Outlook
Last week, the 20-year Treasury bond auction received weak demand, showing that the market is worried about the growing debt burden of the United States and the tax reform bill currently being debated in Congress, which is expected to further deteriorate the fiscal outlook. The yield on the 20-year Treasury bond rose 10 basis points last week.
President Trump's tax reform bill, which has passed the House and now goes to the Senate for review, is expected to increase the federal deficit by about $3.8 trillion over the next decade, according to The Washington Post .
President Trump, dissatisfied with the slow progress of negotiations with the EU, planned to impose a 50% tariff on EU imports from June 1, but later announced that the effective date would be postponed to July 9. In addition, the president is also considering imposing a 25% tariff on apple products produced outside the United States.
Upcoming economic calendars include:
May 27 (Tuesday) 20:30: US durable goods orders data for April
May 29 (Thursday) 02:00: Federal Reserve May FOMC meeting minutes
May 29 (Thursday) 20:30: Revised US GDP for the first quarter
May 30 (Friday) 20:30: US April core PCE price index, personal income and personal spending data
Cryptocurrency Market Overview
The Texas House of Representatives has unanimously passed the Strategic Bitcoin Reserve Act ( SB21 ). The bill needs to be reviewed by the Senate for a second time to incorporate the House amendments, and then it will be submitted to the governor for signature and implementation.
The stablecoin regulation bill, the GENIUS Act, has been procedurally approved and will be submitted to the full Senate for debate. If the Senate passes it, the bill will be transferred to the House of Representatives for consideration.
JPMorgan Chase, Bank of America, Citigroup and Wells Fargo are reportedly exploring the possibility of jointly issuing a U.S. dollar stablecoin .
SG Forge, a crypto company under Societe Generale, is rumored to be planning to launch a stablecoin on the Ethereum network.
MOODENG and MEW tokens are now listed and available for trading on the Robinhood platform.
Vaneck will launch a special fund, Purposebuilt , to focus on investing in projects and related tokens within the Avalanche ecosystem that have long-term practical value and real-world application scenarios.
Cryptocurrency exchange Kraken has partnered with BackedFi to launch the xStocks platform, which provides tokenized U.S. stock trading on the Solana blockchain. Kraken also launched MiFID-regulated perpetual contracts and other crypto derivatives trading services in Europe.
Bybit users can now trade premium global stocks directly using USDT CFDs through its Gold & FX Trading MT5 platform.
Layer 1 and Layer 2 Public Chains
Ripple has reached a cooperation withZand Bank andMamo , and will adopt Ripple's cross-border payment solution.
FIFA Collect announced the launch of the FIFA blockchain , which provides FIFA digital collectibles and immersive fan experience based on Avalanche first-layer network technology.
Starknet releases Broly , a method to sign Bitcoin inscription transactions directly from a Starknet wallet.
Taiko mainnet has completed the Pacaya fork upgrade, which significantly improves user experience and shortens transaction confirmation time.
Sophon launches zkTLS social oracle , which puts user Web2 certificates on-chain for targeted audience incentives and exclusive access permissions.
Astar Network is collaborating with Animoca Brands to be the first to bring Japanese and Asian entertainment IPs to the blockchain through the Moca Network and Anime Art Fest programs.
Kin Capital Launches $100 Million Tokenized Real Estate Debt Fund Using Chintai Infrastructure, Targeting 15% Annualized Yield
Dapps
The Circle Payment Network (CPN ) has officially launched its mainnet, which allows banks and payment service providers to use USDC for secure payment instructions and achieve real-time settlement.
Chainlink’s Cross-Chain Interoperability Protocol (CCIP) is now live on the Solana mainnet. Liquity uses Chainlink’s Cross-Chain Token (CCT) standard to support BOLD tokens, enabling them to be transferred between different chains through CCIP.
Fluid has partnered with Jupiter to launch Jupiter Lend on Solana, bringing Fluid’s innovative smart collateral and smart debt money markets to the Jupiter platform.
Kamino Lend V2 is now live on the mainnet, introducing new features such as automated lending vaults, modular functions, and margin leverage trading.
Rumpel integrates Fluid ’s recurring strategy, allowing users to tokenize the points earned from recurring leveraged positions.
Defi App launches the governance token HOME . The team plans to allocate 45% to the community and ecosystem, and proposes the possibility of potential financial policy proposals including repurchase mechanisms and fee mechanisms.
Cookie.fun launches v1.0 alpha and Cookie Snaps , providing protocol social data and allowing KoLs to earn rewards for publishing quality content. Spark Finance is the first SNAPS campaign on Cookie.fun, rewarding KoLs for increasing Spark mindshare.
Venice launches $27 million incentive fund to accelerate ecosystem protocols that adopt Venice APIs and support its core values of private, censorship-free AI.
Sahara AI launches SIWA public testnet , a platform that allows developers to create and monetize AI models, datasets, and applications on the Sahara blockchain.
The on-chain reinsurance protocol OnRe has been officially launched. The protocol uses sUSDe as a collateral structure and provides a comprehensive annualized return of 40%.
Vest Exchange launches the foreign exchange market , offering perpetual contract trading with up to 100x leverage.
World (formerly Worldcoin) raised $135 million in funding from a16z and Bain Capital through a direct sale of WLD tokens (unlocked tokens).
BounceBit launched a dual-income strategy using BUIDL as collateral, which aims to capture Bitcoin's three-month basis and options strategy, providing an annualized yield of approximately 24%.
Succinct Labs launches SP1 Hypercube , a real-time Ethereum ZK prover that is 5x faster than the previous SOTA zkVM Turbo.
The largest decentralized exchange in the Sui ecosystem, Cetus, was attacked by unknown hackers , resulting in a loss of approximately US$223 million, of which US$162 million has been frozen on the Sui network and the remaining funds have been transferred across chains to the Ethereum network.
Governance/Project Updates
The Bitcoin 2025 conference will be held in Las Vegas from May 27 to 29, with guest speakers including JD Vance, Michael Saylor, David Sacks and other celebrities.
Liquity will launch yBOLD tokens this week, corresponding to the BOLD deposited in the Liquity V2 stable pool. Currently, the TVL of Liquity v2 is about $66 million , and the BOLD stable pool APY is 2.77%, with an interest rate of 3%.
Thorchain is about to gradually launch the application layer, Rujira network . Rujira provides a one-stop DeFi service, including order book trading, perpetual contract trading, currency market, etc. All functions are supported by Thorchain liquidity.
Polkadot is about to launch a codeless, one-click Rollup feature. As an early partner, Ankr will help develop customized Polkadot RaaS products.
YieldNest, the DeFi yield optimization platform, plans to launch YND tokens on June 3, 40% of which will be distributed to the community.
Anza launched a new consensus protocol for Solana calledAlpenglow , which can reduce the final confirmation delay by 100 times. The upgrade is expected to land on the testnet in a few months and go online on the mainnet in 2025.
Solana Mobile announced that it will release Seekers phones on August 4 and plans to issue SKR tokens directly to developers and users.
Initia proposed a proposal to reduce inflation from the original erroneously set 5% of total supply per year to 5% of the staking pool per year (equivalent to 1.25% of total supply). The proposal also includes other changes, such as having Initia governance determine the withdrawal deadline for all second-layer networks and allowing whitelist addresses to submit emergency proposals.
Token Unlock
GRASS tokens will be unlocked on May 31, accounting for 1.34% of the total token supply
KMNO tokens will be unlocked on May 31, accounting for 22% of the total token supply
OP tokens will be unlocked on May 31, accounting for 1.94% of the total token supply
SUI tokens will be unlocked on June 1, accounting for 1.75% of the total token supply
DYDX tokens will be unlocked on June 1, accounting for 1.85% of the total token supply
ENA tokens will be unlocked on June 2, accounting for 1.62% of the total token supply
JTO tokens will be unlocked on June 7, accounting for 3.43% of the total token supply
IO tokens will be unlocked on June 12, accounting for 1.92% of the total token supply
APT tokens will be unlocked on June 13, accounting for 1.79% of the total token supply
IMX tokens will be unlocked on June 14th, accounting for 1.33% of the total token supply
BB tokens will be unlocked on June 14, accounting for 10.92% of the total token supply
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