On May 15, after the CPI data was released, the swap market expected the Fed to accelerate its pace of interest rate cuts in 2024. (Jinshi)
CPI boosts expectations of rate cuts, US stocks open higher
On May 15, the decline in US CPI in April boosted expectations of interest rate cuts. The three major US stock indexes opened higher, with the Dow Jones Industrial Average up 156 points, the S&P 500 up 0.4%, and the Nasdaq up 0.5%. The rise of WSB concept stocks cooled down, with GameStop (GME.N) falling 15.9% and AMC Cinemas (AMC.N) falling 10.5%.
CME Fed Watch: The probability of the Fed keeping interest rates unchanged in June is 91.5%
On May 16, according to CME's "Fed Watch" data, the probability that the Federal Reserve will keep interest rates unchanged in June is 91.5%, and the probability of a 25 basis point rate cut is 8.5%.
Altcoin are generally rising, and IMX has risen by more than 17% in 24 hours
On May 16, according to market data, as Bitcoin rebounded above $66,000, Altcoin saw a general rise, including:
IMX rose 17.7% in 24 hours and is currently priced at $2.372;
FTM rose 17.57% in 24 hours and is currently quoted at $0.7589;
LPT rose 16.8% in 24 hours and is now quoted at $20.115;
JTO rose 16.3% in 24 hours and is now quoted at $4.407;
NEAR has increased by 15.6% in 24 hours and is currently priced at $8.13;
JUP rose 15.33% in 24 hours and is currently priced at $1.1718.
ETH/BTC exchange rate fell to 0.04577, a new low since April 2021
On May 15, the ETH/BTC exchange rate fell to 0.04577 and is now at 0.04606, a new low since April 2021.
Binance Launches Spot Copy Trading
On May 15, Binance has launched Spot Copy Trading, which is available on the Binance website and Binance App. Users who meet the regional requirements can copy the real-time trading strategies of experienced traders through Spot Copy Trading.
Blast announces airdrop will start on June 26
On May 16, according to official news, Ethereum Layer 2 network Blast announced that the airdrop will be launched on June 26. Due to a slight delay from the initial estimate of May, the airdrop allocation will increase. Before the airdrop, Blast will have the last two Gold Distribution activities to allocate gold points to DApps.
On May 16, according to Embers monitoring, Blur had transferred the unlocked tokens for May to Coinbase Prime 5 hours ago.
35.54 million BLUR (about 12.96 million US dollars) was unlocked and transferred from the Blur unlocking contract to the 0x0A0 multi-signature address 8 hours ago, and then transferred to Coinbase Prime via the 0x0A0 multi-signature address 5 hours ago.
Entangle launches a points program to encourage users to earn points by staking and using eBridge
On May 15, the cross-chain DeFi protocol Entangle announced the launch of a new points program (Entangle Points Program), which aims to improve the security and activity of the network by incentivizing users to stake NGL tokens and use eBridge. According to the official blog of Entangle, users can earn points by staking NGL tokens to validators or transmitter agents, and using eBridge for cross-chain transactions. Among them, staking NGL helps maintain the security of the blockchain, while using eBridge can improve the efficiency of cross-chain asset transfers.
The points program is expected to provide an annualized rate of return (APY) of about 8%. It is worth mentioning that Entangle said that users do not need to re-stake, and the currently staked NGL tokens will be automatically included in the points program. In addition, users can use the points earned to support other products within the Entangle ecosystem to obtain additional benefits. In the future, the points program will also be extended to all Entangle products, allowing users to obtain points rewards in more ways.
Sei will launch V2 upgrade in three phases to achieve a new high-performance parallel EVM
On May 15, Sei announced that it would launch the V2 upgrade plan in three phases, aiming to launch the first highly scalable parallelized EVM.
According to Sei's official blog, the upgrade will be divided into three phases: governance, Alpha release, and V2 readiness. In the governance phase, Sei Labs engineers will initiate the governance approval process through on-chain proposals. If approved, validators will begin upgrading node software, and the existing Sei Pacific-1 mainnet will also be upgraded to "V2".
The Alpha release phase focuses on chain stability and the deployment of third-party infrastructure, including RPC nodes, cross-chain bridges, indexers, and multi-signature tools. Sei Labs will continue to monitor and report on chain stability. It is worth noting that the functionality of existing applications and tokens will not be affected by the upgrade.
When the core infrastructure is ready, Sei's official Twitter account will announce that it has entered the V2 readiness phase. To ensure stability, the block gas limit will be initially set, and will be gradually increased based on actual demand. Sei said that the V2 upgrade is an important milestone in its goal of building a consumer application blockchain that can support tens of millions of users.
dYdX will introduce new features of “isolated markets” and “isolated margin” in version 4
On May 15, the decentralized derivatives trading platform dYdX announced that it will officially release the V4 software version Release 5.0 in the next few weeks, which will include two new features: "Isolated Markets" and "Isolated Margin".
"Isolated markets" refer to markets with independent collateral pools and insurance funds, allowing the protocol to support more markets with different risk attributes. Correspondingly, "isolated margin" allows users to manually adjust their collateral for specific positions, and more intuitively control and understand their collateral management. dYdX said that the new market widget will expand from about 20 markets to more than 800 potential markets. In addition, Raydium will become the first decentralized trading protocol where validators can query prices on dYdX Chain.
It is worth mentioning that dYdX emphasizes that given the high volatility of crypto assets, traders should carefully assess their risk tolerance before trading in "isolated markets" and fully understand the key attributes of the price oracle sources and spot liquidity of the relevant markets. As the oracle sources decrease and liquidity becomes thinner, the risk of the market will also increase.
MakerDAO multi-signature wallet allegedly sold another 700 MKR worth $1.95 million
On May 16, according to @ai_9684xtpa’s monitoring, MakerDAO multi-signature wallet is suspected to have sold 700 MKRs again, worth $1.95 million. Half an hour ago, the project address 0x1cC…A5825 transferred 700 MKRs and then deposited them into Coinbase; this is the fifth token transfer this month, and a total of 3,600 MKRs have been suspected to have been sold.
On May 15, DeFi yield aggregator Beefy Finance issued an announcement stating that after Sonne Finance suffered a security vulnerability attack, the Beefy team took quick action and urgently suspended all 9 Sonne Vaults supported on Optimism and Base within a few minutes, withdrawing most user funds in a timely manner.
Beefy said that due to the quick response, about two-thirds of the funds were saved, but some Vaults on Optimism were still affected to varying degrees, and some users suffered financial losses. At present, all Sonne Vaults will remain suspended. Beefy said that it will maintain close communication with Sonne, and once any funds are recovered or any form of compensation is obtained, it will work with Sonne to ensure that they are returned to the affected users.
Humanity Protocol Completes $30 Million Seed Round, Valuing $1 Billion
On May 15, Humanity Protocol, a blockchain identity authentication platform, announced the completion of a $30 million seed round of financing, with a post-investment valuation of $1 billion, becoming a new "unicorn" company in the crypto field. This round of financing was led by Kingsway Capital, with participation from Animoca Brands, Blockchain.com and Shima Capital. Founder Terence Kwok said the company also raised about $1.5 million from some influential crypto opinion leaders (KOLs).
Humanity Protocol was founded at the end of last year with the goal of verifying people's online identities in the age of AI deepfakes through palm print recognition technology. The company plans to use the new financing to expand its team of more than 20 people and establish more partnerships. There are currently about 500,000 users on its waiting list. In addition, the company also plans to issue a crypto token to pay for verification fees.
As the technology rolls out, Humanity Protocol will first release an app that uses a phone camera to scan palm prints for identity verification. Later, another layer of security will be introduced, using a palm vein network and a small infrared camera for identity confirmation. In the future, this system is expected to be applied to the KYC process of financial platforms, and even to physical places such as hotels and office buildings through palm prints.
U.S. House of Representatives to Vote on Crypto Market Structure Bill FIT21 Next Week
On May 15, Fortune reported that the U.S. House of Representatives plans to vote on the cryptocurrency market structure bill FIT21 next week. The bill was co-sponsored by Patrick McHenry, chairman of the House Financial Services Committee, and includes new provisions on when cryptocurrencies are considered securities. French Hill, chairman of the Digital Assets Subcommittee, said that despite the Senate's opposition to digital assets, he is optimistic about the passage of the FIT21 bill. He believes that the bill may become part of other authorization bills, such as the Agricultural Bill and the National Defense Authorization Act. However, although the House vote is symbolic, there is still uncertainty as to whether the bill will eventually become formal legislation.
On May 16, the U.S. Department of Justice (DOJ) released an indictment accusing brothers Anton Peraire-Bueno (24) of Boston and James Pepaire-Bueno (28) of New York of stealing $25 million worth of cryptocurrency in 12 seconds by exploiting a vulnerability in the Ethereum blockchain. The two were charged with conspiracy to commit wire fraud, wire fraud, and conspiracy to launder money.
This is the first time the U.S. government has filed criminal charges related to the Maximum Extractable Value (MEV) dispute. According to the indictment, the Pepaire-Bueno brothers carried out the theft by exploiting a vulnerability in the MEV-Boost software used by most of Ethereum’s validators.
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