Foresight News 消息，Cow DAO 宣布 CoW Protocol 将从单一批量拍卖转向新的核心机制「公平组合拍卖（FCA）」，测试将于 2025 年 5 月 20 日开始，预计 2025 年 6 月 3 日左右在所有链全面推出。FCA 是一种拍卖形式，允许订单撮合者提交多个解决方案，包括：个人订单出价、捆绑批量投标，使得 CoW 协议可以评估更多的执行路径。对于用户来说将，FCA 将使每次拍卖完成的订单数增加、滑点降低、MEV 抗性更强；对于订单撮合者来说，FCA 引入新的奖励逻辑，奖励预计增加约 25%。

<p>Foresight News 消息，Cow DAO 宣布 CoW Protocol 将从单一批量拍卖转向新的核心机制「公平组合拍卖（FCA）」，测试将于 2025 年 5 月 20 日开始，预计 2025 年 6 月 3 日左右在所有链全面推出。FCA 是一种拍卖形式，允许订单撮合者提交多个解决方案，包括：个人订单出价、捆绑批量投标，使得 CoW 协议可以评估更多的执行路径。对于用户来说将，FCA 将使每次拍卖完成的订单数增加、滑点降低、MEV 抗性更强；对于订单撮合者来说，FCA 引入新的奖励逻辑，奖励预计增加约 25%。</p>

CoW Protocol 将转向公平组合拍卖机制，5 月 20 日开启测试

<Foresight News> message, Cow DAO announced that CoW Protocol will shift from single batch auctions to a new core mechanism "Fair Composite Auctions (FCA)". Testing will begin on May 20, 2025, with a full launch across all chains expected around June 3, 2025. FCA is an auction format that allows order matchers to submit multiple solutions, including individual order bids and bundled batch bids, enabling the CoW protocol to evaluate more execution paths. For users, FCA will increase the number of orders completed per auction, reduce slippage, and enhance MEV resistance. For order matchers, FCA introduces a new reward logic, with rewards expected to increase by approximately 25%.

<p>According to Foresight News, Cow DAO announced that CoW Protocol will transition from a single batch auction to a new core mechanism called "Fair Composite Auctions (FCA)". Testing will begin on May 20, 2025, with a full launch across all chains expected around June 3, 2025. FCA is an auction format that allows order matchers to submit multiple solutions, including individual order bids and bundled batch bids, enabling the CoW protocol to evaluate more execution paths. For users, FCA will increase the number of orders completed per auction, reduce slippage, and enhance MEV resistance. For order matchers, FCA introduces a new reward logic, with rewards expected to increase by approximately 25%.</p>

CoW Protocol will switch to a fair combination auction mechanism and start testing on May 20

Next Week's Key Preview

December 22nd

Aster: Phase 5 airdrop will begin on December 22nd and last for 6 weeks;

Espresso will open airdrop registration on December 22nd;

December 23rd

The U.S. Bureau of Economic Analysis will release third-quarter GDP data on December 23rd;

December 24th
U.S. and European stock markets will be closed for Christmas, and whether a "Christmas rally" will materialize remains uncertain;

The U.S. will release initial jobless claims for the week ending December 20th;...

Must-watch items next week: US Bureau of Economic Analysis to release Q3 GDP data; Aster launches fifth phase of airdrop (December 22-28).

Source: Galaxy Research
Translation: Jinse Finance
Bitcoin's closing price in 2025 is expected to be roughly the same as the level at the beginning of the year.
The cryptocurrency market experienced a genuine bullish wave in the first ten months of this year. Regulatory reforms continued to advance, ETFs continued to attract funds, and on-chain activity became increasingly active. Bitcoin hit an all-time high of $126,080 on October 6th.
However, the market failed to deliver the expected breakout after the initial frenzy; instead, it experienced rotation, repricing, and rebalancing. This was driven by factors such as unmet macroeconomic expectations, a shift in investment narratives, leveraged liquidations, and the actions of whale...

Galaxy: 26 Predictions for the Crypto Market in 2026

Following the controversy surrounding Fundstrat's Bitcoin views, co-founder Tom Lee responded, stating that the "contradictory predictions" seen by outsiders were actually research conclusions from different positions and timelines, not internal disagreements. Previously, Sean Farrell, head of digital asset strategy at Fundstrat, suggested that Bitcoin might retrace to the $60,000-$65,000 range in the first half of 2026; while Tom Lee believed Bitcoin could reach new highs, even surging to $200,000 as early as the beginning of 2026. A Fundstrat...