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According to Dongcha Beating monitoring, Turing Award winner and former Meta Chief AI Scientist Yann LeCun publicly refuted the statement made by prominent Silicon Valley investor Elad Gil regarding 'Silicon Valley's AI research and development leading the world' on X. The controversy began when Elad Gil introduced a so-called 'AI hierarchy': top lab employees with access to internal models are 3 to 4 months ahead of ordinary Silicon Valley engineers, Silicon Valley is 3 to 6 months ahead of New York, and New York is 6 months to a year ahead of the rest of the world. Gil claimed that most people are unaware that they have been lagging behind the industry's cutting edge (SOTA) by one to two years. In response, LeCun directly labeled this as 'BS' and provided a list to demonstrate that key technologies do not exclusively belong to Silicon Valley. He pointed out that the attention mechanism was developed in Montreal, PyTorch originated in New York, AlphaGo and AlphaFold were created in London, and DeepSeek was developed in Hangzhou. He also noted that the research centers for Meta's Llama 1 and Llama 2 are primarily located in Paris and New York. Additionally, he mentioned DINO, a computer vision model developed in Paris that does not require manual labeling, and JEPA, a 'world model' architecture that LeCun advocates, which was developed collaboratively in multiple locations. LeCun sarcastically concluded that Silicon Valley is merely 'three months ahead on a specific topic they are obsessively focused on.'

[Turing Award Winner Yann LeCun Refutes 'Silicon Valley Superiority' Claim: Attention and DeepSeek Are Not Silicon Valley Products]According to Dongcha Beating monitoring, Turing Award winner and former Meta Chief AI Scientist Yann LeCun publicly refuted the statement made by prominent Silicon Valley investor Elad Gil regarding 'Silicon Valley's AI research and development leading the world' on X. The controversy began when Elad Gil introduced a so-called 'AI hierarchy': top lab employees with access to internal models are 3 to 4 months ahead of ordinary Silicon Valley engineers, Silicon Valley is 3 to 6 months ahead of New York, and New York is 6 months to a year ahead of the rest of the world. Gil claimed that most people are unaware that they have been lagging behind the industry's cutting edge (SOTA) by one to two years. In response, LeCun directly labeled this as 'BS' and provided a list to demonstrate that key technologies do not exclusively belong to Silicon Valley. He pointed out that the attention mechanism was developed in Montreal, PyTorch originated in New York, AlphaGo and AlphaFold were created in London, and DeepSeek was developed in Hangzhou. He also noted that the research centers for Meta's Llama 1 and Llama 2 are primarily located in Paris and New York. Additionally, he mentioned DINO, a computer vision model developed in Paris that does not require manual labeling, and JEPA, a 'world model' architecture that LeCun advocates, which was developed collaboratively in multiple locations. LeCun sarcastically concluded that Silicon Valley is merely 'three months ahead on a specific topic they are obsessively focused on.'

Turing Award Winner Yann LeCun Refutes 'Silicon Valley Superiority' Claim: Attention and DeepSeek Are Not Silicon Valley Products

On May 11, according to data from SolanaFloor, Circle minted approximately 2.5 billion USDC on the Solana chain last week.

[Circle Minted Approximately 2.5 Billion USDC on Solana Chain Last Week]On May 11, according to data from SolanaFloor, Circle minted approximately 2.5 billion USDC on the Solana chain last week.

Circle Minted Approximately 2.5 Billion USDC on Solana Chain Last Week

As of 16:30 Beijing time, the onshore RMB against the USD officially closed at 6.7954, an increase of 63 points compared to the official closing price of the previous trading day, and up 51 points from the previous night's closing.

[Onshore RMB Against USD Closes at 6.7954]As of 16:30 Beijing time, the onshore RMB against the USD officially closed at 6.7954, an increase of 63 points compared to the official closing price of the previous trading day, and up 51 points from the previous night's closing.

Onshore RMB Against USD Closes at 6.7954

On May 11, Micron Technology's stock rose over 5% in pre-market trading, currently priced at $785.85.

[Micron Technology Rises Over 5% in Pre-Market Trading]On May 11, Micron Technology's stock rose over 5% in pre-market trading, currently priced at $785.85.

Micron Technology Rises Over 5% in Pre-Market Trading

On May 11, the S&P 500 mini futures fell by 0.06%, while the Nasdaq 100 futures remained flat, and the Dow futures dropped by 0.12%.

[S&P 500 Mini Futures Down 0.06%]On May 11, the S&P 500 mini futures fell by 0.06%, while the Nasdaq 100 futures remained flat, and the Dow futures dropped by 0.12%.

S&P 500 Mini Futures Down 0.06%

On May 11, CryptoQuant analyst Oro Crypto (@oro_crypto) stated that Bitcoin's adjusted spent output profit ratio (aSOPR) has returned to a structurally key area. Since May 1, this metric has remained above 1 for 9 consecutive trading days, indicating that the market is continuously realizing profits through selling. aSOPR measures whether the Bitcoin being spent on-chain is in profit or loss; a value greater than 1 indicates that, on average, the spent BTC is being sold for a profit, while a value less than 1 indicates a loss. The significance of this signal lies in its persistence, as the 9-day streak reduces noise interference and shows a substantial shift in market structure. The last similar sequence of continuous profits occurred from October 19 to November 4, 2025, during which BTC also experienced multiple days of on-chain profitable spending. From a market structure perspective, this indicates that Bitcoin is absorbing selling pressure from profit-taking, while the price structure has not immediately deteriorated, demonstrating sufficient absorption capacity in the market. This reading does not necessarily imply an entry into a euphoric phase but indicates that the market has shifted from a loss realization environment to a phase where participants are consistently realizing profits. As long as aSOPR remains above 1, the market structure remains constructive: participants are cashing in profits while the market maintains its absorption capacity. The key failure level is clear: if the metric consistently falls below the 1.0 threshold, it would mean the market is starting to handle tokens at a loss again, weakening the current constructive signal. Bitcoin is not only being sold again at a profit, but this process is also persistent. This persistence transforms aSOPR into a constructive signal reflecting internal market improvements, marking the most significant positive sequence since October to November 2025.

[Analyst: Bitcoin aSOPR Stays Above 1 for 9 Consecutive Days, Market Continues to Realize Profits]On May 11, CryptoQuant analyst Oro Crypto (@oro_crypto) stated that Bitcoin's adjusted spent output profit ratio (aSOPR) has returned to a structurally key area. Since May 1, this metric has remained above 1 for 9 consecutive trading days, indicating that the market is continuously realizing profits through selling. aSOPR measures whether the Bitcoin being spent on-chain is in profit or loss; a value greater than 1 indicates that, on average, the spent BTC is being sold for a profit, while a value less than 1 indicates a loss. The significance of this signal lies in its persistence, as the 9-day streak reduces noise interference and shows a substantial shift in market structure. The last similar sequence of continuous profits occurred from October 19 to November 4, 2025, during which BTC also experienced multiple days of on-chain profitable spending. From a market structure perspective, this indicates that Bitcoin is absorbing selling pressure from profit-taking, while the price structure has not immediately deteriorated, demonstrating sufficient absorption capacity in the market. This reading does not necessarily imply an entry into a euphoric phase but indicates that the market has shifted from a loss realization environment to a phase where participants are consistently realizing profits. As long as aSOPR remains above 1, the market structure remains constructive: participants are cashing in profits while the market maintains its absorption capacity. The key failure level is clear: if the metric consistently falls below the 1.0 threshold, it would mean the market is starting to handle tokens at a loss again, weakening the current constructive signal. Bitcoin is not only being sold again at a profit, but this process is also persistent. This persistence transforms aSOPR into a constructive signal reflecting internal market improvements, marking the most significant positive sequence since October to November 2025.

Analyst: Bitcoin aSOPR Stays Above 1 for 9 Consecutive Days, Market Continues to Realize Profits

On May 11, Ethereum co-founder Vitalik Buterin published a research paper, clearly stating that zero-knowledge (ZK) payments should become the next necessary standard for the widespread adoption of cryptocurrency payments. He pointed out that cryptocurrency payments must shift from 'pseudonymity' to 'default privacy,' especially in the upcoming 'agent era.' Vitalik believes that the 'glass house' characteristic of blockchain is the main psychological and operational barrier preventing cryptocurrency payments from replacing traditional fiat payments. Therefore, standard transfers should be replaced with transactions based on ZK proofs, allowing users to prove payment validity without revealing their entire balance or transaction history. To address the privacy paradox faced by autonomous AI agents needing to pay service fees (such as large model API credits) without leaving traceable records, Ethereum's Layer 2 solutions can handle privacy payments at the same speed and cost as transparent transactions through 'recursive SNARKs' and 'ZK API usage credits.' Moreover, the new standard will include mechanisms for 'selective disclosure' and 'innocence proofs,' enabling users to provide specific 'compliance proofs' to authorized entities or tax authorities without disclosing data to the public, thus balancing privacy technology with global anti-money laundering regulations. The default privacy standard is expected to attract businesses and institutional users that have previously avoided blockchain due to privacy concerns, as instant settlement, low fees, and confidentiality similar to traditional banks will make Ethereum a strong competitor in the existing financial system. Additionally, once ZK payments are integrated into mobile wallets and e-commerce platforms, ordinary consumers will benefit from blockchain technology without needing to understand the underlying cryptography. Vitalik's initiative indicates that Ethereum is committed to becoming a truly private, secure, and globally accessible financial layer, protecting the financial sovereignty of individual users. As major Ethereum Layer 2 networks set such privacy standards as default configurations, users will transition from managing public addresses to participating in a secure and confidential digital economy.

[Vitalik Officially Promotes Ethereum's Strategic Shift: ZK Payments as the Next Standard for Global Digital Economy]On May 11, Ethereum co-founder Vitalik Buterin published a research paper, clearly stating that zero-knowledge (ZK) payments should become the next necessary standard for the widespread adoption of cryptocurrency payments. He pointed out that cryptocurrency payments must shift from 'pseudonymity' to 'default privacy,' especially in the upcoming 'agent era.' Vitalik believes that the 'glass house' characteristic of blockchain is the main psychological and operational barrier preventing cryptocurrency payments from replacing traditional fiat payments. Therefore, standard transfers should be replaced with transactions based on ZK proofs, allowing users to prove payment validity without revealing their entire balance or transaction history. To address the privacy paradox faced by autonomous AI agents needing to pay service fees (such as large model API credits) without leaving traceable records, Ethereum's Layer 2 solutions can handle privacy payments at the same speed and cost as transparent transactions through 'recursive SNARKs' and 'ZK API usage credits.' Moreover, the new standard will include mechanisms for 'selective disclosure' and 'innocence proofs,' enabling users to provide specific 'compliance proofs' to authorized entities or tax authorities without disclosing data to the public, thus balancing privacy technology with global anti-money laundering regulations. The default privacy standard is expected to attract businesses and institutional users that have previously avoided blockchain due to privacy concerns, as instant settlement, low fees, and confidentiality similar to traditional banks will make Ethereum a strong competitor in the existing financial system. Additionally, once ZK payments are integrated into mobile wallets and e-commerce platforms, ordinary consumers will benefit from blockchain technology without needing to understand the underlying cryptography. Vitalik's initiative indicates that Ethereum is committed to becoming a truly private, secure, and globally accessible financial layer, protecting the financial sovereignty of individual users. As major Ethereum Layer 2 networks set such privacy standards as default configurations, users will transition from managing public addresses to participating in a secure and confidential digital economy.

Vitalik Officially Promotes Ethereum's Strategic Shift: ZK Payments as the Next Standard for Global Digital Economy

On May 11, data from CoinGecko revealed that the total trading volume of RWA perpetual contracts reached $524.79 billion in the first quarter of 2026, indicating a potential increase of over 100% compared to the full-year total of $313.02 billion in 2025. This marks the fourth consecutive quarter of quarter-on-quarter growth, with total trading volume rising from $29.74 billion in Q1 2025 to $67.41 billion in Q2, $77.00 billion in Q3, and $138.87 billion in Q4. Until July 2025, commodities accounted for the entire trading share of RWA perpetual contracts, but in the past six months, their monthly trading volume has fluctuated between 69.7% and 95.3%. Meanwhile, perpetual contracts for other asset categories have gradually gained market attention, with the market share of stock perpetual contracts rising from 0.4% in August 2025 to 6.0% in March 2026; ETF perpetual contracts increased from 2.8% in October 2025 to 5.3% in March 2026, although most of this growth came from SPY trading volume. Additionally, the share of the HIP-3 product on the Hyperliquid platform in the monthly trading volume of RWA perpetual contracts rose from 2.8% at its launch in October 2025 to 28.6% in March 2026. Notably, the trading volume of HIP-3 surged from a total of $12.65 billion in Q4 2025 to $130.87 billion in Q1 2026. The total daily open interest of RWA perpetual contracts has jumped from $14 million on January 1, 2025, to $6.68 billion on March 31, 2026. In Q1 2026, the average daily open interest for RWA perpetual contracts was $4.82 billion, more than five times the average daily open interest of $850 million in 2025.

[RWA Contracts Reach $524.79 Billion in Q1 2026, Up 1666% Year-on-Year]On May 11, data from CoinGecko revealed that the total trading volume of RWA perpetual contracts reached $524.79 billion in the first quarter of 2026, indicating a potential increase of over 100% compared to the full-year total of $313.02 billion in 2025. This marks the fourth consecutive quarter of quarter-on-quarter growth, with total trading volume rising from $29.74 billion in Q1 2025 to $67.41 billion in Q2, $77.00 billion in Q3, and $138.87 billion in Q4. Until July 2025, commodities accounted for the entire trading share of RWA perpetual contracts, but in the past six months, their monthly trading volume has fluctuated between 69.7% and 95.3%. Meanwhile, perpetual contracts for other asset categories have gradually gained market attention, with the market share of stock perpetual contracts rising from 0.4% in August 2025 to 6.0% in March 2026; ETF perpetual contracts increased from 2.8% in October 2025 to 5.3% in March 2026, although most of this growth came from SPY trading volume. Additionally, the share of the HIP-3 product on the Hyperliquid platform in the monthly trading volume of RWA perpetual contracts rose from 2.8% at its launch in October 2025 to 28.6% in March 2026. Notably, the trading volume of HIP-3 surged from a total of $12.65 billion in Q4 2025 to $130.87 billion in Q1 2026. The total daily open interest of RWA perpetual contracts has jumped from $14 million on January 1, 2025, to $6.68 billion on March 31, 2026. In Q1 2026, the average daily open interest for RWA perpetual contracts was $4.82 billion, more than five times the average daily open interest of $850 million in 2025.

RWA Contracts Reach $524.79 Billion in Q1 2026, Up 1666% Year-on-Year

On May 11, data from CoinGecko revealed that the total spot trading volume of tokenized gold in the first quarter of 2026 reached $90.7 billion, exceeding the entire year's total of $84.64 billion for 2025. This reflects a surge in market demand for tokenized gold, as cryptocurrency participants seek to invest in this high-performing asset class, and indicates an increasing accessibility of tokenized gold across various trading platforms. Notably, centralized exchanges (CEX) dominate the majority of spot trading for tokenized assets. Currently, the spot trading volume of tokenized gold has shown monthly fluctuations, indicating a high sensitivity to market conditions. For instance, in October 2025, as gold prices broke historical highs, the spot trading volume of tokenized gold surged to $21.38 billion, more than triple the $6.73 billion from the previous month, before dropping to $14.07 billion the following month. Similar to the situation with the market capitalization of tokenized commodities, PAXG and XAUT dominate the spot trading of tokenized gold. During this period, PAXG accounted for monthly trading volumes ranging from 34.2% to 82.5%, while XAUT comprised 14.8% to 64.6%. Over the past fifteen months, the average monthly spot trading volumes for PAXG and XAUT were $5.72 billion and $5.32 billion, respectively, with an overall average monthly trading total of $11.69 billion. Meanwhile, KAG had an average trading volume of $570 million, Tether's fully deployed product XAUT0 had $100 million, and XAUM only reached $7 million.

[Tokenized Gold Q1 Trading Volume Reaches $90.7 Billion, Surpassing Total for 2025]On May 11, data from CoinGecko revealed that the total spot trading volume of tokenized gold in the first quarter of 2026 reached $90.7 billion, exceeding the entire year's total of $84.64 billion for 2025. This reflects a surge in market demand for tokenized gold, as cryptocurrency participants seek to invest in this high-performing asset class, and indicates an increasing accessibility of tokenized gold across various trading platforms. Notably, centralized exchanges (CEX) dominate the majority of spot trading for tokenized assets. Currently, the spot trading volume of tokenized gold has shown monthly fluctuations, indicating a high sensitivity to market conditions. For instance, in October 2025, as gold prices broke historical highs, the spot trading volume of tokenized gold surged to $21.38 billion, more than triple the $6.73 billion from the previous month, before dropping to $14.07 billion the following month. Similar to the situation with the market capitalization of tokenized commodities, PAXG and XAUT dominate the spot trading of tokenized gold. During this period, PAXG accounted for monthly trading volumes ranging from 34.2% to 82.5%, while XAUT comprised 14.8% to 64.6%. Over the past fifteen months, the average monthly spot trading volumes for PAXG and XAUT were $5.72 billion and $5.32 billion, respectively, with an overall average monthly trading total of $11.69 billion. Meanwhile, KAG had an average trading volume of $570 million, Tether's fully deployed product XAUT0 had $100 million, and XAUM only reached $7 million.

Tokenized Gold Q1 Trading Volume Reaches $90.7 Billion, Surpassing Total for 2025

Portugal’s parliament today rejected a proposal to tax bitcoin and other cryptocurrencies. 
At a Wednesday evening budget session, the left-wing parties Bloco de Esquerda and Livre proposed taxing digital assets, but that idea was thrown out, online newspaper ECO reported via its live blog. 
The proposal had asked the government to consider taxing crypto profits in excess of €5,000 ($5,340.45).

Detail

【Portugal’s parliament says no to bitcoin tax】Portugal’s parliament today rejected a proposal to tax bitcoin and other cryptocurrencies. 
At a Wednesday evening budget session, the left-wing parties Bloco de Esquerda and Livre proposed taxing digital assets, but that idea was thrown out, online newspaper ECO reported via its live blog. 
The proposal had asked the government to consider taxing crypto profits in excess of €5,000 ($5,340.45).

Portugal’s parliament says no to bitcoin tax

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Article

bill soared to 0.152352 USDT, a new high with a 24-hour increase of 15.38%. It currently trades at 0.124168 USDT on HTX.

Portugal’s parliament says no to bitcoin tax

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