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On May 21, Bitwise CEO Hunter Horsley stated that a new type has emerged in the crypto space: revenue chains. Hyperliquid and Solana are among the leaders in this area. While they share some similarities, they also have distinct differences. Both have outstanding communities, user bases, and use cases, among other attributes. I believe they will rise together, much like how iOS and Android benefited from the proliferation of mobile technology. In terms of revenue chains, they are riding the wave of capital markets going on-chain, and the timing is just right for them. The key to the success of Hyperliquid or Solana does not lie in their competition (though healthy competition is necessary), but rather in the rise of capital markets on-chain.

[Bitwise CEO: The Key to Hyperliquid's Success Lies in the Rise of Revenue Chains in Capital Markets]On May 21, Bitwise CEO Hunter Horsley stated that a new type has emerged in the crypto space: revenue chains. Hyperliquid and Solana are among the leaders in this area. While they share some similarities, they also have distinct differences. Both have outstanding communities, user bases, and use cases, among other attributes. I believe they will rise together, much like how iOS and Android benefited from the proliferation of mobile technology. In terms of revenue chains, they are riding the wave of capital markets going on-chain, and the timing is just right for them. The key to the success of Hyperliquid or Solana does not lie in their competition (though healthy competition is necessary), but rather in the rise of capital markets on-chain.

Bitwise CEO: The Key to Hyperliquid's Success Lies in the Rise of Revenue Chains in Capital Markets

On May 21, Bitwise CEO Hunter Horsley stated that a new category is emerging in the crypto industry—'revenue chains,' with Hyperliquid and Solana as the current leaders. He believes that while there is some overlap between the two, they each possess distinct characteristics and have strong communities, use cases, and user bases. He suggested that in the future, they might benefit from structural growth in the mobile internet, similar to iOS and Android. Horsley pointed out that 'revenue chains' are benefiting from the trend of capital markets going on-chain. Therefore, whether supporting HYPE, SOL, or both, the real importance lies not in competing with each other, but in the overall rise of on-chain capital markets. He stated, 'Support the on-chain capital market. It's great to see the crypto industry succeed.'

[Bitwise CEO: Hyperliquid and Solana Lead the 'Revenue Chains' Narrative, Benefiting from On-Chain Capital Market Trends]On May 21, Bitwise CEO Hunter Horsley stated that a new category is emerging in the crypto industry—'revenue chains,' with Hyperliquid and Solana as the current leaders. He believes that while there is some overlap between the two, they each possess distinct characteristics and have strong communities, use cases, and user bases. He suggested that in the future, they might benefit from structural growth in the mobile internet, similar to iOS and Android. Horsley pointed out that 'revenue chains' are benefiting from the trend of capital markets going on-chain. Therefore, whether supporting HYPE, SOL, or both, the real importance lies not in competing with each other, but in the overall rise of on-chain capital markets. He stated, 'Support the on-chain capital market. It's great to see the crypto industry succeed.'

Bitwise CEO: Hyperliquid and Solana Lead the 'Revenue Chains' Narrative, Benefiting from On-Chain Capital Market Trends

On May 21, the Nikkei 225 index closed up 3.14%, boosted by news of IPOs from OpenAI and SB Energy, with SoftBank Group rising 19.85%. In the semiconductor sector, Kioxia increased by 8.7%, Socionext rose by 18.9%, and Ibiden gained 14.3%. The South Korean KOSPI index closed up 8.42%, marking the largest single-day gain since April 1. Samsung Electronics rose by 8.5%, SK Hynix increased by 11.1%, Jeju Semiconductor surged by 24%, and Hanmi Semiconductor rose by 15%. LG Electronics hit the daily limit, increasing by 29.83%. (Jin Shi)

[Japanese and South Korean Stock Markets Rise 3.1% and 8.4% Respectively, Semiconductor Stocks Strengthen]On May 21, the Nikkei 225 index closed up 3.14%, boosted by news of IPOs from OpenAI and SB Energy, with SoftBank Group rising 19.85%. In the semiconductor sector, Kioxia increased by 8.7%, Socionext rose by 18.9%, and Ibiden gained 14.3%. The South Korean KOSPI index closed up 8.42%, marking the largest single-day gain since April 1. Samsung Electronics rose by 8.5%, SK Hynix increased by 11.1%, Jeju Semiconductor surged by 24%, and Hanmi Semiconductor rose by 15%. LG Electronics hit the daily limit, increasing by 29.83%. (Jin Shi)

Japanese and South Korean Stock Markets Rise 3.1% and 8.4% Respectively, Semiconductor Stocks Strengthen

On May 21, Syndicate Labs announced that after five years of developing on-chain infrastructure for customizable Ethereum Rollups and sequencers, the company has decided to cease operations due to a decline in the Rollup market. The Ethereum scaling ecosystem is primarily dominated by three players: Arbitrum One, Base, and OP Mainnet, which together hold 75% of the market share. Smaller companies are being gradually pushed out as activity and funding concentrate towards these top three. Syndicate Labs had completed a $20 million Series A funding round led by Andreessen Horowitz in 2021. This decision caused the price of the SYND token to drop 21% in the past three hours, reaching a historic low of $0.012, down 99.5% from its peak of $2.61 on September 2, 2025. Additionally, Syndicate Labs stated that the Syndicate Network Collective operates independently of Syndicate Labs, so the governance of the SYND token will not be immediately affected, and the decision to close was not influenced by a previous hacking incident involving bridged assets.

[Syndicate Labs to Cease Operations Due to Rollup Market Decline]On May 21, Syndicate Labs announced that after five years of developing on-chain infrastructure for customizable Ethereum Rollups and sequencers, the company has decided to cease operations due to a decline in the Rollup market. The Ethereum scaling ecosystem is primarily dominated by three players: Arbitrum One, Base, and OP Mainnet, which together hold 75% of the market share. Smaller companies are being gradually pushed out as activity and funding concentrate towards these top three. Syndicate Labs had completed a $20 million Series A funding round led by Andreessen Horowitz in 2021. This decision caused the price of the SYND token to drop 21% in the past three hours, reaching a historic low of $0.012, down 99.5% from its peak of $2.61 on September 2, 2025. Additionally, Syndicate Labs stated that the Syndicate Network Collective operates independently of Syndicate Labs, so the governance of the SYND token will not be immediately affected, and the decision to close was not influenced by a previous hacking incident involving bridged assets.

Syndicate Labs to Cease Operations Due to Rollup Market Decline

On May 21, according to the Iranian Students' News Agency, Pakistani Army Chief Munir will travel to Tehran, the capital of Iran, on the same day to further promote negotiations between Iran and the United States. (Xinhua News Agency)

[Pakistani Army Chief to Visit Iran to Facilitate US-Iran Negotiations]On May 21, according to the Iranian Students' News Agency, Pakistani Army Chief Munir will travel to Tehran, the capital of Iran, on the same day to further promote negotiations between Iran and the United States. (Xinhua News Agency)

Pakistani Army Chief to Visit Iran to Facilitate US-Iran Negotiations

On May 21, Benoit Anne, Managing Director and Head of Market Insights at MFS Investment Management, stated that the trade-off between inflation and growth is a common concern for major central banks, with financial stability being a worry in more extreme cases. Sometimes, this involves certain policy trade-offs, especially when the risk of stagflation rises. 'Among the current major central banks, the Fed's position may be the most comfortable,' he said, adding that the macroeconomic environment facing the Fed is characterized by rising inflation risks but resilient economic growth. 'This should imply a cautious policy stance moving forward, although there is some uncertainty regarding the direction the Fed will take under the new chair.' (Jinshi)

[Fed in Most Comfortable Position Among Major Central Banks, Uncertainty Remains Under New Chair]On May 21, Benoit Anne, Managing Director and Head of Market Insights at MFS Investment Management, stated that the trade-off between inflation and growth is a common concern for major central banks, with financial stability being a worry in more extreme cases. Sometimes, this involves certain policy trade-offs, especially when the risk of stagflation rises. 'Among the current major central banks, the Fed's position may be the most comfortable,' he said, adding that the macroeconomic environment facing the Fed is characterized by rising inflation risks but resilient economic growth. 'This should imply a cautious policy stance moving forward, although there is some uncertainty regarding the direction the Fed will take under the new chair.' (Jinshi)

Fed in Most Comfortable Position Among Major Central Banks, Uncertainty Remains Under New Chair

On May 21, former Bankless member Lucas posted on social media, stating: "Let me clarify what cannot be said openly—Bankless clearly laid off most of its team members yesterday. There was no thank you, nor any public announcement to help team members find new opportunities." Previously, Bankless co-founder David Hoffman announced on the X platform that he had liquidated all of his ETH. Another co-founder, Ryan Sean Adams, indicated that the first era of Bankless has come to an end. He has collaborated with David for six years, a period of mutual exploration in crypto, DeFi, and maximizing Ethereum's potential. Bankless is now entering its second era. In this new phase, Ryan plans to step back more and support David Hoffman in exploring new frontiers in the crypto world and beyond. He will still appear weekly on the podcast (definitely not missing the Rollup segment), but will reduce his involvement in content direction and guest interviews. David will take the lead on direction. Ryan remains optimistic about ETH and Bankless.

[Former Bankless Member Reveals Major Layoffs, Co-Founder Ryan Steps Back as Bankless Enters 'Second Era']On May 21, former Bankless member Lucas posted on social media, stating: "Let me clarify what cannot be said openly—Bankless clearly laid off most of its team members yesterday. There was no thank you, nor any public announcement to help team members find new opportunities." Previously, Bankless co-founder David Hoffman announced on the X platform that he had liquidated all of his ETH. Another co-founder, Ryan Sean Adams, indicated that the first era of Bankless has come to an end. He has collaborated with David for six years, a period of mutual exploration in crypto, DeFi, and maximizing Ethereum's potential. Bankless is now entering its second era. In this new phase, Ryan plans to step back more and support David Hoffman in exploring new frontiers in the crypto world and beyond. He will still appear weekly on the podcast (definitely not missing the Rollup segment), but will reduce his involvement in content direction and guest interviews. David will take the lead on direction. Ryan remains optimistic about ETH and Bankless.

Former Bankless Member Reveals Major Layoffs, Co-Founder Ryan Steps Back as Bankless Enters 'Second Era'

On May 21, global AI companies are accelerating their IPO processes, covering markets such as A-shares, NASDAQ/New York Stock Exchange, and the Korean KRX. In the U.S. market, AI companies like OpenAI, Anthropic, Databricks, and Lambda are included; the A-share market focuses on storage and model companies such as Changxin Technology, Suiruan Technology, Yangtze Memory Technologies, Kunlun Core, and Zhipu; the Korean market features AI semiconductor and model companies like Rebellions, DeepX, Upstage, and FuriosaAI. Currently, AI IPOs have expanded from foundational models to encompass the entire industry chain, including AI chips, storage, cloud computing power, AI agents, and data infrastructure. Some companies have entered the public declaration or guidance filing stage, while others remain in media preparation or market expectation phases. As the commercialization of AI accelerates, capital investment continues to expand, and first-market valuations rise, AI IPOs are gradually becoming one of the core themes in the global technology capital market.

[Global Surge in AI IPOs: Upcoming Listings of AI Concept Companies]On May 21, global AI companies are accelerating their IPO processes, covering markets such as A-shares, NASDAQ/New York Stock Exchange, and the Korean KRX. In the U.S. market, AI companies like OpenAI, Anthropic, Databricks, and Lambda are included; the A-share market focuses on storage and model companies such as Changxin Technology, Suiruan Technology, Yangtze Memory Technologies, Kunlun Core, and Zhipu; the Korean market features AI semiconductor and model companies like Rebellions, DeepX, Upstage, and FuriosaAI. Currently, AI IPOs have expanded from foundational models to encompass the entire industry chain, including AI chips, storage, cloud computing power, AI agents, and data infrastructure. Some companies have entered the public declaration or guidance filing stage, while others remain in media preparation or market expectation phases. As the commercialization of AI accelerates, capital investment continues to expand, and first-market valuations rise, AI IPOs are gradually becoming one of the core themes in the global technology capital market.

Global Surge in AI IPOs: Upcoming Listings of AI Concept Companies

On May 21, according to an official announcement, Huobi Leverage officially launched the 1U Opening feature on May 20. Starting from now until May 31 at 23:59 (UTC+8), three exclusive activities will be held simultaneously. Users who complete their first one-click opening and leverage trading tasks can share a total prize pool of over 40,000 USDT. The 1U Opening is a simplified opening experience designed for new leverage users on Huobi HTX. With a principal of 1 USDT, users can control a position of 10 USDT, with interest-free borrowing. Any losses on the first order will be fully compensated by Huobi HTX, allowing new users to participate without any prior leverage experience.

[Huobi Leverage Launches '1U Opening' Feature for New Users to Experience 10x Leverage Trading with 1 USDT]On May 21, according to an official announcement, Huobi Leverage officially launched the 1U Opening feature on May 20. Starting from now until May 31 at 23:59 (UTC+8), three exclusive activities will be held simultaneously. Users who complete their first one-click opening and leverage trading tasks can share a total prize pool of over 40,000 USDT. The 1U Opening is a simplified opening experience designed for new leverage users on Huobi HTX. With a principal of 1 USDT, users can control a position of 10 USDT, with interest-free borrowing. Any losses on the first order will be fully compensated by Huobi HTX, allowing new users to participate without any prior leverage experience.

Huobi Leverage Launches '1U Opening' Feature for New Users to Experience 10x Leverage Trading with 1 USDT

Crypto-assets that promised radical change in how people pay, save and invest have turned into the “bubble of a generation,” highlighting the need for stricter regulation and risk management, according to European Central Bank Executive Board member Fabio Panetta.Bitcoin has lost some two-thirds of its value over the past year, rendering true an argument policymakers have long made: products like it are much too volatile to be considered currency. With the broader crypto industry in a tailspin after the recent collapse of FTX, calls are getting louder to find better ways to control it.“It is now obvious to everyone that the promise of easy crypto-money and high returns was a bubble doomed to burst,” Panetta said Wednesday in a speech in London. “It turns out that crypto-assets are not money. Many are just a new way of gambling.”

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【Cryptos Are the ‘Bubble of a Generation,’ ECB’s Panetta Says】Crypto-assets that promised radical change in how people pay, save and invest have turned into the “bubble of a generation,” highlighting the need for stricter regulation and risk management, according to European Central Bank Executive Board member Fabio Panetta.Bitcoin has lost some two-thirds of its value over the past year, rendering true an argument policymakers have long made: products like it are much too volatile to be considered currency. With the broader crypto industry in a tailspin after the recent collapse of FTX, calls are getting louder to find better ways to control it.“It is now obvious to everyone that the promise of easy crypto-money and high returns was a bubble doomed to burst,” Panetta said Wednesday in a speech in London. “It turns out that crypto-assets are not money. Many are just a new way of gambling.”

Cryptos Are the ‘Bubble of a Generation,’ ECB’s Panetta Says

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CLAWD fluctuated over 50% in 24 hours!

Cryptos Are the ‘Bubble of a Generation,’ ECB’s Panetta Says

Disclaimer：The content above does not represent HTX's positions.，HTX does not provide any trading recommendations.。

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