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On May 12, the Ethereum Foundation appointed three new co-leads, Will Corcoran, Kev Wedderburn, and Fredrik, to lead the major protocol cluster. The team transition is now in full swing. Future priorities include the release of Glamsterdam, continued preparations for Hegotà, and advancing Strawmap.

[Ethereum Foundation Appoints Three New Co-Leads for Major Protocol Cluster]On May 12, the Ethereum Foundation appointed three new co-leads, Will Corcoran, Kev Wedderburn, and Fredrik, to lead the major protocol cluster. The team transition is now in full swing. Future priorities include the release of Glamsterdam, continued preparations for Hegotà, and advancing Strawmap.

Ethereum Foundation Appoints Three New Co-Leads for Major Protocol Cluster

HTX data monitoring shows that TRX has fallen below 0.35 USDT, currently reported at 0.3499 USDT, with a 24H increase of 0.05%.

【TRX falls below 0.35 USDT】HTX data monitoring shows that TRX has fallen below 0.35 USDT, currently reported at 0.3499 USDT, with a 24H increase of 0.05%.

TRX falls below 0.35 USDT

On May 12, NEAR Intents announced an upgrade to its cross-chain exchange functionality, allowing users to directly convert over 100 tokens to Zcash (ZEC) in a single transaction process. This upgrade is based on NEAR's intent-based infrastructure, which abstracts complex backend routing logic to simplify the user experience for cross-chain interactions. By integrating Zcash into a broader exchange ecosystem, NEAR Intents targets users looking to consolidate various token holdings into a single privacy-enhancing asset without the need to switch between multiple protocols or cross-chain bridges. This move demonstrates NEAR's ongoing commitment to advancing cross-chain interoperability through its Intents protocol.

[NEAR Intents Expands Cross-Chain Exchange Functionality, Supporting Direct Conversion of Over 100 Tokens to Zcash]On May 12, NEAR Intents announced an upgrade to its cross-chain exchange functionality, allowing users to directly convert over 100 tokens to Zcash (ZEC) in a single transaction process. This upgrade is based on NEAR's intent-based infrastructure, which abstracts complex backend routing logic to simplify the user experience for cross-chain interactions. By integrating Zcash into a broader exchange ecosystem, NEAR Intents targets users looking to consolidate various token holdings into a single privacy-enhancing asset without the need to switch between multiple protocols or cross-chain bridges. This move demonstrates NEAR's ongoing commitment to advancing cross-chain interoperability through its Intents protocol.

NEAR Intents Expands Cross-Chain Exchange Functionality, Supporting Direct Conversion of Over 100 Tokens to Zcash

On May 12, Goldman Sachs released a new assessment indicating that the probability of the U.S. economy entering a recession has decreased. Despite the ongoing tensions in Iran and the continued closure of the Strait of Hormuz, international oil prices have not surged as predicted by some institutions. Coupled with strong performance in key economic data such as employment and domestic demand, the overall economic fundamentals remain resilient, and the actual impact of geopolitical events on the real economy is relatively limited. Goldman Sachs Chief Economist Jan Hatzius formally revised the recession forecast in an analysis report released on Monday, lowering the probability of a recession in the U.S. over the next 12 months from 30% to 25%. The primary reason is the overall resilience of U.S. economic activity, which has exceeded expectations. The Goldman Sachs Financial Conditions Index has fallen below pre-war levels, indicating a more accommodative financial environment that supports economic expansion. Employment data serves as an important confirmation of economic stability. The non-farm payroll report for April, released last week, showed that the U.S. added 115,000 jobs in that month, far exceeding market expectations of 65,000; the unemployment rate remained steady at 4.3%. Additionally, various economic indicators confirm that the impact of the Iran conflict has been relatively mild and has not significantly burdened the U.S. economy. Hatzius also cited several key data points that support the judgment to lower the recession probability. Although the overall GDP growth rate for the U.S. in the first quarter fell short of market expectations, private domestic sales maintained robust growth, with a year-on-year increase of 2.5%, reflecting the inherent resilience of domestic demand fundamentals.

[Goldman Sachs Lowers U.S. Recession Forecast for Next 12 Months, Sees Limited Impact from Iran Conflict]On May 12, Goldman Sachs released a new assessment indicating that the probability of the U.S. economy entering a recession has decreased. Despite the ongoing tensions in Iran and the continued closure of the Strait of Hormuz, international oil prices have not surged as predicted by some institutions. Coupled with strong performance in key economic data such as employment and domestic demand, the overall economic fundamentals remain resilient, and the actual impact of geopolitical events on the real economy is relatively limited. Goldman Sachs Chief Economist Jan Hatzius formally revised the recession forecast in an analysis report released on Monday, lowering the probability of a recession in the U.S. over the next 12 months from 30% to 25%. The primary reason is the overall resilience of U.S. economic activity, which has exceeded expectations. The Goldman Sachs Financial Conditions Index has fallen below pre-war levels, indicating a more accommodative financial environment that supports economic expansion. Employment data serves as an important confirmation of economic stability. The non-farm payroll report for April, released last week, showed that the U.S. added 115,000 jobs in that month, far exceeding market expectations of 65,000; the unemployment rate remained steady at 4.3%. Additionally, various economic indicators confirm that the impact of the Iran conflict has been relatively mild and has not significantly burdened the U.S. economy. Hatzius also cited several key data points that support the judgment to lower the recession probability. Although the overall GDP growth rate for the U.S. in the first quarter fell short of market expectations, private domestic sales maintained robust growth, with a year-on-year increase of 2.5%, reflecting the inherent resilience of domestic demand fundamentals.

Goldman Sachs Lowers U.S. Recession Forecast for Next 12 Months, Sees Limited Impact from Iran Conflict

On May 12, top Wall Street investment bank Piper Sandler expressed optimism about Tesla's stock, believing that the current share price does not fully reflect the future value of its humanoid robot business, Optimus. Analyst Alexander Potter constructed a comprehensive framework covering 17 different product lines of Tesla, estimating that the valuation of Tesla's core businesses—including electric vehicles, energy storage, Full Self-Driving (FSD) software, in-house insurance, Supercharger network, and independent autonomous taxi services—ranges from $400 to $420 per share. As of Monday, Tesla's stock rose by 3.91% to $445. Potter noted that if Tesla's stock were priced at $400 per share, investors would essentially be acquiring the Optimus business for free. Piper Sandler maintains an 'overweight' rating on Tesla stock with a target price of $500, indicating that the firm expects Tesla's robotics-related business to contribute $100 per share in value, and Potter pointed out that he believes this figure may be conservative.

[Wall Street Investment Bank Updates Tesla Valuation Model: $400 Stock Price Equals 'Free' Optimus]On May 12, top Wall Street investment bank Piper Sandler expressed optimism about Tesla's stock, believing that the current share price does not fully reflect the future value of its humanoid robot business, Optimus. Analyst Alexander Potter constructed a comprehensive framework covering 17 different product lines of Tesla, estimating that the valuation of Tesla's core businesses—including electric vehicles, energy storage, Full Self-Driving (FSD) software, in-house insurance, Supercharger network, and independent autonomous taxi services—ranges from $400 to $420 per share. As of Monday, Tesla's stock rose by 3.91% to $445. Potter noted that if Tesla's stock were priced at $400 per share, investors would essentially be acquiring the Optimus business for free. Piper Sandler maintains an 'overweight' rating on Tesla stock with a target price of $500, indicating that the firm expects Tesla's robotics-related business to contribute $100 per share in value, and Potter pointed out that he believes this figure may be conservative.

Wall Street Investment Bank Updates Tesla Valuation Model: $400 Stock Price Equals 'Free' Optimus

On May 12, the US Labor Department will release the April CPI data at 20:30 Beijing time. This will include the year-on-year unadjusted CPI for April, the month-on-month adjusted CPI, as well as the month-on-month adjusted core CPI and the unadjusted core CPI for April, which may trigger market fluctuations.

[US Labor Department to Release April CPI Data Tonight at 20:30]On May 12, the US Labor Department will release the April CPI data at 20:30 Beijing time. This will include the year-on-year unadjusted CPI for April, the month-on-month adjusted CPI, as well as the month-on-month adjusted core CPI and the unadjusted core CPI for April, which may trigger market fluctuations.

US Labor Department to Release April CPI Data Tonight at 20:30

On May 12, Morgan Stanley released a report indicating that China's artificial intelligence (AI) is entering a new phase, shifting from chasing technological capabilities to capturing value. The focus is moving from training to reasoning, from technology to application, and from potential to actual profitability. The bank believes that at this stage, enablers and foundational models remain key investment themes, while the broad application of AI also presents investment opportunities for beneficiaries. In the bank's risk-return analysis of AI application players, companies such as Beisen Holdings, Meitu, Stone Technology, Midea Group, and Ecovacs Robotics stand out. MiniMax and Zhipu are key players among foundational model suppliers in China's AI sector, while Alibaba is positioned as the best full-stack AI platform among the companies covered by the bank. Morgan Stanley strongly recommends CATL, Yingliu Co., and Siyuan Electric as key targets in the power sector. The bank continues to be optimistic about Cambrian, Tenstorrent, Northern Huachuang, Zhongwei Company, ACM Research, SMIC, and Xinxing Electronics, as these AI enablers will benefit from the long-term trend of localization in China's semiconductor industry. (Dongxin News Agency)

[Morgan Stanley: China's AI Enters New Phase with Enablers and Foundational Models as Key Investment Themes]On May 12, Morgan Stanley released a report indicating that China's artificial intelligence (AI) is entering a new phase, shifting from chasing technological capabilities to capturing value. The focus is moving from training to reasoning, from technology to application, and from potential to actual profitability. The bank believes that at this stage, enablers and foundational models remain key investment themes, while the broad application of AI also presents investment opportunities for beneficiaries. In the bank's risk-return analysis of AI application players, companies such as Beisen Holdings, Meitu, Stone Technology, Midea Group, and Ecovacs Robotics stand out. MiniMax and Zhipu are key players among foundational model suppliers in China's AI sector, while Alibaba is positioned as the best full-stack AI platform among the companies covered by the bank. Morgan Stanley strongly recommends CATL, Yingliu Co., and Siyuan Electric as key targets in the power sector. The bank continues to be optimistic about Cambrian, Tenstorrent, Northern Huachuang, Zhongwei Company, ACM Research, SMIC, and Xinxing Electronics, as these AI enablers will benefit from the long-term trend of localization in China's semiconductor industry. (Dongxin News Agency)

Morgan Stanley: China's AI Enters New Phase with Enablers and Foundational Models as Key Investment Themes

On May 12, Kim Yong-bum, head of the policy office at the South Korean presidential office, proposed the establishment of a so-called 'citizen dividend,' funded by the excess profits generated by the artificial intelligence (AI) industry. 'The benefits of the AI infrastructure era are not created solely by individual companies, but stem from the industrial foundation built by the entire nation over the past half-century. Therefore, a portion of these benefits should be returned to all citizens through institutional arrangements,' Kim stated in a Facebook post. He pointed out that as AI infrastructure continues to develop, South Korea is expected to break away from the previously cyclical export-led growth model and move towards a new economic structure characterized by technology leadership and sustainable excess profits. However, he also emphasized that the excess profits of the AI era have a distinct concentration characteristic: shareholders of memory chip companies, core engineers, and various asset holders are likely to reap substantial rewards, while the broader middle class may only experience indirect effects. Note: Shares of South Korea's memory chip giants Samsung Electronics and SK Hynix initially rose but then reversed, falling over 5%. The Korea Composite Stock Price Index briefly dropped more than 5%. (Dong-A Ilbo)

[South Korea Proposes 'Citizen Dividend' Funded by AI Industry Excess Profits]On May 12, Kim Yong-bum, head of the policy office at the South Korean presidential office, proposed the establishment of a so-called 'citizen dividend,' funded by the excess profits generated by the artificial intelligence (AI) industry. 'The benefits of the AI infrastructure era are not created solely by individual companies, but stem from the industrial foundation built by the entire nation over the past half-century. Therefore, a portion of these benefits should be returned to all citizens through institutional arrangements,' Kim stated in a Facebook post. He pointed out that as AI infrastructure continues to develop, South Korea is expected to break away from the previously cyclical export-led growth model and move towards a new economic structure characterized by technology leadership and sustainable excess profits. However, he also emphasized that the excess profits of the AI era have a distinct concentration characteristic: shareholders of memory chip companies, core engineers, and various asset holders are likely to reap substantial rewards, while the broader middle class may only experience indirect effects. Note: Shares of South Korea's memory chip giants Samsung Electronics and SK Hynix initially rose but then reversed, falling over 5%. The Korea Composite Stock Price Index briefly dropped more than 5%. (Dong-A Ilbo)

South Korea Proposes 'Citizen Dividend' Funded by AI Industry Excess Profits

On May 12, according to CCTV, the Japanese Ministry of Internal Affairs and Communications announced that the Engel coefficient, which reflects the proportion of food expenditure in household consumption, reached 28.8% in the fiscal year 2025, marking the highest level since 1980. (Dongxin News Agency)

[Japan's Engel Coefficient Reaches Highest Level Since 1980]On May 12, according to CCTV, the Japanese Ministry of Internal Affairs and Communications announced that the Engel coefficient, which reflects the proportion of food expenditure in household consumption, reached 28.8% in the fiscal year 2025, marking the highest level since 1980. (Dongxin News Agency)

Japan's Engel Coefficient Reaches Highest Level Since 1980

According to Bloomberg, Ether is outperforming its better-known-rival Bitcoin once again as optimism over a long-sought update that promises to reduce the carbon footprint of the world’s most-used blockchain appears to be getting closer to fruition. Ether, the native cryptocurrency of the Ethereum blockchain, has rallied more than 16% in the past seven days, while Bitcoin rose 8.4%. So far this year, Ether is down about 17% and Bitcoin has fallen roughly 7%.
The program, called "Merge," is expected to be completed in a few months and will help the network reduce electricity consumption and improve operational efficiency. The developers have been promising this upgrade for years. Recently, after Ethereum merged with the public test network Kiln, it has successfully transitioned and upgraded to the Proof of Stake (PoS) consensus mechanism, although there was a small failure during the period.
Teong Hng, co-founder and CEO of Satori Research, said, “The merger of ETH on the Kiln testnet resulted in ETH outperforming the market. This was considered an upgrade to Ethereum transaction validation. The merger was successful and no major issues were reported.” Not only is the new upgrade likely to make ethereum more attractive to eco-conscious investors, it could also reduce the ethereum supply in circulation.

Detail

【Bloomberg: Ether outperforms Bitcoin as excitement builds for software upgrade】According to Bloomberg, Ether is outperforming its better-known-rival Bitcoin once again as optimism over a long-sought update that promises to reduce the carbon footprint of the world’s most-used blockchain appears to be getting closer to fruition. Ether, the native cryptocurrency of the Ethereum blockchain, has rallied more than 16% in the past seven days, while Bitcoin rose 8.4%. So far this year, Ether is down about 17% and Bitcoin has fallen roughly 7%.
The program, called "Merge," is expected to be completed in a few months and will help the network reduce electricity consumption and improve operational efficiency. The developers have been promising this upgrade for years. Recently, after Ethereum merged with the public test network Kiln, it has successfully transitioned and upgraded to the Proof of Stake (PoS) consensus mechanism, although there was a small failure during the period.
Teong Hng, co-founder and CEO of Satori Research, said, “The merger of ETH on the Kiln testnet resulted in ETH outperforming the market. This was considered an upgrade to Ethereum transaction validation. The merger was successful and no major issues were reported.” Not only is the new upgrade likely to make ethereum more attractive to eco-conscious investors, it could also reduce the ethereum supply in circulation.

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