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On May 12, Ray Dalio, founder of Bridgewater Associates, stated in a post this morning that Bitcoin has not fulfilled its expected role as a safe-haven asset. The reasons include its lack of privacy, the potential for transactions to be monitored or restricted, and its high correlation with tech stocks, which often leads investors to sell Bitcoin for liquidity when other assets are under pressure. Additionally, the relatively small market size of Bitcoin makes it more susceptible to influence, while gold maintains a core position in the global financial system due to its broader ownership and more stable historical status.

[Dalio: Bitcoin Lacks Privacy and Control, Has Not Become a True Safe-Haven Asset]On May 12, Ray Dalio, founder of Bridgewater Associates, stated in a post this morning that Bitcoin has not fulfilled its expected role as a safe-haven asset. The reasons include its lack of privacy, the potential for transactions to be monitored or restricted, and its high correlation with tech stocks, which often leads investors to sell Bitcoin for liquidity when other assets are under pressure. Additionally, the relatively small market size of Bitcoin makes it more susceptible to influence, while gold maintains a core position in the global financial system due to its broader ownership and more stable historical status.

Dalio: Bitcoin Lacks Privacy and Control, Has Not Become a True Safe-Haven Asset

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 process is now in full swing. Future priorities include the release of Glamsterdam, continued preparations for Hegotà, and the advancement of 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 process is now in full swing. Future priorities include the release of Glamsterdam, continued preparations for Hegotà, and the advancement of Strawmap.

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

On May 12, Monad airdropped tokens to the wallets of selected active traders. Some users commented that they have received MON tokens.

[Monad Airdrops Tokens to Selected Active Traders' Wallets]On May 12, Monad airdropped tokens to the wallets of selected active traders. Some users commented that they have received MON tokens.

Monad Airdrops Tokens to Selected Active Traders' Wallets

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

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

Preview: U.S. Labor Department to Release April CPI Data Tonight at 20:30

On May 12, Fluid had an exposure of about $100 million to Resolv, resulting in approximately $21 million in bad debt. Attackers exploited discounted wstUSR to borrow stablecoins on Fluid as collateral and then abandoned their positions, leaving behind bad debt. Fluid's smart contracts were not breached, and other markets operated normally, with an automatic cap mechanism effectively limiting losses. The Fluid team suspended the affected markets within hours and ensured that no user funds were at risk. The team collaborated with Resolv to settle pre-incident positions, repaying about $70 million in debt within two days of the incident. According to the resolution reached between both parties, Resolv will bear 50% of the losses incurred by DEX liquidity providers before the incident. Of the remaining approximately $19.3 million in bad debt, Resolv will cover about $9.7 million, Fluid's governance treasury will take on $8.2 million, and the team will absorb $1.5 million. All remaining USR tokens have been destroyed at the contract level. Fluid has suspended its buyback program, significantly reduced or canceled FLUID emissions, and the foundation will not receive the monthly grant of $250,000 for March to June. Fluid stated that its smart contracts were never compromised, has upgraded its oracle and pricing systems, and will introduce legal agreements for asset issuance to establish enforceable rights claims.

[Fluid Releases Resolv Incident Review: Approximately $19.3 Million in Bad Debt Shared, All User Funds Secure]On May 12, Fluid had an exposure of about $100 million to Resolv, resulting in approximately $21 million in bad debt. Attackers exploited discounted wstUSR to borrow stablecoins on Fluid as collateral and then abandoned their positions, leaving behind bad debt. Fluid's smart contracts were not breached, and other markets operated normally, with an automatic cap mechanism effectively limiting losses. The Fluid team suspended the affected markets within hours and ensured that no user funds were at risk. The team collaborated with Resolv to settle pre-incident positions, repaying about $70 million in debt within two days of the incident. According to the resolution reached between both parties, Resolv will bear 50% of the losses incurred by DEX liquidity providers before the incident. Of the remaining approximately $19.3 million in bad debt, Resolv will cover about $9.7 million, Fluid's governance treasury will take on $8.2 million, and the team will absorb $1.5 million. All remaining USR tokens have been destroyed at the contract level. Fluid has suspended its buyback program, significantly reduced or canceled FLUID emissions, and the foundation will not receive the monthly grant of $250,000 for March to June. Fluid stated that its smart contracts were never compromised, has upgraded its oracle and pricing systems, and will introduce legal agreements for asset issuance to establish enforceable rights claims.

Fluid Releases Resolv Incident Review: Approximately $19.3 Million in Bad Debt Shared, All User Funds Secure

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.

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

The Financial Stability Board (FSB) will work with other international standard setters to determine how decentralized finance (DeFi) activities should be regulated across different jurisdictions, it said in a report published Thursday.
The FSB will also explore the extent to which its proposed policy recommendations for the crypto sector needs to be enhanced to address risks specific to DeFi, the report said.  In collaboration with other international standard-setters, it also plans to explore how to fill data gaps in measuring and monitoring the interconnectedness of DeFi with traditional finance.
“DeFi does not differ substantially from traditional finance in the functions it performs or the vulnerabilities to which it is exposed,” the FSB said in a Thursday press release.
Regulators around the world have been monitoring how interlinked the crypto space has been with the real economy as businesses and banks dove into the sector during the crypto boom that started in 2021.  Since then, billions have been wiped out from crypto markets and prompted successive collapses including that of token issuer Terra, crypto lender Celsius Network and crypto exchange FTX.  The market turmoil has only encouraged regulators to set up better safeguards for people investing in crypto.

Detail

【Global standard setters will team up to tackle DeFi regulation: FSB】The Financial Stability Board (FSB) will work with other international standard setters to determine how decentralized finance (DeFi) activities should be regulated across different jurisdictions, it said in a report published Thursday.
The FSB will also explore the extent to which its proposed policy recommendations for the crypto sector needs to be enhanced to address risks specific to DeFi, the report said.  In collaboration with other international standard-setters, it also plans to explore how to fill data gaps in measuring and monitoring the interconnectedness of DeFi with traditional finance.
“DeFi does not differ substantially from traditional finance in the functions it performs or the vulnerabilities to which it is exposed,” the FSB said in a Thursday press release.
Regulators around the world have been monitoring how interlinked the crypto space has been with the real economy as businesses and banks dove into the sector during the crypto boom that started in 2021.  Since then, billions have been wiped out from crypto markets and prompted successive collapses including that of token issuer Terra, crypto lender Celsius Network and crypto exchange FTX.  The market turmoil has only encouraged regulators to set up better safeguards for people investing in crypto.

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Global standard setters will team up to tackle DeFi regulation: FSB

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