This Week's Key Events Preview | U.S. to Release April CPI Data; U.S. Senate Banking Committee to Review "Digital Asset Market Structure Act of 2025"

链捕手Pubblicato 2026-05-11Pubblicato ultima volta 2026-05-11

Introduzione

Weekly News Preview: Key events for May 12-16 include major economic and crypto industry developments. On Tuesday, May 12, the U.S. will release its April CPI data. Additionally, the gaming blockchain Ronin will begin a 10-hour migration to an Ethereum Layer 2, built on OP Stack with EigenDA for data availability. This aims to leverage Ethereum's security and settle RON's annual inflation below 1%. Base's first independent network upgrade, "Base Azul," is scheduled for mainnet activation on Wednesday, May 13, focusing on security, performance, and developer experience enhancements. Thursday, May 14, sees the U.S. Senate Banking Committee voting on the "Digital Asset Market Structure Act of 2025." In other news, Solana DeFi protocol Carrot will shut down, setting a final withdrawal deadline due to impacts from the Drift exploit. The Moscow Exchange will launch futures trading for Solana, Ripple, and Tron indices (RUB-settled) for qualified investors. Multiple service closures are scheduled for Friday, May 15. Dmail Network will begin winding down due to unsustainable infrastructure costs and failed commercialization. Users must export data before this date. Separately, the Cosmos-based lending blockchain UX Chain will fully shut down. Finally, on Saturday, May 16, gaming infrastructure provider Lattice will wind down operations, with its Redstone Layer 2 network ceasing. Users are urged to withdraw assets, especially from contracts like Uniswap pools, before the shutdown.

Compiled by:Jerry, ChainCatcher

Key Highlights:

The United States will release April CPI data on May 12.
Base's independent network upgrade "Base Azul" is scheduled to launch on mainnet on May 13.
The U.S. Senate Banking Committee will review the "Digital Asset Market Structure Act of 2025" on May 14.
Dmail Network will gradually cease all services starting May 15.

May 12 (Tuesday)

The United States will release April CPI data on May 12

The U.S. will release April CPI data at 20:30 Beijing Time on May 12.

Ronin to Migrate to Ethereum Layer 2 on May 12, Mainnet Will Be Down for Approximately 10 Hours

The gaming public chain Ronin announced it will migrate to Ethereum Layer 2 on May 12. On-chain operations will experience a downtime window of approximately 10 hours, with normal operations resuming after migration is complete. Its underlying architecture will be built on OP Stack and will use EigenDA as the data availability layer.

It is recommended that users unstake their RON before the migration date, or the system will automatically unstake for users after migration is complete. The core goal of this migration is to allow Ronin to leverage Ethereum's security, data availability, and final settlement capabilities, while injecting mature on-chain gaming infrastructure into the Ethereum ecosystem. As the underlying network for well-known on-chain games like Axie Infinity and Pixels, this move is seen as a significant milestone in Ronin's ecosystem development.

After the migration, the annual inflation rate of RON will be reduced from over 20% to below 1%. The treasury will gain sustained revenue from staking, Sequencer net profits, and Marketplace fees (increasing their share from 0.5% to 1.25%).

May 13 (Wednesday)

Base's Independent Network Upgrade "Base Azul" is Scheduled to Launch on Mainnet on May 13

Base announced that its first independent network upgrade, Base Azul, is now live on the testnet, with a target mainnet activation date of May 13, 2026. This upgrade marks Base's first network-level upgrade conducted independently of OP Stack.

Officials stated that Azul will bring improvements in three areas: security, performance, and developer experience. Azul will enable a multi-proof mechanism for Base, `base-reth-node` will become its sole execution client, and the adoption of the latest execution layer specification (Osaka) will align Base with Ethereum. Users do not need to take any action for this upgrade.

May 14 (Thursday)

U.S. Senate Banking Committee to Review "Digital Asset Market Structure Act of 2025" on May 14

According to crypto journalist Eleanor Terrett, the U.S. Senate Banking Committee will review H.R.3633, the "Digital Asset Market Structure Act of 2025," at 10:30 AM ET on May 14. Committee members will then vote on the bill text and related amendments.

If the bill passes the committee, the Banking Committee version will be merged with the portion overseen by the Senate Agriculture Committee to form a final version, which will then be submitted to the full Senate for a vote.

DeFi Protocol Carrot Announces Impending Shutdown, May 14 is the Deadline for Fund Withdrawals

According to an official announcement, the Solana ecosystem DeFi protocol Carrot has announced it will soon shut down. Carrot stated that the Drift exploit had a catastrophic impact on its continued operations. Carrot has set May 14 as the deadline for withdrawing remaining funds from Boost, Turbo, and CRT. After this date, the system will begin deleveraging, bringing all leverage to zero and releasing all liquidity for CRT redemption. Carrot said any recovered funds from Drift will still be distributed as previously promised, but there is no specific timeline currently.

Moscow Exchange to Launch Solana, Ripple, and Tron Futures Trading on May 14

According to a Bits.media report, the Moscow Exchange has announced it will launch new cash-settled futures trading for indices of three digital assets – Solana, Ripple, and Tron – on May 14. Participation will be restricted to qualified investors only.

These instruments will be settled in Russian Rubles and will not involve physical delivery of the digital assets. The Solana index futures will be quoted in US Dollars, with both the minimum price fluctuation and the tick value set at $0.01. The Ripple and Tron index futures will have a minimum price fluctuation of $0.0001 and a tick value of $0.01. The contract term will be one month, with the last trading day being the last Friday of each month. Contracts expiring in June, July, and August will be available starting May 14. Additionally, the Moscow Exchange will begin calculating and publishing indices for four cryptocurrencies – Solana, Ripple, Tron, and BNB – starting May 13.

May 15 (Friday)

Dmail Network Will Gradually Cease All Services Starting May 15

The privacy email system Dmail Network stated officially that after a long period of evaluation, strategic pivoting, and internal discussions, it has decided to gradually cease all services starting May 15, 2026. The main reasons cited are: excessively high costs for decentralized infrastructure (bandwidth, storage, computing), making sustainable operations difficult; failure to find an effective paid model or commercialization path; lack of a clear large-scale use case and closed-loop economic model for the token; underestimation of the cooling crypto market; departure of core team members leading to insufficient operational capabilities; and unsuccessful attempts at subsequent financing and acquisitions.

Users must export their email content to other platforms (such as Gmail) via the official portal before May 15. After exporting, they can apply for account deletion. Upon deletion, all data (emails, NFT domains, points, associated social addresses, etc.) will be permanently deleted. After services cease, nodes will no longer run, and emails will become inaccessible.

Cosmos Ecosystem Lending Blockchain UX Chain to Cease Operations Completely on May 15

According to a post from the official UX Chain X account (@ux_xyz), the UX Chain platform has announced the initiation of a shutdown plan. Users are required to clear all open positions before the platform's full liquidation commences on April 30. The protocol is expected to shut down completely on May 15.

UX reserves and treasury funds will be used to cover the protocol's funding gap. Specific details will be announced on the UX governance forum.

May 16 (Saturday)

Gaming Infrastructure Lattice Announces Phased Business Closure, Its Redstone Network to Cease Operations on May 16

Gaming infrastructure company Lattice has announced it will phase out its business after five years of operation. Its Layer 2 network, Redstone, will cease operations at 07:59 on May 16, 2026.

Lattice reminds users to withdraw their funds before this deadline, particularly assets in contracts such as Uniswap pools. After the shutdown, only an L1 withdrawal contract will be deployed for extracting balances from externally owned accounts. Funds remaining in smart contracts will be irretrievable.

It is understood that Lattice, founded in 2021, developed tools like the MUD framework, Redstone chain, Quarry, and Dozer but failed to achieve a sustainable business model. The team used remaining funds for a final project, the autonomous world DUST, but its scale did not reach a level sufficient to support the business, and they did not believe VC funding was the right path.

Domande pertinenti

QWhat is the key event happening on May 12th according to the article?

AThe United States will release the April CPI data at 20:30 Beijing time on May 12th.

QWhat is the significance of the Base Azul upgrade for the Base network?

ABase Azul is Base's first independent network-level upgrade, separate from OP Stack. It aims to enhance security, performance, and developer experience by enabling multi-proof mechanisms, standardizing on base-reth-node as the sole execution client, and adopting the latest execution layer specifications (Osaka).

QWhich U.S. legislative body is set to review the 'Digital Asset Market Structure Act of 2025' on May 14th?

AThe U.S. Senate Banking Committee is scheduled to review and vote on H.R.3633, the 'Digital Asset Market Structure Act of 2025,' on May 14th at 10:30 AM Eastern Time.

QWhy is the DeFi protocol Carrot shutting down, and what is the deadline for users?

ACarrot is shutting down due to the catastrophic impact of the Drift protocol exploit on its operations. The deadline for users to withdraw remaining funds from Boost, Turbo, and CRT is May 14th.

QWhich service is announced to be gradually stopping all services starting May 15th?

ADmail Network, a privacy-focused email system, will gradually stop all services starting May 15th, 2026, citing high operational costs, lack of a sustainable business model, insufficient token utility, market conditions, and team challenges.

Letture associate

The Value Distribution of Stablecoins

**Summary: The Value Distribution of Stablecoins** The article argues that stablecoins are evolving from mere trading tools into broader channels for dollar access. It divides the stablecoin ecosystem into four layers to analyze how value is distributed: 1. **Issuance Layer:** Mints stablecoins, holds reserve assets, and captures the spread between reserve yield and user costs (e.g., Tether, Circle). This layer currently earns the largest profit margin. 2. **Infrastructure Layer:** Connects stablecoins to the traditional financial system, handling fiat on/off-ramps, banking integration, compliance (KYC/AML), and asset management (e.g., Bridge, BVNK). This is the "unglamorous" but critical work, building the essential bridges between crypto and real-world finance. 3. **Acquiring/Distribution Layer:** Integrates stablecoins into merchant systems, manages payment flows, and provides enterprise financial software (e.g., Stripe, Coinbase). They act as the access point for businesses. 4. **Application Layer:** The end-users and businesses that ultimately use stablecoins for payments, settlements, or as a store of value. They benefit from convenience but have little pricing power. The core thesis is that while the issuance layer currently dominates profits, the often-overlooked **infrastructure layer holds significant long-term potential**. The real challenge and barrier to mass adoption is not the on-chain transfer of stablecoins (which is simple), but the complex "last mile" integration into existing business workflows, banking systems, and regulatory frameworks across different countries. Companies in this layer are currently in a "land grab" phase, investing heavily to build networks, secure bank partnerships, and establish compliance pathways. While their position is currently pressured by the profitable issuers above and distribution platforms below, the article suggests that if stablecoins become a default financial rail for businesses, the infrastructure providers who have done the hard work of integration will ultimately gain strong pricing power and become entrenched, essential players.

marsbit3 h fa

The Value Distribution of Stablecoins

The Value Distribution of Stablecoins The article argues that stablecoins are evolving from a mere trading tool into a broad "dollar channel." It analyzes the industry's value chain through four layers: 1. **Issuance Layer (e.g., Tether, Circle):** The top layer that mints stablecoins, holds reserve assets, and captures the thickest interest rate spread. 2. **Infrastructure Layer (e.g., Bridge, BVNK):** Connects stablecoins to the traditional financial system, handling critical but complex "dirty work" like fiat on/off-ramps, banking integration, compliance (KYC/AML), and cross-border settlement. 3. **Acquiring/Distribution Layer (e.g., Stripe, Coinbase):** Embeds stablecoins into merchant systems, manages payment flows, and integrates with enterprise software. 4. **Application Layer:** End-users and businesses that ultimately use stablecoins for payments, settlement, or storing value. The author posits that while the issuance layer currently captures the most profit, the most overlooked and potentially critical layer is infrastructure. The core challenge for stablecoin adoption isn't the on-chain transfer (which is simple), but bridging the gap between blockchain and the real-world financial system. This involves solving practical problems for businesses: fiat conversion, reconciliation, tax handling, and user onboarding. Infrastructure companies are currently in a difficult "land-grab" phase—building networks, securing banking relationships, and achieving compliance country-by-country. They face pressure from both the profitable issuance layer above and distribution platforms below. However, the author suggests this layer is building a crucial moat. Once stablecoins become a default business rail, the infrastructure players who have done the hard work of integration may gain significant, durable value and pricing power.

链捕手3 h fa

Why Is Nvidia Borrowing $20 Billion When It's Not Short of Cash?

Nvidia's recent announcement to issue at least $20 billion in senior notes, despite holding a strong cash position with over $48.6 billion in free cash flow last quarter, is not a sign of financial need. Instead, it represents a strategic move to leverage its high credit rating (recently upgraded to AA by S&P) to secure low-cost, long-term debt. This capital will support long-term AI infrastructure investments, data centers, R&D, supply chain prepayments, and strategic investments, while allowing the company to continue aggressive shareholder returns through stock buybacks and dividends. The decision reflects a mature capital management strategy: using debt to finance long-term growth assets is more efficient and less dilutive to shareholders than equity financing. It signals that Nvidia, like other tech giants (Alphabet, Meta, Amazon), is entering a new phase of heavy AI capital expenditure, shifting from a pure growth story to a story about capital allocation, credit strength, and long-term ecosystem positioning. The key question for investors is whether Nvidia can maintain its high cash flow generation and ensure that returns from these AI investments justify the cost of capital over the long term. The bond issuance amplifies its expansion capabilities but also ties its valuation more closely to the broader AI investment cycle's sustainability and profitability.

marsbit4 h fa

Why Is Nvidia Borrowing $20 Billion When It's Not Short of Cash?

marsbit4 h fa

Liberland Fires Tech Secretary After Alleged Blockchain And Website Takeover Attempt

Liberland's congress has voted to remove Technology Secretary Dorian Stern Vukotić, following a resolution accusing him of attempting to hijack the Liberland.org domain, removing administrative multisig protections, blocking the president from voting, and launching unauthorized tokens. The incident serves as a case study in blockchain governance, highlighting risks that go beyond smart contracts to include control over domains, admin keys, and off-chain authority. For the crypto industry, it underscores the need to scrutinize decentralization claims against operational realities, where a small group can still compromise governance. The story reflects a broader market shift where infrastructure security and governance are becoming as critical as price action. Editorial framing should treat the development as a verified information signal about governance risks, avoiding overstatement of Liberland's legal status and leaving room for follow-up evidence.

bitcoinist4 h fa

Liberland Fires Tech Secretary After Alleged Blockchain And Website Takeover Attempt

bitcoinist4 h fa

How to Do Research Well: Deliberately Practice the Real Skills That Matter

No one truly teaches you how to do research. You're often given a desk, a pre-selected problem, and vague instructions to "create something new." Consequently, many people reverse-engineer the job based on visible outputs—papers, posts, announcements—learning only how to *appear* like a researcher rather than how to *become* one. True research capability is built from stacking small, trainable skills, nearly all of which can be developed through deliberate practice. **Pick Your Own Problem:** Most researchers absorb problems from advisors or trends, lacking the underlying reasoning. Choosing a problem you genuinely care about, as John Schulman advises, leads to original work. Develop "taste" like a muscle: predict experiment outcomes, guess paper results from methods, and track which findings remain important over time. **Upgrade Your Inputs:** Relying on shared reading lists (arXiv hot lists, filtered group chats) leads to unoriginal conclusions. Undervalued old literature often holds crucial insights (e.g., MoE, LSTM, backpropagation). Richard Sutton's "The Bitter Lesson" or Claude Shannon's 1952 talk on creative thinking are more predictive than lengthy modern surveys. Breadth matters as much as depth: draw from neuroscience, mechanism design, hardware knowledge, and honest statistics. Read papers directly, especially appendices and limitations sections. **Write Everything Down:** As Paul Graham noted, writing exposes flaws in seemingly mature ideas. Writing is the cheapest defense against self-deception. Following Feynman's principle, Darwin programmatically wrote down facts contradicting his theory to combat memory bias. Maintain a detailed log of hypotheses, setups, predictions, results, and updated understandings. Reviewing past logs fosters essential humility.

marsbit6 h fa

How to Do Research Well: Deliberately Practice the Real Skills That Matter

marsbit6 h fa

Trading

Spot

Futures