1. Mastercard, Visa, JPMorgan Chase and other financial institutions explore tokenized asset settlement
Several major U.S. financial institutions are working together to test the benefits of shared ledger technology for jointly settling tokenized assets, such as commercial bank funds and various types of securities. The initiative, known as the "Regulatory Settlement Network," is a proof-of-concept that aims to speed up and secure cross-border transactions by using a single system for tokenized assets. The trial is a continuation of an earlier 12-week experiment conducted in late 2022 that focused on interbank and cross-border U.S. dollar transactions. Participants in the new phase include well-known financial institutions such as Mastercard, Citigroup, JPMorgan Chase, U.S. Bancorp, Wells Fargo, Visa, Swift, TD Bank and Zions Bancorp. The project is being overseen by the New York Innovation Center of the Federal Reserve Bank of New York to ensure a thorough review of the technology's potential.
2. Solana’s on-chain DEX transaction volume surpassed Ethereum, reaching $1.314 billion
According to DeFiLlama data, the transaction volume of DEX on the Solana chain reached US$1.314 billion yesterday, surpassing the transaction volume of DEX on the Ethereum chain of US$1.297 billion.
3. Pantera Capital’s investment in TON may exceed $250 million
Ai Yi, an analyst on the chain, wrote that Pantera Capital had invested $250 million to buy SOL from FTX Estate at a discount price, which was 39% lower than the 30-day average price or a fixed price of $59.95, with a vesting period of four years. If "Pantera Capital has made the largest investment in TON in history" is true, the investment will be at least more than $250 million. Earlier news, Pantera founding partner Dan Morehead said that Pantera recently made the largest investment in TON in its history, and said that he recently had lunch with Telegram founder Pavel Durov, and the purity of his beliefs was fascinating.
4. Tether: Deutsche Bank’s analysis lacks clarity and substantive evidence
In a May 7 research report on stablecoins, Deutsche Bank studied 334 pegged currencies and found that 49% of stablecoins failed during their median lifespan of approximately eight to ten years. The analysts concluded that most pegged assets in the cryptocurrency space will experience significant "turbulence" driven by speculative sentiment and eventually suffer some kind of decoupling event. Deutsche Bank analysts also pointed out that Tether's reserves lack transparency and called the company's solvency status "questionable." In response, Tether slammed Deutsche Bank's report, saying it lacked clarity and substantive evidence and relied on vague assertions rather than rigorous analysis. A Tether spokesperson said that while the report attempted to predict the decline of stablecoins, it failed to provide specific data to support its claims. In addition, comparing it to the algorithmic stablecoin Terra is misleading and irrelevant to the discussion of reserve-backed tokens.
5. U.S. House of Representatives passes SAB 121 crypto rule overturning SEC
The U.S. House of Representatives passed H.J. Res. 109, which aims to overturn the SEC's SAB 121 regulation on digital assets. The resolution aims to reduce regulatory burdens and promote safer custody of digital assets by regulated banks. However, the White House supported the SEC and issued a veto threat, emphasizing that if the President receives H.J. Res. 109, he will veto it. The House Financial Services Committee explained that H.J. Res. 109 overturns SAB 121, which was enacted by the SEC under the Congressional Review Act (CRA). By overturning SAB 121, this bipartisan resolution removes obstacles that prevent strictly regulated financial institutions and companies from acting as digital asset custodians, ensuring that consumers are protected.
6. JPMorgan Chase: If the US SEC refuses to approve the spot Ethereum ETF, it may face legal challenges and eventually lose the case
JPMorgan Chase (JPM) said that the Wells Notice issued by the U.S. Securities and Exchange Commission (SEC) to the trading platform Robinhood (HOOD) should not be an obstacle to the final approval of the spot Ethereum ETF. JPMorgan Chase said that the legal action taken by the SEC against the cryptocurrency exchange appears to be an attempt by the agency to influence U.S. policymakers and lawmakers who will be responsible for passing cryptocurrency market regulations at some point. If the SEC refuses to approve the spot Ethereum ETF, it may face legal challenges and ultimately fail.
7. Franklin Templeton: Base Network has achieved great success in the field of SocialFi, driven by friend.tch and others
Asset management company Franklin Templeton said that Coinbase's Ethereum Layer 2 network Base has achieved great success in the SocialFi field, especially driven by applications such as Friend.Tech. Friend.Tech has gained attention through its unique invitation-based social networking service and social tokens "keys". Franklin Templeton believes that the direct integration of Base and Coinbase users has given the network an important position in the SocialFi field and is expected to maintain its leading position in the Ethereum Layer 2 field.
8. EIGEN airdrop claim and pledge will be open at 1:00 am on May 11th
EigenLayer data availability solution EigenDA stated on the social platform that EIGEN airdrop claims and staking will be launched at 1 a.m. on May 11. Earlier news, EigenLayer stated that the goal of the token transfer function is to be launched on the mainnet before September 30, 2024. The decentralized and permissionless features allow power to be transferred to the community, which will have the right to vote and decide whether to enable transferability.
