BSC News

Hayes Breaks With the Industry
Arthur Hayes, co-founder of BitMEX and chief investment officer of Maelstrom, is publicly calling for a presidential veto of the CLARITY Act, putting him sharply at odds with most of the crypto industry. Speaking on The Wolf of All Streets podcast on May 13, Hayes questioned whether Bitcoin and other digital assets need to gain legitimacy through regulation at all. His position, bluntly stated, is that "if Bitcoin and crypto need regulation to survive, they are not worth a penny."
Hayes draws a distinction that much regulatory commentary collapses: banks should be allowed to offer Bitcoin products because clients want them, but designing regulatory infrastructure to make Bitcoin institutionally acceptable is a different project, and one that produces a product with counterparty risk that Bitcoin was specifically built to remove. In other words, a $BTC product sitting on a bank balance sheet introduces the same institutional failure modes that Bitcoin was created to sidestep. His broader point is that Bitcoin does not need regulatory legitimacy to have value: if it did, it would not be worth anything, because the value comes precisely from operating without it.
Hayes also argued that the CLARITY Act primarily serves centralized crypto firms with Washington lobbying operations, not the decentralised ecosystem that gives the asset class its meaning. "Regulation is for people who own centralized companies," he said. "You own a centralized company; you want a regulatory motor running the business. Of course you are going to lobby politicians to get what you want."
Where the Bill Stands
The CLARITY Act is the most comprehensive piece of crypto regulation ever to pass one chamber of the United States Congress, clearing the House of Representatives on July 17, 2025, with a 294-134 vote. It classifies digital assets into three categories: digital commodities such as Bitcoin, Ethereum and Solana falling under CFTC jurisdiction, investment contract assets that can graduate to commodity status once sufficiently decentralised, and stablecoins governed separately under the GENIUS Act. It also gives the CFTC exclusive jurisdiction over digital commodity spot markets, ending the SEC's longstanding claim over the entire asset class.
Hayes's comments have resurfaced at a moment of peak legislative momentum, just days after the bill cleared the Senate Banking Committee with a bipartisan 15-9 vote. The bill is championed by numerous crypto companies, including Coinbase, Circle and Ripple, which want to see a degree of regulation and oversight of their industry to help encourage investors. Senators Cynthia Lummis and Bernie Moreno have both warned that failure before Memorial Day could push the next viable legislative window to 2030 or beyond.
Within the crypto community itself, two clear camps have emerged: those advocating for transparency and oversight, and those insisting on the importance of independence and authenticity. Hayes firmly occupies the latter camp, and his argument is straightforward: crypto's value was never dependent on Washington's approval, and it does not need that approval now.
Sources:
Arthur Hayes rejects the CLARITY Act at Consensus – crypto.news
Crypto industry scores win as Clarity Act clears Senate hurdle – CNBC
Digital Asset Market Clarity Act of 2025, full text – Congress.gov

Chainlink SVR Gets a Parallel Auction Upgrade
@Chainlink has activated parallel orderflow auctions on its @Ethereum Smart Value Recapture (SVR) feed, marking a meaningful step forward in how decentralized finance protocols handle oracle-related value extraction. The upgrade adds Titan alongside Flashbots, running both auction systems simultaneously to deepen searcher competition and capture more oracle MEV on behalf of integrated protocols.
ETHNews reports that SVR now supports multiple orderflow auctions in parallel, including Titan, increasing searcher competition and maximizing revenue for DeFi protocols. The change builds directly on the foundation Chainlink laid when it introduced SVR in late 2024, originally developed in collaboration with BGD Labs, Flashbots, and contributors to the Aave DAO.
At the heart of the system is Oracle Extractable Value (OEV), a category of MEV that arises when oracle price updates make undercollateralized positions eligible for liquidation. Under standard conditions, that value flows entirely to external searchers, builders, and validators, with none returning to the protocols or oracles that generated it. SVR changes that equation by routing oracle updates through a private auction channel, where searchers bid for the right to backrun the price update with a liquidation transaction.
What This Means for Aave
The primary beneficiary of the upgrade is @Aave, the largest decentralized lending protocol by total value locked. According to DefiLlama, Aave currently holds approximately $14.6 billion in TVL across all chains, with Ethereum accounting for the largest share. For a protocol of that scale, liquidation events represent a significant and recurring source of value leakage, making SVR a meaningful revenue optimization tool.
Under the revenue split established at SVR's launch, Aave receives 65% of recaptured value during its launch-partner period, with Chainlink taking the remaining 35%. Chainlink's own analysis indicates SVR can recapture approximately 40% of non-toxic liquidation MEV that would otherwise leak to third parties.
By adding Titan as a second auction venue alongside Flashbots, Chainlink increases the number of competing searchers, which in theory should push bid prices higher and return more value to protocols like Aave. The fallback infrastructure remains in place: if the private route fails or times out, standard Chainlink Price Feeds continue to serve as a safety net, ensuring protocol stability is not compromised in the process.
Sources:
ETHNews: Chainlink Upgrades SVR to Maximize MEV Recapture for DeFi
Chainlink Blog: Introducing SVR
DefiLlama: Aave TVL

@CantonNetwork is positioning itself at the center of one of finance's most significant structural shifts: the tokenization of real-world assets (RWAs) at institutional scale. As banks, asset managers, and custodians look for blockchain infrastructure that meets their regulatory and operational demands, Canton's privacy-first architecture is increasingly the answer.
Built for Institutions, Not Retail
Canton is a Layer 1 privacy-enabled interoperable blockchain network designed for regulated, real-world assets. It combines the transparency of public networks with advanced privacy controls. That combination is precisely what traditional financial institutions need. Unlike general-purpose public chains, Canton delivers confidential data sharing, atomic settlement, and regulatory compliance without sacrificing performance, allowing institutions to trade tokenized bonds, equities, funds, and real estate on-chain without exposing sensitive client or strategy data.
In one pilot, 45 leading financial institutions, asset managers, and service providers connected on the Canton Network, showcasing the exponential power of interoperable capital markets. The pilot facilitated atomic transactions at scale across 22 permissioned blockchains. Separately, the Depository Trust and Clearing Corporation (DTCC), which clears approximately $4 quadrillion annually, has partnered with Canton Network to tokenize U.S. Treasury securities, with deployment scheduled to begin in the second half of 2026 across both Layer 1 and Layer 2 blockchain environments.
In June 2025, Digital Asset raised $135 million from investors to expand Canton further, with backers including Goldman Sachs, Citadel Securities, and BNP Paribas. That level of Wall Street investment signals where institutional infrastructure is heading.
A Surging Market With Canton at the Front
The broader RWA sector provides the tailwind. According to RWA.xyz, tokenized RWAs grew to over $35 billion in total value by the end of November 2025, showing just how fast institutions are moving into this space. Forecasts point to far greater scale ahead: analysts project that tokenization could escalate into a multi-trillion dollar market over the next decade, with estimates ranging from $16 trillion by 2030 (per Boston Consulting Group and ADDX) to up to $30 trillion under more aggressive scenarios.
Canton's lead within that market is substantial. Canton Network has emerged as the dominant platform for institutional tokenization, far surpassing competing blockchains, with approximately $388 billion in tokenized real-world assets on-chain. The network carries a TVL of approximately $6 trillion and a daily volume hovering around $300 billion, with use cases spanning U.S. Treasuries, syndicated loans, mortgages, natural gas and physical oil settlements, and money market funds.
The core argument for Canton is structural. Core traditional financial infrastructure, including settlement, clearing, and collateral systems, is preparing for a large-scale migration on-chain, moving beyond pilot programs. For that migration to succeed at scale, privacy, interoperability, and regulatory compliance are non-negotiable. Canton's architecture is built specifically to deliver all three.
Sources:
Canton Network: Unlocking Collateral Mobility Through RWA Tokenization
CoinDesk: Canton Network's $6T in Real-World Assets
Investax: Real-World Asset Tokenization Market Recap 2025

Hyperliquid's native token $HYPE is charging toward record territory, posting gains of more than 20% in a single 24-hour window and extending its one-month advance to over 40%. The move puts the token within reach of its all-time high of $59.39, set in September 2025, raising the question not of whether it will break that level, but how far beyond it the token can go.
Strong Fundamentals Driving the Move
The rally is not purely speculative. Hyperliquid's annualized revenue tops $620 million, fueled by its dominant position in perpetual DEX trading and deflationary tokenomics. A key part of that model is a fee-recycling mechanism: since 97% of fees are used to buy or redistribute HYPE, trading volume directly supports the token's price.
On-chain data shows HyperEVM total transaction fees have surpassed 235,570 and are at an all-time high, total trading volume has crossed $3.64 trillion and is also at an all-time high, and platform revenue has crossed $993 million. Hyperliquid is a layer one blockchain best known for perpetual futures and spot trading, with an ecosystem that also supports borrowing, lending, real world assets, and a full Ethereum Virtual Machine.
Institutional interest is growing as well. 21Shares launched the first US-listed Hyperliquid ETF on Nasdaq on May 12, 2026, with Bitwise following days later with its BHYP ETF on NYSE, pledging 10% of fees to HYPE buybacks. Combined inflows exceeded $5.6 million, highlighting growing institutional appetite for 24/7 crypto and commodities exposure via Hyperliquid's infrastructure.
ATH in Sight, but Risks Remain
After trading in the $40 to $50 range earlier in the year, the recent breakout above $56 brings $HYPE within striking distance of its all-time high near $59.39, marked in September 2025. This momentum has pushed Hyperliquid's fully diluted valuation above Solana's, marking a major milestone for the perp DEX leader.
Not everyone is cautious about upside targets. Arthur Hayes, co-founder of BitMEX, has set a public price target of $150 for HYPE by August 2026, arguing that the token is fundamentally de-risked by a mechanism that directs 97% of protocol fees toward token buybacks. Risks include broader market corrections, competition from rivals, and token unlock schedules, though robust fundamentals and community staking provide some buffer. HYPE's next token unlock is scheduled for June 6, 2026, a date traders will be watching closely as the price approaches uncharted territory.
Sources:
Crypto Times: HYPE Price Explodes 45% in a Week
CoinGecko: Hyperliquid (HYPE) Live Price and Market Data
CoinMarketCap: Hyperliquid (HYPE) Price and Historical Data

The DFINITY Foundation (@dfinity) has spotlighted a core feature of its newly unveiled Cloud Engines, a sovereign cloud framework built directly into the Internet Computer protocol that allows AI agents to build, deploy, and update production applications without constant human oversight.
The announcement came on May 10, 2026, as part of the network's five-year mainnet anniversary. DFINITY founder Dominic Williams used the occasion to formally introduce Cloud Engines, framing it as the next major phase for the Internet Computer ($ICP) and a direct move into the mainstream cloud market.
What Cloud Engines Actually Does
Traditional cloud infrastructure requires engineering teams to manually patch infrastructure, resolve downtime, and fix data errors that follow AI-driven updates. Cloud Engines is designed to eliminate that overhead. Security is enforced at the protocol level, making the infrastructure tamperproof by default. Uptime is guaranteed even if individual nodes fail, removing the need for sysadmins to intervene.
The result is a fully on-chain, always-available environment where AI agents can create and update software-as-a-service products directly on the Internet Computer, with no vendor lock-in and full ownership retained by the builder.
According to a post by Williams on the DFINITY Medium blog, Cloud Engines are essentially private subnets that entrepreneurs and enterprises can spin up by combining available nodes through an Engine Configurator governed by the Network Nervous System (NNS). The protocol enforces node independence, requiring that nodes come from different operators, data centers, and geographies, to prevent centralization.
Scalability is also built in. Engine owners can scale applications by adding nodes or upgrading hardware without touching application code itself.
Tokenomics and the Broader Context
Cloud Engines also carry a direct economic implication for $ICP. Under the proposed model, 80% of Cloud Engine revenue flows to node providers, while the remaining 20% is used to buy back and burn ICP tokens. This shifts the network's economic model toward a deflationary structure, tied directly to real usage rather than token issuance.
That burn mechanism is a central pillar of Mission 70, DFINITY's broader 2026 tokenomics roadmap, which targets a reduction in annual ICP inflation from approximately 9.72% to somewhere between 2.92% and 5.42%.
The five-year anniversary also coincided with strong on-chain activity. Daily transactions on the Internet Computer exceeded 335 million on May 8, and average transaction fees fell to a 90-day low, according to Chainspect data cited by CryptoNews.
Cloud Engines positions $ICP as a decentralized alternative to traditional providers like AWS and Azure, targeting builders who want a sovereign, AI-native cloud that no single entity controls.
Sources:
DFINITY Medium: Internet Computer 2.0, DFINITY 2.0 and Caffeine
CryptoNews: ICP Celebrates Five-Year Anniversary
Internet Computer: Pakistan Digital Authority and DFINITY Partnership

Senate Banking Committee Advances Landmark Crypto Bill
Senator Dave McCormick (R-PA) says he expects the Digital Asset Market Clarity Act, known as the CLARITY Act, to pass this summer as Washington builds momentum around a comprehensive regulatory framework for digital assets. Speaking to Fox Business, McCormick argued the bill would give digital assets clear rules while keeping innovation anchored in America rather than driving it offshore.
The Senate Banking Committee voted 15-9 on May 14 to advance the bill, with two Democrats, Senators Ruben Gallego of Arizona and Angela Alsobrooks of Maryland, crossing the aisle to support it alongside all 13 Republicans. The vote marked the first time a wide-ranging piece of digital asset legislation has cleared a Senate committee.
McCormick himself was active during the markup session. His amendment directing the SEC and CFTC to revisit portfolio margin rules passed 18-6 with broad bipartisan support. He also publicly backed the bill ahead of the vote, stating it "protects consumers, gives digital asset innovators certainty, and keeps the future of crypto in America, not offshore."
What the Bill Does and What Stands in the Way
The legislation splits oversight of digital assets between two regulators: the CFTC takes primary authority over spot markets for digital commodities, while the SEC retains jurisdiction over crypto assets that qualify as securities. It also brings crypto exchanges, brokers, and dealers under Bank Secrecy Act obligations and protects individuals' right to self-custody their own digital assets.
The road ahead is still demanding. The bill must be merged with a separate version passed by the Senate Agriculture Committee before heading to a full Senate floor vote, where it will need 60 votes to overcome the filibuster. Washington insiders describe the bill's effective deadline as before August, with analysts warning that a later timeline risks a less crypto-friendly Congress after the midterm elections. If the Senate passes its version, the House would also need to reconcile it with the version it passed in July 2025 before the legislation reaches the president's desk.
Unresolved issues remain, including ethics provisions around elected officials' crypto holdings, DeFi developer treatment, and stablecoin yield rules. Still, the committee vote has injected fresh confidence into the process, with McCormick and other supporters framing summer passage as a realistic and urgent goal.
Sources:
CNBC: Crypto industry scores win as Clarity Act clears Senate hurdle
CoinDesk: Senate Banking Committee advances Clarity Act to full Senate floor
Yahoo Finance: Crypto's big bill is moving in the Senate

A wallet suspected to be tied to Grayscale has accumulated more than $10 million worth of Hyperliquid's native token $HYPE over the past week, according to on-chain data flagged by blockchain analytics firm Arkham.
The address amassed roughly 176,050 HYPE, valued at nearly $9.84 million, through transactions involving Wintermute, FalconX, Coinbase, and Flowdesk. The tokens were sourced across a mix of centralised exchanges and over-the-counter desks, suggesting a deliberate, structured approach rather than a simple market buy.
It is worth noting that the Grayscale attribution has not been publicly confirmed by the firm. The wallet label has not been confirmed, and Arkham's AI labels are used for tracking purposes but may require further confirmation.
Institutional Interest Builds Around HYPE
The suspected Grayscale wallet is not the only institutional-scale address building a position in HYPE. Blockchain analytics firm Lookonchain flagged that a wallet whose funding history and transaction patterns have led multiple analysts to associate it with a16z bought another 372,000 HYPE tokens for $16.9 million over a three-hour window, bringing its total accumulated position to 2.11 million HYPE worth $90.87 million since April 14.
On the product side, institutional access to HYPE is also expanding through regulated vehicles. 21Shares launched the first U.S.-listed Hyperliquid ETF on Nasdaq on May 12, 2026, drawing over $5 million in days. Bitwise followed with its BHYP ETF on NYSE, pledging 10% of fees to HYPE buybacks. Earlier, Grayscale Investments submitted a Form S-1 to the SEC for the "Grayscale HYPE ETF," a passive grantor trust holding HYPE tokens directly, targeting a Nasdaq listing under ticker GHYP.
HYPE Price Surges on Accumulation News
As of May 21, 2026, HYPE has climbed sharply, trading around $56, with a 16% surge in the last 24 hours and over 46% gains in the past week. This momentum pushed Hyperliquid's fully diluted valuation above Solana's, marking a major milestone for the decentralised exchange.
The broader rally has solid fundamentals behind it. Hyperliquid is a layer-one blockchain best known for perpetual futures and spot trading, with an ecosystem that also supports borrowing, lending, real-world assets, and a full Ethereum Virtual Machine. Notably, 97% of the protocol's revenue is allocated to HYPE buybacks, directly linking the platform's success to token value.
This article is for informational purposes only and does not constitute financial advice.
Sources:
U.Today: Is Grayscale Accumulating Hyperliquid?
Bitcoin.com: Potential A16z-Linked Wallet Stacks $90.87M in HYPE
The Crypto Times: HYPE Price Explodes 45% in a Week

Ethereum co-founder Vitalik Buterin has outlined a short-term roadmap to bring privacy directly into the $ETH protocol, removing the network's long-standing reliance on third-party tools to shield user transactions.
Buterin outlined three near-term Ethereum upgrades aimed at making privacy a native feature of the network rather than an afterthought. His post argued that privacy can help give an asset true "moneyness" qualities, while layer-1 privacy could also support more mainnet activity.
Three Pillars of the Privacy Push
Account abstraction allows wallets and protocols to verify signatures natively at the protocol level, removing a long-standing dependency on external relayers for privacy protocols such as Privacy Pools and Railgun, which have so far required third-party relayers to broadcast user transactions on-chain, adding cost, a single point of failure, and a separate trust assumption.
FOCIL, or fork-choice enforced inclusion lists, makes censorship harder by allowing a committee of validators to propose a list of transactions that block builders are expected to include. If builders ignore these transactions, the network can reject their blocks. Together, account abstraction and FOCIL are designed to provide privacy-focused transactions with stronger guarantees of block inclusion while reducing major block builders' ability to censor them.
The second proposal focuses on keyed nonces. Keyed nonces make it harder to link transactions by replacing the single sequential nonce system. The change is proposed under EIP-8250 and aims to eliminate execution bottlenecks that arise when sequential transaction ordering creates conflicts in high-throughput or parallel transaction environments.
The third track targets the access layer. New access-layer tools, such as the Kohaku privacy toolkit, aim to prevent on-chain transaction linking and hide users' wallet queries from centralised node providers.
Broader Context
Buterin's framework suggests Ethereum can make meaningful progress in stages, targeting the specific places where users become exposed, and links privacy to a bigger goal for the network: making Ether work more like fully fungible digital money. The privacy work runs alongside quantum resistance efforts the Ethereum Foundation announced earlier this year.
None of the three changes are live yet, but the roadmap signals a clear shift in priorities at the protocol level, with privacy moving from an optional add-on toward a core network guarantee.
Sources:
CoinDesk: Vitalik Buterin Outlines Ethereum's Privacy Measures
CryptoNewsZ: Vitalik Buterin Reveals Plan to Boost Ethereum Privacy
Crypto.news: Vitalik Buterin Maps 3-Step Ethereum Privacy Upgrade

Hoskinson Raises the Alarm
Charles Hoskinson has issued a stark warning: Cardano's reputation as a research-first blockchain is at risk. The trigger is resistance from Japanese delegated representatives, known as dReps, to a major research funding proposal currently before Cardano's governance system. Hoskinson said the rejection could force Cardano's research lab to close and push scientists out of the ecosystem toward projects with more reliable, long-term funding. He cautioned that years of academic development could unravel if that support disappears.
The warning arrives at a sensitive moment for $ADA. Input Output, the engineering firm Hoskinson founded, has already cut its 2026 treasury ask to $46.8 million from $97.5 million the previous year, framing the reduction as the first step in a plan to reduce dependence on community funds over time. The 2026 portfolio spans nine proposals covering consensus upgrades, developer tooling, and formal research. A vote by roughly 1,000 elected dReps, who represent ADA holders in a role similar to proxy shareholders, runs through May 24.
What Is at Stake for Cardano's Science Identity
Cardano has long distinguished itself from rival blockchains by grounding its development in peer-reviewed research and formal verification. That approach has taken time, but it has produced a distinct technical roadmap including the Leios consensus upgrade, which Input Output says could increase Cardano's throughput by ten to sixty-five times. Hoskinson has argued that this research-heavy method is precisely what gives Cardano a durable competitive edge.
If dReps, including a significant bloc in Japan, vote against the research funding component, the consequences could go beyond a single budget line. Scientists and academics working within the Cardano ecosystem may seek funding elsewhere, and the institutional knowledge built over years of formal methods work is not easily replaced. Hoskinson has framed this not as an internal budget dispute but as a question about what kind of blockchain Cardano wants to be.
The broader governance backdrop adds complexity. The Cardano Foundation now controls 360 million ADA in community delegation, making it one of the largest single voting blocs in the ecosystem. Intersect, the governance body overseeing the vote, requires proposals to clear a 67 percent approval threshold before they can advance to on-chain treasury withdrawal actions. Whether the research proposals clear that bar will test how much Cardano's decentralized governance is willing to invest in the scientific foundations that have defined the project since its launch.
Sources:
CoinDesk: Input Output seeks $46.8 million for Cardano's 2026 proposals
Cardano Foundation: How the Foundation reviews budget proposals in 2026
Bitcoinist: Cardano founder says Leios is coming as proposal heads to dReps

Private Telegram Channel at the Centre of the Allegations
Jane Street Group is accused in a Manhattan federal lawsuit of using confidential information from inside Terraform Labs to unload $192 million of TerraUSD ($UST) just before the stablecoin collapsed in May 2022. The complaint alleges that a former Terraform intern working at Jane Street relayed nonpublic details via a private Telegram channel, enabling the firm to exit its position near par and then make about $134 million betting against the token as Terra's $40 billion ecosystem unravelled.
The suit also names Jane Street co-founder Robert Granieri and trader Michael Huang, cites federal securities and commodities laws, and is bolstered by a 2023 ruling that UST and Luna are securities as it seeks to claw back profits for Terraform's creditors.
The Critical Trade and Jane Street's Defence
Jane Street's largest alleged trade, an $85 million UST sale on decentralised exchange Curve Finance, came just nine minutes after Terraform quietly withdrew $150 million of UST liquidity from the same pool. That trade matters because public postmortems of Terra's collapse had long focused on a large Curve swap that helped push the token off its $1 peg. The lawsuit now alleges that the wallet belonged to Jane Street.
When a crypto analytics firm later told a Jane Street contact the firm had "made a killing," internal communications cited by the case show traders worrying about how their wallets had been identified, then discussing how to "decommission" them.
Jane Street has pushed back firmly. The trading firm asked a federal judge to dismiss the lawsuit, arguing it is an effort to shift blame for the 2022 collapse. Jane Street says Terraform's fraud has already been adjudicated through criminal and civil cases against founder Do Kwon, who pleaded guilty to conspiracy and wire fraud and received a 15-year prison sentence. Jane Street also argued its largest trades came after damaging information about UST and LUNA was already public, making the insider trading claims "self-defeating."
"This suit is a transparent attempt to extract money when it is well-established that the losses suffered by Terra and Luna holders were the result of a multi-billion dollar fraud perpetrated by the management of Terraform Labs," a Jane Street spokesperson said.
The lawsuit does not stand alone. Last December, bankruptcy administrator Todd Snyder also sued Jump Trading and its top executives, claiming Jump "actively exploited" the Terraform ecosystem through a backdoor deal to inflate the value of TerraUSD before it imploded, seeking $4 billion in damages under fraud, manipulation, and fraudulent transfer claims. The court's decision on Jane Street's motion to dismiss could shape how responsibility for the collapse is ultimately assigned.
Sources:
CoinDesk: Telegram group at centre of Jane Street insider-trading allegations in Terra collapse
CoinDesk: Jane Street asks court to reject Terraform claims tied to UST-LUNA crash
Disruption Banking: Jane Street hit with Terra $40B insider trading suit

Chainlink's Smart Value Recapture (SVR) received a significant upgrade on Ethereum mainnet. The update adds support for multiple orderflow auctions running in parallel, including Titan Builder, increasing competition among searchers and raising revenue for DeFi protocols like Aave. In practical terms, protocols using Chainlink price feeds can now recapture a larger share of oracle-related value that would otherwise flow entirely to third parties.
What Is Chainlink Smart Value Recapture?
SVR is Chainlink's mechanism for recapturing Oracle Extractable Value (OEV), a specific subset of Maximal Extractable Value (MEV) that arises when oracle price updates trigger liquidations in lending protocols. Rather than letting that value leak to external searchers and block builders, SVR redirects a portion of it back to the DeFi protocol and the Chainlink network.
Understanding MEV and OEV
MEV refers to the value block validators extract by reordering or excluding transactions. OEV is the slice of MEV tied specifically to oracle updates. When a price feed shows a borrowing position is undercollateralized, searchers race to place a liquidation transaction immediately after the oracle update, a technique called backrunning. SVR structures that race into a formal auction, so the winning bid benefits the protocol rather than leaking entirely to the searcher.
How Does Chainlink SVR Actually Work?
SVR runs on a dual transmission architecture that separates the public price update from a private one.
When a Chainlink oracle triggers an update, two things happen at once. The standard feed sends the price through the public mempool as normal. Simultaneously, the SVR feed sends the same update through a private channel, currently Flashbots MEV-Share, where searchers bid to bundle a liquidation in the same block. The highest bidder wins inclusion. The payment is then split between the DeFi protocol and Chainlink. If the private route fails, the system automatically reverts to the standard feed after a configurable delay, so price data is never stalled.
What Changed in the Latest SVR Upgrade?
The new update moves SVR beyond a single private channel. Chainlink now runs what it calls "orderflow auction multiplexing" on Ethereum mainnet, meaning multiple auction providers operate in parallel.
The direct results include:
Reduced inclusion delay for oracle price updates
Higher OEV recapture rates for integrated protocols
Improved system resilience through provider redundancy
Chainlink advises searchers to integrate with all supported orderflow auction providers to stay competitive.
Why Does This Matter for Protocols Like Aave?
Aave is the clearest live example of SVR in practice. The lending protocol requires collateralized positions to stay above a health factor threshold.
When an oracle update reveals a borrower is undercollateralized, their position is eligible for liquidation. With SVR, that liquidation opportunity is auctioned through Flashbots before the price update reaches the public mempool. The winning searcher executes the liquidation, earns the liquidation bonus, and shares part of the auction payment with Aave and Chainlink. Without SVR, all of that value goes to the searcher and block builder, bypassing the protocol entirely.
Risks Protocols Should Understand
SVR introduces a small, configurable delay to allow the auction to complete. If the private route fails, the dual aggregator falls back to the standard feed. Chainlink notes that SVR recaptures only the oracle-related portion of MEV, so protocol designers should remain aware of other MEV vectors. Actual recapture rates vary based on market conditions and the level of searcher competition.
Conclusion
Chainlink's SVR upgrade extends its oracle infrastructure to recapture liquidation-related MEV that would otherwise bypass DeFi protocols entirely. Parallel orderflow auctions on Ethereum mainnet reduce inclusion delays, raise recapture rates, and add redundancy. For protocols like Aave, it adds a direct revenue stream tied to their existing liquidation process, with minimal integration work required.
Resources
Chainlink on X: Post on May 20
Chainlink docs: SVR Searcher Onboarding: Ethereum Mainnet

A Lean Operation with a Long Runway
The Zcash (@Zcash) $ZEC Foundation closed Q1 2025 with $36.69 million in liquid assets against just $817,000 in total operating expenses, according to its latest quarterly report. With a burn rate of around $817,000 a quarter, the foundation could maintain its operations for over a decade thanks to its conservative treasury strategy.
The treasury was supported mainly by $21 million in ZEC holdings along with cash, USDC, Bitcoin, and Ether. Average monthly operating expenses were about $272,539 during Q1, with protocol and Zebra work accounting for the largest allocation at 50.4%, followed by management and general costs at 18.8%, community at 17.9%, FROST at 8.1%, and the Shielded Aid Initiative at 4.8%.
The latest disclosure aligns with previous Zcash Foundation financial reports, which show spending below $1 million in recent quarters. This stands in contrast to other crypto nonprofits, which often incur large expenses on incentive and advertising campaigns. The Uniswap Foundation, for instance, earmarked at least $106.2 million for grants and incentives and another $26.3 million for operating costs and employee token awards through January 2027.
Regulatory Clarity and Ecosystem Resilience
The U.S. Securities and Exchange Commission closed its probe of the Zcash Foundation in January, helping reduce the regulatory uncertainty that had surrounded the privacy project. The inquiry began with an August 2023 subpoena and ended with no enforcement recommendation against the Foundation. Foundation officials said the nonprofit cooperated fully throughout the process, and no penalties, fines, or required changes were attached to the outcome.
Q1 was also a turbulent period for the broader Zcash ecosystem after all employees of Electric Coin Company (ECC), led by former CEO Josh Swihart, left the team following disagreements with Bootstrap, a Zcash-focused nonprofit. Despite the disruption, Zcash Foundation Executive Director Alex Bornstein stressed that "the Zcash network is, and has always been, a decentralized, open-source protocol" and that "no single organization controls it." The foundation also helped roll out the Zebra 4.0 upgrade during the quarter, alongside FROST advancements, Z3 stack progress, and NU7 governance polling.
The regulatory closure gives Zcash a cleaner backdrop at a time when privacy-focused crypto assets remain under heavier exchange, compliance, and policy scrutiny than most large-cap networks.
Sources:
The Block: Zcash Foundation ends Q1 with $36.69M in liquid assets
Crypto Adventure: Zcash Foundation Q1 Report Details SEC Closure and $36.7M Treasury
Yahoo Finance: Zcash Price Surges 10% Amid 2 Major Developments

Sui Network has launched gasless stablecoin transfers, a new protocol-level feature that enables users and businesses to send supported stablecoins on Sui without paying gas fees or managing a separate SUI token balance. With the feature now rolling out to validators, stablecoin transfer fees stand at $0.00 on the network.
The change represents a structural shift in how peer-to-peer transfers of supported stablecoins operate on Sui Mainnet. It is not a subsidy, sponsorship program, or temporary arrangement.
What Tokens Are Supported
Supported assets include $USDC, $FDUSD, $AUSD, $USDY, USDsui, suiUSDe, and USDB, with the feature designed to simplify payment workflows and remove one of the largest friction points in stablecoin adoption: the requirement to hold a separate token to complete transactions. Zero-cost transfers also mean gas fees can no longer rival or exceed the value of the payment itself, making micropayments viable at any scale.
Fireblocks Joins at Launch
Fireblocks, the enterprise platform securing more than $14 trillion in digital asset transactions, integrated the new solution ahead of the rollout as part of Sui's broader payments ecosystem expansion. Its support strengthens the institutional accessibility of Sui's payments infrastructure by enabling enterprises and financial service providers to manage stablecoin activity on the network through trusted digital asset infrastructure.
Adeniyi Abiodun, Co-Founder and CPO of Mysten Labs, the original contributor to Sui, framed the move as a long-held principle: "Stablecoins are becoming a core part of global finance, but the infrastructure around them still creates unnecessary complexity. From the start, we've said it should not cost individuals fees to move their own money."
Ran Goldi, SVP Payments and Network at Fireblocks, added: "The future of payments will run on stablecoin rails, but the experience for institutions still needs to catch up."
Sui's horizontally scalable architecture and object-centric design allow the network to support high-frequency payment activity with predictable performance and low operational overhead, positioning it for emerging payment applications, agentic commerce, and enterprise-grade financial systems.
Sources:
PR Newswire: Sui Launches Gasless Stablecoin Transfers With Support From Fireblocks
Chainwire: Sui Launches Gasless Stablecoin Transfers With Support From Fireblocks

Ripple has integrated its global multi-asset prime brokerage platform, Ripple Prime, with the trading venues operated by EDX Markets and EDXM International. The integration enables Ripple Prime's clients to access EDX's spot and perpetual futures liquidity for digital assets within a unified, capital-efficient prime brokerage framework.
One Framework, Deeper Liquidity
EDX Markets' spot trading venue and EDXM International's perpetual futures exchange are primary price discovery destinations, offering deep liquidity and a non-conflicted structure modeled on best practices from traditional financial markets. Clients receive enhanced capital efficiency through Ripple Prime's credit intermediation, net settlement, and collateral management services, addressing common pain points brought by market fragmentation and counterparty risk.
Rather than settling every individual trade, Ripple Prime can net out positions and settle the difference, freeing up capital that would otherwise be locked in margin accounts, a meaningful advantage when trading at institutional scale.
The deal also has roots in Ripple's broader expansion strategy. The development follows Ripple's $1.25 billion acquisition of Hidden Road in April last year, a deal that gave Ripple ownership of a global, multi-asset prime brokerage business and positioned it among the few crypto-native firms in the sector. Hidden Road provides clearing, prime brokerage, and financing services across foreign exchange, digital assets, derivatives, swaps, and fixed income markets, forming the foundation of Ripple Prime.
RLUSD Settlement and What Comes Next
The partnership also lays the groundwork for the future integration of Ripple USD ($RLUSD), Ripple's U.S. dollar-backed stablecoin, as a settlement and collateral asset on EDX. This will enable institutional clients to post and receive margin via a fully regulated, compliant dollar-pegged digital asset and drive enhanced cross-collateralization and margin efficiencies across spot crypto and perpetual futures trading.
Ripple Prime has also been expanding its financing capacity, recently securing a $200 million debt facility from Neuberger Specialty Finance to support institutional margin financing and prime brokerage services.
Both sides framed the deal in terms of rising institutional demand. Michael Higgins, International CEO of Ripple Prime, said the partnership supports venues offering "a secure, liquid bridge between traditional and digital markets," adding that EDX delivers "the performance, reliability, and depth that our clients expect." EDX Markets CEO Tony Acuna-Rohter said institutions are seeking infrastructure that combines "the operational rigor of traditional finance with the innovation and efficiency of digital assets."
Sources:
Ripple official press release: Ripple Prime Partners With EDX
Finance Magnates: Ripple Prime Integrates with EDX Markets Following Hidden Road Acquisition
Fintech Global: Ripple Prime and EDX bridge institutional digital asset gap

A Long Watch, Then a Conviction
Multicoin Capital co-founder Tushar Jain publicly detailed the firm's Zcash ($ZEC) position on the Bankless podcast on May 19, laying out why one of crypto's most influential venture firms has placed a significant bet on a privacy coin many had written off. Jain said Multicoin had watched Zcash for years without conviction, noting the asset had long suffered from weak attention, poor usability and limited evidence that privacy demand could translate into durable market interest.
That view shifted after a sharp rally, followed by a correction that still held well above prior lows. Rather than reading the pullback as a failed narrative, Jain framed it as a stress test. Key community members stayed engaged and vocal throughout the drawdown, which he took as a signal of genuine conviction rather than speculative froth.
Jain first disclosed the position at Consensus Miami in early May, confirming Multicoin had been accumulating ZEC since February. The firm did not disclose the exact dollar size of the position.
Privacy as a Store of Value
Jain's core thesis positions Zcash as a private store of value, a category distinct from Bitcoin's censorship resistance. Where Bitcoin transactions are fully public on-chain, Zcash uses zk-SNARK encryption to shield the sender, receiver and amount inside its shielded pool. Jain argued the market has so far priced only one side of that equation.
The broader macro backdrop underpins the thesis. Jain pointed to proposed wealth-tax legislation in California as a warning signal, arguing that as governments expand financial surveillance, demand for assets that are mathematically shielded from oversight will grow. Multicoin described ZEC as the cleanest way to express that thesis in public markets.
Upcoming technical catalysts may add further momentum. Analysts have cited Ledger support for shielded ZEC, a shielded pool share of roughly 31% to 32% of supply, and planned block-time reductions from 75 seconds to 25 seconds as developments worth watching for adoption.
For Multicoin, a firm known for early positions in Solana, Helium and The Graph, the move into a privacy coin marks a notable shift in portfolio strategy and a clear signal that financial privacy is moving back toward the centre of the crypto conversation.
Sources:
CoinDesk: Multicoin unveils significant Zcash position as privacy trade returns
Fortune: Zcash spikes 30% after Multicoin managing partner discloses position
NewsBTC: Why Multicoin is betting big on Zcash

World Liberty Financial token holders booked their largest single-day realized profit on record on May 18, 2026, according to on-chain analytics firm Santiment. The network recorded 1.8 billion $WLFI tokens sold for profit, while dormancy metrics showed 17.4 trillion tokens moved on an age-consumed basis, both figures unprecedented for the project.
Binance USD1/BTC Futures Launch Drives the Spike
The surge in profit-taking coincided directly with Binance going live with a USD1/BTC perpetual futures pair on the same day. This marked the first time USD1 was used as a direct primary settlement asset on Binance. Previously the stablecoin could only function as a secondary collateral option, allowing holders to borrow USDT. Under the new arrangement, profits, losses, and funding rates are all settled directly in USD1, putting it on par with how standard USDT pairs operate.
Zach Witkoff, CEO of World Liberty Financial, described the listing as a step toward making USD1 "a core settlement asset across global crypto trading." The contract offers traders up to 100x leverage on a 24/7 schedule, with funding rates capped at plus or minus 0.375% and fees settled every eight hours.
USD1 Continues to Outpace the Broader Stablecoin Market
The Binance integration is the latest step in a rapid expansion for USD1. Supply has grown from roughly $2 billion to over $4 billion on a year-on-year basis, a 100% increase compared with 32% growth across the broader stablecoin market over the same period. Beyond Binance, USD1 has also secured integration with MEXC, Aster DEX, and institutional platform Falcon, and went live on Bybit with a WLFI rewards program just days after the Binance launch.
The scale of the May 18 profit-taking signals that existing holders used the heightened attention around the Binance launch as an exit point. Whether the expanded utility of USD1 as a settlement asset can sustain and attract fresh demand in the weeks ahead remains the key question for the project.
Sources:
AMBCrypto: USD1 enters Binance Futures as a primary settlement stablecoin
The Crypto Times: Trump-linked WLFI USD1 heads to Binance Futures Market

OKX Opens Pi Network to US Users
Pi Core Team has confirmed that OKX (@okx) has made $PI available to millions of users in the United States for the first time, marking a notable step in the project's ongoing push for mainstream adoption. The move gives Pi Network a meaningful commercial presence in one of the most closely watched regulatory environments in crypto.
Pi Network said the expansion is intended to strengthen ecosystem participation, utility, and real-world user growth globally.
Context: Pi Network's Exchange Journey and Protocol Development
When Pi Network's Open Network launched on February 20, 2025, it was one of crypto's most anticipated debuts. The project had over 60 million engaged users and more than 19 million identity-verified Pioneers at the time of listing, with spot trading for the PI/USDT pair opening at 8:00 am UTC on February 20, 2025. As Bitget and other exchanges followed with listings, the token reached $2.99, briefly valuing the network at over $25 billion fully diluted.
Pi Network is a decentralized blockchain project launched in 2019 by Nicolas Kokkalis and Chengdiao Fan, both Stanford University graduates. Its core premise is lowering the barrier to crypto participation by letting users mine the token directly from a smartphone app. The network runs on the Stellar Consensus Protocol, a federated Byzantine agreement mechanism that validates transactions through trusted nodes rather than competitive computation, making it more energy-efficient than proof-of-work alternatives.
On the protocol side, Pi Network activated its Protocol 23 upgrade on May 18, 2026, introducing native smart contract and decentralized application support. The hard fork shifts the network from a basic mainnet to a programmable Layer 1 blockchain. Whether the upgrade will be enough to catalyze meaningful developer activity and offset persistent token unlocks remains an open question. Analysts largely maintain a neutral stance and urge patience until utility absorbs token inflation.
This article is for informational purposes only and does not constitute financial advice.
Sources:
OKX Lists PI (Pi Network) for Spot Trading, OKX
Latest Pi Network News and Market Insights, CoinMarketCap
Pi Network (PI) Price and Market Data, CoinMarketCap

SVR Adds Parallel Orderflow Auction Support on Ethereum
Chainlink $LINK has upgraded its Smart Value Recapture (SVR) system on Ethereum $ETH mainnet, introducing a new orderflow auction multiplexing architecture that allows multiple auctions to run in parallel. The update adds support for builders including Titan Builder, expanding the pool of searchers competing for liquidation backrun rights and putting downward pressure on inclusion delays.
SVR is designed to intercept Oracle Extractable Value (OEV), a category of Maximal Extractable Value (MEV) that arises when oracle price updates trigger liquidations in DeFi lending protocols. Before SVR, that value flowed entirely to block builders and third-party searchers, with nothing returning to the protocols or oracles that generated it. The multiplexing upgrade raises MEV recapture rates by increasing competition among searchers. Early performance showed a 20.9% recapture rate, but Chainlink reports averages now exceeding 80%, with some transactions hitting above 90%.
Revenue Impact for Aave and the Broader DeFi Ecosystem
The primary beneficiary on Ethereum mainnet is Aave, which became SVR's first major integration partner. Aave's adoption of SVR on Ethereum has already recaptured $16.7 million or more in non-toxic liquidation MEV, according to Chainlink's Q1 2026 quarterly review. When a protocol integrates Chainlink SVR Feeds, the recaptured oracle-related MEV is split between the integrating DeFi protocol and the Chainlink Network, providing DeFi protocols with an additional revenue stream while supporting the economic sustainability of Chainlink oracles.
The improved auction infrastructure also strengthens network resilience. SVR operates through a dual aggregator architecture with a built-in fallback: if the private route fails or times out, the SVR feed automatically reverts to the standard feed price after a configurable delay, helping ensure price data remains accessible through the public route.
Beyond Ethereum, Atlas order flow technology has been integrated into Chainlink SVR, and SVR is now live on Arbitrum, Base, BNB Chain, Ethereum, and HyperEVM, with additional chains expected over time. All-time cumulative SVR value recaptured reached $18.3 million, with $8.3 million recaptured in Q1 2026 alone, and Chainlink SVR reached 99% of the total market share for oracle-related MEV capture.
The Ethereum mainnet multiplexing upgrade reinforces Chainlink's push to make SVR the default MEV recapture layer across decentralized finance, generating sustainable revenue for protocols while improving the efficiency of the underlying oracle infrastructure.
Sources
Chainlink SVR Feeds Documentation
Chainlink Quarterly Review Q1 2026
Aave Integrates Chainlink SVR on Ethereum Mainnet (PR Newswire)

SpaceX has revealed a substantial Bitcoin position in its public S-1 filing with the Securities and Exchange Commission, disclosing that it held 18,712 $BTC as of March 31, 2026, with a fair value of approximately $1.293 billion at quarter end.
The filing shows the company acquired its holdings at an average cost basis of around $35,300 per coin, against a total cost basis of $661 million, leaving SpaceX with a sizeable paper gain at current prices.
A Major Corporate Bitcoin Holder
The holding places SpaceX among a small group of major corporations with significant Bitcoin on their balance sheets. For context, Elon Musk's other company, Tesla, holds 11,509 Bitcoin, while Michael Saylor's Strategy currently holds the largest corporate position at 843,738 Bitcoin. A stack above 18,000 coins would rank SpaceX seventh among tracked corporate treasuries, putting the company ahead of Coinbase ($COIN).
Under the FASB's ASU 2023-08 fair-value accounting standard, which took effect for fiscal years beginning after December 15, 2024, listed companies must now mark Bitcoin holdings to market every quarter and route the result through the income statement. That means SpaceX's Bitcoin position will introduce quarterly earnings volatility once the company goes public.
IPO Sets the Stage for One of History's Largest Listings
SpaceX has filed its S-1 with the SEC, confirming plans for an initial public offering expected next month that could be the largest in history. The company plans to trade on Nasdaq under the ticker "SPCX". SpaceX is seeking to raise as much as $75 billion in the IPO and is targeting a valuation of around $1.75 trillion, with Goldman Sachs and Morgan Stanley serving as lead underwriters.
The filing also shows SpaceX generated $4.69 billion in first-quarter revenue and recorded a $4.28 billion net loss. Revenue from launch services, Starlink and other business lines remains large, but spending tied to artificial intelligence, infrastructure, research and Starship development continues to weigh on earnings.
The Bitcoin disclosure adds a digital asset dimension to what is already one of the most closely watched public listings in years, and underscores a broader shift in how major non-crypto companies are treating Bitcoin as a balance-sheet asset.
Sources:
CoinDesk: SpaceX held 18,712 Bitcoin at fair value of $1.29 billion, IPO filing shows
CoinCentral: SpaceX Files for IPO With 18,712 Bitcoin on Balance Sheet
Decrypt: Elon Musk's SpaceX IPO Filing Reveals $1.45 Billion Bitcoin Position

Privacy coins are the standout sector in Wednesday's session. Zcash ($ZEC) is changing hands at $669.83, up 16.87% on the day and 26.72% over the past week. $DASH is not far behind at $49.08, a gain of 15.24% in 24 hours.
Zcash Foundation Q1 Report Revives SEC Narrative
The immediate catalyst for $ZEC is the @Zcash Foundation's latest quarterly disclosure. The foundation entered Q2 with a significant regulatory overhang removed after the U.S. Securities and Exchange Commission closed its investigation without recommending enforcement action. The inquiry began with an August 2023 subpoena and ended with no enforcement recommendation against the foundation. Foundation officials said the nonprofit cooperated fully throughout the process, and no penalties, fines, or required changes were attached to the outcome.
On the financial side, the report paints a stable picture. The foundation reported net liquid assets of approximately $36.7 million as of March 31, with average monthly operating expenses of about $272,539, personnel costs accounting for the largest share. With a burn rate of around $817,000 a quarter, the foundation could maintain its operations for over a decade at current spend rates. The closure gives Zcash a cleaner regulatory backdrop at a time when privacy-focused crypto assets remain under heavier exchange, compliance, and policy scrutiny than most large-cap networks.
Dash Gets a Separate Lift From Aurora Integration
$DASH has its own tailwind. Aurora added @Dashpay support to its Intents Widget, opening cross-chain swap and deposit flows for Dash users. Aurora's Intents Widget is a plug-and-play integration layer built on NEAR Intents infrastructure. The widget provides a ready-made interface that abstracts routing, wallet flows, and cross-chain execution, allowing users to connect their wallet and fund actions from any supported chain or token in a single flow without relying on manual bridges or multi-step swap processes. NEAR Intents is already used in production by wallets and trading applications, processing approximately $2.5 billion in monthly volume.
The broader backdrop is also playing into demand for surveillance-resistant assets. MiCA's ongoing review period, growing CBDC discussion across major economies, and elevated geopolitical risk are all factors that have historically pushed capital toward privacy-focused tokens. Whether this move marks a durable rotation or a short-term bounce remains to be seen, but the fundamental catalysts behind both $ZEC and $DASH are more substantive than a typical momentum trade.
Sources:
Zcash Foundation Q1 Report Details SEC Closure and $36.7M Treasury (CryptoAdventure)
Zcash Price Surges Amid SEC Investigation Closure (Yahoo Finance)
Aurora Labs Releases Intents Widget (Chainwire)