Rhythm Morning News｜A list of important crypto industry news last night and this morning on May 16

After the release of CPI data, the swap market expects the Fed to accelerate its pace of interest rate cuts in 2024

BlockBeats news, on May 15, after the release of CPI data, the swap market expects the Fed to accelerate its pace of interest rate cuts in 2024. (Golden Ten)

CPI boosts expectations of interest rate cuts, US stocks open higher

BlockBeats news, on May 15, the decline in the US CPI in April boosted expectations of interest rate cuts, and the three major US stock indexes opened higher, with the Dow up 156 points, the SP 500 up 0.4%, and the Nasdaq up 0.5%. The rise of WSB concept stocks cooled down, GameStop (GME.N) fell 15.9%, and AMC Cinemas (AMC.N) fell 10.5%.

CME Fed Watch: The probability of the Fed keeping interest rates unchanged in June is 91.5%

BlockBeats news, on May 16, according to CME "Fed Watch" data, the probability of the Fed keeping interest rates unchanged in June is 91.5%, and the probability of a 25 basis point rate cut is 8.5%.

Altcoins saw a general rise, IMX rose more than 17% in 24 hours

BlockBeats news, on May 16, according to market data, as Bitcoin rebounded above $66,000, altcoins saw a general rise, including:

IMX rose 17.7% in 24 hours and is now quoted at $2.372;

FTM rose 17.57% in 24 hours and is now quoted at $0.7589;

LPT rose 16.8% in 24 hours and is now quoted at $20.115;

JTO rose 16.3% in 24 hours and is now quoted at $4.407;

NEAR rose 24 hours 15.6%, currently quoted at $8.13;

JUP rose 15.33% in 24 hours and is now quoted at $1.1718.

ETH/BTC exchange rate fell to 0.04577, a new low since April 2021

BlockBeats news, on May 15, the ETH/BTC exchange rate fell to 0.04577, and is now reported at 0.04606, a new low since April 2021.

Binance launches spot copy trading

BlockBeats news, on May 15, Binance has launched spot copy trading, which users can use through the Binance web client and Binance App. Users who meet regional conditions can copy the real-time trading strategies of experienced traders through spot copy trading.

Blast announced that the airdrop will be launched on June 26

BlockBeats news, on May 16, according to official news, Ethereum Layer 2 network Blast announced that the airdrop will be launched on June 26. Due to a slight delay from the initial estimate in May, the airdrop allocation will increase. Before the airdrop, Blast will have the last two Gold Distribution events to distribute gold points to DApps.

Blur has transferred 35.54 million BLUR unlocked in May to Coinbase Prime, about 12.96 million US dollars

BlockBeats news, on May 16, according to Ember monitoring, 5 hours ago, Blur has transferred the unlocked tokens in May to Coinbase Prime.

35.54 million BLUR (about 12.96 million US dollars) was unlocked and transferred from the Blur unlocking contract to the 0x0A0 multi-signature address 8 hours ago, and then transferred to Coinbase Prime via the 0x0A0 multi-signature address 5 hours ago.

Entangle launches a points program to encourage users to earn points by staking and using eBridge

BlockBeats news, on May 15, the cross-chain DeFi protocol Entangle announced the launch of a new points program (Entangle Points Program), which aims to improve the security and activity of the network by incentivizing users to stake NGL tokens and use eBridge. According to the official blog of Entangle, users can earn points by staking NGL tokens to validators or transmitter agents, and using eBridge for cross-chain transactions. Among them, staking NGL helps maintain the security of the blockchain, while using eBridge can improve the efficiency of cross-chain asset transfers.

The points program is expected to provide an annualized rate of return (APY) of about 8%. It is worth mentioning that Entangle said that users do not need to re-stake, and currently staked NGL tokens will be automatically included in the points program. In addition, users can use the points earned to support other products within the Entangle ecosystem to obtain additional benefits. In the future, the points program will also be extended to all Entangle products, allowing users to obtain points rewards in more ways.

Sei will launch the V2 upgrade in three phases to achieve a new high-performance parallel EVM

BlockBeats news, on May 15, Sei announced that it will launch the V2 upgrade plan in three phases, aiming to launch the first highly scalable parallelized EVM.

According to the official blog of Sei, the upgrade will be divided into three phases: governance, Alpha release, and V2 readiness. In the governance phase, Sei Labs engineers will initiate the governance approval process through on-chain proposals. If approved, validators will begin upgrading node software, and the existing Sei Pacific-1 mainnet will also be upgraded to "V2".

The Alpha release phase focuses on chain stability and the deployment of third-party infrastructure, including RPC nodes, cross-chain bridges, indexers, and multi-signature tools. Sei Labs will continue to monitor and report on chain stability. It is worth noting that the functionality of existing applications and tokens will not be affected by the upgrade.

When the core infrastructure is ready, Sei's official Twitter account will announce the entry into the V2 readiness phase. To ensure stability, the block gas limit will be initially set, and will be gradually increased based on actual demand. Sei said that the V2 upgrade is an important milestone in its goal of building a consumer application blockchain that can support tens of millions of users.

dYdX will introduce new features "Isolated Markets" and "Isolated Margin" in the V4 version

BlockBeats news, on May 15, the decentralized derivatives trading platform dYdX announced that it will officially release the V4 software version Release 5.0 in the next few weeks, which will include two new features "Isolated Markets" and "Isolated Margin".

“Isolated markets” refer to markets with independent collateral pools and insurance funds, allowing the protocol to support more markets with different risk attributes. Correspondingly, “isolated margin” allows users to manually adjust their collateral for specific positions, and more intuitively control and understand their collateral management. dYdX said that the new market widget will expand from about 20 markets to more than 800 potential markets. In addition, Raydium will become the first decentralized trading protocol where validators can query prices on dYdX Chain.

It is worth mentioning that dYdX emphasizes that given the high volatility of crypto assets, traders should carefully assess their risk tolerance before trading “isolated markets” and fully understand the key attributes of the price oracle source and spot liquidity of the relevant market. As the oracle source decreases and liquidity becomes thinner, the risk of the market will also rise.

MakerDAO multi-signature wallet is suspected of selling 700 MKR again, worth $1.95 million

BlockBeats news, on May 16, according to @ai_9684xtpa monitoring, MakerDAO multi-signature wallet is suspected of selling 700 MKR again, worth $1.95 million. Half an hour ago, the project address 0x1cC…A5825 transferred 700 MKR, and then recharged it into Coinbase; this is the fifth token transfer this month, and a total of 3,600 MKR has been suspected of being sold.

Beefy has urgently suspended Sonne Vault and will work with Sonne to compensate users whose funds have been damaged

BlockBeats reported that on May 15, DeFi yield aggregator Beefy Finance announced that after Sonne Finance suffered a security vulnerability attack, the Beefy team took quick action and urgently suspended all 9 Sonne Vaults supported on Optimism and Base within a few minutes, withdrawing most user funds in a timely manner.

Beefy said that due to the quick response, about two-thirds of the funds were preserved, but some Vaults on Optimism were still affected to varying degrees, and some users suffered financial losses. At present, all Sonne Vaults will remain suspended. Beefy said it will maintain close communication with Sonne and will work with Sonne to ensure that any funds are returned to affected users once any funds are recovered or any form of compensation is obtained.

Humanity Protocol Completes $30 Million Seed Round, Valuation $1 Billion

BlockBeats news, on May 15, the blockchain identity authentication platform Humanity Protocol announced the completion of a $30 million seed round of financing, with a post-investment valuation of $1 billion, becoming a new "unicorn" company in the crypto field. This round of financing was led by Kingsway Capital, and institutions such as Animoca Brands, Blockchain.com and Shima Capital participated in the investment. Founder Terence Kwok said the company also raised about $1.5 million from some influential crypto opinion leaders (KOLs).

Humanity Protocol was founded late last year with the goal of verifying people’s online identities in the age of AI deepfakes through palm print recognition technology. The company plans to use the new financing to expand its team of more than 20 people and establish more partnerships. It currently has about 500,000 users on its waiting list. In addition, the company also plans to issue a crypto token to pay for verification fees.

With the launch of the technology, Humanity Protocol will first release an app that uses a mobile phone camera to scan palm prints for identity verification. Another layer of security will be introduced later, using a palm vein network and a small infrared camera for identity confirmation. In the future, this system is expected to be applied to the KYC process of financial platforms, and even to physical places such as hotels and office buildings through palm prints.

The U.S. House of Representatives will vote on the cryptocurrency market structure bill FIT21 next week

BlockBeats news, on May 15, according to Fortune, the U.S. House of Representatives plans to vote on the cryptocurrency market structure bill FIT21 next week. The bill was co-sponsored by Patrick McHenry, chairman of the House Financial Services Committee, and includes new provisions on when cryptocurrencies are considered securities. French Hill, chairman of the Digital Assets Subcommittee, said that despite the Senate's opposition to digital assets, he is optimistic about the passage of the FIT21 bill. He believes that the bill may become part of other authorization bills, such as the Agriculture Bill and the National Defense Authorization Bill. However, although the House vote is symbolic, there is still uncertainty as to whether the bill will eventually become formal legislation.

The U.S. Department of Justice accuses two brothers of using MEV vulnerabilities to steal $25 million in ETH and files fraud charges

BlockBeats news, on May 16, the U.S. Department of Justice (DOJ) announced an indictment accusing the two brothers Anton Peraire-Bueno (24) of Boston and James Pepaire-Bueno (28) of New York of stealing $25 million worth of cryptocurrency in 12 seconds by exploiting a vulnerability in the Ethereum blockchain. The two were charged with conspiracy to commit wire fraud, wire fraud, and conspiracy to launder money.

This is the first time that the U.S. government has filed criminal charges for controversial behavior related to Maximum Extractable Value (MEV). According to the indictment, the Pepaire-Bueno brothers carried out the theft by exploiting a vulnerability in the MEV-Boost software used by most of Ethereum’s validators.

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