Headlines
Fed's Collins: Premature Rate Cuts Pose Risks, Market Has Priced in Fed's Balance Sheet Actions
Fed's Collins stated that premature rate cuts pose risks, and the US economy needs to cool down to bring the inflation rate back to the Fed's 2% target level. When it comes to monetary policy, Collins said that recent unexpected increases in economic activity and inflation suggest that it may be necessary to keep policy at its current level until there is greater confidence in a sustained move towards 2% inflation. Monetary policy and balance sheet policy are very different, and the market has priced in the Fed's balance sheet actions. (Jinse)
Robinhood Q1 Cryptocurrency Nominal Trading Volume Increases by 224% to $36 Billion
Robinhood's net revenue for the first quarter was $618 million, exceeding analysts' expectations of $54.68 billion; first-quarter trading-based revenue increased by 59% year-on-year to $329 million, exceeding analysts' expectations of $255.3 million; first-quarter cryptocurrency trading revenue increased by 232% to $126 million, exceeding analysts' expectations of $70.9 million; options income increased by 16% to $154 million. The first-quarter monthly active users reached 13.7 million, exceeding analysts' expectations of 11.29 million; maintaining the overall operating expenses for the year at $1.85 billion to $1.95 billion.
Driven by the rise in stock and cryptocurrency prices, Robinhood's assets under custody (AUC) increased by 65% to $129.6 billion.
Robinhood's Q1 cryptocurrency nominal trading volume increased by 224% to $36 billion, a significant increase compared to the nominal trading volume of stocks (40%), although the latter's trading volume was larger, reaching $225 billion.
In addition, Robinhood's Q1 net income increased to $157 million, compared to a net loss of $511 million in the same period last year.
Robinhood's stock price rose 6% to $18.82 after hours. The stock has risen 44% year-to-date. (The Block)
FTX: Almost all customers will receive full refunds
According to CNBC, the bankrupt cryptocurrency exchange FTX stated that almost all customers will receive full refunds, and even more. According to the restructuring plan released on Tuesday night, FTX estimates that it owes creditors about $11.2 billion. FTX stated that it has $14.5 billion to $16.3 billion available for distribution to creditors. The plan states that customers with claims of $50,000 or less will receive approximately 118% of their allowed claim amount. Approximately 98% of creditors will receive this compensation.
Sunil Kavuri, a representative of the creditor group of the bankrupt cryptocurrency exchange FTX, suggested voting against its compensation plan. Sunil Kavuri insists on his view that when FTX exchange applies for bankruptcy, cryptocurrencies should be paid in physical form rather than in dollar value. (TheBlock)
Industry News
BitMEX announces the launch of options trading business, aiming to seize market share from Deribit
BitMEX announced a partnership with PowerTrade to launch options trading on its platform, aiming to seize market share from Deribit. PowerTrade is a cryptocurrency options platform supported by Ascend Ventures, Pantera Capital, and Ledger Prime. (TheBlock)
Payment settlement giant Mastercard has collaborated with major US banking institutions such as Citi Group, Visa, and JPMorgan to test tokenized bank settlements using distributed ledger technology. It is reported that the cooperation between major banking giants and payment processors aims to test a shared ledger technology called the Regulatory Settlement Network (RSN). RSN enables tokenized assets such as treasury bills, investment-grade debt instruments, and commercial bank funds to be settled centrally. (Cointelgraph)
UK Economic Secretary: Stablecoin and Collateral Legislation May Be Passed in the Coming Weeks
UK Economic Secretary Bim Afolami stated that the UK government may pass stablecoin and collateral legislation in the coming weeks, and will release more details later, calling these two issues an absolute priority in the coming weeks and months. (Coindesk)
The Indonesian government agency Commodity Futures Trading Regulatory Agency (Bappebti) is responsible for regulating cryptocurrencies. The agency recently established a dedicated committee to oversee the industry. The Crypto Asset Committee was established in accordance with regulations issued in January. Cryptocurrencies fall under Bappebti's jurisdiction because cryptocurrencies are considered commodities in Indonesia.
Kasan, the head of Bappebti, stated at the BLK 2024 opening ceremony in Jakarta on May 2: "The committee will be a driving force to ensure the smooth operation of the crypto asset industry and to maintain compliance within the applicable legal framework. Therefore, optimizing the role of the crypto asset committee should be the focus of deploying the current crypto asset ecosystem." (CoinDesk)
Project News
Authorized issuance of USDT on TON chain reaches $180 million, ranking sixth in blockchain issuance
According to the Tether transparency page, the authorized issuance of USDT on TON has reached $180 million, surpassing Cosmos and Near, ranking as the sixth largest blockchain in terms of USDT issuance, second only to Tron, Ethereum, Solana, Avalanche, and Omni.
Ekubo: Token airdrop officially launched
Starknet's AMM protocol Ekubo announced on X platform that the token EKUBO has been officially launched. The token is mainly divided into 3 parts: 1/3 is allocated to users, 1/3 to the team, and 1/3 is sold by DAO through TWAMM for ETH/STRK/USDC starting on May 23 for 2 months. There are no rights, no low circulation, high FDV market value games, simple enough to release half a tweet, and open to all eligible individuals.
LayerZero CEO: Only 6.67%-13.33% of the 6 million addresses are eligible for the airdrop
LayerZero CEO Bryan Pellegrino stated in the TG group that considering nearly half of the addresses have only conducted one transaction, he believes that out of the 6 million addresses, only 400,000 to 800,000 addresses are genuine, which may mean that only 6.67%-13.33% of the addresses are eligible for the airdrop. At the same time, Bryan Pellegrino also mentioned that the data work is still ongoing.
Personal Voices
FOX reporter Eleanor Terrett stated on X platform that Grayscale never submitted an S-1 application for its Ethereum futures ETF, so the application is incomplete. Before considering its spot application, the SEC may want to see if a complete futures application will emerge.
She also mentioned that since its launch last year, investor demand for existing Ethereum futures ETFs has been relatively low.
Earlier today, it was reported that Grayscale withdrew its 19b-4 application for its Ethereum futures ETF with the US SEC on May 7, leaving the SEC with only three weeks to make a decision on its application.
The SEC had originally planned to make a final decision on Grayscale's Ethereum futures ETF on May 30. Grayscale initially submitted the 19b-4 application on September 19, 2023, hoping to list its Ethereum futures ETF on the New York Stock Exchange.
Bloomberg ETF analyst James Seyffart initially believed that Grayscale strategically planned to use its Ethereum futures ETF as a "Trojan horse" to force the SEC to approve its Ethereum spot ETF. However, he is puzzled as to why Grayscale is now withdrawing the application, as the SEC will be forced to decide whether to approve at least one Ethereum spot ETF application by May 23.
Investment and Financing
Crypto trading platform Arbelos completes $28 million in financing, led by Dragonfly
Crypto trading platform Arbelos announced the completion of a $28 million financing round, led by Dragonfly, with participation from FalcolnX, Circle, Paxos, Polygon, and Deribit.
Arbelos Markets will mainly focus on derivatives and over-the-counter trading for institutional participants, providing trading liquidity for companies such as hedge funds and venture capital firms, serving as counterparties for popular products such as options and futures. The round of financing was completed in mid-2023. (Fortune)
Lava Foundation, dedicated to developing a modular blockchain network called Lava, announced the completion of a $11 million financing round, with participation from Animoca Brands, Gate.io Ventures, CoinGecko Ventures, Polygon co-founder Sandeep Nailwal, Ash Crypto, CryptoLark, and media outlets Crypto Times Japan, Le Journal Du Coin, and The Rollup. It is reported that the mainnet release and airdrop of Lava are expected to take place in the coming months. (TheBlock)
Zero-knowledge cryptography startup Lagrange announced the completion of a $13.2 million financing round, led by Peter Thiel's Founders Fund. Lagrange Labs is a crypto startup based on the Ethereum EigenLayer re-collateralization platform, focusing on research on zero-knowledge (ZK) proof technology. (Coindesk)
Intent-based cross-chain interoperability protocol Owlto Finance announced the completion of an $8 million strategic financing round, co-led by Bixin Ventures and CE Innovation Capital, with participation from Presto, Hailstone Labs, Skyland Ventures, Blocore, SNZ Capital, BESTO, Kroma, Coinseeker.co, Stratified Capital, X21 Digital, Maxx Capital, Incubate Fund, GSR, and ChainCatcher.
The financing will be mainly used to accelerate the upgrade of AI intent-based cross-chain products, the development of modular cross-chain interoperability protocols, global operations and marketing, full-chain liquidity solutions V2, and capital market operations.
Co-leading investor Bixin Ventures stated: "Owlto is an innovative team that first proposed to create AI intent-based cross-chain products. We have witnessed Owlto's rapid growth and thriving community. We believe that in the near future, Owlto will unleash its enormous potential, become a leading infrastructure project, and innovate in the Web3 technology field. We are pleased to include Owlto in our investment portfolio and look forward to its success."
It is reported that Owlto is a cross-chain bridge based on ETH Layer2, which has grown to become one of the top three Ethereum ecosystem cross-chain bridges in just about half a year after its launch, accounting for over 75% of third-party cross-chain volume in some ETH Layer2, and recently becoming the number one cross-chain bridge in the Bitcoin ecosystem. Owlto already has over 1.6 million user independent addresses from over 206 countries and regions.
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