News Preview:
- Sources: The U.S. House of Representatives will release a cryptocurrency regulatory draft before the hearing on May 6.
- Shardeum will conduct its TGE on May 5, with details on airdrops and token distribution to be announced soon.
- The Federal Reserve FOMC will announce its interest rate decision.
- Superseed: The SUPR token is set to open for claims on May 5.
- The Ethereum Pectra upgrade is scheduled to go live on May 7, optimizing staking and wallet functions.
- Coinbase plans to launch 24/7 Bitcoin and Ethereum futures trading on May 9.
May 5
Exchanges:
Hyperliquid: New fee structure and staking levels will go live on May 5
Hyperliquid announced on platform X that the new fee structure and staking levels will go live around 11:00 AM Beijing time on May 5. Changes include: staking HYPE can reduce trading fees; different fee rate tables for perpetual contracts and spot trading; spot trading volume will be counted double when calculating fee levels. The association feature between staking accounts and trading accounts is now live on the testnet. This feature allows users to apply staking discounts from one account to another different trading account. This feature is expected to be officially launched shortly after the new fee structure and staking levels go live.
Binance contracts will adjust the mark price on May 5
According to the official announcement, starting from May 5, 2025, at 5:00 PM (UTC+8), Binance contracts will adjust the mark price, changing the price basis from 2.5 minutes to 1 minute.
Project Updates:
Layer 1 blockchain Shardeum announced that it will conduct its TGE (Token Generation Event) on May 5, with more details regarding SHM token airdrops, sales distribution, and listings to be released soon.
IOTA: The Rebased network is set to upgrade on May 5
The IOTA Rebased network upgrade is confirmed for May 5, 2025, during which it will migrate from the Stardust network to the new IOTA network. For IOTA token holders, the Rebased upgrade will be seamless, requiring no token migration; users simply need to load their existing wallets into the new wallet to start using it.
Superseed: The SUPR token is set to open for claims on May 5
Lending platform Superseed announced on platform X that the SUPR token will open for claims at 10:00 PM Beijing time on May 5, with no claim deadline, but it can only be claimed on the Superseed mainnet.
Token Unlocking:
Ethena (ENA) will unlock approximately 171 million tokens at 3:00 PM Beijing time on May 5, representing 3.10% of the current circulating supply, valued at approximately $50 million.
May 6
Policy and Regulation:
Insiders revealed that House Financial Services Committee Chairman French Hill and others are expected to release a regulatory draft on cryptocurrency before the hearing scheduled for May 6 (local time). The hearing will take place at 10:00 AM Eastern Time on the 6th, with the theme "The Future of American Innovation and Cryptocurrency: A Blueprint for the 21st Century." It is expected to focus on long-awaited legislation to define the structure of the U.S. cryptocurrency market. The draft is anticipated to be similar to the "Financial Innovation and Technology Act of the 21st Century" (FIT 21) passed by the House last year. A staff member from the House Agriculture Committee also confirmed that the draft text will be released before the hearing.
Committees in both the House and Senate have advanced bills focused on stablecoins, while legislation regulating the entire cryptocurrency industry is seen as the next step. President Donald Trump has expressed a desire to see a stablecoin bill before August, but some have indicated that these bills may be interconnected.
U.S. lawmakers are returning to Congress after the Easter recess, prioritizing cryptocurrency legislation with the goal of completing stablecoin and market structure bills before the August deadline set by President Trump. The House Financial Services Committee and Agriculture Committee will hold a joint hearing on May 6 to discuss the digital asset legislative blueprint. The Senate is also working to integrate the 2022 Lummis-Gillibrand bill with the FIT21 bill.
Project Updates:
Sonic Labs: Sonic will upgrade to support native USDC and CCTP V2 on May 6
Sonic will suspend bridging USDC.e starting May 6, followed by an upgrade to native USDC and integration of CCTP V2, which is expected to take about a week. After the upgrade, users will not need to take action; USDC.e will automatically convert to native USDC, supporting faster and safer cross-chain transfers, while connecting to chains such as Avalanche, Base, Ethereum, and Linea. The original USDC contract address will remain unchanged, with only the name updated to USDC.
Token Unlocking:
Spectral (SPEC) will unlock approximately 10 million tokens at 8:00 AM Beijing time on May 6, representing 70.90% of the current circulating supply, valued at approximately $24.6 million.
May 7
Exchanges:
Binance will launch the token Obol (OBOL) at the following times:
Binance Alpha: May 7, 2025, at 6:00 PM (UTC+8)
Binance Contracts: May 7, 2025, at 6:30 PM (UTC+8)
To prevent congestion on the Ethereum network, users are advised to use limit orders for trading on Binance Alpha. Users who meet the Alpha points threshold will receive an airdrop within 20 minutes after the token goes live, with the points threshold to be announced on May 7.
Project Updates:
Ethereum developers have officially set the mainnet launch time for the Pectra upgrade to May 7, 2025. This upgrade is the largest system update since March 2024, including 11 improvement proposals (EIPs), focusing on wallet contract functionality (enhancing usability and recovery) and EIP-7251 (increasing the single-node staking limit from 32 ETH to 2048 ETH). The upgrade has successfully run on the Hoodi testnet.
Pharos Network announces the launch of its testnet on May 7
Pharos Network, a Layer 1 public chain focused on the RWA track, announced today that its test network will officially launch on May 7. The released testnet aims to showcase Pharos' innovative Layer 1 solution, which features high throughput to enhance on-chain transaction speed; at the same time, its EVM compatibility allows developers to migrate and deploy Ethereum applications, accelerating the development of the on-chain RWA ecosystem.
Token Unlocking:
Neon (NEON) will unlock approximately 53.91 million tokens at 8:00 AM Beijing time on May 7, representing 22.51% of the current circulating supply, valued at $6.2 million.
May 8
Macroeconomics:
On Thursday at 2:00 AM, the Federal Reserve FOMC will announce its interest rate decision;
On Thursday at 2:30 AM, Federal Reserve Chairman Powell will hold a monetary policy press conference;
Policy and Regulation:
The U.S. Department of Justice has requested a 20-year prison sentence for former Celsius Network CEO Alex Mashinsky, accusing him of orchestrating a fraud that led to nearly $7 billion in customer losses. The verdict will be delivered on May 8. Prosecutors emphasized that his actions were "deliberate and well-planned" fraud, rather than negligence. Celsius managed over $20 billion in customer assets in 2021 but filed for bankruptcy in 2022 due to unsecured loans and risky trading, freezing approximately $4.7 billion in customer funds.
May 9
Macroeconomics:
On Friday at 6:15 PM, FOMC permanent voter and New York Fed President Williams will deliver a keynote speech at the 2025 Reykjavik Economic Conference.
On Friday at 11:30 PM, FOMC permanent voter and New York Fed President Williams will speak at the Hoover Monetary Policy Conference (via pre-recorded video).
Exchanges:
Coinbase plans to launch 24/7 Bitcoin and Ethereum futures trading on May 9
Coinbase will launch its first U.S.-regulated 24x7 Bitcoin and Ethereum futures contracts through its derivatives division, with trading set to begin on May 9.
Project Updates:
Ethereum ERC-7828 and ERC-7930 standards are expected to be finalized on May 9
The Ethereum core development team is about to complete the formulation of two key standards aimed at addressing the address recognition challenges in cross-chain interactions. The ERC-7828 and ERC-7930 standards are expected to be finalized on May 9, currently undergoing the final community feedback collection at the Ethereum Magicians forum. It is understood that the ERC-7930 standard will provide a unified network identification format for the system, while the ERC-7828 standard aims to convert complex cryptographic addresses into a more recognizable "name@service" format. This improvement will effectively reduce the risk of asset loss for users due to incorrect network selection.
It is noteworthy that the Ethereum Pectra upgrade is confirmed to be deployed to the mainnet on May 7. This upgrade was originally scheduled for release in March 2025 but was postponed due to technical issues with the Holesky testnet. The development team stated that the operation on the Hoodi testnet is currently stable.
Galaxy plans to list on Nasdaq on May 16, pending shareholder vote on restructuring plan on May 9
Galaxy Digital Holdings (TSX: GLXY) announced plans to list on the Nasdaq Global Select Market on May 16, 2025, contingent upon the approval of its restructuring and migration plan at a special shareholder meeting on May 9, and final approval from Nasdaq. If successful, the restructured U.S. company Galaxy Digital Inc. will trade under the code GLXY on Nasdaq while retaining its listing on the Toronto Stock Exchange in the short term.
CEO Mike Novogratz stated that this move will provide Galaxy with a new growth platform, expand its investor base, and better serve the digital asset and AI infrastructure ecosystem. Existing OTC market BRPHF shares will be converted to Nasdaq GLXY shares, with no migration fees for shareholders. The migration documents and voting materials have been submitted to the U.S. SEC and Canadian SEDAR platform.
Token Unlocking:
Movement (MOVE) will unlock approximately 50 million tokens at 8:00 PM Beijing time on May 9, representing 2.0% of the current circulating supply, valued at approximately $8.7 million.
May 10
Project Updates:
TON will officially discontinue Toncoin Bridge on May 10
TON will officially discontinue the Toncoin Bridge on May 10, at which point users will no longer be able to transfer Toncoin from TON to Ethereum or BNB Smart Chain via this bridge, but previously cross-chain assets can still be claimed. Currently, the bridging function between Toncoin and TON will be temporarily retained, with the termination date to be announced later.
May 11
Developer Activities:
a16z Speedrun launches a new round of startup applications, with a deadline of May 11
a16z general partner Andrew Chen disclosed on platform X that a16z Speedrun has launched a new round of startup applications, with the application deadline set for May 11. a16z Speedrun will provide up to $1 million in investment to startups at a very early stage, followed by close collaboration with them over the next 90 days to assist in their promotion. The next round of projects will be launched from July 28 to October 10, 2025.
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