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cow

CoW Protocol is a decentralized trading protocol that focuses on optimizing trade execution and reducing trading costs. Its name comes from "Coincidence of Wants," which achieves slippage-free trading by matching users' trading needs. CoW Protocol reduces counterparty risk and miner extractable value (MEV) issues through a batch auction mechanism and on-chain settlement. This protocol is suitable for the decentralized finance (DeFi) ecosystem, providing a more efficient and fair trading environment.
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first_img The Moscow Exchange will launch Bitcoin, Ethereum, and USDT trading on December 1

According to Cointelegraph, the Moscow Exchange plans to launch trading for Bitcoin, Ethereum, and Tether's USDT on December 1, calling it Russia's first organized digital currency market.The exchange stated that pilot trading will begin simultaneously as participants gradually access the platform, with trading relying on its existing stock market infrastructure and clearing completed through the National Clearing Center (NCC). Trading hours will be from 6:50 AM to 11:50 PM Moscow time, initially supporting same-day and next-day settlements as well as swap trading. Non-qualified investors must pass a test before purchasing cryptocurrencies, and each brokerage has an annual purchase limit of 300,000 rubles (approximately $3,700).The plan is advancing based on a cryptocurrency law in Russia, the main provisions of which took effect on September 1. This law allows regulated trading but still prohibits the use of cryptocurrencies for payment of goods and services within Russia. The Moscow Exchange and NCC have been under U.S. sanctions since June 2024, with the UK also imposing sanctions that year, and the EU listing them on the sanctions list in July 2026.Sergey Mendeleev, founder of the Russian cross-border payment platform Exved, told Cointelegraph that he doubts the market will attract significant demand and questions who would trade at a sanctioned exchange.He expects the trading conditions to lack competitiveness, comparing it to the precious metals accounts of Sberbank, and warns that investors may face "extremely outrageous spreads," believing that the product is completely unattractive to ordinary non-qualified investors. However, he is optimistic about its cross-border payment potential, stating that a venue allowing importers and exporters to buy and sell cryptocurrencies directly would be welcomed, but whether adding intermediaries is competitive in a market where traders negotiate spreads as low as 0.05% remains questionable.

first_img TSMC CoWoS price quotes are reported to be raised, with an increase of up to 20%

According to the Industrial and Commercial Times, the supply chain reveals that TSMC's CoWoS pricing is brewing a new wave of increases, with an increase of up to 20%. Some packaging delivery times have already been extended, and the pressure from tight capacity continues to rise. The rush for capacity has spread to the equipment side, and customers have no time to negotiate prices; as long as they can promise delivery times, they place orders, with equipment delivery times extending to a maximum of 8 months.Chip manufacturers point out that the demand for advanced packaging has spread from AI GPUs to server CPUs and customized ASICs, with unfulfilled orders continuing to increase. The testing time for AI chips has lengthened, putting pressure on the synchronization of packaging and testing capacity. Wafer foundries and packaging testing companies are preparing to adjust CoWoS pricing, estimating an increase of 10% to 20%. Equipment manufacturers reveal that TSMC has not renegotiated prices this year, directly purchasing at original prices without any increase in equipment functionality, with equipment delivery times extending from the past 3 to 6 months to 6 to 8 months.TSMC Chairman C.C. Wei stated at the recent earnings call that CoWoS remains the first choice for customers, with five-fold photomask size packaging already in mass production, and the development of nine-fold and fourteen-fold photomask size solutions is ongoing, while advancing CoPoS technology. Analysts estimate that by 2026, CoWoS monthly production capacity will advance to over 130,000 pieces, aiming for 200,000 pieces by 2027; related layouts include Chiayi AP7, Tainan AP8, and AP6, with the advanced packaging plant in the U.S. AP1 planned to start production in 2028.

first_img TD Cowen: CFTC's cryptocurrency regulatory framework may be difficult to complete before 2028

Investment bank TD Cowen's Washington research group Managing Director Jaret Seiberg stated in a report released on Monday that the proposed rulemaking advance notice issued by the CFTC last week is a positive step for crypto platforms, but the agency may not complete the rulemaking until early 2028. As the 2028 election cycle approaches, there is a risk that the rule may ultimately not be implemented. Seiberg noted, "Time is running out," and expects that the CFTC will not issue proposals until the end of the first quarter or early second quarter of 2027, with final rules possibly not being finalized until early 2028.Last week, the CFTC proposed a federal regulatory framework for crypto platforms but avoided direct jurisdiction over spot market trading. According to Seiberg, the proposed rules will require platforms to maintain "reserve proof audits" and grant the CFTC jurisdiction over state-licensed platforms. Previously, the U.S. Senate failed to pass legislation that would grant the CFTC broad powers over spot crypto trading in a preliminary vote, leading the CFTC and SEC to intervene in regulating the crypto industry, including the introduction of long-awaited innovation exemptions, but both agencies lack the permanence that legislation could provide.Seiberg also pointed out that if the CFTC decides to expedite the rulemaking process, it may actually increase the risk of court intervention. He stated that speeding up this process would raise the risk of judges blocking the rule on procedural grounds, and even if the agency is cautious enough, legal challenges could extend beyond 2028.
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