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According to CoinDesk, Cardano's core development company Input Output submitted nine funding proposals for the 2026 community treasury, totaling $46.8 million, a significant reduction of about 52% from last year's $97.5 million, marking the first step towards gradually reducing reliance on community funds.The nine proposals focus on two main directions: first, the consensus upgrade plan Leios, which is expected to increase Cardano's transaction processing capacity by 10 to 65 times, aiming to exceed 1,000 transactions per second, with testing planned for June and full launch by the end of the year; second, the Bitcoin DeFi system Pogun, which allows Bitcoin holders to lend and earn through Cardano without having to trust centralized institutions, with lending features expected to be publicly released in the second quarter.This voting involves about 1,000 elected representatives (DReps), with the voting deadline set for May 24. The results will test whether the Cardano community views Input Output as a regular funding applicant.Meanwhile, the new stablecoin USDCx in the Cardano ecosystem has reached a circulation of 14.6 million coins within weeks of its launch, and the total locked assets on the network have increased from $137.5 million to $142.7 million.

Polymarket, which has long dominated the prediction market trading volume, is facing multiple challenges. According to Dune Analytics, its global trading volume has been surpassed by major competitor Kalshi. In terms of valuation, Kalshi announced a new round of financing last month, reaching a valuation of $22 billion, while Polymarket's valuation is $15 billion after receiving a $600 million investment from the Intercontinental Exchange (ICE).Polymarket's biggest bottleneck is the inability to officially launch in the U.S. market, as its U.S. application is still in the testing phase, with March trading volume being only one-twentieth of Kalshi's. Technical challenges brought by the blockchain architecture, repeated delays in product launches, recent fee adjustments causing user dissatisfaction, and issues such as the exchange being down for over an hour continue to plague the platform.Additionally, Polymarket has faced scrutiny for allowing users to bet on controversial topics such as war and nuclear explosions, leading Democratic lawmakers in Congress to send a letter to the CFTC requesting intervention. ICE CEO Sprecher remains optimistic but admits it could either be a total failure or a home run.

Jefferies, a Wall Street investment bank, pointed out that the approximately $293 million attack incident on Kelp DAO exposed critical infrastructure risks, which may prompt traditional financial institutions to reassess the pace of blockchain and tokenization advancement.Jefferies believes that the attackers triggered market sell-offs and liquidity strains by minting uncollateralized tokens and engaging in cross-platform lending. This incident is thought to be related to the Lazarus Group and also highlights the single point of failure issues in the verification mechanisms of cross-chain bridges. As institutions accelerate the tokenization of assets (such as funds, bonds, and deposits), the associated risks may cause some banks and asset management institutions to delay deployment and prioritize examining system security. Especially in scenarios that rely on cross-chain infrastructure, security vulnerabilities could lead to market fragmentation, undermining the practical utility of tokenized assets.Despite short-term confidence being shaken, Jefferies still emphasizes that the long-term trend remains unchanged. Under the backdrop of regulatory advancements and continuous improvements in infrastructure, applications such as stablecoins still have growth potential. However, the industry as a whole is still in the early stages of development and requires time to enhance system robustness.

Crypto Council for Innovation announced the acquisition of Digital Energy Council, marking its first expansion into the energy policy sector.Crypto Council for Innovation (CCI) is a global industry advocacy organization, with members including several cryptocurrency and fintech companies, primarily promoting digital asset regulation, technological innovation, and policy communication, dedicated to building bridges between government and industry. Previously, the organization played an important role in U.S. policy lobbying. Digital Energy Council focuses on energy issues related to the digital economy, particularly the impact of cryptocurrency mining, data centers, and high-performance computing (HPC) on power systems, with core concerns about energy supply, grid stability, and national security. Following this integration, the energy sector will focus on promoting policy directions, including energy development, grid resilience, U.S. competitiveness, and critical infrastructure security.

Cryptocurrency exchange Kraken's parent company Payward announced that it will acquire 100% of the digital asset derivatives platform Bitnomial for up to $550 million (cash + stock). The transaction is expected to be completed in the first half of 2026, pending regulatory approval.Bitnomial is the first crypto-native platform to obtain all three U.S. derivatives licenses (designated contract market, derivatives clearing organization, and futures commission merchant). This acquisition will help Payward quickly gain a complete compliant derivatives infrastructure, significantly accelerating its expansion in the U.S. market. After the transaction is completed, Bitnomial's clearing and trading capabilities will be integrated with platforms such as Kraken and NinjaTrader, offering products like spot margin, perpetual contracts, and options to U.S. customers, and will be regulated by the CFTC.This acquisition will also expand Payward Services, allowing banks, fintech companies, and brokerages to access the U.S. compliant derivatives market through a single API. Industry insiders believe that with the market warming up and valuations recovering, merger and acquisition activities in the crypto industry are on the rise, as leading institutions are accelerating their transformation into comprehensive trading platforms for institutional clients by acquiring key capabilities such as compliance, custody, and derivatives.

Cantor Fitzgerald donated $10 million to the political action committee Fellowship PAC, which is chaired by Tether's U.S. executive Jesse Spiro.Fellowship PAC was established in 2025 and has received over $100 million in committed funding, aimed at supporting candidates who promote friendly regulation of digital assets. The organization has previously invested over $1 million in advertising support for multiple elections. Cantor has a close relationship with Tether, having provided custodial services for its stablecoin reserves since 2021, and this donation further strengthens their collaboration on policy matters. In addition to Cantor, institutions like Anchorage Digital have also participated in donations. Industry insiders believe that as the regulatory battle intensifies, the crypto industry is continuously increasing its political investments in Washington to seek a clearer and more enforceable regulatory framework.

Simon Gerovich, CEO of the Japanese Bitcoin listed company Metaplanet, posted on the X platform in response to the Japan Exchange Group (JPX) announcing the postponement of including companies with major assets in cryptocurrency into the index, stating that he respects the relevant procedures and will actively participate, which will not affect the advancement of Bitcoin strategy and ecological layout.He added that Metaplanet was established to provide Japanese investors with a compliant channel to access Bitcoin through companies listed on the Tokyo Stock Exchange, but the company's strategy goes beyond asset allocation and will promote the development of the Japanese Bitcoin ecosystem through "Project Nova," including the layout of operational businesses and investment in industry partners. So far, more than 216,000 Japanese shareholders have participated in this strategy, and Metaplanet will continue to maintain constructive communication with all parties, including JPX, to enhance the market's understanding of Bitcoin and the company's role in the Japanese financial system.

According to CoinDesk, Amy Oldenburg, the head of digital asset strategy at Morgan Stanley, stated at the New York Digital Assets Summit that the entry of large Wall Street banks into the cryptocurrency space is not driven by concerns over missed opportunities, but rather the result of years of advancing the modernization of financial infrastructure.Oldenburg pointed out that Morgan Stanley's digital asset strategy covers multiple aspects including trading, asset management, and infrastructure. The bank plans to launch support for tokenized stock trading on its alternative trading system in the second half of 2026, which currently handles stocks, ETFs, and American Depositary Receipts.Internally, the bank is overhauling its decades-old core systems to support faster settlement and continuous trading. Oldenburg emphasized that the complexity of financial institutions' systems far exceeds the expectations of startups, and no single institution can complete the modernization transformation alone; it requires the collaborative effort of the entire global financial network.

The Hong Kong-listed company Boyaa Interactive (00434) announced that the board of directors recommends seeking shareholder approval to grant a purchase authorization, in order to use the idle cash reserves generated from the company's business operations for potential cryptocurrency purchases within the next 12 months, with a total amount not exceeding 70 million USD.This move aims to take advantage of opportunities during the downturn in the cryptocurrency market, appropriately expand the allocation of cryptocurrencies, and further support the company's Web3 business development. As of the announcement date, the company holds a total of 4,092 bitcoins, with an average price of approximately 68,200 USD; a total of 302 ethers, with an average price of approximately 1,661 USD; and approximately 7,000,700 Tether coins purchased. The board plans to conduct these cryptocurrency purchases on regulated trading platforms to ensure market liquidity and security.

According to CoinDesk, Coinbase's asset management division has launched tokenized shares of a Bitcoin yield fund, deployed on its Ethereum Layer 2 network, Base, in partnership with Apex Group, which manages $35 trillion in assets.The product is open to non-U.S. investors and adopts the ERC-3643 standard, embedding compliance checks into the tokens to achieve automated access and transfer control. This move reflects that institutions, including BlackRock, Fidelity, and Franklin Templeton, are accelerating the push to put funds, bonds, and other assets on-chain to enhance settlement efficiency, reduce costs, and expand distribution channels.

According to official social media news, Huobi HTX will hold a themed live broadcast titled "HTX Comprehensive Empowerment: A New Cycle for $HTX" today at 20:00 (UTC+8). At that time, HTX DAO core builder Molly, HTX DAO governance committee members DaDa, Sister Mao, CDCClub co-founder Tingting, Ctalks co-founder Daling, CMO DI Michill, and HTX research team leader Cloud will be invited to attend. They will discuss the empowerment path of the HTX DAO ecosystem and the application expansion of $HTX in various scenarios such as trading and rights, exploring the positioning upgrade and value reassessment of $HTX in the new market cycle.

According to reports from Wu Shuo, Coinbase is in talks with Bybit regarding investment and cooperation agreements, as Bybit hopes to enter the compliant market in the United States.The report states that earlier, ICE invested in the offshore exchange OKX with an estimated valuation of about $25 billion, and the market expects Bybit's valuation to be similar to that of OKX.

Mizuho analysts stated that if payment company Stripe advances a potential acquisition deal for PayPal, it will help them further expand from traditional merchant payment business into the consumer market.Previously, there were reports that Stripe is considering acquiring all or part of PayPal's business. In terms of scale, the deal is feasible. Stripe's latest valuation is approximately $159 billion, significantly higher than PayPal's market value of about $43 billion. Analysts believe that PayPal's large user base and its peer-to-peer payment app Venmo will provide Stripe with strong consumer brand and user network support. Additionally, PayPal's Braintree merchant payment infrastructure may also enhance Stripe's competitiveness in the payment processing market. Analysis indicates that Braintree could bring Stripe approximately $700 billion in total payment volume (TPV), while Stripe's current annual TPV is about $1.4 trillion.

According to The Block, Bitwise Chief Investment Officer Matt Hougan pointed out that there may currently be structural valuation errors in crypto assets, primarily due to investors' "anchoring bias," which keeps them focused on old narratives while ignoring the reality that Wall Street is accelerating its shift towards on-chain infrastructure.Hougan emphasized that although the market size for tokenized assets is currently only about $20 billion, the vast scale of traditional financial markets indicates significant growth potential. He cited examples such as BlackRock launching a tokenized government bond fund, JPMorgan issuing deposit tokens on the Base network, and Apollo's tokenized credit fund, arguing that the lagging consensus narrative compared to actual developments provides investors with opportunities to achieve excess returns (Alpha). He suggested that investors should establish broad market exposure to navigate the ongoing structural changes in finance.