nsm

Zcash co-founder Sean Bowe released a ZIP draft proposing to stop the automatic allocation of block subsidies to Zcash Community Grants (ZCG) and redirect the original 8% subsidy share to the Network Sustainability Mechanism (NSM).The draft states that ZCG currently holds approximately 91,452.98 ZEC, valued at about 125 million dollars, and the existing funds are sufficient to continue supporting related activities without the need for ongoing block subsidies. If the proposal takes effect, from the specified activation height, the original 8% share will be allocated to the NSM fund until the original funds expire; the existing assets and governance rules of ZCG will remain unchanged.

A network startup company called Optimum, led by Professor Muriel Médard from the Massachusetts Institute of Technology, announced that its block propagation software mump2p has officially launched on the Ethereum mainnet. The Ethereum liquid staking protocol ether.fi has made mump2p a mandatory requirement for all 12 of its node operators, whereas previously the software was optional for its operators.Optimum stated that there are currently 16 node operators running mump2p in production environments, collectively managing approximately 22,000 validator keys and over 1.4 million staked ETH, accounting for more than 3% of the total staked amount on Ethereum. Partners include Blockdaemon, Everstake, P2P.org, Stakefish, and Bitcoin Suisse. The software operates in a sidecar gateway manner, not replacing Ethereum's default GossipSub, but rather overlaying it on top of libp2p and utilizing random linear network coding technology. Optimum claims that the block arrival speed is 2.42 times faster than GossipSub, with an approximately 7.88 times reduction in arrival time variance.Rok Kopp, co-founder and Chief Growth Officer of ether.fi, stated that they will not require the entire validator set to adopt a new infrastructure unless they are confident that it can enhance the overall level of stakers and the network. Médard mentioned that traditional financial institutions invest billions of dollars to shorten execution times to the millisecond level because speed is money. Optimum launched its private testnet in June 2025, having previously completed a $11 million seed round financing led by 1kx, and plans to expand the protocol to other high-throughput blockchains after Ethereum.

According to The Defiant, the modular data availability network Celestia has announced the activation of Fibre services, opening a channel for Rollups to upload data directly to validators. Fibre is a data publishing protocol launched by Celestia that allows clients to upload blob data shards to Fibre servers operated by validators and download data from these servers, bypassing traditional relay transmission paths.According to Celestia's documentation, Fibre encodes each blob with erasure coding, enabling readers to recover complete data from partial encoded lines. The consensus layer only records payment information and blob commitments, while the data payload is transmitted directly between the client and the Fibre servers. The storage budget for each server is determined by the staking amount of its corresponding validator, and starting from application version 10, each bound validator is expected to run a Fibre server.Celestia stated that the design of separating data from commitments allows the chain to only handle commitments and validator signatures on-chain, without carrying the data itself, thus supporting higher throughput. In an end-to-end benchmark test involving 120 validators, Fibre achieved a throughput of 3.07 Tb/s. This feature provides a more efficient data publishing path for Rollups built on Celestia.

Cryptocurrency analyst Chen Mo posted that Binance's USDe briefly deviated to $0.92 today, and the last incident on October 11 was also related to USDe, while the on-chain price has remained stable.Chen Mo stated that the order book for USDe on CEX is very thin, and it supports USDe as collateral for opening positions. The risk transmission from October 11 started here, but afterwards, Binance included the actual redemption price of USDe into the price index, no longer relying solely on the order book quotes, theoretically preventing a repeat of the October 11 incident.

This week's upcoming release of the U.S. Producer Price Index (PPI) has become a key point for judging whether inflation is re-accelerating. Bitget CFD Chief Analyst Lewis Huang pointed out in a live broadcast that, against the backdrop of 162,000 new non-farm jobs and an unemployment rate holding steady at 4.1%, the demand side in the U.S. remains resilient. If core PPI and service prices continue to stay high, companies may pass costs onto consumers, driving up subsequent CPI and prompting the market to reprice the Federal Reserve's policy path of "maintaining high interest rates for a longer period."Lewis Huang further analyzed two scenarios: if PPI exceeds expectations but CPI remains moderate, it indicates that companies lack pricing power and can only compress profit margins to absorb costs; if both PPI and CPI exceed expectations, it signifies that the inflation transmission chain has reopened, potentially serving as a catalyst for a stronger dollar and U.S. Treasury yields. From a trading perspective, if PPI exceeds expectations and drives the dollar up, gold and high-valuation tech indices like the Nasdaq 100 may come under pressure; conversely, if PPI falls short of expectations and the dollar retreats, it would support a rebound in gold and growth stock indices.Lewis Huang reminded traders that they should not only focus on the first wave of market movements following the data release but also observe whether PPI is confirmed by CPI, the dollar, and U.S. Treasury yields. If the rise in PPI is merely a short-term cost shock, the market impact will be limited; if costs continue to be transmitted to consumers, the market narrative may shift back to "recurring inflation and the continuation of high interest rates."

Venture capitalist Tomasz Tunguz pointed out that the narrative of AI infrastructure resembles a slow relay race, with bottlenecks sequentially transmitting from GPUs to memory, CPUs, and storage, each link freezing the supply chain of the next for years and locking in higher baseline costs. At the beginning of 2023, the GPU shock caused H100 rental prices to exceed $9 per hour, and server shipments fell by 22%; subsequently, manufacturers shifted capacity to HBM, leading to an 80% quarterly increase in enterprise SSD prices and over a 60% rise in DRAM.By the end of 2025, the workload of intelligent agents will push the CPU to GPU ratio to about 1:1, with the average price of server CPUs rising by 27% year-on-year; in 2026, nearline HDD annual capacity will be sold out. The construction cost of data centers has risen to about $20 billion per gigawatt, with orders for long-cycle equipment such as transformers and turbines scheduled as far out as 2029 to 2031.Tunguz referred to this as the long whip effect in the hardware sector: years of manufacturing delays amplify downstream demand shocks upstream, and when pressure is relieved at a certain bottleneck, it will be delayed in transmitting to the next link, with transformers scheduled for delivery in 2027 to 2028, NAND wafer fabs, and turbine production lines potentially facing the risk of overcapacity.

BIP-110 supporter Dathon Ohm stated that the mandatory signaling for BIP-110 is expected to begin in about 290 blocks, approximately 48 hours. At that time, miners will need to signal through the block to indicate they are prepared for BIP-110; otherwise, the relevant blocks may be deemed invalid and discarded. He also suggested that miners and users upgrade to Bitcoin Knots nodes, stating that continuing to run Bitcoin Core after the mandatory signaling starts will pose security risks.BIP-110 is a Bitcoin Improvement Proposal aimed at limiting the size and manner of arbitrary data embedded in Bitcoin transactions at the consensus level. The main goal is to reduce the burden of "garbage data" on node storage and bandwidth from Ordinals inscriptions, BRC-20 tokens, Runes, large OP_RETURN payloads, and certain Taproot constructs used for data storage.

Cryptocurrency payment company Alchemy Pay announced that it has obtained a Money Transmitter License in the state of Illinois, USA. As a key state with Chicago, a global financial center, Illinois is regarded as an important market for the development of fintech and digital assets in the United States. With this approval, the number of state-level remittance licenses held by Alchemy Pay in the U.S. has increased to 18, further strengthening its compliance operational capabilities in the core U.S. market and supporting the development of its stablecoin payment public chain, Alchemy Chain.

According to The Block, the International Monetary Fund (IMF) stated that the widespread adoption of dollar-pegged stablecoins in Nigeria is challenging the country's existing monetary policy and regulatory framework.The IMF pointed out that the devaluation of the naira, high inflation, and limited access to official foreign exchange are driving local households and small to medium-sized enterprises to turn to stablecoins for cross-border payments and to hedge against exchange rate risks.

The Solana development company Anza announced that it has officially recommended the mainnet validators upgrade to Agave 4. This upgrade introduces XDP for Turbine, QUIC-only TPU data access, a faster replay stage, and several SIMD features that will be activated during this cycle.Anza stated that production environment tests on large mainnet validators showed that XDP has reduced the Turbine retransmission delay from about 600 ms to approximately 0.8 ms, providing critical performance headroom for Solana's push towards 100 million CU blocks. Additionally, Agave 4 has completely removed UDP transaction access, making QUIC the only transaction submission method; PoH entry verification and Ed25519 signature verification have also been removed from the critical path and processed asynchronously to enhance replay stage performance.This round of upgrades will also gradually enable several SIMD features, including p-token (an SPL Token alternative that can free up about 13% of block capacity), Stake Program v5, SBPFv3 support, pre-funded account creation, and BLS12-381 syscall, among others.

According to Cointelegraph, a court in Texas, USA, dismissed a lawsuit filed by crypto developer Michael Lewellen. Lewellen sought a declaratory judgment from the court, stating that his developed software Pharos (used for donating to charitable crowdfunding activities) would not be prosecuted for violating money transmission laws. U.S. Chief District Judge Reed O'Connor dismissed the case on Wednesday, stating that Lewellen failed to demonstrate a credible and imminent threat of prosecution.Lewellen expressed his disappointment on the X platform, saying, "I am disappointed that the court dismissed my lawsuit today." The court's dismissal opinion also referenced a memorandum from the U.S. Department of Justice, which stated that the department would no longer prosecute virtual currency exchanges, mixing services, or offline wallets for actions or inadvertent violations by their end users. Lewellen added, "The non-binding memorandum from the Department of Justice cannot replace true legal certainty."

The cryptocurrency payment company Alchemy Pay announced that it has obtained a Money Transmitter License issued by the state of Delaware in the United States, allowing it to conduct compliant money transmission-related business locally. With this license approval, Alchemy Pay now holds money transmitter licenses in 15 states in the U.S., and its global compliance layout has expanded to cover regions such as Australia, South Korea, Switzerland, and Hong Kong.

According to a report by Cointelegraph, the latest working paper released by the European Central Bank on Tuesday shows that the growth of stablecoin usage is siphoning off funds from bank deposits, weakening the transmission of monetary policy to loans.The research indicates that the rising interest in stablecoins is associated with a significant decline in retail bank deposits and a decrease in corporate loans. When deposits decrease, banks may be forced to rely more on wholesale or market financing, which is typically more expensive and unstable. The European Central Bank points out that the extent of stablecoins' interference with the transmission channels of monetary policy depends on their adoption scale, design features, and regulatory approach. In particular, stablecoins denominated in foreign currencies may further weaken the link between domestic monetary policy and bank loans.

According to Jin Ten, Stephen Douglass of NISA Investment Advisors stated that about one-third of the inflation related to tariffs may still gradually transmit to the economy in the coming months. He expects that commodity inflation will fall below zero in the second half of the year, creating room for the Federal Reserve to resume rate cuts later than the market expects, with anticipated cuts in September and December.

ChainCatcher news, according to Jinshi reports, Federal Reserve Chairman Powell stated that the slow transmission risk of tariffs is beginning to manifest as persistent inflation.

ChainCatcher news, Aethir announced the launch of libyxrtc, a high-performance media transmission engine designed for ultra-low latency, aimed at supporting developers in building efficient, low-latency, and high-quality audio and video acceleration solutions, particularly suitable for gaming applications.The project has been open-sourced, and developers can access it via GitHub.

ChainCatcher news, according to Jinshi reports, Federal Reserve Governor Quigley stated that the Federal Reserve "should not cut interest rates for a period of time" because the impact of tariffs from the Trump administration is beginning to transmit to consumer prices, and a tight monetary policy is needed to control inflation expectations.

ChainCatcher news, according to the official announcement, MindNetwork has officially integrated Circle's CCTP cross-chain protocol. By combining its FHE (Fully Homomorphic Encryption) cross-chain bridge with Chainlink's CCIP cross-chain interoperability protocol, it enables compliant privacy-protected native USDC cross-chain transfers.As the first introduction of FHE technology in CCTP, developers can achieve address and specific transaction privacy encryption on chains such as Ethereum, Arbitrum, and Polygon without changing Circle's infrastructure or existing deployments, thus providing new use cases for fields like DeFi and RWA.This feature is primarily suitable for institutional-level scenarios such as asset management, institutional settlement, and cross-chain fund scheduling, while also supporting the generation of ZK zero-knowledge proofs to meet compliance and auditing needs. An SDK has been opened, allowing developers to seamlessly integrate it into wallets, dApps, or cross-chain bridge applications for plug-and-play functionality.Mind Network is pioneering a Fully Homomorphic Encryption (FHE) infrastructure resistant to quantum attacks, driving a fully encrypted internet through secure data and AI computation. Collaborating with industry leaders, it promotes the development of the zero-trust internet protocol HTTPZ, setting new standards for trusted AI and encrypted data processing in the Web3 and AI ecosystems.

ChainCatcher news, according to an analysis by Shen Yu, co-founder and CEO of Cobo, Strategy (MSTR) cleverly amplifies Bitcoin's high volatility by 2.5 times to the U.S. stock market.Professional institutions utilize this high volatility for arbitrage, gaining short-term profits; MSTR raises cash through issuing convertible bonds and ATM share increases to accumulate a large amount of Bitcoin; common shareholders bear the severe stock price fluctuations and short-term decline risks, but passively receive the "Bitcoin yield" from the increased Bitcoin per share; Bitcoin holders benefit from the continuous influx of market funds and the rise in Bitcoin prices.

ChainCatcher news, according to cryptonews, the cryptocurrency payment platform MoonPay has obtained a Money Transmission License (MTL) from the Wisconsin Department of Financial Institutions, allowing it to expand its operations in the state.Residents of Wisconsin can now use MoonPay's services, including topping up their MoonPay Balance without additional fees. The MTL strengthens MoonPay's compliance under U.S. regulations and further drives its expansion nationwide.MoonPay can now provide its crypto payment services more efficiently in the region. The Money Transmission License allows MoonPay to legally offer money transfer services in Wisconsin, ensuring compliance with state regulatory requirements.