Crypto Morning Brief: Fed holds rates steady for third time, Ethereum mainnet activates Pectra upgrade
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Crypto Morning Brief: Fed holds rates steady for third time, Ethereum mainnet activates Pectra upgrade
Arizona signs HB 2749 bill to establish the first cryptocurrency reserve.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
Federal Reserve holds rates steady for the third time, maintaining benchmark rate target range at 4.25%-4.50%
According to Jinshi Data, at 02:00 Beijing time on Thursday, the Federal Reserve held interest rates steady for the third consecutive time, keeping the benchmark interest rate target range at 4.25%-4.50%, in line with market expectations, adopting a cautious stance amid growing economic uncertainty caused by tariff policies. Although the Fed believes the overall economy remains "solidly expanding," the FOMC unusually warned in its post-meeting statement that risks of high inflation and high unemployment are rising simultaneously, making the economic outlook more uncertain.
Foreign Ministry responds to China-U.S. senior-level economic and trade talks: The meeting was requested by the U.S. side
Quoting CCTV News, Jinshi Data reports that today, the Foreign Ministry announced Vice Premier He Lifeng will visit Switzerland from May 9 to 12 and hold talks with the U.S. side during his trip. Foreign Ministry spokesperson Lin Jian said the U.S. side has recently expressed repeatedly its desire to negotiate with China. This meeting was requested by the U.S. side. China’s position of firmly opposing the U.S. abuse of tariffs remains unchanged. We have also stated multiple times that China maintains an open attitude toward dialogue, but any dialogue must be based on equality, respect, and mutual benefit. Pressure or coercion of any kind will not work on China. China will firmly safeguard its legitimate interests and uphold international fairness and justice.
U.S. Treasury to host multiple roundtable meetings with crypto industry next week
Jacquelyn Melinek, former journalist at TechCrunch, disclosed that the U.S. Treasury will hold a series of private roundtable meetings with members of the crypto industry next week, discussing ecosystem issues across different areas including DeFi, banking, and cybersecurity.
Arizona signs HB 2749 bill, establishing first state cryptocurrency reserve
According to Bitcoin Laws, Arizona Governor Hobbs has signed HB 2749 into law, officially establishing the state’s first cryptocurrency reserve. The reserve will manage unclaimed crypto assets, airdrops, and staking rewards, but is not permitted to conduct investment operations.
Ethereum mainnet activates Pectra upgrade, enhancing user experience, validator operations, and Layer 2 scalability
According to The Block, Ethereum developers activated the Pectra upgrade today at 6:05 AM Eastern Time at epoch 364032, marking the most significant network update since the 2022 "Merge." Pectra includes 11 Ethereum Improvement Proposals (EIPs) aimed at improving staking efficiency, user experience, validator operations, and Layer 2 scalability.
This upgrade underwent rigorous testing on the Holesky, Sepolia, and Hoodi testnets, with the successful deployment on the Hoodi testnet paving the way for the mainnet upgrade. Key improvements include EIP-7702 enabling account abstraction, allowing user wallets to execute smart contract logic; EIP-7251 increasing the maximum effective staking limit per validator from 32 ETH to 2,048 ETH; and EIP-7691 doubling Layer 2 data storage (blob) throughput to reduce transaction costs. Additionally, proposals such as EIP-7002 and EIP-6110 further optimize validator operations and network efficiency.
This upgrade lays the foundation for the upcoming Fusaka upgrade, which will introduce Verkle Trees and PeerDAS technology to enable larger-scale scalability.
Binance to launch Alpha Points consumption mechanism on May 13
According to an official announcement, Binance will launch the Alpha Points consumption mechanism starting May 13, 2025. Under this mechanism, users who successfully participate in Token Generation Events (TGE) or claim airdrops will have a certain amount of Alpha Points deducted.
DeFi protocol Resolv unveils tokenomics model: Season 1 airdrop accounts for 10%
According to official news, DeFi protocol Resolv has unveiled its tokenomics: the total supply of RESOLV tokens is one billion, with Season 1 airdrop accounting for 10%, ecosystem and community 40.9%, team and contributors 26.7%, and investors 22.4%.
Airdrop registration for RESOLV tokens will open in the first half of May. RESOLV token utilities include governance access, dual rewards, boosted points multipliers, and long-term staking multipliers.
Movement Labs rebrands as Move Industries and announces new leadership team
According to official news, Move Industries today announced a new leadership team formed by early employees of Movement Labs, with @torabyou serving as CEO and ecosystem architect, and @livingwithwill as president and chief marketing officer. The new team will focus on improving governance transparency, strengthening audit mechanisms, and prioritizing technological and community development. The company plans to launch projects including MoveDrop and Parthenon, along with major technical upgrades.
Futu Securities supports BTC and ETH deposits; USDT available only to professional investors
Futu's official support page shows that retail users can currently deposit BTC and ETH from personal wallets into their Futu accounts, with minimums of 0.0002 BTC and 0.001 ETH respectively, and typical processing times within one hour. USDT deposits are only available to professional investors. The platform does not charge fees, but users must use designated networks and are prohibited from using exchange wallets for deposits, which may result in failure.
Biotech company NewLimit, founded by Coinbase CEO, raises $130 million in Series B led by Kleiner Perkins
According to Decrypt, NewLimit, the biotech company co-founded by Coinbase CEO Brian Armstrong, announced it has raised $130 million in a Series B funding round led by Kleiner Perkins. The company uses AI and genomics to research ways to slow down and reverse human aging through cellular reprogramming. With this round, NewLimit has raised over $170 million in total. Its "discovery engine" can test thousands of reprogramming combinations.
Market Movements
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IOTA Announces Major Rebased Mainnet Upgrade Now Live
This article focuses on the IOTA Foundation’s announcement of the successful completion of the Rebased mainnet upgrade, significantly enhancing the network’s technical capabilities and making it the first dual smart contract ecosystem. The upgraded IOTA mainnet now supports Move language smart contracts at Layer 1 while maintaining EVM compatibility at Layer 2. This transformative update aims to drive real-world blockchain adoption through decentralized, scalable, and high-performance programming technologies, reinforcing IOTA’s leadership position in the industry.
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