Web3 Industry Weekly Report: Highlights from Week 4 of May 2025
1. Technology Headlines
1.1. The price of Bitcoin exceeded $110,000 on Pizza Day, setting a new all-time high, and its market value surpassed Amazon to reach $2.205 trillion.
On May 22, the price of Bitcoin exceeded $110,000, setting a record high.
1.2. Sui Ecosystem's leading DEX was attacked by an oracle, resulting in a loss of approximately $223 million. The official "frozen transaction" was caught in a centralized dispute
On the afternoon of May 22, the LP pool of Cetus Protocol, the leading DEX liquidity protocol on Sui chain, was attacked by hackers. The token CETUS suddenly fell sharply, and the price almost "dropped", and multiple token trading pairs on Cetus also fell sharply. At around 11 pm on the 22nd, Sui officially issued an announcement stating that in order to "protect the Sui ecosystem", a large number of Sui network validators used stolen funds to determine the hacker's address and ignored the transactions of these addresses. This behavior was questioned by a large number of community users, who believed that Sui's response was a destruction of its decentralized positioning, turning Sui from a "public chain" into a "centralized permission database."
https://www.panewslab.com/zh/articles/j42ff4ty
1.3. Circle announces the launch of the cross-border payment network CPN mainnet, enabling real-time settlement through USDC
PANews reported on May 21 that according to official news, Circle announced that the mainnet of the stablecoin-driven cross-border payment network Circle Payments Network (CPN) was officially launched. This blockchain-based payment coordination protocol achieves real-time settlement through USDC and aims to transform the cross-border payment market. CPN already supports B2B supplier payments, cross-border remittances, corporate fund collection and other scenarios. The first batch of partners include Alfred Latam, Tazapay, etc., focusing on opening up stablecoin payment channels between Latin America and Asia. Circle revealed that it plans to expand its services to markets such as Nigeria, the European Union, and the United Kingdom in 2025.
https://x.com/circle/status/1925160445523923186
2. Industry News
2.1. Hong Kong's stablecoin legislation passed, RMB stablecoin is expected to be included in the system
On May 21, the Hong Kong Legislative Council passed the Stablecoin Bill, establishing a licensing system for stablecoin issuers to further improve the regulatory framework for virtual asset activities and promote financial innovation. The regulations require issuers to maintain robust reserve assets while strengthening anti-money laundering and audit requirements. At the same time, the U.S. Senate has also made progress on the stablecoin bill, which is expected to form a federal-level stablecoin regulatory framework.
https://www.panewslab.com/zh/articles/0si526ij
2.2. The "Guidance and Establishment of a United States Stablecoin National Innovation Act" passed a vote in the U.S. Senate
The Guidance and Establishment of a United States Stablecoin National Innovation Act (GENIUS) was passed by the U.S. Senate on a procedural vote of 66-32 on May 20 after failing to gain support from key Democratic figures on May 8 and is currently being debated in the Senate.
The bill seeks to establish clear rules for stablecoin collateralization and require compliance with anti-money laundering laws.
https://www.panewslab.com/en/articles/d3dffecb2c5ba13994f54dd621
2.3. Several large U.S. banks are exploring joint venture stablecoin projects
Golden Finance reported that according to the Wall Street Journal, large commercial banks such as JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo are discussing the joint issuance of stablecoins to cope with the growing competition in the crypto industry. The negotiating parties include Early Warning Services, the operator of the Zelle payment system, and Clearing House, a real-time payment network.
https://www.jinse.cn/lives/457716.html
3. In-depth analysis
3.1. Ethereum retreats to L1, Solana accelerates consensus
As Ethereum conducts supply-side reforms to increase speed and reduce fees, its focus shifts to improving L1 efficiency to cope with competition from Solana. At the same time, Solana actively expands L1 scenarios and optimizes node confirmation speed by launching the Alpenglow consensus protocol to achieve stronger network performance and scale expansion. The strategic adjustments of the two chains show different path choices and technical games in the blockchain field.
https://www.panewslab.com/zh/articles/z8m5zcsx
3.2. Solana decentralized exchange transformation: from relying on liquidity to internal quote matching
Decentralized exchanges (DEXs) on Solana are undergoing a major transformation, no longer relying on traditional liquidity pools and public user interfaces, but trading through internally managed vaults and aggregators. With the rise of liquidity aggregators, mainly Jupiter, the key to exchange competition has shifted to execution quality rather than user attraction strategies. Private execution model DEXs such as SolFi, Obric v2, and ZeroFi, although with less liquidity, handle most of Solana's trading volume with efficient quotes and low slippage.
https://pineanalytics.substack.com/p/the-largest-dexs-on-solana-dont-want
Disclaimer: The information provided in this document is based on publicly available market data and industry trends, and is for reference only. Please note that this information does not constitute any form of investment advice or recommendation, nor should it be considered as the basis for buying or selling any financial products or services. In case of any translation errors in English, inaccuracies, or situations requiring further clarification, please contact us through 'Contact Us' so that we can verify and make necessary corrections in a timely manner.
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