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LINK $9.90 -3.38%
HYPE $42.21 -7.86%
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agreement

The bipartisan negotiations on the "CLARITY Act" have not reached an agreement, and the Democrats still have differences regarding the BRCA provisions

According to crypto journalist Eleanor Terrett, sources say that a bipartisan group of minority senators in the U.S. Senate held discussions last night regarding the CLARITY Act, attempting to push the Democrats to make concessions on at least two outstanding issues, but ultimately failed to reach an agreement.Senator Cynthia Lummis stated that both sides had reached consensus on "99% of the content" of the bill and expressed hope that the Democrats would continue to address the remaining issues after the bill passes committee review; otherwise, if a similar incident to FTX occurs in the future, "they can only blame themselves."Reports indicate that Democratic Senators Adam Schiff and Ruben Gallego have been pushing for a compromise on the ethical standards and conflict of interest clauses involving the president's family before the committee review, making it one of the conditions for supporting the bill.Additionally, some Democratic lawmakers have raised concerns about provisions related to the Blockchain Regulatory Certainty Act (BRCA). This provision aims to prohibit lawsuits against non-custodial software developers based on money transfer laws.Sources say that both sides have made substantial progress on ethical and conflict of interest issues, but disagreements over amendments to the BRCA ultimately led to the breakdown of negotiations. The market currently widely expects that this committee review will show clear partisanship.

US media: The US and Iran are close to reaching a memorandum agreement to end the war

According to a report by Axios, two U.S. officials and informed sources revealed that the White House believes it is close to reaching an agreement with Iran on a one-page memorandum of understanding to end the war and establish a framework for subsequent, more detailed nuclear negotiations. The U.S. expects to receive Iran's response on several key issues within the next 48 hours.Sources say this is the closest the two sides have come to an agreement since the outbreak of the war. According to part of the agreement, Iran will commit to suspending uranium enrichment activities, while the U.S. agrees to lift sanctions against Iran and release billions of dollars of frozen Iranian funds. Both sides will also lift restrictions on passage through the Strait of Hormuz.This one-page memorandum, consisting of 14 clauses, is being jointly negotiated by Trump envoy Wittekov and Kushner with several Iranian officials through both direct contact and mediation. According to the current version, the memorandum will declare the end of regional warfare and initiate a 30-day negotiation period to reach a detailed agreement, which includes opening the strait, limiting Iran's nuclear program, and lifting U.S. sanctions. These negotiations may take place in Islamabad or Geneva. A U.S. official stated that during this 30-day period, Iran's restrictions on strait shipping and the U.S. Navy's blockade will be gradually lifted. If negotiations break down, U.S. forces will be able to restore the blockade or take military action again.

Hut 8 reaches a $200 million Bitcoin collateralized credit agreement, replacing the original Coinbase Credit financing arrangement

Bitcoin mining company and energy infrastructure platform Hut 8 announced that its subsidiary has reached a $200 million Bitcoin collateralized credit agreement with FalconX, replacing the previous financing arrangement from Coinbase Credit. The new financing has an annual fixed interest rate of 7.0%, a decrease of 200 basis points from the previous 9.0% financing from Coinbase; during the period from December 2023 to March 2025, the financing cost was as high as 10.5%–11.5%, with a cumulative reduction of up to 450 basis points, demonstrating progress in continuously optimizing debt costs.After this refinancing, Hut 8 has approximately 3,300 BTC converted to an uncollateralized state, valued at about $260 million based on the market value as of May 1, 2026, significantly enhancing its balance sheet flexibility and liquidity. Meanwhile, the credit structure maintains key risk control terms, including a limited recourse structure, a no-rehypothecation clause, and a fixed LTV threshold design, preventing additional margin calls triggered by a decline in Bitcoin prices.Hut 8's management stated that this financing not only reduces financing costs but also releases more uncollateralized Bitcoin assets, helping to enhance capital allocation flexibility across different market cycles; FalconX emphasized that this transaction reflects its ongoing expansion capabilities in institutional-level Bitcoin credit solutions.

Spark releases Q1 2026 financial report: net agreement surplus of 3.46 million USD

The Spark protocol released its financial report for the first quarter of 2026 on April 27.The report shows that the gross protocol return for the quarter was $31.5 million (a 31% decrease quarter-over-quarter), the net protocol return was $6.91 million (a 30% decrease quarter-over-quarter), and the net protocol surplus was $3.46 million (a 47% decrease quarter-over-quarter). The protocol treasury reached a size of $46.1 million at the end of the quarter (a 5.7% increase quarter-over-quarter). Additionally, Spark launched a SPK token buyback program, investing $986,000 to repurchase tokens from the open market.The revenue structure for this quarter has shifted, with distribution rewards becoming the largest net return contributor to the protocol ($3.31 million), surpassing the net income from Spark Liquidity Layer (SLL) for the first time. The average deployed capital for SLL was $1.93 billion, with an average annualized yield of 5.8%. SparkLend continues to support institutional-level lending operations, with its USDT savings treasury continuing to grow. The Spark institutional lending product deployed $150 million at the end of the quarter, with governance approving its $1 billion cap.The report noted that the current unfavorable conditions in the DeFi lending market have led to a narrowing of the SLL interest margin, but the protocol's distribution business has seen significant growth. USDS, as a scalable savings-based return mechanism in a poor market environment, is continuously expanding its distribution channels to multi-chain and various stablecoins.
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