Top News

1. Bitcoin Surges Above $97,000

2. Strategy Plans to Raise Another $21 Billion to Buy Bitcoin

3. House Republicans to Release Draft Digital Asset Bill by May 6

4. Coinbase Announces Suspension of Movement (MOVE) Trading on May 15

5. ‘SOL Version of MicroStrategy’ DDC to Receive $24 Million Private Equity Investment to Buy More SOL

Articles & Threads

1. “RWA Perpetual Product Crisis: Why the GLP Model is Doomed to Fail RWA Perpetual?”

The current RWA perpetual products (such as Ostium) have seen a surge in usage, but the GLP-style liquidity model is unsustainable due to high funding rates, trader vs. LP zero-sum game, lack of hedging mechanisms, which limits platform expansion. In contrast, HyperLiquid performs better with a more flexible HLP model. In the future, if Ostium shifts to an order book model to reduce fees and improve market efficiency, only then can long-term healthy growth be achieved.

2. “Unveiling the Crazy Truth Behind the ADL Mechanism, Don't Let Exchanges Easily Take Your Money”

This article explains the Auto-Deleveraging (ADL) mechanism in the cryptocurrency market, particularly using the example of $MANEKI to illustrate how ADL compensates for underfunded market liquidations by forcibly closing profitable clients' positions. The article notes that ADL execution suffers from various opacities, such as price discrepancies and delayed execution. The author emphasizes the importance of understanding liquidation and ADL mechanisms for a deeper comprehension of the crypto market and encourages readers to provide feedback for improvement.

Market Data

Daily Market-wide Funding Heatmap (as reflected by the funding rate) and Token Unlocks

Data Source: Coinglass, TokenUnlocks

Funding Rate

Token Unlocks

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