Must-watch Next Week: US and Iran Likely to Resume Negotiations; Powell's Term as Fed Chairman Ends (May 11-17)
- Key Point: Key events next week (May 11-17) include Circle's Q1 earnings release, the US April CPI data release, the US Senate vote on the CLARITY Act, the end of Powell's term as Fed Chair, and Ronin's migration to an Ethereum Layer 2 with a significant reduction in its inflation rate.
- Key Elements:
- Circle will release its 2026 Q1 earnings on May 11 and hold a conference call.
- The US will release April CPI data on May 12, a key macroeconomic indicator; Ronin will migrate to an Ethereum Layer 2 on the same day, reducing its inflation rate from over 20% to below 1%.
- The Base network will launch the independent upgrade "Base Azul" on May 13, activating a multi-prover system and increasing throughput to 5000 TPS.
- The US Senate Banking Committee will vote on the CLARITY Act on May 14. The bill involves a compromise on stablecoin yield provisions.
- Powell's term as Fed Chair ends on May 15, but he will remain as a governor; Warsh is set to succeed him as Chair, pending Senate confirmation.
- Binance's USD1 holding subsidy campaign is extended to May 15, with an additional $15 million WLFI prize pool; Dmail Network will shut down on the same day.
- The US and Iran plan to finalize a 14-point framework memorandum, with negotiations potentially resuming as early as next week, covering topics such as Iran's nuclear program.
Key Events Next Week
May 11
Circle to Release Q1 2026 Earnings on May 11;
May 12
US to Release April CPI Data on May 12;
May 14
US Senate Banking Committee to Hold CLARITY Act Voting Hearing on May 14;
May 15
Powell's Term as Fed Chair Ends May 15, But He Has Stated He Will Remain as a Governor;
Binance USD1 Holding Subsidy Program Extended to May 15;
Others (Specific Dates TBD)
US and Iran Aim to Finalize 14-Point Framework MOU, Talks Could Resume in Islamabad Next Week;
Preview of more notable industry events from May 11 to May 17.
May 11
Circle to Release Q1 2026 Earnings on May 11
Odaily reports that Circle will release its Q1 2026 earnings on May 11, followed by an earnings conference call at 20:00 that evening.
May 12
US to Release April CPI Data on May 12
Odaily reports that the US will release April CPI data at 20:30 Beijing time on May 12.
Ronin to Migrate to Ethereum Layer 2 on May 12, RON Inflation Rate to Drop Below 1%
Odaily reports that gaming public chain Ronin has announced it will migrate to an Ethereum Layer 2 on May 12, utilizing the OP Stack and integrating EigenDA as the data availability layer. On-chain operations are expected to be paused for approximately 10 hours during the migration. The team recommends users unstake RON in advance, or let the system handle it automatically after the migration.
Following this upgrade, RON's annual inflation rate will decrease from over 20% to below 1%. Additionally, treasury income will be supplemented by staking rewards, sequencer net revenue, and marketplace fees. Ronin has also introduced a "Proof of Allocation" incentive mechanism based on "Builder Score," distributing RON rewards monthly to ecosystem builders.
May 13
Ethereum Foundation EPF7 Applications Open, Deadline May 13
Odaily reports that the Ethereum Foundation has announced that applications for the Ethereum Protocol Fellowship Cohort 7 (EPF7) are now open, with a deadline of May 13.
The program aims to cultivate engineers capable of participating in the development of Ethereum's core protocol. It focuses on the network's core properties including censorship resistance, open source, privacy, and security, with emphasis on client implementations, protocol specifications, testing, and cutting-edge research.
Base Independent Network Upgrade "Base Azul" Scheduled for Mainnet Launch on May 13
Odaily reports that Base has announced its independent network upgrade, "Base Azul," will go live on mainnet on May 13, 2026. Azul has already launched on testnet. It aims to enhance security, performance, and developer experience. Key updates include:
1. Activation of a multi-proof system (combining TEE and ZK proofs) to advance Stage 2 decentralization, enabling withdrawals in as little as one day;
2. Consolidation into a single high-performance client stack (base-reth-node and base-consensus), reducing empty blocks from approximately 200 per day to about 2, and consistently maintaining a burst throughput of 5000 TPS;
3. Alignment with Ethereum's Osaka execution layer specifications.
May 14
US Senate Banking Committee to Hold CLARITY Act Voting Hearing on May 14
Odaily reports that the US Senate Banking Committee has announced it will hold a voting hearing for the Clarity Act (Digital Asset Market Transparency Act of 2025) at 10:30 AM on May 14. The bill had been stalled due to disputes over clauses like stablecoin yields. Recently, Senators Tom Tillis and Angela Alsobrooks reached a compromise, proposing to ban offering yields on static stablecoin reserves but allow rewards for actively used stablecoins.
Although industry groups like the American Bankers Association still express concerns and suggest amendments to the text, the committee schedule indicates the legislative process will continue. Additionally, Senator Kirsten Gillibrand has suggested adding an ethics clause to the bill, prohibiting senior government officials from profiting while regulating the crypto industry.
Odaily reports that the Solana ecosystem DeFi protocol, Carrot, has announced it will shut down, significantly impacted by the Drift exploit incident.
May 14 is the deadline for withdrawing remaining funds from Boost, Turbo, and CRT pools. After this date, the system will begin deleveraging, reducing all leverage to zero to release full liquidity for CRT redemptions.
May 15
Powell's Term as Fed Chair Ends May 15, But He Has Stated He Will Remain as a Governor
Odaily reports that Jerome Powell's term as Chair of the Federal Reserve ends on May 15, but he stated last week that he will continue to serve as a Governor until 2028.
Federal Reserve Governor Christopher Waller told media on Friday that he hopes Powell's continued tenure "is just a transitional period without any more sinister motive."
Meanwhile, Kevin Warsh's confirmation as the next Fed Chair awaits a Senate vote.
Binance USD1 Holding Subsidy Program Extended to May 15, Adds $15 Million WLFI Token Prize Pool
Odaily reports that Binance has posted on X that the USD1 holding prize pool campaign has been extended until 8:00 AM Beijing time on May 15. Eligible USD1 holders will share a prize pool worth $15 million in WLFI tokens, with rewards still distributed every Friday.
Dmail Network to Gradually Shut Down Starting May 15, Users Must Export Emails Beforehand
Odaily reports that according to an official announcement, the decentralized email project Dmail Network will begin gradually stopping all services from May 15, 2026. Users need to export their email content and apply for account deletion before this date, after which all data will be completely deleted. Dmail stated that due to factors such as high costs of decentralized infrastructure, lack of a proven commercialization path, tokens lacking practical use cases, and core team attrition, the project could not achieve healthy and sustainable operations.
May 16
Treasury Secretary Bessent: Confirmation of Fed Chair Nominee Warsh Before May 16 Not Yet Certain
Odaily reports that U.S. Treasury Secretary Scott Bessent stated he is unsure whether Fed Chair nominee Kevin Warsh will be confirmed before May 16. (Jin Shi)
May 17
None
Others (Specific Dates TBD)
US and Iran Aim to Finalize 14-Point Framework MOU, Talks Could Resume in Islamabad Next Week
Odaily reports, citing the Wall Street Journal, that sources say Iran and the US, through mediators, are pushing to finalize a one-page Memorandum of Understanding containing 14 items. This would establish a framework for a month-long negotiation aimed at ending the conflict. These discussion points will form the core content of the next round of talks, which could potentially resume as early as next week in Islamabad. Sources also indicated that Iran has expressed willingness to discuss its nuclear program, a softening of its previous stance. Unresolved issues, such as the duration of Iran's suspension of uranium enrichment, whether highly enriched uranium will be moved out of the country, and Iran's insistence on maintaining a permanent supervisory role in the Strait of Hormuz, are expected to complicate final negotiations. Furthermore, the timing and scope of sanctions relief could also be an impediment to negotiations. Sources say that if talks progress, the one-month negotiation period can be extended by mutual agreement. A spokesperson for Iran's Foreign Ministry stated that Iran is reviewing the US proposal and will convey its position to the US via Pakistani mediators after completing its assessment. (Jin Shi)
