每周编辑精选 Weekly Editor's Picks（0516-0522）

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Odaily资深作者

@OdailyChina

2026-05-23 01:30

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每周编辑精选 Weekly Editor's Picks（0516-0522）

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优质深度分析文章及一周热点恶补。

With the information flow moving too fast, in-depth analytical articles are easily drowned out by hot topics. The "Weekly Editor's Picks" column retrieves these valuable pieces of content from the vast sea of information, helping you filter out the noise, retain insights, and gain inspiration.

Macro Situation

The "Trump Paradox" of the Midterm Elections: The Stronger He Gets, The More Dangerous It Is for the GOP

The political paradox surrounding Donald Trump is becoming increasingly clear: his support among national voters continues to decline, yet his dominance within the Republican Party is growing stronger.

On one hand, through endorsements, challenging primary opponents, and political purges, he forces party candidates to pledge allegiance to him. On the other hand, this political screening centered on personal loyalty could weaken the GOP's competitiveness in the general election.

Also recommended: South Korea's Financial Turmoil: Samsung Strike, AI Communism, and Heavy Crypto Losses.

Investment & Entrepreneurship

Clash of the Titans: 13F U.S. Stock Holdings Overview, Are Top Institutions Becoming Each Other's Counterparties?

Also recommended: As the World Cup Approaches, Sports Is Entering the Era of "Fragmentized Finance" and After Developer Numbers Halved: Crypto Isn't Dead, It Just Let AI Poach Its Talent.

Prediction Markets

Polymarket and Kalshi Dominate 97.5% of Volume, Is There a Dark Horse in Prediction Markets?

The core landscape of prediction markets in 2026: on one side, a duopoly formed by Polymarket and Kalshi – the former leveraging on-chain transactions, USDC settlement, and media distribution to expand influence, the latter relying on CFTC compliance qualifications and channels like Robinhood to enter mainstream financial scenarios. On the other side, a group of new platforms seek opportunities in short-cycle trading, sports predictions, media integration, on-chain native metrics, and infrastructure layers.

Policy

SEC's "Innovation Exemption" Is Here: No Company Authorization Needed, Stock Token Trading May Become Compliant

The SEC may release an "innovation exemption" policy for tokenized stocks as early as this week, allowing third parties to issue and trade tokens representing company stocks without the listed company's consent.

Crypto-native platforms like Coinbase could potentially list U.S. stock token trading without acquiring a full broker-dealer license.

Traditional institutions like DTCC, Nasdaq, and NYSE are already accelerating their layouts, with live trading of tokenized assets expected to begin between July and October.

What Will Happen to the Crypto Market After the CLARITY Act Passes?

The commodity status of Bitcoin and Ethereum will be written into federal law, completely eliminating the tail risk of future administrative reversals;

XRP will be one of the biggest beneficiaries of the bill, with the shadow of years-long SEC litigation receiving a permanent legal conclusion;

The passive interest-generating function of stablecoins will be limited, but activity-linked yields tied to trading and liquidity provision will be protected.

Stablecoins

USDC's Counterattack Against USDT: The Real Battlefield Is on Hyperliquid

The stablecoin competition is shifting from "who is more compliant" to "who can secure more trading gateways."

On the surface, USDC has re-emerged as the primary quote asset on Hyperliquid, with Hyperliquid obtaining higher revenue sharing. But at a deeper level, this is a battle over distribution channels.

For Coinbase and Circle, Hyperliquid provides global reach that is difficult for them to replicate independently. Constrained by regulations, Coinbase cannot cover as broad a market as Binance or Hyperliquid. Therefore, embedding USDC into Hyperliquid's trading infrastructure may be a realistic path for it to counter USDT's network effects.

CeFi & DeFi

220 Days After Trade.xyz Launch, Hyperliquid Is Becoming the "New Nasdaq"

After the pre-market battle with Cerebras (CBRS), Hyperliquid has begun to play the role of a "U.S. stock price discovery machine" and is morphing into the new Nasdaq.

New Pre-IPO Battle: On the Eve of Listing, $SPCX Has Been Pushed to $2.5 Trillion

With crypto's own narrative weakening, star U.S. IPO stocks have perfectly filled the gap. All players are vying for this category, and on-chain pricing for the largest IPO in human history has begun.

Tiger Research: DeFi No Longer Chases High Yields; Yield-Bearing Stablecoins Are the New Infrastructure

While sUSDe supply has halved, capital has flowed into lower-yielding USYC and sUSDS. This isn't capital exit; it's a change in selection criteria.

APY is no longer the dividing line for assets. What matters more is whether they can be adopted as collateral, savings products, or reserves.

S&P gave USDS the first credit rating for a DeFi protocol in history, while assigning a 1250% risk weight to USDe.

Ethena will fully overhaul its collateral structure in April 2026, transitioning from a synthetic model to a hybrid one. A single source of yield is no longer sufficient to survive in the YBS market.

DeFi is moving from a market that produces yields to one that imports and distributes yields from traditional finance. The stronger the foundation, the more robust the superstructure can be.

Why Is the RWA Boom Difficult to Benefit DeFi?

The vast majority of RWA assets remain outside scenarios like lending markets and collateral vaults, where free crypto asset composability and synergy are possible. Bonds and money market funds are the largest RWA categories, but only a small amount of capital enters the DeFi market. Only the private credit track has shown strong performance, because projects like Maple Finance and Centrifuge have positioned themselves as lending financial instruments from the start of product design, naturally fitting DeFi application scenarios.

Permissioned architecture is the biggest barrier to DeFi composability.

Positive expectation: High-fit products have already proven the model; Negative reality: Industry growth may be constrained by the traditional financial system.

WLFI's Self-Rescue Turns Into a Dump: Long-Term Holders Use It to Clear Positions

Facing months of pressure from governance disputes, unlock concerns, and liquidity doubts, World Liberty Financial has taken multiple measures: burning WLFI tokens, engaging with exchanges, and launching a rewards program linked to the stablecoin USD1, all aimed at revitalizing the WLFI ecosystem.

While these moves boosted market sentiment, they also created a new liquidity window for long-"dormant" token holders, allowing them to cash out profits.

Also recommended: SpaceX Wealth Wave's "Mystery Shareholders": A Chinese Nesting Doll, Who Is Swimming Naked? and TradeXYZ's Mysterious Founder Shoku: A Man Who Is Always Looking for Asymmetric Opportunities.

Airdrop Opportunities and Interaction Guides

Hot Interaction Collection | Catena Labs Waitlist Application; DogeOS Launches Points System (May 22)

$50 Million Funding Ignites Airdrop Hopes, Variational Becomes New Perp DEX Focus

Security

Vitalik's Latest Long Read: In the AI Era, How Can Code Become Safer?

Facing stronger AI attackers, core systems need to be compressed into smaller, more verifiable, and more trustworthy "security cores" – through formal verification.

Ethereum Pushes for "What You See Is What You Sign": Why Clear Signing Is a Necessary Capability Patch for the AI Era

Clear Signing was pushed further into Ethereum's open standardization process on May 12, attempting to solve an old problem: many users don't neglect security; they simply can't understand what they're signing before clicking confirm.

The role of Verifiable UI is to ensure that what users see (on the webpage) is exactly what will happen (in the transaction signature).

Weekly Hot Topics Catch-Up

Policy & Macro Market

National Development and Reform Commission: Never required Chinese tech companies to reject foreign investment;

China Securities Regulatory Commission (CSRC): Seriously investigates illegal cross-border business cases; proposes confiscating all illegal gains from Tiger, Futu, and Longbridge entities both domestically and abroad;

CSRC, along with seven other departments: Strengthening internet platform and information cleanup; Completely banning illegal cross-border business activities of foreign securities, futures, and fund institutions;

US-Iran Agreement Final draft reached;

Iran launches digital marine insurance platform Hormuz Safe, supporting cryptocurrency settlement (Analysis);

EU Launches MiCA regulatory framework assessment, accelerating the global crypto regulatory race;

Trump administration Provides a total of $2 billion in funding to 9 quantum computing companies;

Musk v. OpenAI case dismissed unanimously;

Samsung Electronics Korean union announces strike on Thursday;

Google I/O Conference Goes All in on AI (Key Takeaways);