每周编辑精选 Weekly Editor's Picks（0509-0515）

The information flow is too fast; in-depth analysis articles are easily drowned out by trending topics. The “Weekly Editor’s Picks” section extracts these valuable judgment-based contents from the vast sea of information, helping you filter out noise, retain insights, and spark inspiration.

Macro

“TACO” is outdated; Wall Street is rising with “NACHO” trading

NACHO, short for “Not A Chance Hormuz Opens,” indicates that the Strait of Hormuz has no possibility of opening.

It is the opposite of TACO (Trump Always Chickens Out). TACO bets on “people will chicken out,” expecting Trump to back down at critical moments. NACHO bets on “the situation will stall,” and this time, the Strait of Hormuz cannot be reopened with a single Truth Social post.

NACHO is not about bluster; it’s a bet with real money in three independent derivatives markets: insurance, oil prices, and interest rate cuts.

Currently, the market no longer trades Trump’s next Truth Social post but begins trading early June inventory data for the Strait of Hormuz.

Investment and Entrepreneurship

After 50x storage, Sun Yuchen is always looking at the next decade

“Short-term chip shortage, long-term energy shortage, always a storage shortage.”

In early 2026, Sun Yuchen predicts: embodied intelligence, drones, spatial computing, and space exploration.

Anthropic and OpenAI have personally broken the logic of pre-market crypto stocks

Anthropic and OpenAI have expressed clear disapproval of unauthorized stock transfers. The risk of SPVs being overly financialized and “layered” has begun to show. On the market level, pre-market stock tokens plummeted, while contracts remained relatively stable.

The public “fact-checking” by Anthropic and OpenAI, to some extent, is also redefining the boundaries of this rapidly growing new market. For speculators, this is a risk education; but for the long-term industry development, the market may also need such a moment of “de-bubbling.”

Bitwise: Why are top-tier capital madly betting on new public chains?

Arc, Canton, and Tempo are all public chains tailored for stablecoin and asset tokenization scenarios.

The key insight from this wave of concentrated fundraising is: capital always follows regulatory legislation; privacy protection may become a core application at a phenomenon level.

Niche opinion: Why is HYPE hard to double again?

75% of the token supply is still unreleased, implying ongoing selling pressure; current FDV is already close to or exceeds some traditional exchange valuation ranges; at this price, whether new marginal buyers are retail investors, traditional institutions, or crypto funds remains unclear.

More importantly, HYPE faces not only valuation issues but also risks such as regulation, hacking attacks, key person dependence, and trader liquidity migration.

For an asset that has already received full market attention and is heavily promoted by KOLs, the real question is no longer “Does it have a narrative?” but “At this price, who will continue to buy?” When a crypto asset shifts from alpha to consensus, investors need to reconsider not just how excellent the project is but whether the current price has already front-loaded the future.

AI

The Semiconductor Century: Investment Roadmap Amid 2026 AI Surge

High-value AI chips contribute about half of the industry revenue but account for less than 0.2% of total shipments. Semiconductors have evolved from consumer electronic components to strategic assets for giants with a market value exceeding $10 trillion.

Four key roles in the supply chain are: design firms (architects), foundries (manufacturers), equipment suppliers (tools), and memory vendors (storage layer).

Notable companies to watch include: NVIDIA, TSMC, ASML, AMD, Broadcom (AVGO), SK Hynix.

Semiconductor ETFs include: SMH — VanEck Semiconductor ETF, SOXX — iShares Semiconductor ETF, SOXQ — VanEck PHLX Semiconductor ETF.

Key catalysts to watch: the trillion-dollar milestone, TSMC’s Arizona plant ramp-up, NVIDIA’s Vera Rubin platform deployment, AMD’s market share progress, memory pricing, and HBM4 supply.

Policy and Stablecoins

When stablecoins no longer generate yield: 7 DeFi protocols benefiting from the CLARITY Act

Once the CLARITY Act is enacted, two major changes will occur immediately: institutional funds will clear the entry barriers.

BlackRock, Apollo, Deutsche Bank, pension funds, corporate treasuries—all have been watching. Compliance teams are unable to assess whether related assets are securities, so they dare not allocate heavily. Now, with CFTC’s clear jurisdiction and DeFi establishing safe harbors, institutions can finally make large-scale moves. Profit-seeking capital withdraws from idle stablecoin yield farming. The previous model of earning about 5% annualized return by holding USDC on exchanges will disappear. Hundreds of billions seeking stable returns must find new allocation outlets.

Therefore, two massive flows (institutional investors finally entering + retail investors seeking yields) will converge on similar targets: compliant, with real business scenarios, structured yield products.

Protocols tailored for this new regulatory landscape include: Pendle (underlying yield infrastructure), Morpho (on-chain main broker), Sky (USDS / sUSDS), Maple Finance (on-chain credit trading platform), Centrifuge (RWA asset issuance), and related protocols relying on STRC assets (fixed income pathways).

Also recommended: “Financial Reports, Legislation, Fed… Circle faces three major tests this week,” “CLARITY Act released: Ethereum as the biggest winner?,” “Under the CLARITY Act, XRP and the new order of the crypto market.”

CeFi & DeFi

Hook Summer is really here? Sato, Lo0p, FLOOD ignite new narratives for Uniswap v4

Since ASTEROID, ecosystem tokens backed by Uniswap v4 Hook protocols like sato, sat1, Lo0p, FLOOD have gradually become market focal points, with market caps ranging from millions to tens of millions of dollars, bringing rare concentrated liquidity to a narrative-starved crypto market.

Hook mechanism tokens drive Uniswap ecosystem development: UNI remains bullish long-term, but short-term gains are limited.

$3 billion DeFi capital migration: LayerZero falls, Chainlink gains

Recent progress includes substantial recovery efforts after the Kelp DAO attack. But beyond financial repair, the harder part is restoring market trust.

LayerZero, a cross-chain leader at the center of this vortex, faces many protocols accelerating withdrawals and has been forced to rapidly change stance—from initial blame-shifting to public apology and rectification. Chainlink, unexpectedly, benefits from this crisis, with its CCIP protocol taking on large amounts of migrated liquidity, and on-chain data showing significant growth.

Airdrop opportunities and interaction guides

Popular interaction collections | The Beacon Season One pre-registration; GenLayer latest testnet interactions (May 15)

Circle releases Arc white paper, what early interaction opportunities are there?

Meme

From A9 myth to debt of millions, a 5-year saga of Meme players

Ethereum and scalability

Grayscale: Ethereum’s staking model needs to be changed

Ethereum’s current staking reward model faces two structural issues: L2 sharding reduces token burn, increasing net issuance; staking thresholds approaching zero may lock nearly all ETH into staking eventually.

The community is discussing setting a cap on staking rewards; Grayscale believes this is beneficial for ETH’s long-term price. The Ethereum community is considering modifying the network’s staking reward model, with the core idea of incentivizing staking up to a certain ratio, beyond which no additional rewards are given.

If implemented, nominal yields for stakers will decrease. But Grayscale believes this is good for ETH’s long-term, for two reasons: first, to control ETH inflation; second, to reinforce ETH’s narrative as a store of value.

Weekly Hot Topics Recap

Policy and Macro Markets

Trump’s state visit to China, accompanying entrepreneurs attract attention;

Trump’s Q1 “stock trading operations” exposure sparks discussion;

U.S. Senate approves Kevin Waugh as Federal Reserve Chair;

U.S. Senate Banking Committee passes the CLARITY Act (interpretation);

Some senators submit “anti-DeFi” amendments, potentially weakening protections under the CLARITY Act;

Opinions and Voices

Arthur Hayes: The US-China AI arms race combined with war inflation makes BTC’s return to $126k inevitable; AI bubble is the biggest opportunity;

Wintermute: The recent BTC rally is mainly driven by leverage, with open interest surging and spot trading sluggish;

CZ’s new interview: Still dedicating 80% of effort to blockchain, $10 million can achieve financial freedom;

Institutions, Major Companies, and Top Projects

Cerebras listed on NASDAQ, triggering a strong upward circuit breaker on the first day;

Solana Foundation partners with Google to launch Pay.sh (interpretation);

Data

ZEC up 15x this year (interpretation); TON continues to rise (interpretation); L1 tokens gaining momentum (interpretation);

Circle’s Q1 revenue hits $694 million, USDC on-chain trading volume up 263% YoY (financial report details);

Gemini Q1 revenue up 42%, stock surged up to 30% after hours;

Long-term Bitcoin holders are accumulating heavily, institutional buying pushes price back above $80k…

附《每周编辑精选》系列传送门。下期再会~