Sui-based liquid staking protocol Haedal has temporarily suspended its haeVault feature, which relies on the Cetus liquidity pool, after the LP provider suffered a $223 million exploit. In a recent post, the staking protocol published an official statement responding to…

Sui-based Haedal Protocol suspends haeVault feature following Cetus’ $223m exploit

_**Opinion by: Grigore Ro șu, founder and chief executive officer of Pi 
Squared**_
For some, the audacity of questioning the primacy of blockchain in Web3 is 
borderline heretical. The idea that decentralization and progress could exist 
without blockchains seems absurd to those who built careers around Bitcoin, 
Ethereum, and their descendants. Given blockchain&#8217;s well-documented scaling 
limits, however, there is an argument to be made that Web3 doesn&#8217;t actually 
need blockchains to thrive. Instead, it requires payment systems and 
verifiable settlement systems that are super fast. Blockchains are just one 
way to achieve that, not the only way.
While blockchain solved the double-spending problem, it introduced its own 
architectural burden: the rigid fixation on total ordering, dictating that 
every transaction must wait its turn in a global queue, processed through a 
monolithic consensus mechanism. Initially, this made sense in the context of 
payments, where security and simplicity were paramount. Still, in the context 
of Web3, where complex applications require speed, flexibility, and scale, 
this same mechanism has become a constraint. It imposes a kind of serialized 
tyranny, throttling throughput and locking developers into a narrow lane of 
design options.
## The undeniable influence of FastPay
Mobile remittance app FastPay proved that double-spending can be avoided 
differently without a total order. This inspired systems like Linera, which 
use independent local orderings while maintaining global verifiability, 
proving that a different, more scalable future is possible and already 
underway. FastPay also inspired the likes of POD and Sui&#8217;s single-owner 
objects protocol. If FastPay had been invented before Bitcoin, blockchain 
might never have captured the cultural or technical imagination in the way 
that it did.
_**Recent:**__**Beijing to invest in blockchain, integrate into 
infrastructure**_
Some will no doubt argue that total ordering is essential for financial 
integrity or that without blockchains, decentralization itself unravels. These 
concerns, however, mistake a particular implementation of trustlessness for 
trustlessness itself. What truly underpins decentralized systems is the 
verifiability of a transaction, not the precise order in which it happened 
relative to every other global transaction.
## Blockchain&#8217;s growing pains are still on display
While Ethereum&#8217;s Dencun upgrade sought to improve transaction throughput 
through &#8220;blobs,&#8221; the core architecture remains tied to total ordering. Even 
with Solana&#8217;s introduction of the Lattice system, the network continues to 
suffer outages caused by bugs and excessive load. Additionally, the explosion 
of L2s is more a workaround than a solution, offloading transactions from 
mainnets only to reintroduce them later in delayed batches, resulting in an 
endless cycle of what is essentially congestion management.
## The rise of flexible payment and settlement protocols
Like in legacy tech circles, the &#8220;evolve or die&#8221; mantra certainly applies to 
investors and builders anchored to traditional blockchain architectures. 
Moving forward, protocols prioritizing flexible, verifiable payment systems 
and settlement over rigid total ordering will unlock far greater throughput 
and better user experiences. As decentralized applications evolve and 
autonomous agents driven by AI begin interacting with blockchains, the cost of 
sequencing everything in order will become a competitive liability.
There have already been signs of this tectonic shift taking place, with the 
growing adoption of modular blockchain frameworks like Celestia underscoring a 
broader recognition that classical blockchains are too inflexible. Data 
availability layers, execution shards and offchain verification mechanisms are 
all attempts to decouple blockchain&#8217;s trusted validation from its limiting 
sequencing model. While these efforts may not break entirely from the past, 
they point unmistakably toward a future of more adaptable infrastructure.
## A new role for blockchain
This doesn&#8217;t mean blockchain will disappear, but it must evolve. Looking 
ahead, its most enduring role may be as a universal verifier, less a master 
ledger and more of a decentralized notary within a broader, more agile stack. 
While this is a necessary evolution, unfortunately, it&#8217;s hard to see how that 
shift will be smooth, as too much capital, ideology and career risk is tied up 
in the legacy narrative.
Many venture funds, DeFi protocols, and &#8220;Ethereum killers&#8221; are financially and 
reputationally invested in keeping the blockchain central. But history has 
little mercy for technological incumbents that cling to yesterday&#8217;s model. 
Just as the internet outgrew its early walled gardens, Web3 is poised to move 
beyond the rigidity of block-based sequencing. The fruits from the next wave 
of infrastructure will belong to those who understand and capitalize on this 
inflection point.
_**Opinion by: Grigore Ro șu, founder and chief executive officer of Pi 
Squared.**_
This article is for general information purposes and is not intended to be and 
should not be taken as legal or investment advice. The views, thoughts, and 
opinions expressed here are the author&#8217;s alone and do not necessarily reflect 
or represent the views and opinions of Cointelegraph.

Spoiler alert: The future of Web3 is not blockchain

Bitcoin and most altcoins pulled back on Friday, erasing some of the gains 
they made earlier this week. Bitcoin (BTC) dropped to $107,300, down by 4.12% 
from its highest point this week. Similarly, Ethereum (ETH) fell by over 8% 
from…

Bitcoin and altcoins are going down – is this the end of the crypto bull run?

The top 220 holders of US President Donald Trump&#8217;s memecoin met yesterday at 
the president&#8217;s golf course in Virginia for an exclusive dinner and purported 
meet-and-greet.
Attendees spent a grand total of $148 million for an &#8220;ultra-exclusive VIP 
reception with the president,&#8221; which crypto industry advocates and critics 
alike saw as a potential opportunity to discuss crypto policy with the 
president.
The crowd contained a number of foreign crypto executives and influencers who 
otherwise would not have access to the US president, raising questions around 
corruption and foreign influence.
Concerns were further augmented when White House Press Secretary Karoline 
Leavitt declined to release a list of attendees, stating that the event was a 
private affair outside of Trump&#8217;s presidential duties.
However, some attendees spoke to the press or took to social media to talk 
about the dinner. Here are just a few:
## Justin Sun
Tron founder Justin Sun was the largest TRUMP tokenholder at the gala, which 
was reportedly enough to earn him a special watch, presented in a special 
ceremony.
_Sun was awarded a watch in a ceremony at the event. Source:__Justin Sun_
Sun&#8217;s presence at the event was particularly controversial. Last year, he 
faced a lawsuit brought by the US Securities and Exchange Commission over the 
alleged &#8220;orchestration of the unregistered offer and sale, manipulative 
trading, and unlawful touting of crypto asset securities.&#8221;
The SEC asked for a reprieve in late February, just over a month since Trump&#8217;s 
inauguration and the subsequent 180 in federal agencies&#8217; approach toward 
regulating crypto.
Outside the crypto dinner, Sun posted on May 21 that he would be spending a 
week in Washington, DC to have &#8220;meaningful conversations that will help shape 
the next chapter of blockchain&#8217;s future&#8221; in the United States.
## Kain Warwick
Kain Warwick, founder of crypto exchange operator iFinex, told The New York 
Times on May 12 that he was attending the event after stocking up on enough 
TRUMP to break the top 25 investors on the leaderboard.
Warwick said he wanted to have a shot at meeting the president, or someone on 
his team, to talk crypto &#8212; specifically decentralized finance (DeFi), which 
is getting less attention in the current crop of crypto bills circulating the 
US Congress.
&#8220;If you assume Trump and 10 people within the Trump team are there, now you&#8217;ve 
got a one in 15 shot of having a conversation with one of them,&#8221; he said.
## Vincent Liu
Vincent Liu, chief investment officer of crypto trading, VC and market-making 
firm Kronos Research, attended the event, posting pictures of the menu and 
Trump&#8217;s brief speech.
_A photo of the menu at Donald Trump &#8216;s memecoin dinner. Source: __Vincent 
Liu_
Liu wrote, &#8220;Simply by holding the Trump token, individuals have an 
unprecedented opportunity to meet the President of the United States.&#8221;
He had previously told Cointelegraph, &#8220;The decision to acquire the [TRUMP] 
token was not political. It was based on identifying early momentum, cultural 
relevance and potential market catalysts.&#8221;
_**Related:**__**US lawmaker introduces anti-corruption bill ahead of Trump&#8217;s 
dinner**_
His firm stated that &#8220;alpha&#8221; &#8212; i.e., exclusive or difficult-to-obtain 
information that could move markets &#8212; was &#8220;on the menu.&#8221;
**Lamar Odom**
Also in attendance was two-time National Basketball Association champion Lamar 
Odom. While many other crypto entrepreneurs in the audience were focused on 
policy, Odom used news of his attendance to plug his own memecoin, ODOM.
_Lamar Odom writing an X post while attending Trump &#8216;s memecoin dinner. 
Source: __Lamar Odom_
Odom launched his memecoin less than a week before the dinner on May 14. The 
anti-addiction-themed memecoin (Odom had a public battle with substance 
addiction) is issued on the Solana blockchain.
The coin itself had a 20% &#8220;Trump Dinner Program&#8221; staking scheme, where TRUMP 
holders could stake their coins with Odom&#8217;s project, ostensibly to enable him 
to attend the dinner event, and receive ODOM airdrops in return. Odom himself 
will hold 5% of all ODOM.
## Sangrok Oh
CEO of Seoul- and Tokyo-based cryptocurrency management firm Hyperithm, 
Sangrok Oh was the 13th-largest TRUMP holder with a wallet containing over $3 
million worth of the token, according to the Straits Times.
Oh told The New York Times that he had arrived with a batch of red &#8220;Make 
Crypto Great Again&#8221; hats to give away at the dinner and expected to speak 
directly with the president. &#8220;It&#8217;s kind of a fund-raiser [&#8230;] And he&#8217;ll 
always be good to his sponsors.&#8221;
Oh has been critical of the slow regulatory progress for crypto in the 
countries where his company operates.
## Anonymous attendees
In addition to crypto execs and sports stars, the event also noted a few 
anonymous or pseudonymous crypto traders and entrepreneurs in attendance.
Among them was &#8220;Ice,&#8221; co-founder of the Singaporean crypto company MemeCore. 
Their company&#8217;s chief business development officer, Cherry Hsu, told Sherwood 
News that Trump&#8217;s rise &#8220;represents the power of memes to influence culture, 
perception, and movements &#8212; principles that align with MemeCore&#8217;s vision of a 
decentralized, community-driven future.&#8221;
&#8220;Ogle,&#8221; a cybersecurity adviser to Trump&#8217;s own World Liberty Financial crypto 
enterprise, as well as the pseudonymous co-founder of blockchain ecosystem 
Glue, also attended. Ogle said they were going out of curiosity, more than 
anything, and did not endorse Trump personally. &#8220;I&#8217;m hoping it&#8217;ll be fun &#8212; 
and hoping they&#8217;ll serve McDonald&#8217;s.&#8221;
Another anonymous attendee was &#8220;Cryptoo Bear,&#8221; a crypto trader and occasional 
news reporter who posts primarily in Japanese. Cryptoo Bear made no political 
statements about the event, mainly posting about the swag and the food. They 
did say they were promised a photo op with the president, but it didn&#8217;t pan 
out.
_Source:__Cryptoo Bear_
## 
Dinner &#8220;guests&#8221; across the picket line
Outside the country club, US senators and former staffers attended the event 
as part of a protest.
Bloomberg reported that protestors shouted &#8220;Shame!&#8221; and &#8220;I hope you choke on 
your dinner!&#8221; at attendees. Critics of the event widely consider it to be a 
glaring example of corruption in Washington and within the Trump 
administration.
Senator Jeff Merkley, a Democrat from Oregon, joined the protest. &#8220;The spirit 
of the Constitution was that no one elected would be selling influence to 
anyone,&#8221; he said, &#8220;because it&#8217;s to be government by and for the people.&#8221;
Ken Papaj, a former Treasury Department official, said, &#8220;Every time there&#8217;s a 
transaction, he gets a transaction fee? Just unconscionable what he&#8217;s doing.&#8221;
The dinner comes at a pivotal time for the crypto industry in the US, where 
the industry is pushing hard for Congress to pass friendly regulations. 
Trump&#8217;s ties may complicate matters, however, as lawmakers have introduced 
anti-corruption bills targeting crypto and politicians.
Senate Democrats are also taking aim at the stablecoin-focused GENIUS Act, 
introducing a slew of amendments addressing Trump&#8217;s crypto businesses.
_**Magazine:**__**AI cures blindness, &#8216;good&#8217; propaganda bots, OpenAI doomsday 
bunker: AI Eye**_

Who attended Trump’s controversial memecoin dinner?

**Key takeaways:**
 * Ethereum is forming a bull flag on the daily chart, with a potential breakout to $4,000.
 * If Ethereum&#8217;s network activity and total value locked continue to grow, ETH price may see further gains.
Ether&#8217;s price printed a &#8220;bull flag&#8221; on the daily chart, a technical chart 
formation associated with strong upward momentum. Could a strengthening 
technical setup and increasing transaction fees signal the continuation of 
ETH&#8217;s rally toward $4,000?
## Ethereum transaction fees rising is bullish
Marketwide recovery, fueled by Bitcoin&#8217;s rise to new all-time highs and 
improving macroeconomic conditions, saw Ether&#8217;s (ETH) price rise by nearly 56% 
to an eight-week high of $2,734 on May 23, from a low of $1,750 on May 6.
This strength in price is reflected in onchain activity, with Ethereum&#8217;s daily 
transaction count rising by 37% over the last 30 days. These levels were last 
seen in January 2024, when the hype around the approval of US-based spot 
Bitcoin ETFs pushed ETH price above $4,000 for the first time since December 
2021.
_Ethereum daily transaction count. Source: CryptoQuant_
Ethereum&#8217;s daily average transaction fees also skyrocketed, reaching a 90-day 
high of 0.0005 ETH ($1.33) on May 22.
_Ethereum: Fee per transaction. Source: Source: CryptoQuant_
High transaction count and fees suggest that more users are interacting with 
the network, whether for DeFi, NFTs, or other DApps. It suggests high network 
activity, often correlating with increased interest and market confidence.
_**Related:**__**Ethereum holders back in profit as ETH price enters &#8216;crucial 
area&#8217; for $3K breakout**_
Historically, Ether&#8217;s price has surged during high-usage periods. For example, 
during the 2021 DeFi boom, fees spiked to as high as 0.015 ETH due to high 
demand.
As such, high utilization periods with high fees indicate growth in network 
activity or bullish sentiment, as more ETH is needed for gas, pushing its 
price upward.
## Increasing TVL supports ETH price bulls
The increase in Ethereum&#8217;s network activity is also evident when analyzing the 
total value locked (TVL) on the network&#8217;s smart contracts.
Ethereum&#8217;s TVL has risen to $65.3 billion on May 23 from $45.26 billion on 
April 22, an increase of over 44% in almost 30 days.
_Ethereum TVL and transaction count. Source:__DefiLlama_
Positive signs include a 51% increase in deposits on Pendle, a tokenization 
protocol, and 48% growth on Ether.fi and EingenLayer.
Ethereum remains the undisputed leader by TVL, with a market dominance of 54%. 
In comparison, Solana&#8217;s dominance stands at 8%, and BNB Chain commands only 5% 
dominance in TVL among layer-1 chains.
_Total value locked market share (%). Source: DefiLlama_
In addition, US-listed spot Ether ETFs saw a total of $249 million in net 
inflows between May 13 and May 22, adding to demand-side tailwinds.
_Spot Ethereum ETF flows data. Source: SoSoValue_
## 
Ether&#8217;s bull flag hints at $4,000
ETH price has formed a bull fag chart pattern on the daily chart, as shown 
below. 
A bull flag pattern is a bullish setup that forms after the price consolidates 
inside a down-sloping range following a sharp price rise.
_ETH/USD daily chart. Source: Cointelegraph/__TradingView_
The flag resolved after the price broke above the upper trendline at $2,550 
and could now rise by as much as the previous uptrend&#8217;s height. This puts the 
upper target for ETH price just below $4,000, up 56% from the current price.
Crypto analyst Michael van de Poppe said that the ETH price needs to hold the 
$2,400 support to increase the chances of moving toward $3,500 and beyond.
_Source:__Michael van de Poppe_
As Cointelegraph reported, Ether&#8217;s uptrend is likely to continue toward $3,600 
in May if key support levels hold.
This article does not contain investment advice or recommendations. Every 
investment and trading move involves risk, and readers should conduct their 
own research when making a decision.

Ethereum price chart targets $4K as transaction fees hit 3-month high

Ethereum continues its strong upward momentum, surging into the $2,734 mark as 
bullish sentiment returns across the crypto market. After gaining over 55% 
since the beginning of May, ETH is showing clear signs of strength as it 
reclaims key technical levels. This move positions Ethereum as one of the most 
closely watched assets in the market, especially as Bitcoin holds firmly above 
its all-time highs. Related Reading: Ethereum Consolidates Above $2,500 While 
BTC Leads the Charge – Key Levels To Watch Top analyst Big Cheds shared a 
technical view, noting that ETH is now re-approaching the critical $2,700 
zone—a level that has historically acted as both resistance and a signal of 
trend continuation. A successful break and consolidation above this area could 
unlock the next leg up for Ethereum, potentially bringing higher prices back 
into focus for traders and investors. The broader sentiment remains 
optimistic, with bulls increasingly confident that ETH could lead a renewed 
altcoin rally if momentum sustains. However, analysts also caution that the 
$2,700 region must be cleared with strong volume and follow-through to confirm 
a breakout. Until then, Ethereum&#8217;s price action remains in a delicate 
position, teetering on the edge of a major rally or another round of 
consolidation. Ethereum Facing A Crucial Test Ethereum is positioning itself 
for a potential bullish recovery as it continues to consolidate above key 
levels after a multi-week rally. Since early May, ETH has gained over 55% in 
value, signaling renewed strength in the altcoin market. The recent breakout 
of Bitcoin to new all-time highs above $111K has triggered optimism across the 
board, setting the stage for a possible altseason. For that to happen, 
Ethereum must lead the charge with a clean breakout into higher territory. 
Currently, ETH is trading just below the $2,700 level, a key resistance zone 
that has historically acted as a major turning point for price action. 
According to Cheds, reclaiming $2,700 is crucial. A firm move above this 
threshold would likely confirm a bullish continuation, opening the door toward 
the $2,900–$3,000 range. So far, Ethereum has shown resilience, defending the 
$2,500–$2,600 zone effectively during the recent market consolidation. If 
bulls maintain control and volume increases, the breakout could materialize 
sooner rather than later. However, failure to push past $2,700 could trigger a 
new wave of hesitation, keeping ETH range-bound in the short term. As Bitcoin 
continues its upward trend, all eyes are now on Ethereum to see whether it can 
match that strength and lead the broader market higher. Related Reading: 
Ethereum Addresses In Profit Nearly Doubles Since April Lows – Volatility 
Returns ETH Price Action Details Ethereum is showing solid bullish structure 
on the 4-hour chart, consolidating just under the key $2,700 resistance level 
after a strong rally from early May lows. Price action is currently holding 
above the short-term exponential moving average (EMA 34) at $2,574, which acts 
as dynamic support. Meanwhile, the 50, 100, and 200 simple moving averages 
(SMAs) at $2,543, $2,443, and $2,109, respectively, continue to align in a 
bullish formation, signaling a healthy trend. Despite some volatility, ETH has 
consistently defended the $2,650–$2,670 region during recent dips, suggesting 
strong buyer interest just below resistance. Volume has remained steady, 
though not aggressive, which implies that bulls are cautiously optimistic 
while waiting for confirmation of a breakout above the $2,700 level. A 
decisive candle close above $2,700 could trigger the next leg up, potentially 
targeting the $2,850–$3,000 range. However, failure to push higher may lead to 
another test of support at $2,570 or even the $2,540 zone. Related Reading: 
Solana Multi-Year Uptrend Holds Strong – Analyst Sees SOL Breaking ATH This 
Year Overall, the chart structure favors the bulls, but a break and hold above 
resistance is needed to unlock further upside momentum. All eyes remain on 
this level as Ethereum aligns with the broader altcoin market&#8217;s expectations 
following Bitcoin’s breakout to new all-time highs. Featured image from 
Dall-E, chart from TradingView