{"id":43800,"date":"2021-06-05T10:41:21","date_gmt":"2021-06-05T07:41:21","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=43800"},"modified":"2025-08-31T14:00:07","modified_gmt":"2025-08-31T11:00:07","slug":"may-2021-in-figures-bitcoin-crash-dogecoin-clone-attack-and-polygons-explosive-growth","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/may-2021-in-figures-bitcoin-crash-dogecoin-clone-attack-and-polygons-explosive-growth\/","title":{"rendered":"May 2021 in figures: Bitcoin crash, Dogecoin clone attack, and Polygon&#8217;s explosive growth"},"content":{"rendered":"<div class=\"wp-block-monthly-reviews-top-blk review_top_blk\">\n<h2 class=\"wp-block-heading\"><strong>Key highlights<\/strong><\/h2>\n<ul class=\"wp-block-list\">\n<li>May 2021 was one of the worst months for Bitcoin investors. The price fell by 35%. Shares of cryptocurrency companies also dropped sharply.\u00a0<\/li>\n<li>Bitcoin\u2019s hash rate for May fell by 6.1%. At the end of last month, difficulty declined by 16%.\u00a0<\/li>\n<li>Ethereum miners\u2019 revenues surpassed Bitcoin miners\u2019 by $910 million.\u00a0<\/li>\n<li>The issue of environmental risks became one of the key themes in the information space.\u00a0<\/li>\n<li>Trading volume on cryptocurrency exchanges reached an all-time high of $2.6 trillion.<\/li>\n<li>DEX PancakeSwap overtook Uniswap in TVL, and Polygon neared the top-10 by market capitalisation.\u00a0<\/li>\n<li>The Internet Computer (ICP) token from Dfinity burst into the top ranks.<\/li>\n<li>There were several large venture rounds in May: Circle raised $440 million, and the Bitso exchange $250 million.<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\"><strong>Dynamics of leading assets<\/strong><\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1828\" height=\"897\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/BTC-37.png\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" class=\"wp-image-137757\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/BTC-37.png 1828w, https:\/\/u1f987.com\/wp-content\/uploads\/BTC-37-300x147.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/BTC-37-1024x502.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/BTC-37-768x377.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/BTC-37-1536x754.png 1536w\" sizes=\"auto, (max-width: 1828px) 100vw, 1828px\" \/><figcaption>BTC\/USD daily chart on Bitstamp. Data: <a href=\"https:\/\/www.tradingview.com\/chart\/?symbol=BTCUSD\" target=\"_blank\" rel=\"noreferrer noopener\">TradingView<\/a>.<\/figcaption><\/figure>\n<ul class=\"wp-block-list\">\n<li>In the first half of May, Bitcoin managed to regain lost ground and approach the $60,000 level, but then followed the largest correction since 2018 amid unfavourable news headlines.\u00a0<\/li>\n<li>The first drop began with <a href=\"https:\/\/u1f987.com\/en\/news\/tesla-halts-bitcoin-car-sales-and-roils-the-market\">Elon Musk&#8217;s statement<\/a> that Tesla would stop accepting Bitcoin for its products due to concerns about the environmental impact of mining. As a result, the price fell from $55,000 to $46,000.\u00a0<\/li>\n<li>The issue of environmental risks of mining is being discussed more and is becoming a real market factor. It is also linked to a great deal of misinformation. We discussed the problem in more detail in <a href=\"https:\/\/u1f987.com\/en\/news\/much-ado-about-nothing-why-bitcoins-environmental-impact-is-exaggerated\">the piece<\/a>.\u00a0<\/li>\n<li>The second significant driver of the decline was <a href=\"https:\/\/u1f987.com\/en\/news\/power-outages-in-china-knock-bitcoins-hashrate-by-20\">power-supply problems<\/a> at mining farms in Sichuan.<\/li>\n<li>The third and key factor <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-falls-below-37000-on-news-of-chinas-mining-ban\">was<\/a> the State Council of China\u2019s statement on measures to curb Bitcoin trading and mining. The price <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-price-falls-below-35000\">crashed to $30,000<\/a>, and on derivatives platforms \u2014 even lower.<\/li>\n<li>Over the month, <a href=\"https:\/\/u1f987.com\/en\/news\/only-twice-was-it-worse-bitcoin-fell-34-5-in-may\">Bitcoin fell 35%<\/a> (closing at $37,450) \u2014 the worst May on record.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1828\" height=\"897\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/ETH-35.png\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" class=\"wp-image-137762\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/ETH-35.png 1828w, https:\/\/u1f987.com\/wp-content\/uploads\/ETH-35-300x147.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/ETH-35-1024x502.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/ETH-35-768x377.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/ETH-35-1536x754.png 1536w\" sizes=\"auto, (max-width: 1828px) 100vw, 1828px\" \/><figcaption>ETH\/USD daily chart on Bitstamp. Data: <a href=\"https:\/\/www.tradingview.com\/chart\/?symbol=ETHUSD\" target=\"_blank\" rel=\"noreferrer noopener\">TradingView<\/a>.<\/figcaption><\/figure>\n<ul class=\"wp-block-list\">\n<li>Beginning the month at $2,775, Ethereum hit a peak at $4,380.\u00a0<\/li>\n<li>The subsequent correction pulled the market down \u2014 Ethereum fell to a local low of $1,730, closing the month at $2,707 (a monthly drop of 2%).<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1828\" height=\"897\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/BNB-8.png\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" class=\"wp-image-137764\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/BNB-8.png 1828w, https:\/\/u1f987.com\/wp-content\/uploads\/BNB-8-300x147.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/BNB-8-1024x502.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/BNB-8-768x377.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/BNB-8-1536x754.png 1536w\" sizes=\"auto, (max-width: 1828px) 100vw, 1828px\" \/><figcaption>BTC\/USDT daily chart on Binance. Data: <a href=\"https:\/\/www.tradingview.com\/chart\/?symbol=BINANCE%3ABNBUSDT\" target=\"_blank\" rel=\"noreferrer noopener\" title=\"https:\/\/www.tradingview.com\/chart\/?symbol=BINANCE%3ABNBUSDT\">TradingView<\/a>.<\/figcaption><\/figure>\n<p>Binance Coin (BNB) lost ground in May. Starting the month at $622, it rose to a high of $691, then collapsed to $211. By month-end, BNB was down 43% to $353.<\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"362\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/gainers-1-1024x362.png\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" class=\"wp-image-137772\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/gainers-1-1024x362.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/gainers-1-300x106.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/gainers-1-768x271.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/gainers-1.png 1243w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Gainers &#038; Losers of the month. Data: Messari.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"357\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/losers-1-1024x357.png\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" class=\"wp-image-137773\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/losers-1-1024x357.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/losers-1-300x105.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/losers-1-768x268.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/losers-1.png 1240w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Altseason, marked by the decline in Bitcoin\u2019s dominance, positively affected the performance of some coins, with Polygon (MATIC) standing out, <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-a-layer%e2%80%912-solution-in-blockchain\">utilising second-layer scaling solutions<\/a>.\u00a0<\/li>\n<li>During the month, MATIC rose 130%, bringing it close to the top-10 projects by market cap. It also ranked fourth in DeFi TVL by volume ($7.6 billion).<\/li>\n<li>Among other well-known altcoins, Ethereum Classic (ETC) rose above $175 in May, and Cardano (ADA) hit a new high of $2.47.<\/li>\n<\/ul>\n<\/div>\n<p>Negative momentum in May was seen in crypto-related equities:<\/p>\n<ul class=\"wp-block-list\">\n<li>Coinbase (COIN): -22%;<\/li>\n<li>MicroStrategy (MSTR): -30%;<\/li>\n<li>Galaxy Digital (GLXY): -40%.<\/li>\n<\/ul>\n<p>Bitcoin miners\u2019 producer stocks fared worse in May: Canaan fell 36%. In the same period, Ebang declined 24%, and Riot Blockchain by 32%. It is clear and unsurprising that mining stocks closely correlate with Bitcoin\u2019s price.<\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<h2 class=\"wp-block-heading\"><strong>Market mood, correlations, user activity<\/strong><\/h2>\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"555\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-indeksa-straha-i-zhadnosti.-Dannye-alternative.me_.-4-1024x555.png\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" class=\"wp-image-137788\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-indeksa-straha-i-zhadnosti.-Dannye-alternative.me_.-4-1024x555.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-indeksa-straha-i-zhadnosti.-Dannye-alternative.me_.-4-300x163.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-indeksa-straha-i-zhadnosti.-Dannye-alternative.me_.-4-768x416.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-indeksa-straha-i-zhadnosti.-Dannye-alternative.me_-4-1536x832.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-indeksa-straha-i-zhadnosti.-Dannye-alternative.me_.-4.png 1842w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Fear &#038; Greed Index dynamics. Data: alternative.me.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"409\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/90-dnevnye-pokazateli-korrelyatsii-aktivov.-Dannye-BlockchainCenter.-2-1024x409.png\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" class=\"wp-image-137789\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/90-dnevnye-pokazateli-korrelyatsii-aktivov.-Dannye-BlockchainCenter.-2-1024x409.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/90-dnevnye-pokazateli-korrelyatsii-aktivov.-Dannye-BlockchainCenter.-2-300x120.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/90-dnevnye-pokazateli-korrelyatsii-aktivov.-Dannye-BlockchainCenter.-2-768x307.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/90-dnevnye-pokazateli-korrelyatsii-aktivov.-Dannye-BlockchainCenter.-2-1536x613.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/90-dnevnye-pokazateli-korrelyatsii-aktivov.-Dannye-BlockchainCenter.-2-2048x818.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>90-day asset correlation indicators. Data: BlockchainCenter.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Against Bitcoin\u2019s decline, the Fear &#038; Greed index hit 10, the lowest since March 2020. For most of May, fear dominated the market. The average index for May was 36.9 (April 66).\u00a0<\/li>\n<li>Bitcoin\u2019s correlation with Ethereum, Litecoin and other crypto assets remains high. The correlation with the US S&#038;P 500 fell from 0.28 to 0.25. The correlation of Bitcoin with gold remains close to zero, as in the prior month.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<h2 class=\"wp-block-heading\"><strong>Trading activity<\/strong><\/h2>\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"3372\" height=\"1850\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/spot-2.png\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" class=\"wp-image-137792\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/spot-2.png 3372w, https:\/\/u1f987.com\/wp-content\/uploads\/spot-2-300x165.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/spot-2-1024x562.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/spot-2-768x421.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/spot-2-1536x843.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/spot-2-2048x1124.png 2048w\" sizes=\"auto, (max-width: 3372px) 100vw, 3372px\" \/><figcaption>Trading volume on leading spot exchanges, in billions of dollars. Data: CryptoCompare.<\/figcaption><\/figure>\n<ul class=\"wp-block-list\">\n<li>May trading volume on leading spot exchanges reached a record $2.6 trillion. On a per-exchange basis, Asian platforms consistently lead.\u00a0<\/li>\n<li>Binance turnover reached $1.5 trillion. Huobi\u2019s trading volume was $270 billion, OKEx \u2014 $241 billion. The US exchange Coinbase accounted for $201 billion.<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\"><strong>Futures and options<\/strong><\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"562\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/fyuchersy-4-1024x562.png\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" class=\"wp-image-137797\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/fyuchersy-4-1024x562.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/fyuchersy-4-300x165.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/fyuchersy-4-768x421.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/fyuchersy-4-1536x843.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/fyuchersy-4-2048x1123.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Bitcoin and Ethereum futures trading volumes, $bn. Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"565\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/optsiony-4-1024x565.png\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" class=\"wp-image-137798\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/optsiony-4-1024x565.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/optsiony-4-300x166.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/optsiony-4-768x424.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/optsiony-4-1536x848.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/optsiony-4-2048x1130.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Open interest in Bitcoin and Ethereum futures, $m. Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>In May, aggregate Bitcoin futures trading volume topped $2.5 trillion for the first time, with just over $1 trillion on Binance. In the most active session on May 19, daily volume reached $241 billion \u2014 Bitcoin\u2019s price fell by up to 30% during the day, from $43,500 to $30,000, with even lower levels on some derivative platforms.\u00a0<\/li>\n<li>Ethereum futures followed Bitcoin\u2019s trajectory. On May 19, the volume traded was a record $140 billion.\u00a0<\/li>\n<li>May\u2019s Bitcoin options market turnover stood at $27 billion. Deribit remains the undisputed leader, accounting for almost 90% of trading volume.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-thirds-wrapper reviews_has_thirds\">\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"471\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/likvidatsii-1-1024x471.png\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" class=\"wp-image-137801\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/likvidatsii-1-1024x471.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/likvidatsii-1-300x138.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/likvidatsii-1-768x353.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/likvidatsii-1.png 1380w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Volume of liquidations on the futures market. Data: bybt.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"473\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/OI-fyuchersy-1024x473.png\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" class=\"wp-image-137803\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/OI-fyuchersy-1024x473.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/OI-fyuchersy-300x139.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/OI-fyuchersy-768x355.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/OI-fyuchersy.png 1336w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Open interest in Bitcoin futures. Data: bybt.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"453\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/OI-optsiony-1024x453.png\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" class=\"wp-image-137804\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/OI-optsiony-1024x453.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/OI-optsiony-300x133.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/OI-optsiony-768x339.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/OI-optsiony.png 1378w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Open interest in options. Data: bybt.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>As a result of the correction on May 19, liquidations totalled $8.6 billion.\u00a0<\/li>\n<li>This affected open interest on both futures and options. The aggregate figure for futures fell from $20 billion to $11 billion, while for options it fell from $11 billion to $6 billion.<\/li>\n<li>Funding rates on May 19 plunged into negative territory, subsequently stabilising near zero.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<h2 class=\"wp-block-heading\"><strong>DeFi<\/strong><\/h2>\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"603\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-stoimosti-sredstv-zablokirovannyh-v-DeFi-sektore.-Dannye-DeFi-Pulse.-3-1024x603.png\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" class=\"wp-image-137808\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-stoimosti-sredstv-zablokirovannyh-v-DeFi-sektore.-Dannye-DeFi-Pulse.-3-1024x603.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-stoimosti-sredstv-zablokirovannyh-v-DeFi-sektore.-Dannye-DeFi-Pulse.-3-300x177.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-stoimosti-sredstv-zablokirovannyh-v-DeFi-sektore.-Dannye-DeFi-Pulse.-3-768x452.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-stoimosti-sredstv-zablokirovannyh-v-DeFi-sektore.-Dannye-DeFi-Pulse.-3-1536x905.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-stoimosti-sredstv-zablokirovannyh-v-DeFi-sektore.-Dannye-DeFi-Pulse.-3.png 1786w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>TVL dynamics of DeFi-ecosystem on Ethereum. Data: DeFi Pulse.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"720\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Top-3-DeFi-proekta-1024x720.png\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" class=\"wp-image-137809\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Top-3-DeFi-proekta-1024x720.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Top-3-DeFi-proekta-300x211.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Top-3-DeFi-proekta-768x540.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Top-3-DeFi-proekta.png 1468w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Top-3 DeFi projects by TVL on Ethereum, by DeFi Pulse as of 1.06.2021.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<p>In May, the total value of funds locked in DeFi applications (TVL) on Ethereum stood at $50.4 billion. Amid the deep correction, the metric fell sharply but did not collapse. This signals a maturing sector.<\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1101\" height=\"397\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Polygon-1.png\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" class=\"wp-image-137811\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Polygon-1.png 1101w, https:\/\/u1f987.com\/wp-content\/uploads\/Polygon-1-300x108.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Polygon-1-1024x369.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Polygon-1-768x277.png 768w\" sizes=\"auto, (max-width: 1101px) 100vw, 1101px\" \/><figcaption>Top polygon-based projects. Data: DappRadar.<\/figcaption><\/figure>\n<p>The Aave project surpassed the Maker platform, long considered a DeFi veteran. As before, lending platforms remain in the top trio. Yet Compound is being \u201ccaught up\u201d by Polygon (formerly Matic Network), which offers near-instant and extremely cheap transactions.<\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"571\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/TVL-po-osnovnym-sektoram-DeFi-ekosistemy-na-baze-Ethereum.-Dannye-DeFi-Pulse.-1-1024x571.png\" alt=\"TVL by main DeFi sectors on Ethereum. Data: DeFi Pulse\" class=\"wp-image-137813\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/TVL-po-osnovnym-sektoram-DeFi-ekosistemy-na-baze-Ethereum.-Dannye-DeFi-Pulse.-1-1024x571.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/TVL-po-osnovnym-sektoram-DeFi-ekosistemy-na-baze-Ethereum.-Dannye-DeFi-Pulse.-1-300x167.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/TVL-po-osnovnym-sektoram-DeFi-ekosistemy-na-baze-Ethereum.-Dannye-DeFi-Pulse.-1-768x428.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/TVL-po-osnovnym-sektoram-DeFi-ekosistemy-na-baze-Ethereum.-Dannye-DeFi-Pulse.-1.png 1406w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>TVL by main DeFi sectors based on Ethereum. Data: DeFi Pulse.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1023\" height=\"777\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Top-20-monet-DeFi-proektov-po-rynochnoj-kapitalizatsii.-Dannye-Messari-po-sostoyaniyu-na-1.06.2021.-1024x755.png\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" class=\"wp-image-137814\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Top-20-monet-DeFi-proektov-po-rynochnoj-kapitalizatsii.-Dannye-Messari-po-sostoyaniyu-na-1.06.2021.-1024x755.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Top-20-monet-DeFi-proektov-po-rynochnoj-kapitalizatsii.-Dannye-Messari-po-sostoyaniyu-na-1.06.2021.-300x221.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Top-20-monet-DeFi-proektov-po-rynochnoj-kapitalizatsii.-Dannye-Messari-po-sostoyaniyu-na-1.06.2021.-768x567.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Top-20-monet-DeFi-proektov-po-rynochnoj-kapitalizatsii.-Dannye-Messari-po-sostoyaniyu-na-1.06.2021..png 1342w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Top-20 DeFi coins by market cap. Data: Messari (as of 1.06.2021).<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>In the DeFi ecosystem by sector, lending remains dominant (47%) and DEX (31%).<\/li>\n<li>By the end of May, almost all top DeFi tokens had fallen in price. Terra, PancakeSwap and Compound suffered the deepest declines among the top-20.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"550\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Kapitalizatsiya_populyarnyh_bitkoinov_na_Ethereum_mlrd__Dannye_DeFi-1024x550.png\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" class=\"wp-image-137818\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Kapitalizatsiya_populyarnyh_bitkoinov_na_Ethereum_mlrd__Dannye_DeFi-1024x550.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Kapitalizatsiya_populyarnyh_bitkoinov_na_Ethereum_mlrd__Dannye_DeFi-300x161.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Kapitalizatsiya_populyarnyh_bitkoinov_na_Ethereum_mlrd__Dannye_DeFi-768x413.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Kapitalizatsiya_populyarnyh_bitkoinov_na_Ethereum_mlrd__Dannye_DeFi-1536x825.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/Kapitalizatsiya_populyarnyh_bitkoinov_na_Ethereum_mlrd__Dannye_DeFi-.png 1686w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Capitalisation of popular Bitcoin on Ethereum, $m. Data: DeFi Pulse.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"755\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Defistation-7.png\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" class=\"wp-image-137819\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Defistation-7.png 1023w, https:\/\/u1f987.com\/wp-content\/uploads\/Defistation-7-300x228.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Defistation-7-768x583.png 768w\" sizes=\"auto, (max-width: 1023px) 100vw, 1023px\" \/><figcaption>Dynamics of TVL in the Binance Smart Chain ecosystem. Data: Defistation as of 1.06.2021.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Against the correction, the overall value of tokenised Bitcoin on Ethereum fell from $11.98 billion to $8.72 billion (-27%).<\/li>\n<li>TVL of the Binance Smart Chain (BSC) ecosystem dropped from $44 billion to $27 billion (-38%). PancakeSwap leads this segment. Belt Finance, which suffered a hack using flash loans, ranked third on the Defistation list.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<h2 class=\"wp-block-heading\"><strong>DEX<\/strong><\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"3400\" height=\"1762\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/DEX-8.png\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" class=\"wp-image-137823\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/DEX-8.png 3400w, https:\/\/u1f987.com\/wp-content\/uploads\/DEX-8-300x155.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/DEX-8-1024x531.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/DEX-8-768x398.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/DEX-8-1536x796.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/DEX-8-2048x1061.png 2048w\" sizes=\"auto, (max-width: 3400px) 100vw, 3400px\" \/><figcaption>Trading volume on decentralised exchanges, $bn. Data: Dune Analytics, CoinGecko.<\/figcaption><\/figure>\n<ul class=\"wp-block-list\">\n<li>In May, trading volume on leading decentralised platforms rose by 140%, reaching a record $295 billion. We counted not only Ethereum-based protocols but also PancakeSwap, which accounted for $156 billion.<\/li>\n<li>After Uniswap was upgraded to version 3, monthly platform trading volume rose by 100% and surpassed $76 billion. SushiSwap\u2019s trading volume doubled (to $23 billion) and 0x tripled (to $12 billion).<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"649\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Rynochnaya-dolya-krupnejshih-Ethereum-DEX.-Dannye-Dune-Analytics-po-sostoyaniyu-na-1.06.2021.-1024x649.png\" alt=\"Market share of the largest Ethereum-based DEXes. Data: Dune Analytics as of 1.06.2021\" class=\"wp-image-137824\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Rynochnaya-dolya-krupnejshih-Ethereum-DEX.-Dannye-Dune-Analytics-po-sostoyaniyu-na-1.06.2021.-1024x649.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Rynochnaya-dolya-krupnejshih-Ethereum-DEX.-Dannye-Dune-Analytics-po-sostoyaniyu-na-1.06.2021.-300x190.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Rynochnaya-dolya-krupnejshih-Ethereum-DEX.-Dannye-Dune-Analytics-po-sostoyaniyu-na-1.06.2021.-768x487.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Rynochnaya-dolya-krupnejshih-Ethereum-DEX.-Dannye-Dune-Analytics-po-sostoyaniyu-na-1.06.2021..png 1192w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Market shares of the largest Ethereum-based DEXes. Data: Dune Analytics as of 1.06.2021.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"623\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Top-5-Ethereum-DEX-po-sutochnomu-oborotu-mln-.-Dannye-Dune-Analytics-po-sostoyaniyu-na-1.06.2021.-1024x623.png\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" class=\"wp-image-137825\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Top-5-Ethereum-DEX-po-sutochnomu-oborotu-mln-.-Dannye-Dune-Analytics-po-sostoyaniyu-na-1.06.2021.-1024x623.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Top-5-Ethereum-DEX-po-sutochnomu-oborotu-mln-.-Dannye-Dune-Analytics-po-sostoyaniyu-na-1.06.2021.-300x183.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Top-5-Ethereum-DEX-po-sutochnomu-oborotu-mln-.-Dannye-Dune-Analytics-po-sostoyaniyu-na-1.06.2021.-768x467.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Top-5-Ethereum-DEX-po-sutochnomu-oborotu-mln-.-Dannye-Dune-Analytics-po-sostoyaniyu-na-1.06.2021..png 1446w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Top-5 Ethereum-DEX by daily turnover, $m. Data: Dune Analytics as of 1.06.2021.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>The Uniswap share of Ethereum-based DEXes rose by 2.3% over the month. The launch of version 3 with new features, including concentrated liquidity and range orders, supported this move. See <a href=\"https:\/\/u1f987.com\/en\/news\/uniswap-launches-the-third-version-of-its-protocol\">the piece<\/a> for details.\u00a0<\/li>\n<li>The SushiSwap share fell by 3%. The TokenLon exchange, based on the 0x protocol, entered the top-5, pushing Bancor out of the list.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<h2 class=\"wp-block-heading\"><strong>Stablecoins<\/strong><\/h2>\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"566\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/stejblkoiny-2-1024x566.png\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" class=\"wp-image-137828\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/stejblkoiny-2-1024x566.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/stejblkoiny-2-300x166.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/stejblkoiny-2-768x425.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/stejblkoiny-2-1536x850.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/stejblkoiny-2-2048x1133.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Market capitalisation of stablecoins, $bn. Data: Coin Metrics.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"620\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/USDCUSDT-1024x620.jpg\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" class=\"wp-image-137829\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/USDCUSDT-1024x620.jpg 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/USDCUSDT-768x465.jpg 768w, https:\/\/u1f987.com\/wp-content\/uploads\/USDCUSDT.jpg 1200w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Dynamics of USDC and USDT supply. Data: Coin Metrics.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>The aggregate market capitalisation of stablecoins in May surpassed $100 billion.<\/li>\n<li>USDT from Tether surpassed $60 billion in market cap. USDC market cap exceeded $20 billion (+500% since January 2021).<\/li>\n<li>According to Coin Metrics, USDC supply has grown faster than USDT since the start of 2021.<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\"><strong>Mining, hash rate, fees<\/strong><\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"481\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/majning-Ethereum-1-1024x481.png\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" class=\"wp-image-137832\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/majning-Ethereum-1-1024x481.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/majning-Ethereum-1-300x141.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/majning-Ethereum-1-768x361.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/majning-Ethereum-1-1536x721.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/majning-Ethereum-1.png 1980w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Ethereum miner revenues by month, $m. Data: Coin Metrics.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"629\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/majning-bitkoin-1-1024x629.png\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" class=\"wp-image-137833\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/majning-bitkoin-1-1024x629.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/majning-bitkoin-1-300x184.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/majning-bitkoin-1-768x472.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/majning-bitkoin-1.png 1534w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Bitcoin miner revenues by month, $m. Data: Coin Metrics.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Total Ethereum miner revenues in May surged 45% to $2.39 billion, the first time surpassing Bitcoin miner revenue <a href=\"https:\/\/u1f987.com\/en\/news\/ethereum-miners-may-revenue-hits-a-record-2-39-billion\">. 56.5% came from block rewards and 43.5% from fees. The same ratio was observed in April.<\/li>\n<li>Bitcoin miner revenues in May fell 13% to $1.48 billion. Block-reward receipts decreased 6.8% \u2014 from $1.46 billion to $1.36 billion. Fee revenues fell by more than half \u2014 from $247 million to $125.3 million.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"478\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-heshrejta-bitkoina-s-nachala-goda-EH-s.-Dannye-Glassnode.-4-1024x478.png\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" class=\"wp-image-137835\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-heshrejta-bitkoina-s-nachala-goda-EH-s.-Dannye-Glassnode.-4-1024x478.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-heshrejta-bitkoina-s-nachala-goda-EH-s.-Dannye-Glassnode.-4-300x140.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-heshrejta-bitkoina-s-nachala-goda-EH-s.-Dannye-Glassnode.-4-768x359.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-heshrejta-bitkoina-s-nachala-goda-EH-s.-Dannye-Glassnode.-4-1536x717.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-heshrejta-bitkoina-s-nachala-goda-EH-s.-Dannye-Glassnode.-4-2048x956.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Bitcoin hash-rate dynamics. Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"561\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Slozhnost-majninga-bitkoina.-Dannye-Blockchair.-1024x561.png\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" class=\"wp-image-137836\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Slozhnost-majninga-bitkoina.-Dannye-Blockchair.-1024x561.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Slozhnost-majninga-bitkoina.-Dannye-Blockchair.-300x164.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Slozhnost-majninga-bitkoina.-Dannye-Blockchair.-768x421.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Slozhnost-majninga-bitkoina.-Dannye-Blockchair.-1536x841.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/Slozhnost-majninga-bitkoina.-Dannye-Blockchair..png 1998w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Mining difficulty of Bitcoin. Data: Blockchair.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>In mid-May, power-supply problems in Sichuan resurfaced, causing Bitcoin hash rate to fall by 20%. By month-end, the rate partially recovered. The mining difficulty subsequently declined by 16% from the peak reached on May 13.\u00a0<\/li>\n<li>In the second half of May, the interval between Bitcoin blocks remained above 10 minutes. After recalibrating, the interval shortened, according to BitInfoCharts.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"592\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-srednej-komissii-za-BTC-i-ETH-tranzaktsiyu.-Dannye-Blockchair.-3-1024x592.png\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" class=\"wp-image-137838\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-srednej-komissii-za-BTC-i-ETH-tranzaktsiyu.-Dannye-Blockchair.-3-1024x592.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-srednej-komissii-za-BTC-i-ETH-tranzaktsiyu.-Dannye-Blockchair.-3-300x173.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-srednej-komissii-za-BTC-i-ETH-tranzaktsiyu.-Dannye-Blockchair.-3-768x444.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-srednej-komissii-za-BTC-i-ETH-tranzaktsiyu.-Dannye-Blockchair.-3-1536x887.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-srednej-komissii-za-BTC-i-ETH-tranzaktsiyu.-Dannye-Blockchair.-3.png 1980w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Average BTC- and ETH-transaction fee dynamics. Data: Blockchair.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"647\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Krupnejshie-majningovye-puly.-Dannye-BTC.com_.-1024x647.png\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" class=\"wp-image-137839\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Krupnejshie-majningovye-puly.-Dannye-BTC.com_.-1024x647.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Krupnejshie-majningovye-puly.-Dannye-BTC.com_.-300x190.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Krupnejshie-majningovye-puly.-Dannye-BTC.com_.-768x485.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Krupnejshie-majningovye-puly.-Dannye-BTC.com_..png 1402w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Largest Bitcoin mining pools. Data: BTC.com.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>In May, the average fee for Ethereum transactions rose to above $70. One reason was hype around Shiba Inu (SHIB), a meme-coin clone of Dogecoin. By month-end, fees for Bitcoin- and Ethereum-transactions fell back to January levels.<\/li>\n<li>The largest mining pools remained F2Pool, AntPool and Poolin. The balance of power in the sector remained relatively stable.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"591\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/majnery-koshelki-1024x591.png\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" class=\"wp-image-137841\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/majnery-koshelki-1024x591.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/majnery-koshelki-300x173.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/majnery-koshelki-768x443.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/majnery-koshelki.png 1200w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Bitcoin miners\u2019 payouts from wallets. Data: Coin Metrics.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"533\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-heshrejta-Ethereum-h-s.-Dannye-Glassnode.-3-1024x533.png\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" class=\"wp-image-137843\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-heshrejta-Ethereum-h-s.-Dannye-Glassnode.-3-1024x533.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-heshrejta-Ethereum-h-s.-Dannye-Glassnode.-3-300x156.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-heshrejta-Ethereum-h-s.-Dannye-Glassnode.-3-768x400.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-heshrejta-Ethereum-h-s.-Dannye-Glassnode.-3-1536x800.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-heshrejta-Ethereum-h-s.-Dannye-Glassnode.-3.png 1916w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Ethereum hash rate dynamics, h\/s. Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>In May, on-chain indicators recorded the largest Bitcoin miner withdrawal since March 2020 amid events in China. By Coin Metrics, participants used off-exchange platforms.<\/li>\n<li>The Ethereum hash rate again hit a record high in May, but then fell by 8.2%. The year-to-date rise was 98%.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk\">\n<h3 class=\"wp-block-heading\"><strong>Taproot activation<\/strong><\/h3>\n<p>From May 2, Bitcoin miners began signaling support for the Taproot upgrade. In mined blocks, they included special \u201csignalling bits.\u201d The integration requires 90% of such blocks in the difficulty-recalculation window, with voting running until August 11, 2021. As of June 1, the mining pools accounting for 98% of Bitcoin\u2019s hash rate had expressed readiness.<\/p>\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"853\" height=\"580\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-podderzhki-Taproot-majnerami.-Dannye-Arcane-Research..png\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" class=\"wp-image-137846\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-podderzhki-Taproot-majnerami.-Dannye-Arcane-Research..png 853w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-podderzhki-Taproot-majnerami.-Dannye-Arcane-Research.-300x204.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-podderzhki-Taproot-majnerami.-Dannye-Arcane-Research.-768x522.png 768w\" sizes=\"auto, (max-width: 853px) 100vw, 853px\" \/><figcaption>Taproot support dynamics by miners. Data: Arcane Research.<\/figcaption><\/figure>\n<p>Details on Taproot are available in <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-taproot\">ForkLog educational cards<\/a>.<\/p>\n<\/div>\n<h2 class=\"wp-block-heading\"><strong>On-chain data<\/strong><\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"662\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/TSena-bitkoina-i-chislo-adresov-s-1000-BTC.-Dannye-Glassnode.-4-1024x662.png\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" class=\"wp-image-137852\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/TSena-bitkoina-i-chislo-adresov-s-1000-BTC.-Dannye-Glassnode.-4-1024x662.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/TSena-bitkoina-i-chislo-adresov-s-1000-BTC.-Dannye-Glassnode.-4-300x194.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/TSena-bitkoina-i-chislo-adresov-s-1000-BTC.-Dannye-Glassnode.-4-768x497.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/TSena-bitkoina-i-chislo-adresov-s-1000-BTC.-Dannye-Glassnode.-4-1536x993.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/TSena-bitkoina-i-chislo-adresov-s-1000-BTC.-Dannye-Glassnode.-4.png 1896w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Bitcoin price and number of addresses with \u22651000 BTC. Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"616\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-chisla-aktivnyh-bitkoin-adresov.-Dannye-Glassnode.-1-1024x616.png\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" class=\"wp-image-137853\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-chisla-aktivnyh-bitkoin-adresov.-Dannye-Glassnode.-1-1024x616.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-chisla-aktivnyh-bitkoin-adresov.-Dannye-Glassnode.-1-300x180.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-chisla-aktivnyh-bitkoin-adresov.-Dannye-Glassnode.-1-768x462.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-chisla-aktivnyh-bitkoin-adresov.-Dannye-Glassnode.-1-1536x924.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-chisla-aktivnyh-bitkoin-adresov.-Dannye-Glassnode.-1.png 1676w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Dynamics of the number of active Bitcoin addresses. Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Against the price decline, the number of addresses in the \u201c1000 BTC and above\u201d category continued to fall. In the past month, their number decreased by 3.3%, and from the February peak by 13.3%. It would appear that large players were unwilling to accumulate Bitcoin.<\/li>\n<li>Analysts from <a href=\"https:\/\/u1f987.com\/en\/news\/glassnode-long-term-investors-ramp-up-purchases-during-bitcoins-current-correction\">Glassnode<\/a> and <a href=\"https:\/\/u1f987.com\/en\/news\/chainalysis-bitcoin-whales-used-market-downturn-to-bolster-positions\">Chainalysis<\/a> believe the correction was mainly triggered by short-term investors. In their view, hodlers increased purchases during the drop.<\/li>\n<li>In May, bear mood coincided with a substantial reduction in on-chain activity. Compared with the May 10 local peak, on-chain activity declined by about 30%.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"610\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Sravnenie-dinamiki-chisla-tranzaktsij-v-ETH-i-BSC-ekosistemah.-Dannye-Etherscan-BscScan-1024x610.png\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" class=\"wp-image-137856\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Sravnenie-dinamiki-chisla-tranzaktsij-v-ETH-i-BSC-ekosistemah.-Dannye-Etherscan-BscScan-1024x610.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Sravnenie-dinamiki-chisla-tranzaktsij-v-ETH-i-BSC-ekosistemah.-Dannye-Etherscan-BscScan-1024x610.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Sravnenie-dinamiki-chisla-tranzaktsij-v-ETH-i-BSC-ekosistemah.-Dannye-Etherscan-BscScan-768x457.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Sravnenie-dinamiki-chisla-tranzaktsij-v-ETH-i-BSC-ekosistemah.-Dannye-Etherscan-BscScan.png 1606w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Transaction counts comparison in ETH- and BSC-based ecosystems. Data: Etherscan, BscScan.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"376\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-kolichestva-ETH-na-depozitnom-kontrakte-Ethereum-2.0.-Istochnik-Glassnode.-1024x376.png\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" class=\"wp-image-137857\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-kolichestva-ETH-na-depozitnom-kontrakte-Ethereum-2.0.-Istochnik-Glassnode.-1024x376.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-kolichestva-ETH-na-depozitnom-kontrakte-Ethereum-2.0.-Istochnik-Glassnode.-300x110.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-kolichestva-ETH-na-depozitnom-kontrakte-Ethereum-2.0.-Istochnik-Glassnode.-768x282.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-kolichestva-ETH-na-depozitnom-kontrakte-Ethereum-2.0.-Istochnik-Glassnode.-1536x564.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-kolichestva-ETH-na-depozitnom-kontrakte-Ethereum-2.0.-Istochnik-Glassnode.-2048x752.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Dynamics of ETH on the Ethereum 2.0 deposit contract. Source: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>On-chain indicators in May showed a marked decline in activity. The volume of transactions in the Binance Smart Chain ecosystem reached a historical high on May 14 at 11.83 million. By June 1, the figure stood at 5.2 million (-56%). The volume of Ethereum transactions relative to the May 9 peak fell by 25%.<\/li>\n<li>As of June 1, the locked value in the Ethereum 2.0 deposit contract stood at 5.21 million ETH ($13.59 billion at the then-exchange rate). The steady rise suggests market participants\u2019 confidence in the future of the new version.<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\"><strong>Activity of major players<\/strong><\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk\">\n<h3 class=\"wp-block-heading\"><strong>CME<\/strong><\/h3>\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"497\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Otkrytyj-interes-po-mikrofyuchersam-na-bitkoin-na-birzhe-CME.-Dannye-CFTC-1024x497.png\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" class=\"wp-image-137862\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Otkrytyj-interes-po-mikrofyuchersam-na-bitkoin-na-birzhe-CME.-Dannye-CFTC-1024x497.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Otkrytyj-interes-po-mikrofyuchersam-na-bitkoin-na-birzhe-CME.-Dannye-CFTC-300x146.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Otkrytyj-interes-po-mikrofyuchersam-na-bitkoin-na-birzhe-CME.-Dannye-CFTC-768x373.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Otkrytyj-interes-po-mikrofyuchersam-na-bitkoin-na-birzhe-CME.-Dannye-CFTC-1024x497.png 1024w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Open interest in Bitcoin microfutures on CME. Data: CFTC.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"522\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/pozitsii-Non-Commercial-i-Commercial-i-obshhee-chislo-igrokov-1024x522.png\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" class=\"wp-image-137863\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/pozitsii-Non-Commercial-i-Commercial-i-obshhee-chislo-igrokov-1024x522.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/pozitsii-Non-Commercial-i-Commercial-i-obshhee-chislo-igrokov-300x153.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/pozitsii-Non-Commercial-i-Commercial-i-obshhee-chislo-igrokov-768x392.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/pozitsii-Non-Commercial-i-Commercial-i-obshhee-chislo-igrokov-1536x783.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/pozitsii-Non-Commercial-i-Commercial-i-obshhee-chislo-igrokov.png 1828w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>CME Bitcoin futures: positions Non-Commercial and Commercial and total traders. Data: CFTC.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<p>Microfutures on Bitcoin are gaining popularity among CME participants. Here, shorts are predominant among Non- Commercial traders, while longs are common among retail traders. The overall number of participants is rising.<\/p>\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"492\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Otkrytyj-interes-po-Ethereum-fyuchersam-na-CME.-Dannye-CFTC-1024x492.png\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" class=\"wp-image-137864\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Otkrytyj-interes-po-Ethereum-fyuchersam-na-CME.-Dannye-CFTC-1024x492.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Otkrytyj-interes-po-Ethereum-fyuchersam-na-CME.-Dannye-CFTC-300x144.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Otkrytyj-interes-po-Ethereum-fyuchersam-na-CME.-Dannye-CFTC-768x369.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Otkrytyj-interes-po-Ethereum-fyuchersam-na-CME.-Dannye-CFTC.png 1502w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Open interest in Ethereum futures on CME. Data: CFTC.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"497\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Ethereum-fyuchersy-na-CME-pozitsii-Non-Commercial-i-Commercial-i-obshhee-chislo-igrokov.-Dannye-CFTC-1024x497.png\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" class=\"wp-image-137865\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Ethereum-fyuchersy-na-CME-pozitsii-Non-Commercial-i-Commercial-i-obshhee-chislo-igrokov.-Dannye-CFTC-1024x497.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Ethereum-fyuchersy-na-CME-pozitsii-Non-Commercial-i-Commercial-i-obshhee-chislo-igrokov.-Dannye-CFTC-300x146.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Ethereum-fyuchersy-na-CME-pozitsii-Non-Commercial-i-Commercial-i-obshhee-chislo-igrokov.-Dannye-CFTC-768x373.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Ethereum-fyuchersy-na-CME-pozitsii-Non-Commercial-i-Commercial-i-obshhee-chislo-igrokov.-Dannye-CFTC.png 1690w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Ethereum futures on CME: Non-Commercial and Commercial positions and total traders. Data: CFTC.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<p>Futures on Ethereum are gaining popularity too. Here, shorts predominate among Non-Commercial traders, long positions among small players. The total number of participants is rising.<\/p>\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"547\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-pozitsij-po-Ethereum-fyuchersam-igrokov-kategorii-Non-Commercial-na-CME.-Dannye-CFTC-1024x547.png\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" class=\"wp-image-137866\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-pozitsij-po-Ethereum-fyuchersam-igrokov-kategorii-Non-Commercial-na-CME.-Dannye-CFTC-1024x547.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-pozitsij-po-Ethereum-fyuchersam-igrokov-kategorii-Non-Commercial-na-CME.-Dannye-CFTC-300x160.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-pozitsij-po-Ethereum-fyuchersam-igrokov-kategorii-Non-Commercial-na-CME.-Dannye-CFTC-1024x547.png 1024w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Positions of small players (Nonreportable) in Ethereum futures. Data: CFTC.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"602\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Pozitsii-melkih-igrokov-Nonreportable-po-Ethereum-fyuchersam.-Dannye-CFTC-1024x602.png\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" class=\"wp-image-137867\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Pozitsii-melkih-igrokov-Nonreportable-po-Ethereum-fyuchersam.-Dannye-CFTC-1024x602.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Pozitsii-melkih-igrokov-Nonreportable-po-Ethereum-fyuchersam.-Dannye-CFTC-300x176.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Pozitsii-melkih-igrokov-Nonreportable-po-Ethereum-fyuchersam.-Dannye-CFTC-768x451.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Pozitsii-melkih-igrokov-Nonreportable-po-Ethereum-fyuchersam.-Dannye-CFTC.png 1538w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Positions of small traders (Nonreportable) in Ethereum futures. Data: CFTC.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<p>Both the CME and other venues saw growing activity in Ethereum futures, with non-commercial traders leaning short and smaller players leaning long. The overall participant count is rising.<\/p>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<h3 class=\"wp-block-heading\"><strong>MicroStrategy <\/strong><\/h3>\n<p>On May 13, the Nasdaq-listed company MicroStrategy <a href=\"https:\/\/u1f987.com\/en\/news\/microstrategy-adds-15-million-to-bitcoin-holdings\">announced the purchase of 271 BTC for $15 million<\/a>. Less than a week later the firm <a href=\"https:\/\/u1f987.com\/en\/news\/microstrategy-invests-10-million-in-bitcoin\">acquired another 229 BTC for $10 million<\/a>.<\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<h2 class=\"wp-block-heading\"><strong>Major venture rounds<\/strong><\/h2>\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/u1f987.com\/en\/news\/circle-raises-440-million-from-ftx-dcg-fidelity-and-other-investors\">Circle, a cryptocurrency company, raised $440 million<\/a>. Investments came from FTX, Digital Currency Group, Fidelity Management, Valor Capital Group and others;<\/li>\n<li>The largest Latin American crypto exchange Bitso raised $250 million<\/a> in a Series C round. Investors valued the company at $2.2 billion;<\/li>\n<li>Emiswap, a decentralized exchange, <a href=\"https:\/\/u1f987.com\/en\/news\/defi-project-emiswap-raises-104-million-in-funding\">raised $104 million<\/a>;<\/li>\n<li>Hong Kong-based NFT gaming developer Animoca Brands <a href=\"https:\/\/u1f987.com\/en\/news\/rothschild-family-fund-backs-nft-game-developer\">raised $88.9 million<\/a> from RIT Capital Partners, Huobi and other investors;<\/li>\n<li>Music NFT marketplace OneOf <a href=\"https:\/\/u1f987.com\/en\/news\/oneof-a-music-nft-marketplace-raises-63-million-from-tezos-foundation\">raised $63 million<\/a> from Tezos Foundation;<\/li>\n<li>Chia Network Inc. <a href=\"https:\/\/u1f987.com\/en\/news\/chia-founders-raise-61-million-and-plan-ipo\">raised $61 million<\/a>, its valuation reaching $500 million. The company planned an IPO;<\/li>\n<li>PolySign, founded by Ripple co-founder, <a href=\"https:\/\/u1f987.com\/en\/news\/polysign-ripple-co-founders-blockchain-company-raises-53-million\">raised $53 million<\/a>;<\/li>\n<li>London-based custody service Copper <a href=\"https:\/\/u1f987.com\/en\/news\/london-based-copper-raises-50m-in-series-b-funding\">raised $50 million<\/a> in a Series B round;<\/li>\n<li>Crypto-trading platform Talos <a href=\"https:\/\/u1f987.com\/en\/news\/talos-a-crypto-trading-platform-raises-40-million-from-a16z-and-other-investors\">raised $40 million<\/a> from a16z and other investors;<\/li>\n<li>Ledn, a crypto-lending platform, <a href=\"https:\/\/u1f987.com\/en\/news\/ledn-the-crypto-lending-platform-attracted-30-million-from-alan-howard-and-other-investors\">raised $30 million<\/a> from Alan Howard and other investors;<\/li>\n<li>Hashdex, Brazil\u2019s asset manager, <a href=\"https:\/\/u1f987.com\/en\/news\/hashdex-attracts-26-million-from-coinbase-and-softbank\">raised $26 million<\/a> from Valor Capital with SoftBank, Coinbase Ventures and others;<\/li>\n<li>Solidus Labs, a startup focusing on detecting market manipulation in crypto, <a href=\"https:\/\/u1f987.com\/en\/news\/solidus-labs-raises-20-million-from-ftx-nydig-and-other-investors\">raised $20 million<\/a>;<\/li>\n<li><a href=\"https:\/\/u1f987.com\/en\/news\/defi-dashboard-zapper-raises-15-million-from-mark-cuban-ashton-kutcher-and-other-investors\">DeFi dashboard Zapper raised $15 million<\/a> from Mark Cuban, Coinbase Ventures, Sino Global and others;<\/li>\n<li><a href=\"https:\/\/u1f987.com\/en\/news\/goldman-sachs-leads-15-million-series-b-round-for-coin-metrics\">Coin Metrics, a analytics firm, raised $15 million<\/a>. Series C included Goldman Sachs, BlockFi and other investors.<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\"><strong>Regulatory developments<\/strong><\/h2>\n<div class=\"reviews_has_halves stretch\">\n<div class=\"review_half\">\n<div class=\"review_single_blk has_region\">\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignleft size-full wp-image-81141\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Frame-1.png\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" width=\"106\" height=\"80\"><\/p>\n<ul>\n<li>In the State Duma, <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-proposed-as-a-contractual-payment-instrument-in-russia\">framed<\/a> amendments to the Civil Code to allow cryptocurrency to be used as a means of contractual payment.<\/li>\n<li>In 2020, the Bank of Russia, within its regulatory sandbox, <a href=\"https:\/\/u1f987.com\/en\/news\/russia-weighs-possible-disconnection-from-swift\">tested<\/a> three crypto-related services. The regulator disclosed the information in its annual report.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<div class=\"review_single_blk has_region\">\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignleft size-full wp-image-116085\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Frame-3.png\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" width=\"105\" height=\"79\"><\/p>\n<ul>\n<li>The Bank of Russia <a href=\"https:\/\/u1f987.com\/en\/news\/kazakhstan-unveils-report-on-digital-tenge\">presented<\/a> a report on a digital ruble. A pilot project <a href=\"https:\/\/u1f987.com\/en\/news\/kazakhstan-sets-timeline-for-pilot-launch-of-digital-tenge\">is planned<\/a> for the second half of 2021.<\/li>\n<li>The government <a href=\"https:\/\/u1f987.com\/en\/news\/kazakhstan-to-regulate-the-operations-of-cryptocurrency-exchanges\">considered<\/a> proposals that will form the basis of a roadmap for developing the cryptocurrency industry and blockchain technologies.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"reviews_has_halves stretch\">\n<div class=\"review_half\">\n<div class=\"review_single_blk has_region\">\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignleft size-full wp-image-81141\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-1.png\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" width=\"106\" height=\"80\"><\/p>\n<ul>\n<li>The authorities <a href=\"https:\/\/u1f987.com\/en\/news\/us-to-require-bitcoin-exchanges-to-report-cryptocurrency-transactions-over-10000\">will require<\/a> Bitcoin exchanges to report transactions exceeding $10,000.<\/li>\n<li>Crypto firms must <a href=\"https:\/\/u1f987.com\/en\/news\/us-authorities-to-require-crypto-firms-to-share-customer-data\">transmit<\/a> customer data for tax monitoring.<\/li>\n<li>SEC chief Gary Gensler urged Congress to <a href=\"https:\/\/u1f987.com\/en\/news\/gary-gensler-urges-u-s-congress-to-clarify-regulation-of-bitcoin-exchanges\">provide clarity<\/a> on crypto exchange regulation.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<div class=\"review_single_blk has_region\">\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignleft size-full wp-image-116085\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Frame-10-1.png\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" width=\"105\" height=\"79\"><\/p>\n<ul>\n<li>The lawmakers will require crypto exchanges to <a href=\"https:\/\/u1f987.com\/en\/news\/turkey-tightens-requirements-for-user-verification-on-cryptocurrency-exchanges\">request<\/a> identity documents and periodically verify them; and to <a href=\"https:\/\/u1f987.com\/en\/news\/turkey-requires-bitcoin-exchanges-to-report-transactions-above-1200\">report<\/a> transactions above $1,200.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"review_single_blk has_map review_2_map\">\n<h2>Other regions:<\/h2>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2644-10.png\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" width=\"2350\" height=\"1182\"><\/p>\n<div class=\"country_blk\" data-blk=\"1\">In <strong>China<\/strong>, authorities intend <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-falls-below-37000-on-news-of-chinas-mining-ban\">to take<\/a> measures against mining and Bitcoin trading.<\/div>\n<div class=\"country_blk\" data-blk=\"2\"><strong>Georgia<\/strong> <a href=\"https:\/\/u1f987.com\/en\/news\/georgia-to-study-the-possibility-of-issuing-a-national-digital-currency\">will study<\/a> the possibility of issuing a national digital currency<\/div>\n<div class=\"country_blk\" data-blk=\"3\">Central Bank of <strong>India<\/strong> <a href=\"https:\/\/u1f987.com\/en\/news\/rbi-reminds-banks-of-repeal-of-cryptocurrency-ban\">reminded<\/a> banks of the repeal of the crypto ban on operations<\/div>\n<div class=\"country_blk\" data-blk=\"4\">Authorities in <strong>Thailand<\/strong> from July 1 <a href=\"https:\/\/u1f987.com\/en\/news\/thailand-to-tighten-registration-requirements-for-crypto-exchanges\">will require<\/a> local Bitcoin exchanges to scan chips embedded in citizens\u2019 ID cards when opening new accounts<\/div>\n<div class=\"country_blk\" data-blk=\"5\"><strong>Indonesia<\/strong> <a href=\"https:\/\/u1f987.com\/en\/news\/indonesia-to-discuss-introducing-tax-on-cryptocurrency-profits\">will discuss<\/a> imposing a tax on cryptocurrency profits.<\/div>\n<div class=\"country_blk\" data-blk=\"6\"><strong>Argentina<\/strong> <a href=\"https:\/\/u1f987.com\/en\/news\/argentina-requires-bitcoin-exchanges-to-report-user-transactions\">made it mandatory<\/a> for crypto exchanges to monthly report user transactions.<\/div>\n<div class=\"country_blk\" data-blk=\"7\">Central Bank of <strong>the Netherlands<\/strong> <a href=\"https:\/\/u1f987.com\/en\/news\/dutch-central-bank-backs-off-tightening-of-rules-for-bitcoin-exchanges\">rejected<\/a> tightening requirements for crypto exchanges.<\/div>\n<div class=\"country_blk\" data-blk=\"8\">Authorities in <strong>Australia<\/strong> will obligate crypto investors to <a href=\"https:\/\/u1f987.com\/en\/news\/australian-authorities-to-require-crypto-investors-to-pay-additional-taxes\">top up<\/a> taxes.<\/div>\n<div class=\"country_blk\" data-blk=\"9\">In <strong>Hong Kong<\/strong>, regulators plan to <a href=\"https:\/\/u1f987.com\/en\/news\/hong-kong-plans-to-ban-bitcoin-exchanges-from-operating-without-a-licence\">ban<\/a> exchanges from operating without a license.<\/div>\n<\/div>\n<div class=\"review_single_blk has_map review_2_map m\">\n<h2>Other regions:<\/h2>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2644-10.png\" alt=\"May 2021 in numbers: Bitcoin crash, Dogecoin clone attack, and Polygon growth\" width=\"2350\" height=\"1182\"><\/p>\n<div class=\"country_blk\" data-blk=\"1\">China\u2019s authorities intend to <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-falls-below-37000-on-news-of-chinas-mining-ban\">take<\/a> measures against mining and trading Bitcoin.<\/div>\n<div class=\"country_blk\" data-blk=\"2\"><strong>Georgia<\/strong> <a href=\"https:\/\/u1f987.com\/en\/news\/georgia-to-study-the-possibility-of-issuing-a-national-digital-currency\">will study<\/a> the possibility of issuing a national digital currency<\/div>\n<div class=\"country_blk\" data-blk=\"3\">RBI <strong>India<\/strong> <a href=\"https:\/\/u1f987.com\/en\/news\/rbi-reminds-banks-of-repeal-of-cryptocurrency-ban\">reminded<\/a> banks about repealing the ban on cryptocurrency operations<\/div>\n<div class=\"country_blk\" data-blk=\"4\">Thailand\u2019s authorities from July 1 <a href=\"https:\/\/u1f987.com\/en\/news\/thailand-to-tighten-registration-requirements-for-crypto-exchanges\">will require<\/a> local Bitcoin exchanges to scan embedded chips in citizens\u2019 ID cards when opening new accounts<\/div>\n<div class=\"country_blk\" data-blk=\"5\"><strong>Indonesia<\/strong> <a href=\"https:\/\/u1f987.com\/en\/news\/indonesia-to-discuss-introducing-tax-on-cryptocurrency-profits\">will discuss<\/a> introducing a tax on cryptocurrency profits.<\/div>\n<div class=\"country_blk\" data-blk=\"6\"><strong>Argentina<\/strong> <a href=\"https:\/\/u1f987.com\/en\/news\/argentina-requires-bitcoin-exchanges-to-report-user-transactions\">requires<\/a> crypto exchanges to report user transactions monthly.<\/div>\n<div class=\"country_blk\" data-blk=\"7\"><strong>Netherlands<\/strong> <a href=\"https:\/\/u1f987.com\/en\/news\/dutch-central-bank-backs-off-tightening-of-rules-for-bitcoin-exchanges\">rejected<\/a> tighter crypto exchange rules.<\/div>\n<div class=\"country_blk\" data-blk=\"8\">Australia will <a href=\"https:\/\/u1f987.com\/en\/news\/australian-authorities-to-require-crypto-investors-to-pay-additional-taxes\">levy additional taxes<\/a> on crypto investors.<\/div>\n<div class=\"country_blk\" data-blk=\"9\"><strong>Hong Kong<\/strong> plans to <a href=\"https:\/\/u1f987.com\/en\/news\/hong-kong-plans-to-ban-bitcoin-exchanges-from-operating-without-a-licence\">ban<\/a> exchanges operating without a license.<\/div>\n<\/div>\n<h2 class=\"wp-block-heading\"><strong>Notable May events<\/strong><\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<h3 class=\"wp-block-heading\"><strong>Uniswap launches third version of the protocol<\/strong><\/h3>\n<p>On May 5 <a href=\"https:\/\/u1f987.com\/en\/news\/uniswap-launches-the-third-version-of-its-protocol\">the third version of the Uniswap protocol was launched<\/a> on the Ethereum network.<\/p>\n<p>Key features of v3 include concentrated liquidity, range-order capability and multiple positions within a single pool. Developers also plan to implement Layer 2 scaling solutions Optimism and Arbitrum. We <a href=\"https:\/\/u1f987.com\/en\/news\/concentrated-liquidity-and-optimism-can-uniswap-sustain-leadership-among-dexs\">took a close look at the update<\/a> and explained its implications for the DEX segment.<\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<h3 class=\"wp-block-heading\"><strong>Tesla stopped accepting Bitcoin payments; Musk discussed green mining with miners<\/strong><\/h3>\n<p>On May 12, Tesla <a href=\"https:\/\/u1f987.com\/en\/news\/tesla-halts-bitcoin-car-sales-and-roils-the-market\">announced a pause<\/a> in accepting Bitcoin for car purchases due to concerns about the environmental footprint of mining. The company said it would resume accepting Bitcoin when miners use more sustainable energy sources.<\/p>\n<p>Elon Musk tweeted that the company could consider accepting Dogecoin if it becomes more widely adopted; 78% of respondents <a href=\"https:\/\/u1f987.com\/en\/news\/elon-musk-weighs-up-selling-tesla-for-dogecoin\">supported<\/a> the idea. On May 25 Musk <a href=\"https:\/\/u1f987.com\/en\/news\/elon-musk-discusses-prospects-for-green-bitcoin-mining-with-miners\">held a meeting<\/a> with North American mining companies to discuss forming a Bitcoin Mining Council to reduce industry emissions.<\/p>\n<p>The meeting was organised by MicroStrategy\u2019s Michael Saylor and included leaders from Argo Blockchain, Blockcap, Core Scientific, Galaxy Digital, HIVE Blockchain, Hut 8 Mining, Marathon and Riot Blockchain.<\/p>\n<p>Industry critics argued the initiative could risk block censorship if green-energy mining becomes the default standard, potentially harming the wider ecosystem.<\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<h3 class=\"wp-block-heading\"><strong>Vitalik Buterin dumps meme coins<\/strong><\/h3>\n<p>In May, meme-token clones of Dogecoin gained traction, including Shiba Inu (SHIB), AKITA (AKITA) and Dogelon Mars (ELON). According to SHIB\u2019s white paper, half of the emission was directed to Vitalik Buterin\u2019s personal wallet for potential burn, a move replicated by other projects. Buterin deemed the measure inappropriate and risky from a security perspective and rushed to mint the coins, provoking a dump. He donated the proceeds to charity.<\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<h3 class=\"wp-block-heading\"><strong>ICP token from DFINITY enters the top-5<\/strong><\/h3>\n<p>On May 7, Mercury network genesis block from Dfinity launched. The native Internet Computer (ICP) token appeared on Coinbase Pro, Binance, FTX, Huobi and OKEx. At the peak, the price reached $730, which <a href=\"https:\/\/u1f987.com\/en\/news\/dfinitys-icp-token-enters-top-7-by-market-capitalization-after-trading-begins\">helped ICP enter<\/a> the top-5 of CoinMarketCap. By the end of the month, ICP price fell to $100. We described DFINITY in more detail in the <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-dfinity\">educational cards<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>May 2021 was one of the worst months for Bitcoin investors, with the price down 35%. Against a market correction, Polygon and Internet Computer from Dfinity moved closer to the top.<\/p>\n","protected":false},"author":1,"featured_media":43801,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"3","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[1144],"tags":[1740],"class_list":["post-43800","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-longreads","tag-bitcoin-industry-in-numbers"],"aioseo_notices":[],"amp_enabled":true,"views":"170","promo_type":"1","layout_type":"3","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/43800","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=43800"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/43800\/revisions"}],"predecessor-version":[{"id":43802,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/43800\/revisions\/43802"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/43801"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=43800"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=43800"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=43800"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}