Ethereum Gas Fee Continues to Drop, Now at 0.352 Gwei

May 8 — Per Onchain Lens monitoring, BlackRock has just deposited 1,224 BTC (≈$98.16 million) and 11,475 ETH (≈$26.27 million) into Coinbase, with potential for additional asset deposits.

May 8: Federal Reserve Governor Milan said he still leans toward an early interest rate cut. (FXStreet)

May 8 – Per a CCTV News report, Iran’s foreign minister said on May 8 local time that the country’s current missile inventory and launch capability have increased by 20% since February 28.

On May 8th, Iranian Foreign Minister Araghchi stated that whenever a diplomatic solution is on the table, the U.S. consistently resorts to reckless military adventurism. (FXStreet)

May 8th — Per DefiLlama data, the on-chain perpetual DEX (Perp DEX) market’s total trading volume has rebounded. Driven by sharp volatility in recent U.S. stock, commodity, and crypto markets, Hyperliquid’s open interest has continued climbing, hitting its highest level since mid-January 2024 at roughly $91.1 billion. Within the HIP-3 ecosystem, Trade.xyz has seen active trading, with both its 24-hour trading volume and open interest reaching near one-month highs. Below are the current top Perp DEX platforms by 24-hour trading volume: - Hyperliquid (via https://app.hyperliquid.xyz/join/NTOD): ~$82.7 billion in 24-hour trading volume; ~$91.1 billion in open interest - Trade.xyz: ~$33.4 billion in 24-hour trading volume; ~$21.8 billion in open interest - EdgeX: ~$21.9 billion in 24-hour trading volume; ~$9.45 billion in open interest - Aster (via https://www.asterdex.com/zh-CN/referral/aboter): ~$18.7 billion in 24-hour trading volume; ~$23.1 billion in open interest

On May 8, Mantle token holders approved a credit line of up to 30,000 ETH (roughly $68 million) for Aave DAO via Proposal MIP-34. The move aims to address potential defaults stemming from the April rsETH exploit on Aave V3, with estimated default amounts ranging from $123.7 million to $230.1 million. The proposal passed a seven-day Snapshot vote, authorizing the Mantle Foundation to negotiate with Aave DAO and execute the final loan agreement. Implementation of the credit line remains contingent on Aave executing its recovery plan and finalizing specific terms. A Galaxy Research report noted the rsETH exploit left Aave’s WETH market in prolonged tension, with fund utilization rates above 99% for 12.7 consecutive days. As of May 8, utilization in Aave’s Ethereum V3 WETH market has dropped to around 91.6%, easing market pressure.