MEXC On-chain Daily Report: Fed Minutes Warn of Inflation Risks

Updated: May 21, 2026 09:30 (UTC+8) | Author: MEXC

1. Headlines

• Fed minutes warn of inflation risks from persistently high energy prices
• OpenAI reportedly preparing to file for IPO
• Singapore revokes Bsquared payment license
• European Union launches MiCA regulatory framework review
• ICE plans to introduce computing power futures market

2. Industry Updates

Lighter Completes L2 “Escape Hatch” Verification, Allowing Users to Withdraw During Sequencer Failures

According to Odaily, Lighter announced that it has successfully completed third-party “escape hatch” verification conducted by L2BEAT. The mechanism allows users to permissionlessly withdraw assets from Lighter’s Layer 2 network back to Ethereum mainnet even in the event of a sequencer failure.

Lighter stated that it has become the first Layer 2 perpetual DEX to implement this functionality. The mechanism is designed to protect user funds under extreme conditions, reducing risks associated with centralized sequencer failures while improving the overall security and reliability of Layer 2 trading infrastructure.

WLFI Treasury Firm AI Financial Reports $271.5M Quarterly Net Loss

According to Cointelegraph, WLFI treasury company AI Financial disclosed a net loss of $271.5 million for Q1 2026, compared with just $2.4 million during the same period last year. As of March 28, the company reported a liquidity deficit of approximately $5.5 million, while total assets stood at only $322,000, raising concerns over its ability to continue operations.

AI Financial currently holds 7.3 billion WLFI tokens valued at roughly $703.4 million, down more than one-third from year-end levels, resulting in unrealized losses of approximately $348.3 million. The firm reportedly acquired the tokens at a cost basis near $1.46 billion.

Catena Labs Raises $30M Series A With Participation From a16z Crypto

According to Fortune, AI financial infrastructure startup Catena Labs, founded by Circle co-founder Sean Neville, announced the completion of a $30 million Series A funding round.

The round was co-led by Acrew Capital and a16z crypto, with participation from Breyer Capital, General Catalyst, and QED. Catena Labs focuses on building “AI-native banking” infrastructure designed to enable AI agents to securely execute payments, transfers, and treasury-management operations. The company has also applied for a national trust bank charter in New York through the U.S. Office of the Comptroller of the Currency.

Mouro Capital Closes $400M Fund Targeting AI and Blockchain Sectors

According to Ventureburn, Santander-backed fintech venture firm Mouro Capital announced the first close of its third fund at $400 million, with Santander serving as the primary capital provider.

The fund will focus on investments across AI, blockchain, capital markets, and wealth-management technologies, particularly at the intersection of financial services, enterprise software, and artificial intelligence. Mouro Capital stated that it plans to further expand investments into fintech and digital asset infrastructure. The firm previously invested in DeFi platform M^0.

Fintech Firm Mercury Raises $200M From a16z, Sequoia, and Others

According to CNBC, fintech company Mercury announced the completion of a new $200 million funding round led by TCV, with participation from Sequoia Capital, a16z, and Coatue Management.

Mercury primarily provides banking services for startups and now serves more than 300,000 customers, generating approximately $650 million in annualized revenue. The company stated that the recent AI startup boom has significantly increased demand for business registrations and account openings. Mercury also received conditional approval from the U.S. Office of the Comptroller of the Currency as part of its efforts to pursue a federal banking charter.

Variational Raises $50M Series A Led by Dragonfly Capital

According to Fortune, decentralized derivatives trading platform Variational announced the completion of a $50 million Series A funding round led by Dragonfly Capital, with participation from Bain Capital Crypto and Coinbase Ventures.

Variational is building an institutional-grade on-chain derivatives protocol designed to aggregate liquidity across traditional finance and crypto markets. The platform aims to enable real-time trading of commodities, oil, and other real-world assets on-chain. Its core product, Omni, adopts a zero-fee trading model combined with liquidity-pool mechanisms to improve execution efficiency and market depth.

Exa Labs Raises $250M in New Funding Round Led by a16z

According to Bloomberg, AI search startup Exa Labs announced the completion of a $250 million funding round led by a16z, bringing the company’s post-money valuation to approximately $2.2 billion.

Exa Labs focuses on building search infrastructure for the AI era, and its valuation has more than tripled from roughly $700 million last autumn. Markets increasingly view AI-native search infrastructure as one of the key battlegrounds reshaping the future of the search industry.

Bloomberg Analyst: Hyperliquid ETF Trading Volume Surges 8x Since Launch

According to Odaily, Bloomberg senior ETF analyst Eric Balchunas stated that trading activity for Hyperliquid-related ETF product THYP has continued accelerating since launch, with daily volume now reaching tens of millions of dollars — approximately eight times higher than on its debut day.

Balchunas noted that the ETF initially gained around 20% on its first trading day, while steadily rising trading activity suggests growing organic demand for Hyperliquid-related exposure. He added that market interest in the Hyperliquid ecosystem continues strengthening.

3. MEXC Market Heatmap

Data Source: MEXC real-time market data before 09:30 (UTC+8). Figures may fluctuate with market conditions.

Top 24H Gainers

• XT/USDT (+1,810.00%)
• DVERSE/USDT (+580.76%)
• NEX/USDT (+260.60%)

Top 24H Trading Volume

• BTC/USDT (536.157M)
• ETH/USDT (245.230M)
• USDC/USDT (149.979M)

Top Trending Meme Tokens

• PITCH/USDT
• KELLYCLAUDE/USDT
• MEMECOIN/USDT

New Listing Preview

• SENS/USDT — Listing Time: 2026-05-21 17:00:00 (UTC+8)

4. On-Chain Calendar

High-Risk Token Unlock Watchlist

• PYTH/USDT — [05-21 11:15] Unlock: 95.93M USDT (37.04% of circulating supply) — Extremely high sell pressure risk
• Humanity/USDT — [05-25 03:45] Unlock: 70.95M USDT (16.04%) — Elevated sell pressure risk
• MemeCore/USDT — [06-03 03:45] Unlock: 178.54M USDT (4.32%) — Elevated sell pressure risk
• Rain/USDT — [06-11 06:45] Unlock: 380.16M USDT (10.57%) — Extremely high sell pressure risk

Key Macro Events Today

• May 21, 02:00 — U.S. FOMC Meeting Minutes
  [Markets watching for Federal Reserve policy signals impacting USD liquidity expectations]
• May 21, 17:00 — EU Labor Cost Index YoY Preliminary Reading
  [Reflects Eurozone inflation pressure and impacts ECB policy expectations]
• May 21, 20:30 — U.S. Initial Jobless Claims Data
  [Measures labor market resilience and influences Fed rate expectations]

5. Risk Alert

Risks surrounding high-yield restaking and cross-chain mining projects have continued rising across the on-chain ecosystem. Some projects attract users with exceptionally high APY incentives while relying heavily on cross-chain bridges, validator infrastructure, and complex leverage structures underneath. Once vulnerabilities emerge within underlying protocols, users may face asset freezes, forced liquidations, or even theft.

Many users become less cautious after observing stable short-term yields, while underestimating the actual risk exposure embedded within these protocols. At the same time, malicious actors are increasingly exploiting trending incidents by impersonating “official compensation portals” or “airdrop claim pages” to trick users into connecting wallets and signing malicious approvals.Users are advised to avoid blindly chasing unsustainably high yields, refrain from interacting with suspicious compensation or airdrop links, prioritize established protocols with long-term market credibility, and regularly review wallet permissions and fund flows to better protect digital asset security.

MEXC Chain Observation Daily, updated daily at 09:30 am, strives to provide professional, timely, and in-depth market analysis for cryptocurrency practitioners. Welcome to share and subscribe.

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Risk Warning: The content of this article is for reference only and does not constitute any investment advice. The cryptocurrency market is volatile, please make a cautious decision based on your own situation.