Ndax Weekly TL;DR May 12

• Sei Labs to Drop Cosmos Support in Favor of EVM-Only Architecture
• SEC Proposes Settlement with Ripple to End Long-Running Enforcement Case
• Canada’s Unemployment Rises as Tariff Impacts Begin to Weigh on Labour Market
• Ethereum Activates Pectra Upgrade, Enhancing Wallets and Validator Capabilities

Sei Labs has proposed a major architectural overhaul of the Sei blockchain, aiming to eliminate Cosmos support and transition entirely to Ethereum Virtual Machine (EVM) compatibility. The initiative, outlined in proposal SIP-3, is intended to streamline development, reduce complexity, and align with the network’s increasing EVM usage. While the shift will require adjustments from developers and infrastructure providers, Sei Labs argues it will enhance scalability and performance. The market responded positively, with the SEI token rising 7% following the announcement. CryptoSlate

The U.S. Securities and Exchange Commission has filed a joint request with Ripple and its top executives to settle their multi-year legal dispute, proposing a $50 million civil penalty and the release of remaining escrow funds. The agreement, pending approval by Judge Analisa Torres, would dissolve an existing injunction and end all ongoing appeals, effectively concluding the high-profile case. Originally filed in 2020, the lawsuit centered on whether Ripple’s XRP sales violated securities laws, making it one of the most consequential legal battles in the crypto sector. The settlement reflects a shift in the SEC’s enforcement approach amid evolving industry regulation. CryptoSlate

Canada’s unemployment rate rose to 6.9% in April, with job losses in manufacturing and retail pointing to the early effects of U.S. tariffs on the economy. Despite a modest gain of 7,400 jobs—largely due to temporary federal election hiring—the data suggests a slowing labor market, particularly in trade-sensitive regions like Windsor, Ontario. Economists now anticipate further weakening over the summer, with some forecasting a Bank of Canada rate cut in June to support the economy amid ongoing trade uncertainties. However, analysts remain divided on the extent to which monetary policy alone can offset the effects of the trade dispute. BNN Bloomberg

Ethereum's Pectra upgrade went live on May 7, combining updates to both the execution and consensus layers to improve network performance, wallet functionality, and validator operations. Key features include EIP-7702, which allows regular wallets to function like smart contracts, and a raised validator stake cap from 32 ETH to 2,048 ETH. While the changes are expected to enhance user experience and scalability, some developers and security researchers have expressed concerns about potential vulnerabilities and the lack of clear standardization for new features. Testing and refinement are ongoing as the ecosystem adapts to the upgrade. CryptoSlate

Ndax's news feature provides the latest news, stories, and trends to help you keep your hand on the pulse of crypto and blockchain.

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News Nuggets

• Ripple Donates $25 Million in Crypto to Support U.S. Education Nonprofits Cointelegraph
• Solana Boosts Block Capacity by 20% in Agave v2.2 Upgrade, Enhancing Scalability and Developer Experience crypto.news
• US Bitcoin ETFs Hit Record $40.3B in Inflows Despite Recent Market Volatility Beincrypto
• Ethereum Moves Toward 60 Million Gas Limit to Boost Network Throughput CryptoSlate
• Hackers Compromise New York Post’s X Account to Target Crypto Users via DMs Cointelegraph
• Arizona and Oregon Advance Bitcoin Integration Through New Legislation CryptoSlate
• Ripple CEO and Treasury Secretary Urge Stablecoin Regulation to Preserve US Financial Leadership CryptoSlate

As of 05-12-2025 at 9:00 AM EDT
Market Summary

• Over the past seven days, the global cryptocurrency market capitalization has increased from CA$4.05 trillion to CA$4.69 trillion.
• Bitcoin's market dominance stands at 61.5%, while Ethereum's share is 9.2%.

Performance

• Over the past 24 hours, the price of BTC has fluctuated between CA$144K and CA$146K registering a 12% change over the past week and a market cap of CA$2.9 trillion. At Ndax, the weekly movers are PEPE, which saw a 82% increase in the last seven days reaching a market cap of CA$8.5 billion, and GALA, which experienced a 53% rise with a market cap of CA$1.4 billion. (At time of writing)

Visit our new markets page offering real-time data for almost 15,000 cryptocurrencies. Track trends, monitor your favorite cryptocurrencies, and stay ahead of the market. 
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Mark your calendars!

• May 13 – US Core CPI Announcement 
• May 15 – US Initial Jobless Claims Announcement  
• May 15 – SEI Token Unlock 
• May 16 – ARB Token Unlock 
• May 17 – AVAX Token Unlock 

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