Key points: 1) Kūkolu testnet completes non-downtime parameter hot update; 2) $NIGHT base layer staking APY is reduced by approximately 18% by the dynamic module, which is a targeted transfer of security budget; 3) The pre-release environment activates "hidden liquidity routing," which can encapsulate stablecoins such as USDC on Cardano into zUSDC without going through a public DEX; 4) Inflation subsidies shift from passive stakers to enterprise-level fiat liquidity market makers; 5) Valuation logic shift: Mainnet benefits may be more biased towards stablecoin liquidity providers; 6) Spot holding speculation needs to reassess time costs, and the cross-chain minting volume of zUSDC should be used as a confirmation indicator.




