Research Summary
The report covers a range of developments in the digital asset space, including Uniswap’s fee switch, the launch of Scroll and BNB Greenfield Mainnets, a hack on Fantom Foundation wallets, Binance’s halt of direct USD withdrawals and new UK users, dYdX’s transition to a public benefit corporation, FTX’s deals with Riot Games and music festivals, and Reddit’s decision to sunset its on-chain reward service. It also provides updates on trending assets, total value locked (TVL), fees, and governance proposals.
Key Takeaways
Significant Developments in the Crypto Space
- Uniswap’s Fee Switch: Uniswap Labs has implemented a 0.15% fee that redirects to Uniswap Labs on specific crypto pairs traded through the native Uniswap frontend. This fee is separate from a $UNI token fee switch which would redirect a percentage of revenue to token holders.
- Launch of Scroll and BNB Greenfield Mainnets: Scroll mainnet has officially launched with 1642 ETH ($2.56 million) bridged to Scroll and $1.03 million in TVL. BNB Chain has launched the ‘BNB Greenfield Mainnet’, a decentralized data storage network offering fast uploads and downloads, strong privacy/access controls, cross-chain programmability, and data marketplaces.
- Fantom Foundation Wallet Hack: Fantom Foundation wallets were drained for $550,000 in total via a “zero day hack via Google Chrome”. The scammer’s wallets hold $7 million, $3.4 million of which is suspected to have been drained from a separate Fantom employee’s wallet.
- Binance’s Regulatory Compliance Measures: Binance US users can no longer withdraw USD from their account. Binance also stopped accepting new UK users to comply with ad rules.
Strategic Moves and Partnerships
- dYdX’s Transition to a Public Benefit Corporation: dYdX will not profit from or control the operations, infrastructure, fees, growth, or development of any protocol using dYdX v4 (dYdX chain) open source code, as they move to a public benefit corporation.
- FTX’s Deals with Riot Games and Music Festivals: FTX agreed to pay Riot Games, the company behind League of Legends & Valorant, $100 million over 7 years. They also agreed to pay Tomorrowland music $42 million through 2026 and the Coachella music festival, $25 million. The details behind the deals are yet to be revealed.
Reddit’s Decision and Trending Assets
- Reddit Sunsets On-Chain Reward Service: Reddit will be sunsetting their on-chain reward service, community points after 3 years of being live. Reddit cites difficulty scaling which has been further exacerbated by the current tough regulatory environment surrounding crypto projects.
- Trending Assets: SPX, up 31%, BB, up 27%, and PRIME, up 13%, performed well over the past day for tokens below $100M MC. Regarding tokens above $100M MC, MC, up 7%, and APE, up 4%, performed well.
Actionable Insights
- Monitor the Impact of Uniswap’s Fee Switch: The introduction of a 0.15% fee by Uniswap Labs could influence trading behavior on the platform. Stakeholders should monitor the impact of this change on trading volumes and user behavior.
- Investigate the Potential of New Mainnets: The launch of Scroll and BNB Greenfield Mainnets could present new opportunities for developers and users. Stakeholders should explore the features and potential applications of these new networks.
- Assess the Implications of Binance’s Regulatory Compliance Measures: Binance’s decision to halt USD withdrawals for US users and stop accepting new UK users could have significant implications for its user base and market position. Stakeholders should assess the potential impact of these changes on their operations or investments.
- Consider the Effects of dYdX’s Transition: dYdX’s transition to a public benefit corporation could influence its future growth and development. Stakeholders should consider the potential effects of this change on their interactions with the protocol.
