Welcome back, everyone, to another issue of the Datawallet newsletter. As your reliable guide to the crypto realm, we’re here to unpack these major news items that are reshaping the industry today:
Uniswap announces “UniswapX” for enhanced on-chain trading
In the latest advancements for onchain trading, Uniswap has launched UniswapX, an innovative, permissionless protocol designed to revolutionize onchain trading and improve self-custody swapping. By aggregating multiple liquidity sources, UniswapX promises better pricing, gas-free swapping, and protection against Maximal Extractable Value (MEV). Presently available on Ethereum Mainnet, plans are in motion to expand to other chains.
The protocol operates by enabling third-party fillers to compete to fill swaps using onchain liquidity. This simplifies onchain routing, addressing the increasing complexities in the growing liquidity pools and new onchain protocols. Furthermore, it removes the need for traders to pay gas or for failed transactions, making onchain trading more cost-efficient.
In addition, UniswapX intends to counter the MEV issue in onchain swapping by returning improved prices to swappers. Future plans include the introduction of gas-free cross-chain swaps, which will allow users to switch between chains in seconds. As UniswapX continues to evolve, it’s set to become a key player in the DeFi space.
CoinFund to use $158 million to fund new crypto ventures
CoinFund, a Web3 investment company, has successfully gathered $158 million for the purpose of investing in budding crypto startups, as reported by Bloomberg.
This fund collection surpasses their initial goal of $125 million by 26%, due to receiving an overwhelming interest than initially anticipated for their fourth startup fund, as informed by CoinFund's CEO, Jake Brukhman, to Bloomberg.
The firm plans to concentrate its investments on startups that are situated at the crossroads of crypto and AI, as per the report.
UK regulation could possibly encompass crypto memes
Cryptocurrency startups, engagement cultivators, and enthusiasts of memecoins should be vigilant: Crypto memes may soon be under the scrutiny of UK regulators.
The Financial Conduct Authority (FCA) is aiming to update its regulations concerning online financial product advertisements to enhance the enforcement of rules on social media platforms.
Celsius reaches a settlement to redistribute funds
Celsius, a cryptocurrency lending company that has filed for bankruptcy, has reached an agreement with its creditors and Series B investors to disburse $25 million from the sales revenue of GK8. This agreed amount will be divided among the shareholders, with $24 million set aside for legal costs and $1 million to be shared among the group members.
SEC accepts BlackRock’s BTC ETF application
The U.S. Securities and Exchange Commission (SEC) has given the green light to BlackRock's proposal for a Bitcoin exchange-traded fund (ETF), following its approval of a similar application from Bitwise just a day earlier. This approval from the SEC signifies the beginning of the formal review procedure for BlackRock's ETF suggestion.
Other breaking news
- BitDAO’s Mantle L2 mainnet alpha is now live
- Fantom-based lending protocol Geist is shutting down
- Arkham token public sale sees $2.4 billion locked funds
- Metaverse play Futureverse raises $54 million
And there you have it - another issue of the Datawallet newsletter comes to a close. In this edition, we've witnessed Uniswap launching its innovative UniswapX for improved on-chain trading, CoinFund securing a whopping $158 million for future crypto ventures, and potential UK regulations that may affect crypto memes. Alongside, Celsius is paving the way to financial recovery through a redistribution settlement, and BlackRock's BTC ETF application has earned SEC's approval, signaling a positive shift for institutional crypto investment. Until next time, stay tuned and stay savvy.