Uniswap grapples with SEC scrutiny, StepN rewards users with a $30M airdrop, and a report claims half of Solana pre-sales are scams.
Uniswap Receives Wells Notice From SEC

Uniswap Receives Wells Notice From SEC

Uniswap grapples with SEC scrutiny, StepN rewards users with a $30M airdrop, and a report claims half of Solana pre-sales are scams.

Apr 12, 2024
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Welcome to today’s edition of Datawallet Daily. Here are the key stories that are shaping the crypto landscape over the last 24 hours:

Uniswap Receives Wells Notice From SEC

On April 10, the U.S. SEC issued a Wells notice to Uniswap indicating potential enforcement action. Uniswap’s Chief Legal Officer, Marvin Ammori, confirmed the notice on social media, expressing disappointment but not surprise, citing a lack of regulatory clarity from the SEC. 

Uniswap, which facilitates automated token exchanges on the Ethereum blockchain without traditional intermediaries, has faced SEC scrutiny since 2021. Ammori defended Uniswap’s operations, emphasizing that its protocol and services do not fit the legal definitions of a securities exchange or broker, and called for clear, fair regulations in the crypto space.

StepN Protocol Unveils $30M Airdrop for Users

StepN, a Solana-based move-to-earn lifestyle app, announced a $30 million airdrop in FSL points for its users, set to conclude by April’s end. This gesture of appreciation aims to reward the app’s loyal community, with 100 million FSL points, exchangeable at a 1:1 ratio for StepN’s GMT token or for use in NFT mints and exclusive prizes. 

The airdrop targets core players, rewarding them based on in-app achievement complexity. Users must register for an FSL ID to claim their points, which can be used within the StepN ecosystem, including the Mooar NFT marketplace and the Gas Hero game.

Blockaid: Half of Solana Pre-Sales Are Scams

Blockchain security firm Blockaid reported that half of the recent token pre-sales on Solana are scams, with investors losing around $100 million in one weekend. Scammers exploit the popularity of meme coins like BOME, employing social-engineering techniques across Telegram, Twitter, and Discord to lure users into fraudulent smart contracts or websites. 

Blockaid CEO Ben Natan highlighted the targeting of both meme coins and established projects by these malicious actors. The simplicity of launching a token pre-sale, combined with the fear of missing out, has significantly contributed to the rise of such scams, tempting users to seek out new, yet risky, opportunities.

SushiSwap DAO Votes in Favor of Transition to ‘Labs Model’

In a preliminary vote on April 10, over 62% of SushiSwap’s community endorsed transitioning to a “Labs model,” indicating support for a shift towards a less decentralized structure. This move involves establishing Sushi Labs to handle the administrative, technical, and operational aspects of the Sushi ecosystem, while tokenholders retain control over treasury decisions without delving into operational specifics. 

The proposal, which sparked considerable debate, suggests allocating 25 million SUSHI tokens to Sushi Labs, aimed at streamlining operations and addressing challenges in product development and market competition. Despite some community resistance and concerns over governance and treasury impacts, the recent vote shows overwhelming support.

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