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News

Arbitrum

ARB Airdrop Pushes Arbitrum To Its Limit

Layer 2 Network Trades At $13B Fully Diluted Valuation

By Aleksandar Gilbert

Almost twelve hours after ARB was launched, over 70% of the more than 600,000 eligible wallets have claimed Arbitrum’s long-awaited token. ARB is trading at $1.30, giving the Layer 2 blockchain a market capitalization of $1.6B.

The frenzy of activity briefly pushed Arbitrum to its limit Thursday morning, with the claims website crashing and transaction fees on the blockchain — usually around $0.10 — briefly spiking 30x to above $3.

Arbitrum witnessed record activity on Wednesday when it processed more than 1.2M transactions.

Read the full story in The Defiant

Terra

Terra Founder Do Kwon Arrested In Montenegro

Longtime Critic FatMan Hails Law Enforcement Action As Victory For Crypto Space

By Owen Fernau

Do Kwon, the co-founder and CEO of Terraform Labs, the company behind the $50B Terra ecosystem that blew up last year, has been arrested in Montenegro, a local government official confirmed to The Defiant.

Kwon has been charged with document forgery, according to an official tweet. According to local media, Kwon was in possession of falsified travel documents from Costa Rica and Belgium.

Kwon has an outstanding arrest warrant in his home country, South Korea. Interpol issued a “red notice” for Kwon in September at the behest of South Korean authorities.

Read the full story in The Defiant

DEX

Uniswap V3 To Be Deployed On Avalanche

Move Comes Ahead Of Imminent License Expiration

By Tarang Khaitan

Uniswap, the leading decentralized exchange by trading volume, is set to launch its V3 iteration on Avalanche, an Ethereum-compatible Layer-1 blockchain with over $1.5B in total value locked.

Two years after the launch of Uniswap V3, its Business Source License (BSL) is set to expire on April 1, after which developers will be free to copy the codebase. Under BSL, the V3 codebase is closed-source, and can only be used with Uniswap’s permission.

It can be surmised that Uniswap is looking to deploy V3 across the DeFi ecosystem before any potential forks establish themselves.

Uniswap V3 was launched in March 2021, and its concentrated liquidity feature has been hailed as a breakthrough for automated market makers (AMMs), as it offers far improved capital efficiency.

Read the full story in The Defiant

Ethereum

DRPC Launches With Aim to Decentralize Ethereum Access

Alchemy, Quicknode, and Infura are the leading Ethereum node providers.

By Samuel Haig

Access to Ethereum is generally done via centralized infrastructure. That may start to change.

DRPC is trying to provide decentralized access to Ethereum. The provider, which launched Thursday, claims to be the first decentralized remote procedure call, or RPC. RPCs are communication protocols used by dApps to interact and share transaction information on blockchains.

Centralization of Ethereum’s RPC infrastructure creates a single point of failure that has resulted in outages for dApps and other protocols, the collection of users’ IP address data, and malicious attacks. Alchemy, Quicknode, and Infura are all centralized entities that provide access to most Ethereum users.

Read the full story in The Defiant

Regulation

SEC

Coinbase Girds for the ‘Defining Case of Crypto Era’

SEC Alleges Coinbase Is Violating US Securities Laws

By Aleksandar Gilbert

Coinbase, the United States’ largest crypto exchange, is preparing for a legal battle with the country’s top financial watchdog.

Staff at the Securities and Exchange Commission believe Coinbase is in violation of U.S. securities laws, according to a copy of a Wells Notice the company shared on social media. The notice is not a formal lawsuit but typically precedes one.

An SEC lawsuit could kick off a legal battle with little precedent in the fledgling industry. It could also settle, once and for all, a question that has tormented crypto: whether all digital assets except Bitcoin as unregistered securities.