🤝🏻 Trumps Team Up with Aave on DeFi Project

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World Liberty Financial, the Trump family’s DeFi project, announced it is working with Aave. The announcement indicates the platform will comprise a stablecoin-focused lending protocol.

Uniswap Labs received a cease and desist order from the U.S. CFTC. Uniswap Labs settled charges of offering illegal digital assets derivatives trading services for $175,000.

Markets dropped after the latest reports indicated a slowing U.S. job market, stoking recession fears. BTC and ETH dipped 3%, while DOT and SOL fared slightly better with 2% losses.

Bored Ape Yacht Club has revived its Dookey Dash mini-game with a $1 million prize pool.

Justin Drake of the Ethereum Foundation believes the organization reducing its ETH holdings is good for decentralization.

Plus, Polygon completes its token migration, Mysten Labs opens preorders for its Sui-based web3 handheld game console, Robinhood settles DoJ charges, Bitcoin adoption falls short in El Salvador, and projects vie for Bitcoin staking market share.

✍️ In today’s newsletter:

Trump Family says it is working with Aave
Uniswap settles CFTC charges
Markets drop on recession fears
BAYC offers $1M in Dookey Dash prizes
Do the Ethereum Foundation’s ETH holdings hurt decentralization?
Polygon migrates MATIC to POL
Pre-orders are live for SuiPlay0X1
Robinhood settles charges for preventing crypto withdrawals
Crypto adoption flounders in El Salvador
Bitcoin staking competition heats up

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️👀 Trump Family Is Working With AAVE On DeFi Project

The Trump family’s web3 project, World Liberty Financial (WLFI), said it is working with Aave. WLFI said it hopes to drive the “mass adoption of stablecoin and decentralized finance,” suggesting that the project is working on a stablecoin-focused lending protocol.

⚖️ CFTC Orders Cease and Desist Against Uniswap Labs

The U.S. Commodity Futures Trading Commission issued a cease and desist letter to Uniswap Labs, accusing the company of illegally facilitating digital asset derivatives trading. The news comes amid rumors that regulators have recently contacted Uniswap Labs' investors.

📉Crypto Markets Drop on U.S. Labor Market Concerns

Cryptocurrency markets traded lower on Thursday, bringing the industry’s total market capitalization closer to the $2 trillion mark, after private U.S. payrolls grew by only 99,000 in August, marking the weakest growth since 2021.

💰 BAYC Offers $1 Million in Prizes for New Mini-game, Dookey Dash: Unclogged

Yugs Labs is bringing back Bored Ape Yacht Club (BAYC)’s Dookey Dash mini-game and offering a $1 million prize pool for players. The news comes as NFTs are bouncing back, with BAYC’s floor price up 28% in the past 30 days.

🤔 Justin Drake Says Ethereum Foundation Offloading ETH Improves Decentralization

Justin Drake, an Ethereum Foundation researcher, said his organization reducing its ETH holdings benefits Ether’s decentralization. Drake’s comment comes after the foundation came under fire for sending $94 million worth of ETH to the Kraken centralized exchange.

🪙 Polygon Migrates MATIC to POL Token in Road to Polygon 2.0

Polygon completed its long-await MATIC to POL token migration. The move comes as Polygon embarks upon its 2.0 roadmap.

🎮 Sui Creator Mysten Labs Launches Handheld Web3 Gaming Device

Mysten Labs, the team behind the Sui Layer 1 network, opened pre-orders for its handheld web3 gaming console, the SuiPlay0X1. The console supports games hosted on Sui and other blockchain networks, in addition to PC games on popular platforms including Steam and Epic Games.

💵 Robinhood Settles With DoJ For Failing To Allow Crypto Withdrawals

Robinhood Crypto has settled charges from the U.S. Department of Justice for $3.9 million. The complaint alleged that Robinhood Crypto didn’t allow users to withdraw digital assets from the platform and published misleading advertising.

🇸🇻 Bitcoin Is Not Economically Significant In El Salvador Says GAFILAT

Bitcoin adoption is moving slowly in El Salvador despite the country recognizing BTC as legal tender, with crypto accounting for just 1% of remittances. However, the Latin American Financial Action Task Force said the country’s ambitious Bitcoin policy is not disrupting its economy.

🥩 BNB Chain Welcomes yBTC and Core Launches LstBTC As Bitcoin Staking Heats Up

Competition is heating up in the burgeoning Bitcoin staking sector. Core Foundation launched a new Bitcoin liquid staking token (LST), while pSTAKE expanded its LST onto BNB Chain.

🌍 ELSEWHERE

UK Regulator Says 87% of Crypto Registration Applications Failed to Meet Standards for Approval (CoinDesk)
Siemens and Samsung ramp up Web3 moves with digital bonds and startup investments (CryptoSlate)
Synthetix develops own blockchain on Optimism's Superchain infrastructure (The Block )
Ether Has Been a Much Worse Investment Than Both Gold and Silver So Far This Year (Unchained)