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⚖️Judge Rejects Traders' Demands For Damages From Uniswap
The Defiant Daily
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A U.S. judge has dismissed a class-action claiming damages from Uniswap Labs for losses suffered while trading scam tokens listed on the Uniswap decentralized exchange protocol. The ruling serves as a win for the web3 sector, with the judge stating complaint requested the court to "stretch the federal securities laws."
Circle will launch native USDC on Base next week, with plans to deploy on Optimism shortly after. Circle said native USDC will launch on four more chains by November, however, the news follows a more than 50% decline in USDC's market cap in 14 months.
PayPal's PYUSD stablecoin has suffered from weak adoption during its first month, struggling to drive more than $100,000 in daily volume. Only a single non-exchange wallet holds more than $10,000 worth of the token, signalling indifference among DeFi users.
While LINQ, a token charging a 6% tax on transfers to invest in LP tokens on Uniswap is catching early success. However, whether the project's design can sustain its momentum in the face of mercenary memecoin traders remains to be seen.
✍️ In today’s newsletter:
- Court dismisses Uniswap lawsuit claiming damages for scamcoin losses
- Native USDC is coming to Base and Optimism
- Only 10 wallets hold more than 3,000 PYUSD
- LINQ entices memecoin degens with LP tokens
📈 Markets in last 24 hrs:
| Ticker | Value | 24h |
|---|---|---|
| BTC | $27,731 | ↗ 6.21% |
| ETH | $1,730 | ↗ 4.66% |
| S&P 500 | $4,515 | ↗ 0.38% |
| GOLD | $1,944 | ↗ 0.4% |
| Arch WEB3 | 0.75pts | ↗ +3.88% |
| ↳ FINANCE | 0.79pts | ↗ 359% |
| ↳ INFRA | 0.69pts | ↗ 3.65% |
| ↳ CONSUMER | 0.90pts | ↗ 5.32% |
Learn more about Arch Indices here.
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Watch our video on the explosive rise of Friend Tech. And check out our podcast with Paolo Ardoino , the CTO of Tether, the controversial leading stablecoins issuer.
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Legal
US Judge Tosses Class Action Lawsuit Against Uniswap Labs
TLDR A U.S. judge dismissed a class action claiming Uniswap Labs should be liable for losses suffered at the hands of scamcoins listed on the Uniswap DEX. Judge Failla sided with Uniswap's devs, determining that the plaintiffs' claims sought to stretch federal securities laws.
SO WHAT The news comes as legal experts and lawmakers are increasingly pushing back against the SEC's anti-crypto agenda of regulation-by-enforcement. Judge Failla's ruling establishes the precedent that open-source developers should not be held liable for the actions taken by third parties using their software.
READ MORE: US Judge Tosses Class Action Lawsuit Against Uniswap Labs
Stablecoins
USDC To Expand Native Support To Base and Optimism
TLDR USDC, the second most-popular-stablecoin, will natively deploy on Base next week, with plans to launch on Optimism shortly after. Circle recently said native USDC will roll out across six new blockchains.
SO WHAT Circle is hoping to bolster the adoption of its stablecoin, which has lost half of its market cap in the past year. The move also follows news of Coinbase investing in Circle, making Base an unsurprising choice.
READ MORE: USDC To Expand Native Support To Base and Optimism
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Stablecoins
PayPal’s Stablecoin Sees Minimal Activity Three Weeks After Launch
TLDR PayPal's PYUSD stablecoin is falling short of expectations since launching on Ethereum three weeks ago. Data from Nansen shows that just a single non-exchange wallet is holding more than 10,000 PYUSD.
SO WHAT PayPal appears to turning to crypto in a bid to drum up new growth, with the news following a slump in its share price after reporting weak quarterly profit margins. However, PYUSD's slow initial adoption shows the firm's name value alone isn't enough to make immediate waves in web3.
READ MORE: PayPal’s Stablecoin Sees Minimal Activity Three Weeks After Launch
Markets
LINQ Sees Impressive Growth With ‘Decentralized Liquidity’ Model
TLDR LINQ is capturing the attention of memecoin traders with its novel tokenomics. The project rakes a 6% tax on transactions, but invests the funds into Uniswap LP tokens that are later distributed to tokenholders.
SO WHAT LINQ is the latest small cap project seeking to secure market share with an internal taxation system promising to enrich its holders. However, the fickle memecoin market is driven by mercenary capital, with LINQ's long-term prospects remaining to be seen.
READ MORE: LINQ Sees Impressive Growth With ‘Decentralized Liquidity’ Model
🔎 OUR REPORTERS ARE WATCHING
🌍 ELSEWHERE
- EU’s Digital Euro Plan to be Headed by MiCA Lawmake (Watcher Guru)
- Robinhood’s Crypto Wallet Adds Bitcoin and Dogecoin (CoinDesk)
- Binance pushes new stablecoin as it confirms plan to cease BUSD support (Cointelegraph)
