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August 31, 2023

⚖️Judge Rejects Traders' Demands For Damages From Uniswap

The Defiant

DeFi Alpha

Together with

Together with

GM Defiers!

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
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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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