🦄Uniswap Enters Race To Scale Ethereum

GM Defiers!

Uniswap unveiled Unichain, an OP Stack-based Layer 2 network. The testnet for Unichain is live, with the project seeking to offer near-instant transaction execution.

The FBI charged three market-making firms over wash trading and market manipulation. In an unprecedented twist, the agency launched its own token and commissioned the firms to engage in illegal activity.

The Trump family’s DeFi project, World Liberty Financial, proposed deploying an instance of Aave v3. The protocol plans to support USDT, USDC, ETH, and WBTC at launch.

Crypto markets continue to flounder amid renewed inflation concerns. The lackluster price action follows higher-than-expected U.S. inflation figures.

Plus, Wrapped Bitcoin restructures, Bitcoin Taproot suffers from weak adoption, native USDC arrives on Sui, a memecoin advocate’s wallets get exposed, and the Colombian neobank Littio taps Avalanche for interest accounts.

✍️ In today’s newsletter:

Unichain launches on testnet
FBI launches cryptocurrency to lure market manipulators
World Liberty Financial plots Aave v3 deployment
Crypto markets struggle amid inflation fears
Wrapped Bitcoin finalizes controversial restructure
Bitcoiners fail to embrace Taproot
Circle launches native USDC on Sui
ZachXBT doxes Murad Mahmudov’s wallets
Littio leverages Avalanche for U.S. T-bill yield

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📈 Markets in the last 24 hrs:

🎬WATCH

Catch up on our podcast with John Avlon, a Democratic congressional candidate for New York championing emerging technologies including crypto.

Check out our discussion with Rune Christensen, the founder of Sky (formerly MakerDAO), to learn about to find out about the project’s recent rebrand and Endgame roadmap.

Watch our interview with Maud Bannwart, the COO of Alephium, to learn more about the project’s innovations, including proof of less work and its commitment to security.

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🆕 Uniswap Launches Testnet For Unichain Layer 2

Uniswap Labs announced it is developing an Ethereum Layer 2 with a testnet launch. Unichain seeks to facilitate near-instant transaction execution and robust cross-chain interoperability.

🚨FBI Creates Ethereum-Based Token To Lure Market Manipulators

The FBI charged three market-maker firms and 18 individuals for engaging in wash-trading and market manipulation. The action was the culmination of a sting operation in which the FBI launched its own cryptocurrency.

👀 Trumps’ World Liberty Financial Proposes Aave V3 Deployment On Ethereum

World Liberty Financial, the upcoming DeFi project from the family of Donald Trump, plans to comprise an instance of Aave v3. The proposed protocol would support USDT, USDC, ETH, and WBTC at launch, with Aave set to receive 20% of the fees accumulated by the project.

📉 Crypto Markets Slide as Inflation Concerns Resurface

The digital asset markets continue to struggle, with Bitcoin down 2.1%, ETH tumbling 1.3%, SOL dipping 1.9%, and DOT dropping 0.8% over the past 24 hours. The bearishness comes as inflation remains a threat to the U.S. economy.

🪙 Wrapped Bitcoin Completes Corporate Restructuring

Wrapped Bitcoin announced the completion of its highly-scrutinized corporate restructuring. The protocol is now controlled by a joint venture between BitGo and BiT Global, with Justin Sun, Tron’s controversial founder, also involved.

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𐁛 Bitcoin’s Taproot Upgrade Suffers Slow Adoption Despite More Companies Supporting It

Taproot transactions account for just 20% of Bitcoin’s network activity despite the highly-touted upgrade going live roughly three years ago. Coinbase, the largest U.S.-based exchange, integrated support for Taproot.

💵 Circle Launches Native USDC On SUI

Sui continues to garner momentum, with Circle launching native USDC on the network. The news comes after the price of SUI doubled over the past 30 days.

🔎 On-Chain Sleuth ZachXBT Doxes Memecoin Cult Leader’s Wallets

ZachXBT, the respective on-chain analyst, attracted criticism after publicly exposing the wallets of Murad Mahmudov, a former fund manager and memecoin proponent. ZachXBT said his expose allows users to monitor Murad’s $24 million memecoin portfolio.

❄️ Colombian Neobank Connects OpenTrade With Avalanche for Interest-bearing USD Accounts

Littio, a prominent Colombian neobank, teamed up with OpenTrade to launch stablecoin yield products leveraging the Avalanche Layer 1 network and U.S. treasury bills. Littio said the products generated $250,000 in yield from $80 million in deposits four months after launching.

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Antonio Juliano Returns to CEO Position at dYdX Trading After Nearly Five Month Hiatus (Unchained)