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The Defiant

🦄 Uniswap Unveils DEX Aggregator Protocol

The Defiant

DeFi Daily

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We first dive into Uniswap's new DEX aggregator protocol. UniswapX offers MEV protection, gas-free swaps, and features a long-demanded "fee switch" that can be activated through governance.

In Layer 2 news, zkSync Era rolled out a fully revamped proving system for the first time since 2020. Matter Labs hopes the new STARK-based system will increase decentralization by reducing computation demands by 80%.

And finally, we turn our attention to EtherFi criticizing OpenSea for suspending its staked ETH-backed NFT collection upon launch.

✍️ In today’s newsletter:

  • Uniswap unveils DEX aggregator
  • ZkSync Era targets decentralization with new prover
  • EtherFi slams OpenSea over suspended NFT collection

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DeFi

Uniswap Releases DEX Aggregator Protocol

TLDR Uniswap Labs, the team behind the leading decentralized exchange, launched a new DEX aggregator on Ethereum. The UniswapX protocol boasts gas-free swaps and protection against MEV by enlisting third-party market-makers called "fillers" who compete to execute orders for users at the best possible price.

SO WHAT The new protocol could expand Uniswap's dominance over the DEX ecosystem, likely eating into the market share of rival DEX aggregation services like 1inch and CoW Swap. With Uniswap Labs also working on its upcoming v4 iteration under a Business Source License, some onlookers fear the VC-backed development team could become a centralizing force on Ethereum.


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Ethereum Scaling

Layer 2 Network zkSync Era Upgrades Proving System

TLDR Matter Labs launched a new proving system for its flagship Layer 2 network, zkSync Era. Matter Labs promises the upgraded system will bolster decentralization by reducing the computation requirements of provers by 80%.

SO WHAT Matter Labs is among the handful of teams competing at the forefront of Ethereum Scaling. With zkSync, Optimism, and Polygon now seeking to establish multi-chain ecosystems of interconnected Layer 2s, the teams are trending towards competing based on both decentralization and scalability.


NFTs

OpenSea Suspends Trading Of EtherFi NFTs

TLDR The upstart liquid staking protocol, EtherFi, criticized OpenSea for suspending its new collection of NFTs backed by staked ETH. OpenSea said the collection violated its terms of service, but EtherFi said it would have liked for OpenSea to raise the issue during the weeks of collaboration between the two teams preceding the collection's launch.

SO WHAT The controversy comes after OpenSea's long-standing dominance as the top NFT marketplace was recently usurped by Blur. Incidents like this could deter other developers from launching novel NFTs on OpenSea, with EtherFi stating they received no indication their collection could run afoul of OpenSea's terms of use.


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🌍 ELSEWHERE

  • Societe Generale obtains France's first crypto licence (Reuters)
  • U.S. Presidential Candidate RFK Jr. Vows to Exempt Crypto From Capital Gains Tax if Elected (CoinDesk)
  • South Korea's Shinhan Bank tests stablecoin payments on Hedera network (The Block)