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🦄Uniswap Unveils V4 Codebase

The Defiant

DeFi Daily

GM Defiers!

In today's newsletter, we start with Uniswap Labs' release of the draft code for Uniswap v4. We then turn to the political arena, where two Republican congressmen are calling for the firing of SEC chairman Gary Gensler.

Meanwhile, the crypto market has taken a hit following lawsuits filed by the SEC against major exchanges Coinbase and Binance. In the DeFi sector, Curve Finance founder Michael Egorov is facing legal action from three VC firms in a case that could have far-reaching implications for the industry.

Finally, we dive into the latest updates from major NFT marketplaces, which are enhancing their platforms despite a downturn in NFT prices and trading volumes.

✍️ In today’s newsletter:

  • Uniswap releases V4 draft code
  • Republican congressmen want to fire SEC chairman Gensler
  • Altcoins crash over the weekend
  • Prominent VCs accuse Curve Finance founder of fraud
  • NFT marketplaces continue to build through bear market

📈 Markets in the last 24 hrs:

TickerValue24h
BTC$27,705 0.42%
ETH$1,864.6 0.14%
MKR$688 -0.29%
SPY$412.07 0.08%
UNI$5.451 0.41%
LDO$2.081 0.19%

🎬 WATCH

Watch our video on Uniswap V4. And check out our podcast with Alex Gluchowski, the CEO of Matter Labs.


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DEXs

Uniswap Publishes Draft Code For Upcoming V4 Iteration

TLDR Uniswap Labs has released the draft code for Uniswap v4, the next version of its decentralized exchange. It introduces new features like on-chain limit orders, automated compounding of liquidity provider rewards, and dynamic fees.

SO WHAT The introduction of "hooks" and "flash accounting" could significantly reduce transaction costs, enabling Uniswap to cement its lead in the decentralized exchange space.


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Regulation

U.S. Lawmakers Propose Bill To Fire Gensler and Restructure the SEC

TLDR Republican congressmen Warren Davidson and Tom Emmer have introduced the "SEC Stabilization Act," which calls for the firing of Securities and Exchange Commission (SEC) chairman Gary Gensler and a restructuring of the SEC. The bill proposes to eliminate the role of the SEC chair and replace it with six commissioners responsible for rulemaking, enforcement, and investigations.

SO WHAT The proposed bill reflects escalating tensions between the SEC and the crypto industry, following recent lawsuits filed by the SEC against major crypto exchanges Coinbase and Binance. If passed, the bill could significantly change the structure and operation of the SEC, potentially impacting its approach to regulation and enforcement in the financial and crypto markets.


Markets

Layer 1 Tokens Crumble After SEC Calls Them Securities

TLDR Crypto markets traded sharply lower over the weekend following the SEC filing lawsuits against major crypto exchanges Binance and Coinbase last week. Several digital assets named in the SEC's complaint against Coinbase have seen their values drop between 22% and 37%.

SO WHAT Despite some projects publishing statements rejecting the SEC's securities classification, the market action suggests that the regulatory battles could have a lasting impact on the crypto market. Bitcoin's market dominance has increased, suggesting that it may be seen as a safer bet in times of market uncertainty.


DeFi

Curve Founder Says VCs Seek to Leverage “Hostile Crypto Climate” in U.S.-Based Lawsuit

TLDR Three VC firms have been pursuing legal action against Michael Egorov, the founder of Curve Finance, for the past three years in Switzerland, and have recently escalated the situation with legal action in San Francisco.

The VCs claim that they are owed equity in Swiss Stake (Egorov's company behind Curve) and CRV tokens in exchange for their investment of nearly $1M. Egorov argues that he doesn't owe the VCs anything because he terminated the investment contract and because the jurisdiction of the agreement is in Switzerland.

SO WHAT The outcome of this case could have significant implications for the DeFi sector and for investor-founder relationships in the crypto industry. If the VCs win, it could set a precedent for similar cases in the future, potentially leading to increased legal scrutiny and regulation in the DeFi space.


NFTs

NFT Marketplaces Compete For Users As Bear Market Drags On

TLDR Despite a downturn in NFT prices and trading volumes, NFT marketplaces are continuing to enhance their platforms to attract users. Sudoswap has launched its v2 iteration, Blur has taken measures against wash traders and airdrop spoofers, Kraken has launched its NFT trading platform, and LooksRare has unveiled a liquidity mining program.

SO WHAT These developments indicate that despite the current market downturn, there's still a strong belief in the long-term potential of NFTs. The crackdown on wash trading and other manipulative practices could also improve the integrity of the NFT market, making it more appealing to potential investors.


🔎 OUR REPORTERS ARE WATCHING


🌍 ELSEWHERE

  • Bitcoin, Ether and Stablecoins Total 80% of $1T Crypto Market Cap as Investors Flee Altcoins ( Coindesk)
  • Binance Emergency Fund Dwindles as SEC Takes Aim at the Crypto Exchange ( WSJ)
  • Reddit crypto communities go dark — Here’s why ( Cointelegraph)