Snapshot Web3

August 31, 2023

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Regulatory and Legal News

Ethereum Secures Commodity Status: Uniswap’s Legal Victory Sets Precedent

A recent ruling by the US District Court for the Southern District of New York in favor of Uniswap, a decentralized exchange, has affirmed Ethereum's status as a commodity rather than a security. The court's decision centered around a class action lawsuit that alleged Uniswap sold unregistered securities. The court dismissed the case, emphasizing Uniswap's decentralized nature and rejecting liability for third-party misuse of the protocol. While the ruling didn't explicitly address Ethereum's status, it aligns with the ongoing debate about cryptocurrency classification and holds significance in shaping the regulatory landscape for the evolving crypto market.

Angola Mulls Over Banning Bitcoin Mining Amid Energy Concerns and Regulatory Scrutiny

Angola is considering a law to ban Bitcoin mining due to energy concerns and to protect the central bank's currency issuance rights. The country's reliance on renewable energy is a key factor. Critics argue for regulation instead of a ban, citing lost tax revenue and missed collaboration opportunities. Angola ranks high in African Bitcoin mining, with relatively low costs. The move could set a precedent as other countries also reassess crypto policies amid energy and regulatory concerns.

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Innovation and Launches

Curve Finance Integrated With Base To Offer New Liquidity Pools

Curve Finance has integrated with Base, introducing three new liquidity pools for trading stablecoins with low slippage and fees. Base also adds bridging for CRV and crvUSD. Unlike Uniswap, Curve enables stablecoin transactions with minimal fees. It tackled a security vulnerability and reclaimed 70% of stolen funds. Coinbase's Base mainnet launch brought over 100 dApps with reduced fees and faster transactions.

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NFT and Metaverse

Moonbirds NFT: A Home to Dreamers and Collectors by Kevin Rose

Moonbirds NFT, created by Kevin Rose in April 2022, is a collection of 10,000 unique artworks on the Ethereum blockchain. It has quickly become one of the highest-grossing NFT collections, with $300 million in sales shortly after launch. Each NFT provides access to personal discord servers, physical goods, airdrop events, and more. The current floor price is 1.54 ETH, and the collection has 6,349 owners. OpenSea and LooksRare are platforms to purchase these NFTs.

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Funding

Web3 Marketing Firm DeForm Raised $4.6M, Led by Kindred Ventures

Web3 marketing firm DeForm has raised $4.6 million in seed funding led by Kindred Ventures, with participation from Elad Gil, Scalar Capital, A.Capital, Alchemy Ventures, and others. Based in San Francisco, DeForm offers blockchain-based tools to marketers, allowing them to tailor marketing initiatives by understanding users through their wallet transaction history and token ownership. The platform, built on top of Layer 1 Alchemy, aims to expand its team and address challenges in verifying consumer transaction history across various blockchains with the raised funds.

Africa-Focused Remittances Fintech Lemfi Raises $33 Million in Series A Funding Round

Lemfi, an Africa-focused remittances platform, has raised $33 million in a Series A funding round led by Left Lane Capital. The platform plans to expand its product offerings to various regions, including the United States, Europe, the Middle East, and Asia. Lemfi aims to provide accessible and low-cost remittance solutions to immigrants, addressing challenges in traditional banking and informal channels. The platform, launched in 2020, has grown its services to include 10 new African remittance corridors after acquiring Rightcard Payment Services in 2021.

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Interesting Reads

Coinbase CEO Reveals Top 10 Crypto Innovations And Predictions For The Future

Coinbase CEO Brian Armstrong has outlined his top 10 crypto innovations and predictions for the future. He highlights the importance of building during bear markets and shares concepts like Flatcoin, a decentralized form of money tracking consumer prices, and Onchain Reputation, assigning reputation scores to addresses based on onchain data. Another idea is Onchain Ads, where smart contracts expose metadata about payments for directing users to function calls. Armstrong envisions crypto's potential for financial freedom and improving various industries, emphasizing the ongoing evolution of the cryptocurrency ecosystem.

XRP and BRICS: Crafting a New Decentralized Financial Ecosystem

XRP aims to create a decentralized financial system aligned with the principles of BRICS nations (Brazil, Russia, India, China, South Africa) seeking alternatives to centralized banking. XRP's fast transactions, low fees, and inclusivity resonate with BRICS' goals of providing financial services to underserved populations and reducing reliance on Western systems. The synergy suggests XRP could be vital in realizing BRICS' vision of a decentralized financial world order.

AI Can Shrink 'Time to Market' for Web3 Startups: Google Cloud Executive

Google Cloud's Engineering Director of Web3, James Tromans, sees AI bridging the gap between AI and Web3 for digital ownership and data control. He believes Web3's main value is in solving business outcomes. Google Cloud is becoming involved in Web3, acting as a transaction validator on multiple blockchains. Tromans expects AI to significantly speed up startup time-to-market by enhancing productivity tools. He addresses concerns about hosting Web3 projects on platforms like Google Cloud, asserting their contribution to decentralization. He advocates for widespread adoption of Web3 technologies for broad benefits.

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Quick Links

Robinhood Is The 5th Largest Ethereum (ETH) Wallet, Strategic Stashing?

Robinhood's digital wallet holds 1.72 million ETH valued at $2.93 billion, ranking it fifth in ETH holdings. The platform's total crypto assets surpass $6.6 billion, with notable Bitcoin and Ethereum holdings. The leading ETH holder is the Beacon Chain's deposit contract, possessing 6% of circulating coins.

Worldcoin’s Orb Verification Skyrockets in Argentina: A Single-Day Record of 9,500 Users

Worldcoin's Orb verification process has set a new record in Argentina, with 9,500 users completing verification in a single day. This surge reflects increasing adoption of digital identities, propelling the World App to the top of Argentina's App Store. The trend showcases a growing openness to blockchain-based identity solutions, potentially influencing global adoption.

Binance Will Stop Supporting BUSD In 2024

Binance will no longer support its stablecoin BUSD by 2024 due to regulatory concerns. The transition will be completed after Paxos acquires BUSD. The move comes after regulatory pressures, including a lawsuit threat from the SEC against Paxos regarding BUSD's status as an unregistered security.

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The information provided in this newsletter is for informational purposes only and should not be interpreted as investment advice, endorsement, or recommendation. Cryptocurrency investments carry significant risk due to their volatility. You should consider your financial situation, investment goals, and risk tolerance before making any investments. We strongly recommend consulting a qualified financial advisor before making any investment decisions. Past performance is not indicative of future results.