Uniswap and Platypus: Major Updates in the World of Decentralized Finance
Welcome to Finance Redefined, your weekly update on the latest happenings in the world of decentralized finance (DeFi). In this newsletter, we bring you the most significant developments from the past week.
Uniswap Introduces Swap Fee, Controversy Over KYC Checks
The past week in DeFi was dominated by Uniswap, a popular decentralized exchange platform. Uniswap announced the implementation of a 0.15% swap fee starting on October 17th, which caused quite a stir within the DeFi community. Additionally, an open-source hook on Uniswap sparked controversy due to Know Your Customer (KYC) checks.
Platypus Finance Recovers Funds Lost in Exploit
In other news, Platypus Finance successfully recovered 90% of the funds it lost in an exploit on October 12th. This recovery showcases the resilience of the DeFi ecosystem and the efforts made by platforms to protect their users’ assets.
Ethereum LSDFi Sector Witnesses Significant Growth
CoinGecko recently reported that the Ethereum liquid staking derivatives finance (LSDFi) sector has experienced a remarkable surge in growth this year. Despite the ability to withdraw Ether (ETH) with the Ethereum Shapella upgrade in April 2023, the LSDFi sector has grown by 58.7x since January. Lido, one of the LSDFi protocols, holds the largest market share, accounting for almost a third of the total staked market.
Scroll: The New Layer-2 zkEVM Solution
Scroll, a new contender in the zero-knowledge Ethereum Virtual Machine (zkEVM) space, has confirmed the launch of its mainnet. Scroll aims to scale the Ethereum blockchain and provides existing applications and developer toolkits with an easy migration process. With Scroll, everything is set to function seamlessly out of the box.
Uniswap Implements Swap Fees
Uniswap has recently started charging a 0.15% swap fee on certain tokens available in its web application and wallet. The affected tokens include ETH, USD Coin (USDC), Wrapped Ether (wETH), Tether (USDT), Dai (DAI), Wrapped Bitcoin (WBTC), and more. It’s important to note that both the input and output tokens need to be on the list for the fee to apply.
Community Controversy Over KYC Hook for Uniswap v4
A new hook available on an open-source directory for Uniswap v4 has ignited a heated debate within the crypto community. This hook enables users to undergo KYC checks before participating in token pools. While some argue that this is a step towards mainstream adoption and regulatory compliance, others express concerns about compromising the decentralized nature of DeFi protocols.
DeFi Market Overview
The top 100 DeFi tokens by market capitalization had a bullish week, with most of them showing double-digit gains on the weekly charts. However, the total value locked (TVL) into DeFi protocols experienced a slight decline, falling by nearly $2 billion. Despite this, the DeFi market continues to be dynamic and full of potential.
Thank you for joining us for this week’s edition of Finance Redefined. We’ll be back next week with more stories, insights, and education about the rapidly evolving world of decentralized finance. Stay tuned!
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