Uniswap’s v4, Biggie Smalls goes NFT, & Curve Finance Drama 👀
Uniswap's v4 release, Biggie Smalls NFT auction, Lido staking concerns, and other noteworthy happenings in the Web3 space.
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Never a slow week in web3! In this week's round-up we’ll cover an exciting range of topics, from Uniswap’s v4 iteration to key concerns around Lido staking. Also, unravel the story behind the auction of a Biggie Smalls NFT artwork, the centralization risks lurking in Lido’s approach, and alternative staking solutions that are shaking up the Ethereum ecosystem.
So, buckle up and join us on this journey through the ever-evolving landscape of blockchain technology and its ripple effects across various industries!
Quick Hitters
· OKX unveils NFT collection for Manchester City FC
· Snoop Dogg’s NFT Passport offers fans exclusive access to content and concert tickets through unique digital tokens.
· US district Judge Amy Berman Jackson has ordered Binance.US and the SEC to collaborate with a magistrate judge, seeking a compromise to avoid a complete asset freeze.
· The US Treasury Department’s Assistant Secretary for Financial Institutions, Graham Steele, emphasized the need to balance minimizing illegal transactions and protecting user privacy when considering a potential CBDC.
· Republican congressmen Warren Davidson and Tom Emmer introduced the “SEC Stabilization Act,” aiming to replace SEC Chairman Gary Gensler with six commissioners overseeing rulemaking, enforcement, and investigations.
· Three VC firms are escalating legal action against Curve Finance founder Michael Egorov in San Francisco, claiming owed equity and CRV tokens for their nearly $1M investment, while Egorov disputes the obligation.
· President Luiz Inácio Lula da Silva of Brazil enacted new legislation, designating the country’s central bank and securities commission as regulators for the crypto market, fostering transparency in the digital asset sector.
· The Hong Kong Monetary Authority (HKMA) has begun urging major local banks to accommodate crypto exchanges as clients.
· The Bank of Thailand revealed plans to initiate a retail CBDC pilot project in June, involving three payment providers and as many as 10,000 users.
· Curve Finance now permits individuals to utilize wrapped, staked ether for borrowing $crvUSD.
In the News
Ripple Calls for Investigation into Former SEC Director Amid Controversy
Ripple, the company behind XRP, has called for an investigation into former SEC director William Hinman due to controversy surrounding his statements on Ethereum and their potential impact on the ongoing legal battle between Ripple and the SEC. The inquiry seeks to uncover any conflict of interest or inappropriate influence on Hinman’s views that may have affected his role in the lawsuit.
Uniswap Publishes Draft Code for Upcoming V4 Iteration
Uniswap has released the draft code for its eagerly anticipated v4 iteration on Github, with the update focusing on improving the popular DEX’s performance, reducing gas fees, and enhancing user experience. One of the notable features in this upcoming version is “concentrated liquidity,” which allows liquidity providers to set custom price ranges for token pairs, potentially leading to higher returns. While the launch date for Uniswap v4 remains unannounced, the community eagerly awaits the improvements it promises to bring.
Iconic Photographer Brings Biggie Smalls Back to the Blockchain
A digital artwork titled “What’s Beef,” featuring the late rapper Biggie Smalls, is set to be auctioned as a NFT on the Opensea marketplace. Created by visual artist and director Julian Alexander, the NFT will be minted on Ethereum, with a portion of the proceeds benefiting the Christopher Wallace Memorial Foundation, an organization dedicated to providing resources and opportunities to young people in urban communities. This unique NFT offers fans a chance to own a piece of hip-hop history while supporting a worthy cause.
This article raises concerns about Lido staking, a popular liquid staking solution for Ethereum, highlighting potential risks of centralization and security. The author points out that Lido’s use of a multisig wallet and the selection of node operators by the Lido DAO could lead to centralization. Additionally, there are worries about slashing penalties if node operators misbehave or face an attack. As a result, the author urges caution and advises the community to explore alternative staking solutions to maintain the decentralization and integrity of Ethereum’s network.
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