Bitcoin Redditors Plan to Buy $100M Worth of BTC

September 6, 2021       /       Unchained Daily       /       Laura Shin

Daily Bits ✍️✍️✍️

• 3M Bitcoin redditors are planning to buy $30 of BTC on Tuesday in support of El Salvador’s crypto launch; a majority of Salvadorans disagree or strongly disagree with the use of BTC as legal tender, according to a survey.

• An additional 1.3M of Loot, an NFT collection of text images, dropped this weekend; a Loot-based token dubbed “adventure gold” (AGLD) is worth over $300M after launching less than a week ago.

• Cover, a DeFi protocol, shut down, with creator advising customers to withdraw funds ASAP.

• Binance announced limitations to customers in Singapore following its appearance on the country’s Investor Alert List.

• Ethereum recorded its first negative daily issuance for the first time after EIP 1559; Over 200,000 ETH has been burned since the London hard fork.

• Solana’s native token, SOL, replaced Dogecoin as the 7th largest cryptocurrency.

• Senator Elizabeth Warren described cryptocurrency as “the new shadow bank.”

What Do You Meme?

What’s Poppin’?

Uniswap Labs, the main developer behind Uniswap, is reportedly under investigation by the US Securities and Exchange Commission.

The Wall Street Journal initially broke the story, citing sources familiar with the matter. According to the report, the SEC is probing into how investors use the trading platform and how the exchange has marketed itself.

A Uniswap rep told the WSJ that the company is “committed to complying with the laws and regulations governing our industry and to providing information to regulators that will assist them with any inquiry.”

In addition to Uniswap Labs, the SEC has also sent letters to multiple startups in an effort to start examining crypto lending services.

Jake Chervinsky, general counsel at Compound, noted that the news “shouldn’t worry anyone too much (yet). An investigation is *not* an allegation of wrongdoing, it’s just how the SEC gathers information.”

Uniswap is a decentralized exchange (DEX) allowing anyone to swap ERC-20 tokens without routing through a centralized third party. It is the largest DEX in crypto at publishing time, doing more than 3X volume than its closest competitor, PancakeSwap. Uniswap’s native token UNI is ranked 11th by market capitalization, making it the industry’s most valuable decentralized finance dapp.

ShapeShift CEO Erik Voorhees was not surprised by the SEC’s Uniswap Labs probe:

Voorhees, the founder of an innovative exchange himself, also explained how the regulator’s move could hinder Uniswap Labs. “It should be highlighted that when a regulator “gathers information” it means millions of $ of legal costs and millions more in lost productivity incurred on the target,” Voorhees tweeted. “When no wrongdoing is found, the regulator doesn’t reimburse for their transgression, nor even offer apology.”

Recommended Reads

• The Defiant dropped its DeFi summer roundup:

• @0xJim on how to start learning about crypto:

• Arthur Hayes on trading NFTs:

On The Pod…

Why the FTX.US/LedgerX Deal Indicates Crypto M&A Might Start Booming

Steven Ehrlich, director of research for digital assets at Forbes, discusses the FTX.US-LedgerX merger, what to expect from FTX going forward, DeFi regulation, and more. Show highlights:

• why the FTX.US acquisition of derivatives platform LedgerX is significant

• how FTX.US stacks up against other US cryptocurrency exchanges

• who should use crypto derivative products

• how regulators might handle FTX.US and crypto derivative ETFs

• what to expect from FTX going forward

• how long FTX CEO Sam Bankman-Fried spends talking to regulators every day

• why Steven thinks crypto mergers and acquisitions will be a trend going forward

• what Steven learned from his conversations with Polygon and Hermez

• how Fereshteh Forough, a woman living in Afghanistan, is using crypto to help teach women to build dapps, smart contracts, and use crypto

You can purchase it here: http://bit.ly/cryptopians