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Unpacking Uniswap’s ‘Fee Switch’
A governance vote could give UNI token holders a slice of the exchange’s transaction fees. So what’s stopping them?
There’s been a long-standing debate within the DeFi community about a small piece of code in Uniswap, the popular decentralized exchange.
It’s called the “fee switch” and has massive implications for the protocol and the holders of its token, UNI.
Here’s how it works.
Right now, it costs 0.3% to trade tokens on Uniswap. Of that small percentage, the entire amount goes to liquidity providers (LPs) for that specific trade. But if this fee switch (also called “protocol charge” by Uniswap) were flipped on, 0.25% would go to LPs and the remaining .05% would theoretically go to UNI token holders just for holding the token.
It’s still unclear, however, exactly how they would capture this value (i.e. as a yield on their holdings for staking, more airdrops, or something else). SushiSwap, a fork of Uniswap, also lets users earn .05% on all trades for holding a staked version of SUSHI called xSUSHI, for example.
The thinking goes, according to the team behind the project, that these redirected funds would “go to a decentralized funding mechanism used to support contributions to Uniswap and its ecosystem.”
Importantly, this fee could be activated by a governance vote. If enough UNI holders want to flip the switch, they can. Read More
User Owned Social Networks: Creators’ Unrealistic Fantasy, Or Inevitable Evolution?
So how is it that the Web3 architecture is what could enable creator-owned social media? There are a few key drivers:
Web3 allows the creation of native tokens, which act as both a platform currency and a way to stake ownership. Staking is similar to being a shareholder, which makes community ownership very efficient.
This token-as-currency helps reduce costs for transactions and cross-border fees, allowing creators to keep more of what they own.
The Web3’s smart contract aspect allows a platform to be created with very clear mechanics in place, so creators know how they can participate and how they can earn revenue with their audience. It also allows for more ways for creators to interact with their audience and set prices on ways to connect, whether it be a private member area, a one-on-one, merchandise, or more. In this sense, Web3 incorporates all the benefits of the Patreon-style platform.
One more amazing aspect of Web3 is the DAO (decentralized autonomous organization). While a developer team continues to build features, those features are driven by proposals and votes of the DAO, who uses the platform’s treasury (the small fees they collect for transactions) to build community-driven features. The DAO can be composed of token owners, those who have staked, or others who are in some way invested in the platform.
Sounds great, right? So when can we see this happen? Thankfully, the list above is actual, live features in Web3 social media platforms. The industry leader, Taki, has these elements as its core and is quickly growing its community of passionate fans. Both creators and consumers have been amazed at the difference in a creator-owned platform, with closer interactions between the two, living earnings for more creators, and a sense of excitement around what comes next for the platform, with community-based proposals considered. Read More
Barclays Joins List of Investors Backing Crypto Custodian Copper: Report
UK-based multinational private bank Barclays is expected to invest a sum "in the millions of dollars" in crypto custody firm Copper.
Digital assets firm Copper is reportedly raising fresh funds, with banking giant Barclays among the new backers, according to a Sky News report citing sources from the City of London.
Per the report, Barclays is investing “a relatively modest sum in the millions of dollars” as part of Copper’s latest financing round, which is expected to be finalized “within days.”
Founded by Dmitry Tokarev in 2018, Copper provides custody, prime broking, and settlement services to institutional investors. The firm has also developed a proprietary trading technology, ClearLoop, which connects crypto exchanges and offers offline storage of funds while trades are executed.
The London-based firm secured $75 million in a Series B funding round in June last year, with billionaire investor Alan Howard leading a $25 million extension to the raise. Read More
ZKCross and Syscoin Bring ZK-Rollups Under Their Collaboration
ZKCross and Syscoin, according to a blog post published by Syscoin, have joined hands to extend the borders of blockchain technology by introducing ZK-Rollup.
ZK-Rollup is a baby project of ZKCross that combines Layer 2 and multiple roll-up methods to create an effective network that works wonders for users looking to make their way into managing digital assets.
Features like cost-effectiveness and speed come in handy to attract users in large numbers. Additionally, the User Interface is pretty easy to use by everyone, irrespective of their background or experience in the industry.
Jag Sidhu, the Lead Developer & Foundation President at Syscoin, is personally acting as an advisor to ZKCross to build the world’s first cross-chain ZK-Rollup.
The functioning will be done in phases. The first one will see the project run as a Universal AMM or decentralized exchange to manage liquidity and trading across multiple chains by deploying ZK-Rollups in a customized manner.
The objective in the initial phase will be to have a safer and the best alternative to bridge models that exist at the moment. Read More
A democratic society values a free-flowing media ecosystem. A healthy media ecosystem is one of the characteristics of a democratic society. Mass media outlets such as newspapers and cable TV networks were prominent in the past. Today, the internet and social media platforms allow for greater communication across society.
Journalism, investigative correspondents, and even freelance writers are essential to that ecosystem. High-quality reporting revealing brutal truths and users' scope and exposure on social media to either create or access information are forces that can drive genuine societal change. And even keep the power structures in check.
Despite the positive aspects mentioned above, harmful practices and negative external forces related to the media ecosystem often eclipse them. These issues are usually easy to recognize once they’re identified. Therefore, it is important to acknowledge them and spread awareness about their potential risks.
Doing so will help you make informed decisions about how you use media and how it can impact your life and the lives of others. The following are a few issues pervasive in many digital news sites, forums, and social media platforms. Read More
Markethive Media has embraced blockchain technology and cryptocurrency, building an ecosystem that belongs to “we the people,” eliminating many of the issues plagued by media outlets today. With its meritocratic culture, dynamic social media interface, and growing community, Markethive is enhancing and bringing the platform into the future internet with new technology and interfaces, but still in keeping with the human touch.
Why Tether Is Launching a P2P Video Chat App Called Keet
The world’s largest stablecoin issuer launched the app along with sister company Bitfinex.
Stablecoin issuer Tether and cryptocurrency exchange Bitfinex have entered the world of social media, today announcing the launch of video chat application named Keet.
Keet, which is fully encrypted, is the product of Bitfinex, Tether, and software company Hypercore. It’s only available on desktop for now, but there soon will be a mobile app with “amazing” video quality, the companies told Decrypt.
The messenger is the first app built upon Holepunch, a platform that allows developers to build Web3 applications, which also was announced today by the three companies.
Currently closed-source but expected to be open-source later this year, Holepunch doesn’t run on a blockchain but will make use of the Lightning Network—a “second-layer solution” that speeds up Bitcoin transactions while reducing costs. So, those who want to build, say, a payment app upon Holepunch, would be able to via Lightning.
Tether, Bitfinex, and Hypercore have poured $10 million into Holepunch, which could see tens of millions of dollars in additional investments, they added. Read More
Cryptocurrencies a 'Good Alternative to Traditional Settlement Processes' — Study
Cryptocurrencies can be a good alternative to conventional settlement processes because they are underpinned by blockchain technology which enables the instant finalization of transactions without the involvement of intermediaries, a new report has said. Some players in the cross-border money transfer industry perceive the blockchain and cryptocurrencies as technologies that can enhance remittance processes.
Cryptocurrencies Eliminate Expensive Practices for Remittance Providers
Using cryptocurrencies for the settlement of transactions can be a useful “alternative to traditional settlement processes,” the latest report by the International Association of Money Transfer Networks (IAMTN) has said. According to the report, this is due to the fact that on the blockchain — the technology that underpins cryptocurrencies — transactions are settled instantly without the need to go through intermediaries like correspondent banks.
The combination of declining correspondent banking relationships and the rising volume of cross-border transactions further accentuates the importance of the blockchain for not only lowering the cost of remitting funds but making the transfer of money across borders much quicker. Read More
MicroChains, the first cross-chain bridge on Cardano, to hold IDO on OccamRazer
July 25, 2022 — OccamRazer will be hosting the initial decentralized exchange offering (IDO) for MicroChains, the first cross-chain bridge on Cardano to enable mainstream cryptocurrency assets such as Bitcoin (BTC), Ether (ETH), Tether (USDT), USD Coin (USDC), Wrapped Bitcoin (WBTC) and more to migrate to Cardano. The MCG token will launch on August 1, 2022; users can expect it to appear on two tier-one centralized exchanges in the same week.
MicroChains offers a more secure cross-chain bridge built on Cardano; it empowers multichain and multi-layer functionality with complete centralized and decentralized cross-chain services. Currently, MicroChains support seamless mutual crossover among four chains, including Bitcoin, Ethereum, Cardano and Milkomeda. Also, more chains like BNB Chain, Avalanche and Polygon will be supported very soon.
MicroChains’ mission is to have “The power to bridge more emerging chains,” and provide highly secure cross-chain experiences for emerging chain projects and blockchain users. Through the VoMEN Network security solution, which ensures the verification of multiple and enhanced node networks, MicroChains assures its users the highest levels of security. Furthermore, the project is backed by reputable investors and partners such as Shima Capital, Dutch Crypto Investors, Huobi Trust, Cardano Feed and more.
Given its focus on bringing Cardano forward and improving interoperability between blockchains, MicroChains’ decision to host its IDO on the OccamRazer platform comes as a natural step. OccamRazer has secured its place as one of the leading launchpads on Cardano and beyond, continuing to hold its strong Cardano affiliation through projects launching on the platform. Read More
Over a quarter of Asian Pacific ‘emerging giant’ startups tied to blockchain: Report
A KPMG/HSBC survey finds NFTs and DeFi are more popular with Asian Pacific big startups than EV charging, quantum computing and a host of other new technologies.
The Asia Pacific region is seeing a major business shift with increasing numbers of new technology startups appearing, even as venture capital investment is decreasing compared to last year. A report from Big Four accountant KPMG and international banking company HSBC based on a survey of 6,472 Asian Pacific startups found that over a quarter of them are blockchain related.
Nonfungible tokens, or NFTs, led the way among sectors where Asian Pacific “emerging giants” were active, followed directly by decentralized finance, also known as DeFi. Electric vehicle charging infrastructure, quantum computing and robotic processing automation rounded out the top five sectors. Blockchain real estate and decentralized autonomous organizations (DAOs) ranked 14th and 15th, respectively, on the same list.
Despite their strong collective presence, blockchain-related companies were most common in the lower ranks. Among the top 100 emerging giants, only five were blockchain-related, and only one, Hong Kong’s Catheon Gaming, a play-to-earn platform, ranked in the top 10 (in eighth place). Two crypto financial service unicorns — Hong Kong’s Amber Group and Singaporean Matrixport — did not make it into the top 100. Read More
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
