From exciting improvements in decentralized finance (DeFi) to important advancements in blockchain technology, we’re always on the move. At Chainspot, we know how crucial it is to keep up with these developments. So, let’s take a look at some of the biggest news from this week.
Chainspot team
🦄 Uniswap V3 to Deploy on Polkadot’s Moonbeam Parachain
Uniswap has revealed plans to launch on the Polkadot network through the Moonbeam parachain. It is expected to amplify liquidity and trading volume within the ecosystem. This decision followed a unanimous governance vote driven by Blockchain at Michigan, an organization aiming to foster future blockchain leaders. Within the next month, Uniswap V3 will be available for Polkadot users.
⭐️ Starknet’s DeFi Projects Surpass $10M in Total Value Locked, Marking Ethereum Scaling Triumph
Starknet, an Ethereum Layer-2 scaling solution developed by StarkWare, is making significant strides in the DeFi space. The open-source platform, created to augment Ethereum’s scalability and privacy, has experienced a surge in value locked in DeFi apps built on its network. Starknet’s total value locked recently reached an unprecedented $10.49 million, a tenfold increase from early March. Starknet, through zero-knowledge rollups, facilitates off-chain transactions while retaining blockchain security, addressing Ethereum’s inherent challenges like slow processing times and high fees.
🌏 OpenAI’s Sam Altman Nears $100M Funding Goal for Worldcoin
OpenAI chief Sam Altman is reportedly on the verge of securing about $100 million for Worldcoin, his crypto venture that uses iris-scanning technology to create a secure global cryptocurrency. The funding round, featuring existing and new investors, comes as Worldcoin prepares to launch in the coming weeks. The project aims to use this unique technology to establish a global identification system and offer free access to its own global currency.
⚖️ Council adopts new rules on markets in crypto-assets (MiCA)
The EU brings crypto-assets, crypto-assets issuers and crypto-asset service providers under a regulatory framework. Setting an EU level legal framework for this sector for the first time, the Council adopted a regulation on markets in crypto-assets (MiCA) on 16 of May. The new regulations encompass a broad range of elements including utility tokens, asset-referenced tokens, stablecoins, trading platforms, and crypto wallets.Amid these changes, the critical role of DeFi in maintaining decentralization and fostering innovation is heightened. Chainspot is keeping services in line with DeFi principles.
🤡 Swaprum DEX Falls Victim to $3M Rug Pull Scam
In an unexpected blow, Swaprum, a decentralized exchange platform, fell prey to a ‘rug pull’ scam causing around $3 million in losses. The value of its native token, SAPR, fell drastically to zero, leaving investors in a state of distress. The scam occurred on the Arbitrum network, with the scammers deleting all project-associated social media, thus leaving the Swaprum community in chaos. According to PeckShieldAlert, a cybersecurity firm, the fraudsters successfully moved approximately 1,628 $ETH from Arbitrum to the Ethereum mainnet, and later laundered 1,620 $ETH.
This week’s news reminds us of both the thrilling potential and the challenges in the world of cryptocurrency and blockchain. Stay tuned for more insights as we continue this journey together.
Chainspot team
