Amid a marketwide bullish run, Uniswaps UNI token has reached a new two-year high.
Cryptocurrency exchange ShapeShift has settled a lawsuit with the United States Securities and Exchange Commission (SEC). The case dates back to 2021, before it became a decentralized autonomous organization (DAO).
Uniswaps (UNI) token blasted to two-year highs amid the marketwide bullish surge, and Solana proponents believe it needs a breakthrough consumer app to rival the Ethereum network.
Experts weigh in on how pump-and-dump schemes harm the crypto industry, and the total value locked (TVL) in DeFi crosses $100 billion for the first time in three years.
Solana needs Firedancer, “ChatGPT moment” to rival ETH, proponents say
A major upgrade on Solana aimed at increasing transaction processing in 2024, paired with a potential breakthrough consumer app, could be all thats needed for Solana to finally live up to its moniker as an “Ethereum killer.”
That‘s what Solana’s proponents believe amid a fresh wave of on-chain activity, increasing developer count and a growing number of users, boosted partly by a memecoin-led resurgence in December 2023.
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DeFi pump-and-dump schemes rake in millions, harm industry credibility
The cryptocurrency space is often compared to the Wild West, and while it has been maturing to resemble the world of traditional finance more closely, in the DeFi space, the “wild” ethos remains, with freewheeling trading activity often leading to pump-and-dump schemes and wash trading.
Pump-and-dump schemes usually consist of an actor or group of actors manipulating investors with false claims, excitement and fear of missing out to make them buy tokens. At the same time, they covertly dump their stakes at higher prices.
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Uniswap hits two-year high as fee share proposal deadline approaches
Uniswaps UNI, the governance token of the Uniswap DEX, has rallied 46% to trade above $17, levels last seen in January 2022.
UNIs performance is accompanied by a 120% leap in trading volume over the last 24 hours to $1.18 billion. Its market capitalization has increased by 44% over the past week to $9.4 billion, making it the 16th-largest cryptocurrency by market capitalization.
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ShapeShift settles SEC securities charges dating to its pre-DAO days
Cryptocurrency exchange ShapeShift submitted a settlement offer to the SEC, accepting the agencys cease and desist order and agreeing to pay a penalty. The exchange ceased the operations in question in 2021 when the exchange converted into a DAO.
According to SEC allegations, ShapeShift operated an online platform structured as a crypto “vending machine” from 2014 to January 2021. ShapeShift served as the “market maker” and counterparty for the trades, enabling it to generate revenue on the price spread of trades.
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DeFi market overview
Data from Cointelegraph Markets Pro and TradingView shows that DeFis top 100 tokens by market capitalization had a bullish week, with most trading in the green on the weekly charts. The TVL in DeFi protocols breached $100 billion for the first time in three years.
