🔮LTC and BTC Transactions Spike, Biden Doesn't Like Crypto, Uni Launches on Polkadot

Token Specific News

LiteCoin and Bitcoin Transactions Rip

• Developers are pushing the boundaries of experimentation on the Bitcoin blockchain with the introduction of BRC-20 tokens, inspired by Ethereum's ERC-20 standard. These tokens have driven daily transactions on Bitcoin to an all-time high of 682,000. BRC-20 tokens allow users to create, mint, and send tokens, marking a significant change in Bitcoin's capabilities. Ordinals, a technology that uses Bitcoin upgrades like Segwit and Taproot, are used to inscribe unique data on the blockchain. Trustless Computer is another project exploring the potential of building applications natively on Bitcoin, offering its own form of fungible tokens called SBRC-20s. The developments signify a growing interest in expanding the functionality of the Bitcoin ecosystem. Similarly, activity on the Litecoin blockchain has surged to an all-time high following the launch of the LTC-20 token standard. The network processed 585,000 transactions in 24 hours, a 500% increase in just one week. This surge coincided with new highs in active LTC addresses and newly created LTC addresses. The LTC-20 token standard, inspired by Bitcoin's BRC-20 standard, aims to create fungible tokens on the Litecoin blockchain. Ordinals, similar to NFTs, are used to inscribe data on-chain, allowing the creation, minting, and transfer of LTC-20 tokens. While still an experimental concept, this development signifies growing interest in expanding the functionality of Litecoin.

Source: The Defiant

Source: Dune

DeFi Exchange Uniswap to Launch on Polkadot via Moonbeam Parachain

• Uniswap, a prominent decentralized exchange (DEX), has announced its deployment on the Polkadot network following a governance vote. Uniswap V3 will be deployed on Polkadot in about a month, offering improved capital efficiency, flexible fee structures, and a better user experience. The initiative was made possible through Moonbeam, a parachain on Polkadot. Moonbeam's high DeFi activity and EVM-friendly architecture made it an ideal choice for running Uniswap V3 smart contracts. Decentralized exchanges like Uniswap are gaining popularity, with increased monthly volumes and Uniswap V3 capturing a significant market share among DEXs. See similar: Uniswap Community Mulls Fee Switch Proposal

"I Promise I Don't Have Your Private Key... Wink Wink" - Ledger

• Ledger, a hardware wallet provider, has introduced a new service called Ledger Recover, which allows users to back up their crypto seed phrases by connecting them to their passport or national identity card. Users must provide their ID to confirm their identity, and three encrypted fragments are stored by Ledger, Coincover, and another provider. Some users have expressed concerns about relying on the security of these companies. Ledger claims that the fragments are stored on secure hardware modules and are useless on their own. However, critics worry about the potential security risks, citing Ledger's previous data breach in 2020. If an attacker gained access to a user's seed phrase and ID, they could potentially use the recovery service to access the locked funds. Ledger maintains that the government ID is only one part of the recovery process and emphasizes additional security measures such as liveness detection. Seed phrase recovery methods like social recovery, where trusted individuals or wallets can approve wallet recovery, offer an alternative that allows users to choose their guardians and mitigate certain security risks.

ERC... I Can't Be Bothered Anymore

• ERC721-C is an extension of the ERC721 non-fungible token (NFT) standard on Ethereum that aims to provide NFT creators with more control and customization options for their collections and royalties. The "C" in ERC721-C stands for "Creator." One pesky problem in the NFT world is the additional fees or royalties (usually 5-10%) that buyers pay on marketplaces like OpenSea when purchasing NFTs. While these royalties ensure that NFT artists get paid, they can result in traders receiving less money. ERC721-C introduces programmable royalties, allowing creators to distribute NFT collection royalties directly to holders who buy their NFTs. This feature prevents marketplaces from setting royalties to 0% to compete with each other, which often means creators don't receive compensation. However, it is important to note that as of now, no NFT collection has implemented ERC721-C. To purchase ERC721-C tokens, you can check with NFT marketplaces such as OpenSea, X2Y2, or Rarible, as they might support ERC721-C tokens once they integrate the new token standard. Limit Break, the organization leading ERC721-C development, has whitelisted the addresses of several marketplaces. ERC721-C is currently supported on Ethereum, Polygon, Ethereum's Sepolia Testnet, and Polygon's Mumbai Testnet. And don't even get me started on ERC-6551. Not enough ETH in your life?... See more: ETH's Staking Returns Are Highest Since Shapella

Source: Dune

Curve’s New USD Stablecoin Is Almost Ready for Users

• Curve has launched the user interface for its crvUSD stablecoin, just under two weeks after deploying its smart contracts on the Ethereum network. The crvUSD stablecoin will maintain its peg to the US dollar through the Lending-Liquidating Automated Market Maker Algorithm (LLAMMA), which combines an automated market maker with a lending market. The crvUSD pools will consist of the crvUSD token and the collateral used to mint the token (such as ETH and BTC). The user interface currently allows users to mint crvUSD using sfrxETH as collateral, with stETH support coming soon.

Regulation

Biden Doesn't Choose Crypto, Chooses Default

• During the G7 Summit in Japan, President Joe Biden expressed his opposition to a debt ceiling agreement proposed by Republican leaders, citing its alleged benefits for crypto traders. Biden referred to the proposed terms as "unacceptable" and stated that he would not agree to a deal that protected wealthy tax cheats and crypto traders while putting food assistance at risk for millions of Americans. The discussion revolves around blocking tax-loss harvesting, a strategy used by investors to reduce tax liabilities in cryptocurrency transactions. The White House also proposed similar changes for real estate swaps. Republicans reject these proposals, emphasizing the need for spending cuts to address the deficit. The U.S. could face default if Congress fails to raise the debt ceiling by June 1.

EU Finance Ministers Give Final Go-ahead to MiCA

• The European Union's Markets in Crypto Assets (MiCA) regulation has received unanimous approval from the Economic and Financial Affairs Council (EcoFin), consisting of finance and economic ministers from all 27 EU countries. The adoption of MiCA marks the final step in the legislative process. MiCA aims to create a uniform approach to crypto regulation across the EU, protecting investors and preventing money laundering and financing of terrorism. The regulation was previously passed by the European Parliament and is on track to become law this summer. It has been well-received by the industry and may serve as a model for other jurisdictions. Additionally, EcoFin also approved regulations extending anti-money laundering rules to crypto assets.

Decentralized Exchanges Aren't Immune to U.S. Regulations

• CFTC Chair Rostin Behnam stated that decentralized crypto exchanges can be regulated by U.S. law, emphasizing that it's not about the absence of institutions or individuals but rather the offerings and exposure to U.S. customers. He mentioned that existing U.S. law already covers digital assets and highlighted the importance of legal precedent in driving their regulatory analysis. While the CFTC has limited authority over cash crypto markets, Behnam affirmed their commitment to holding bad actors accountable. He also discussed the question of whether tokens can transition from securities to commodities when traded on decentralized exchanges.

Judge Denies Motion to Seal Hinman Documents in Ripple SEC Case

• In a victory for Ripple, a judge has denied the SEC's motion to seal documents related to a controversial 2018 speech by former SEC director Bill Hinman. Ripple has used this speech to argue that XRP should not be considered a security. The SEC claimed that the speech represented Hinman's personal views, but Ripple filed a Freedom of Information Act request to obtain the documents clarifying the SEC's stance. The judge ruled that the documents are subject to public access, adding to the transparency of the case. This is not the first time the SEC's attempt to seal the documents has been denied.

Celsius Refuses To Go Cold

• Celsius made significant moves to accumulate funds for repaying investors. They transferred nearly $800 million worth of stETH tokens to a new address, indicating an impending withdrawal. Currently, Celsius has submitted withdrawal requests exceeding $400 million. It's important to note that Celsius owed $4.7 billion to over 100,000 creditors when it filed for bankruptcy last year. As expected, every available asset is being considered for repayment. Meanwhile, the legal proceedings for Celsius' bankruptcy continue, and NovaWulf Digital Management has made a buyout offer, with another bid also under consideration. Additionally, former CEO Alex Mashinsky is facing a legal charge from the New York attorney general.

Other Domestic Regulation Updates

• Here’s Gensler: “It’s a false narrative to say that these things are that decentralized. They tend toward centralization.” 
• U.S. Dept. of Justice to Step Up Money Laundering Enforcement
• SEC Calls FileCoin a Security

Other International Regulation Updates

• Crypto companies fleeing U.S. regulatory uncertainty have been offered a welcome in France
• U.S. IRS Trains Ukrainian Law Enforcement to Pursue Russian Crypto Assets
• Binance Will Exit Canada Due to New Regulations

Pain & Gain

Pain

• Elon Musk Sends Milady NFTs Soaring
• PayPal Crypto Holdings Nearing $1B
• LG Electronics Seeks Patent for TV That Can Trade NFTs
• Arca Offers Their 2 Cents on Aragon DAO Attack Allegations

Gain

• Blockchain Privacy Firm Auradine Raises $81M From Stanford, Marathon Digital
• Play-to-earn Axie Infinity’s token surges after debuting on the Apple app store
• Ripple acquires institutional crypto custody firm Metaco for $250 million
• Reef Labs Launches $10MM Accelerator for Middle East Web3 Projects
• Decentralized Wallet Maker Odsy Raises $7.5 MM 
• Web3 Tooling Firm Blocktorch Raises $4.2MM Seed Round
• NFT Lending Platform Blend Surges Past 100,000 Ethereum in Total Volume
• Crypto Lender Compound Deploys on Ethereum Layer-2 Arbitrum