ShapeShift Resolves Pre-DAO SEC Case, Uniswap Hits 2-Year High: Finance Redefined
Cryptocurrency exchange ShapeShift has filed a lawsuit with the United States Securities and Exchange Commission (SEC). It will be in 2021 before it becomes a Decentralized Autonomous Organization (DAO).
The Uniswap (UNI) token has hit a two-year high in the market's most brutal rally, and Solana supporters believe it needs a consumer app to compete with the Ethereum network.
Experts weigh how pump and dump schemes are affecting the crypto industry, and the total value locked in DeFi (TVL) has exceeded $100 billion for the first time in three years.
According to the fans, Solana wants to compete in Firedancer, “ChatGPT Moment”.
A major upgrade aimed at increasing transaction processing by 2024, coupled with a potential consumer app for Solana, could be all Solana needs to finally live up to its moniker as the “Ethereum killer.”
Solana supporters believe in new chain activity, an increasing number of developers and a growing number of users, in part due to a revival led by memecoin in December 2023.
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DeFi pump-and-dump schemes cost millions and undermine industry integrity.
The cryptocurrency space is often compared to the Wild West, and while it has matured to closely resemble the world of traditional finance, in the DeFi space, a “wild” discipline remains, free-wheeling trading activity that often boils down to pump-and-dump tactics and trading.
Pump and dump schemes often manipulate an actor or group of actors into buying tokens through false claims, excitement and fear of loss. At the same time, they secretly dump their shares at high prices.
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Uniswap reached a two-year high as the deadline for the payment share proposal approached
Uniswap UNI, the management token of Uniswap DEX, has risen 46% to trade above $17, a level seen at the end of January 2022.
UNI's performance rose to $1.18 billion from a 120% trading volume in the last 24 hours. Its market capitalization rose 44 percent to $9.4 billion last week.
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ShapeShift settles SEC securities payments on pre-DAO days
Cryptocurrency exchange ShapeShift has submitted a settlement offer to the SEC, accepting the agency's cease-and-desist order and agreeing to pay a fine. The exchange ceased operations in 2021 when it converted to a DAO.
According to the SEC charges, ShapeShift operated an online platform structured as a crypto “sales machine” from 2014 to January 2021. ShapeShift acted as a “market maker” and counterparty to the businesses, allowing it to earn revenue on the price spread of the businesses.
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Overview of the DeFi market
According to data from Cointelegraph Markets Pro and TradingView, DeFi's top 100 tokens had the biggest week by market capitalization, mostly in the green trading on the weekly charts. TVL in Diffie protocols has breached $100 billion for the first time in three years.
Thanks for reading this week's roundup of the most impactful DeFi developments. Join us next Friday for more stories, insights and lessons about this dynamic and evolving space.
