Trump Crypto Platform Launch, Uniswap Denies Charges for Protocol Deployment: Finances Redeemed
Welcome to Finance Redefined, your weekly volume of decentralized finance (DeFi) insights – a newsletter designed to bring you the most relevant developments from the past week.
This week, Republican presidential candidate Donald Trump is preparing to launch a DeFi platform, which will likely include crypto lending and borrowing capabilities. The candidate is “embracing the future with crypto.”
In the broader crypto space, Uniswap CEO Hayden Adams has denied allegations that Uniswap's decentralized governance vote demanded funding for the deployment of the DeFi protocol.
Trump is set to launch the Global Freedom Financial Crypto Forum on September 16.
Trump's Global Freedom Financial Crypto Project It will begin on September 16, the former president and Republican presidential candidate announced.
In a video posted on X on September 12, Trump said he would go live on stage to launch a project overseen by his sons, Donald Trump Jr. and Eric Trump.
“We are embracing the future with crypto and leaving behind the slow and outdated big banks,” he said.
World Freedom Financial Bulletin. Source: Donald Trump
Trump has previously made several cryptic posts about World Freedom Financial, positioning it as a DeFi platform for lending and lending.
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The CEO of Uniswap denied asking for payment for protocol deployments
Uniswap CEO Hayden Adams denied allegations against X that Uniswap asked for money to deploy decentralized financial protocols. The CEO took to X on September 12 and said that neither Uniswap Labs nor the Uniswap Foundation will pay for the deployment of the protocol.
Source: Hayden Adams
Adams said protocol extensions are done by administrative vote. He explained that the requirements for deploying a Uniswap interface on a new chain depend on the amount of activity and effort required.
Uniswap's CEO's response came after X user Alexander asked Uniswap developers to “raise $20 million for ineffective Uniswap deployments.”
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Sonic blockchain reached the final stage of 720ms in the testnet phase
The Sonic blockchain achieved a transaction latency of 720 milliseconds (ms) during the testnet.
In blockchain, finality is the assurance that a transaction is irreversible, once it has been added to the ledger.
According to Andre Cronje, creator of the Phantom Network and Chief Technology Officer of Sonic Labs, Sonic claims that the world's fastest Ethereum virtual machine chain is a “true” 720ms final.
After a transaction is committed, most blockchains require many more blocks to make the transaction irreversible. However, Sonic brings this end of transaction to just over 700ms.
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Crypto Platform Friend.tech Sees Token Plunge 26% Following Admin Transfer
Crypto social media platform Friend.tech's native token has collapsed after the group transferred management and ownership of its smart contracts to an empty Ethereum address – giving up any control over them forever.
The September 8 transfer was made “to prevent future changes in their fees or practices,” Friend.tech said in X.
The Platform Friend token fell 26% to $0.067 in the 24 hours following the transfer, CoinGecko reported.
Coinbase has launched a Bitcoin digital asset called “cbBTC”.
Crypto exchange Coinbase has launched its cbBTC token – a tokenized version of Bitcoin (BTC) – based on the Ethereum network and Layer-2 scale network.
According to the September 12 launch announcement, cbBTC is backed by Bitcoin held by Coinbase 1:1 and has no separate order book or trading pairs on the exchange's platform.
Coinbase's wrapped Bitcoin works by exchanging cbBTC at a 1:1 ratio when the user sends Bitcoin to a Base or Ethereum address. The opposite is also true – when a user sends cbBTC to a Coinbase address, the tokenized Bitcoin is instantly converted to regular Bitcoin.
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Overview of the DeFi market
Most of the 100 largest cryptocurrencies by market cap ended the week in the green, according to data from Cointelegraph Markets Pro and TradingView.
Out of the 100, the BinaryX (BNX) token has risen more than 31% and is the biggest gainer of the week, followed by the Solana-based memecoin Popcat Sol (POPCAT), which has increased 28% in the past week.
Total value is locked in DeFi. Source: Defillama
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.
