Uniswap Foundation Targets $62 Million In Additional Funding
Here are some of the major developments from the world of crypto over the past few days
Uniswap Foundation Targets $62 Million In Additional Funding
Decentralised exchange (DEX) Uniswap is asking for an on-chain vote to approve the second instalment of the $74 million investment for Uniswap Foundation, its developer.
The second tranche of funding, with a 10 per cent cushion for price volatility, is reportedly worth an estimated $62 million and will be decided by an on-chain vote on October 4, 2023 according to the statement made on September 27.
If accepted, the money will be applied to grants for operations and research. The main responsibilities of the Uniswap Foundation is growing fundamental protocol metrics, creating a pipeline for innovation, and coordinating incentives for DEX stakeholders.
The United States Securities and Exchange Commission (SEC) has come under fire from venture capital company Paradigm for avoiding the traditional rulemaking processes in its current legal case against cryptocurrency exchange Binance.
Paradigm said in a statement on September 29, 2023 that the SEC is attempting to change the law without following the established rulemaking process. It said that it vehemently disagrees with this strategy and that it feels the SEC is going beyond the scope of its regulatory authority.
The SEC had filed a lawsuit against Binance in June 2023, alleging several violations of the securities laws, including operating without the required broker-dealer, exchange, or clearing agency license. The SEC has recently been pursuing litigation against many cryptocurrency exchanges, and Paradigm emphasised this while also expressing concern that the SEC’s attitude “could fundamentally reshape our comprehension of securities law in several critical aspects.”
According to a social media post from the Pond0X official channel on September 28, 2023, the overall trade volume has surpassed $100 million. When the exchange’s native token, PNDX, was first launched on July 28, 2023, investors lost almost $2 million, since it had a feature that allowed anyone to transfer it without the owner’s permission. Supporters contend that the developer was not to blame for these losses.
The official channel used a Dune dashboard made by user Mogie, which displays over $111 million in total trading activity as of September 29, 2023 as proof of Pond0X’s trading volume.
At the time of the PNDX token launch, analysts had criticised it for being an exit scam or rug pull. The inventor of the initiative, Jeremy Cahen (commonly known as “Pauly”), was criticised for the unconventional manner in which the coin was introduced. Cahen shared the URL to an app that allowed users to deposit a set quantity of Ether in exchange for a set amount of PNDX in the debut post on X (previously Twitter). Additionally, he published the token’s contract address.