ShapeShift, a cryptocurrency exchange, has resolved a lawsuit with the US Securities and Exchange Commission (SEC) that dates back to 2021, prior to its transformation into a decentralized autonomous organization (DAO).
The UNI token of Uniswap has surged to its highest level in two years, benefiting from the overall bullish market sentiment. Supporters of Solana believe that the blockchain network needs a groundbreaking consumer application to compete with Ethereum.
Experts have commented on the negative impact of pump-and-dump schemes on the crypto industry. Additionally, the total value locked (TVL) in decentralized finance (DeFi) has surpassed $100 billion for the first time in three years.
Proponents of Solana argue that a major upgrade to the network in 2024, along with the development of a breakthrough consumer app, could help Solana live up to its reputation as an “Ethereum killer.” This belief is fueled by increased on-chain activity, a growing developer community, and a rising number of users, boosted in part by the resurgence of memecoins in December 2023.
The cryptocurrency world is often compared to the Wild West, and while it has matured in many aspects, the DeFi space still retains its “wild” nature. Freewheeling trading activity frequently leads to pump-and-dump schemes and wash trading, where actors manipulate investors by making false claims and exploiting their fear of missing out.
Uniswap’s UNI token has reached its highest level in two years, trading above $17, a level last seen in January 2022. Trading volume for UNI has increased by 120% in the past 24 hours, reaching $1.18 billion. The token’s market capitalization has also risen by 44% in the past week, reaching $9.4 billion, making it the 16th-largest cryptocurrency by market capitalization.
ShapeShift, the cryptocurrency exchange, has reached a settlement with the SEC, accepting a cease and desist order and agreeing to pay a penalty. The exchange had operated as a crypto “vending machine” from 2014 to January 2021, acting as the market maker and counterparty for trades, generating revenue from the price spread.
Data from Cointelegraph Markets Pro and TradingView indicates that the top 100 DeFi tokens by market capitalization have had a bullish week, with most showing gains on the weekly charts. The TVL in DeFi protocols has surpassed $100 billion for the first time in three years.
Thank you for reading our summary of the most significant developments in the DeFi space this week. Join us next Friday for more stories, insights, and education on this rapidly evolving industry.