CoinSmart Crypto Recap June 15, 2023

crypto recap

Welcome to the CoinSmart crypto recap. Let’s look at the hottest stories that came up this past week. Here is an overview:

  • Uniswap v4 Announced with Pre-Launch Community Feedback
  • GOP Bill Aims to Oust Gary Gensler
  • Polygon Unveils Polygon 2.0

Uniswap v4 Announced with Pre-Launch Community Feedback

Uniswap Labs, the team responsible for the decentralized finance (DeFi) platform Uniswap, has revealed plans for the next version of its platform, Uniswap v4. This marks the first time that the team is seeking feedback from the community before the public launch, a move aimed at emphasizing Uniswap’s commitment to decentralization and distinguishing it from centralized exchanges like Coinbase and Binance.

The v4 upgrade aims to enhance the platform’s coin-swapping capabilities through “hooks” and custom liquidity pools, potentially enabling on-chain limit orders and dynamic fees. Further, the draft code for Uniswap v4 reportedly contains performance enhancements and substantial reductions in network gas fees for creating new pools. The proposed licensing model is the Business Source License 1.1, mirroring that of Uniswap v3, and serves to delay competitors from using Uniswap’s codebase to build their own applications.

GOP Bill Aims to Oust Gary Gensler

House Republicans, led by Reps. Tom Emmer and Warren Davidson have introduced a bill dubbed the SEC Stabilization Act, aimed at removing current SEC Chair Gary Gensler and restructuring the agency. The proposed legislation was motivated by what they perceived as Gensler’s abuses of power, including his stance on cryptocurrency regulations.

The bill proposes the addition of another commissioner to the five-member commission and creating an executive director position to manage daily operations. It also aims to ensure no single political party holds more than three commissioner seats at a time.

The SEC, under Gensler, recently sued Binance and Coinbase, two of the largest crypto exchanges, leading to criticisms from lawmakers like Republican Sen. Cynthia Lummis. The lawmakers accused the SEC of “regulation by enforcement”, arguing that it should focus on creating a robust legal framework for exchanges. The bill will require Democratic support to pass.

Polygon Unveils Polygon 2.0

Polygon has unveiled its plan for Polygon 2.0, billed as the internet’s “Value Layer,” a protocol for open creation, exchange, and value programming. The upgrades of Polygon 2.0 include changes in architecture, tokenomics, and governance, to be discussed in the coming weeks. 

With the use of ZK-powered L2 chains, Polygon 2.0 intends to offer infinite scalability and unified accessibility, resembling the broader internet’s structure. The community, now has a formal governance process, holds the deciding power for Polygon 2.0’s acceptance and implementation.

Disclaimer: The content of this article is strictly for information purposes only. All of the opinions expressed in this article are not connected to CoinSmart and are not intended to provide you with investment advice. It is important that you do your personal research and/or consult an investment advisor to determine what is right for you.