DeFi & L1L2 Weekly (18/10/2023)

Uniswap to charge a 0.15% swap fee on select assets; Uniswap V4’s hooks feature proposes KYC on pools. Ethereum L2 Scroll launches on mainnet. Platypus loses over $2M from flash loan attack, its third exploit in 2023.

Oct 18, 2023 DeFi Weekly

Weekly DeFi Index

This week’s market cap index was positive at +0.04%, while volume and volatility indices were negative at -5.01% and -22.02%, respectively. DeFi Index
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Chart of the Week

In a recent blog post, Uniswap Labs announced that it will impose a 0.15% flat fee on trades involving ETH, USDC, and other select tokens executed through Uniswap Labs’ frontends. It states that the fee only applies when traded through Uniswap Labs’ interfaces on the mainnet and supported Layer-2s for specified tokens (swaps between stablecoins are exempt).

This fee is different from Uniswap’s existing ‘protocol fee’ that governance voters manage, which is being levied by Uniswap Labs to fund its operations sustainably. Uniswap $0.15 fee Defi Index Token Performance TVL of Top Chains Top DEX by chain

News Highlights

  • A new ‘hook’ available on Uniswap V4 allows users to be checked for Know Your Customer (KYC) before they can trade on a pool. It was rolled out by a community developer in Uniswap V4’s directory as an opt-in functionality and will permit developers to use KYC verification within the protocol.
  • Scroll, an Ethereum Layer-2 zkEVM solution, confirmed the launch of its mainnet on 17 October. Existing applications and developer toolkits on Ethereum can now migrate to the new scaling solution.
  • Optimism-based decentralised social media protocol Farcaster launched permissionless onboarding, allowing anyone with an internet connection and Ether to sign up and use the network. 
  • USDR stablecoin issuer Tangible is planning a recovery after the stablecoin’s value plummeted from its US$1 peg. To make users whole, Tangible said it would liquidate its assets, including real estate, and offer a mix of cryptocurrency assets for redemption. However, the value of the redemption process is uncertain and could take months to complete.
  • DeFi protocol Platypus suffered another flash loan exploit, losing over $2.3 million in assets. The exploit was carried out in three separate attacks, and the protocol suspended its pools as a response. This is the third attack on Platypus in 2023, with the previous attacks resulting in losses of $8.5 million and $157,000, respectively. 
  • Stablecoin issuer TrueUSD experienced a third-party security breach that resulted in the exposure of personally identifiable information of some of its clients. The breach, which involved TrueUSD’s former service provider TrueCoin, revealed names, email addresses, phone numbers, blockchain addresses and other data. TrueCoin claimed the breach was directed towards a third-party vendor it no longer uses, but reached out to relevant users for information purposes and to ensure no operational breach occurred for TrueUSD. 
  • The Fantom Foundation, the organisation behind the Fantom blockchain, has been hit by a malicious attack on a number of its crypto wallets, with a total of $657,000 stolen, reportedly through a zero-day exploit on Chrome. The stolen funds have been transferred to a wallet that holds around $7 million worth of ETH, and the community is actively tracking the movements of the lost funds.

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