Cryptocurrency exchange ShapeShift has reached a settlement with the United States Securities and Exchange Commission (SEC) in a lawsuit that dates back to 2021, before the exchange became a decentralized autonomous organization (DAO).
The UNI token of Uniswap has surged to its highest level in two years amidst a bullish market trend, and supporters of Solana believe that the network needs a groundbreaking consumer app to compete with Ethereum.
Experts are discussing the negative impact of pump-and-dump schemes on the crypto industry, while the total value locked (TVL) in decentralized finance (DeFi) has surpassed $100 billion for the first time in three years.
Proponents of Solana believe that a major upgrade in 2024, combined with a potential breakthrough consumer app, could establish Solana as an “Ethereum killer”. This belief is reinforced by increased on-chain activity, a growing number of developers, and a surge in users following a resurgence in meme coins in December 2023.
The cryptocurrency space is often compared to the Wild West, and although it has become more similar to traditional finance, the DeFi sector still exhibits a “wild” ethos with freewheeling trading activity that often leads to pump-and-dump schemes and wash trading. Pump-and-dump schemes involve manipulating investors with false claims, excitement, and fear of missing out in order to drive token prices up, while the perpetrators secretly sell their stakes at higher prices.
The governance token of Uniswap, UNI, has seen a 46% rally, reaching levels last seen in January 2022. Its trading volume has jumped 120% in the past 24 hours to $1.18 billion, and its market capitalization has grown by 44% in the past week to $9.4 billion, making it the 16th largest cryptocurrency by market capitalization.
ShapeShift, a cryptocurrency exchange, has settled with the SEC by accepting a cease and desist order and agreeing to pay a penalty. The exchange had operated as a “vending machine” platform from 2014 until January 2021, generating revenue through trades as a market maker and counterparty.
In the DeFi market, the top 100 tokens by market capitalization have had a bullish week, with most showing positive performance on the weekly charts. The TVL in DeFi protocols has surpassed $100 billion for the first time in three years.
That concludes our summary of the most significant developments in the DeFi sector this week. Join us next Friday for more stories, insights, and educational content in this rapidly evolving space.