Web3🌖Tuesday Buzz: Uniswap's Growth Spurt, Bitcoin's Steady Stance, FTX's Challenge, and Roblox's XRP Move

Greetings and welcome to our Tuesday edition of Web3 Buzz! In today's highlights, Uniswap introduces a dynamic approach to boost its growth trajectory through the implementation of innovative swap fees. Meanwhile, Bitcoin maintains its resilience at the $28K mark, unfazed by speculations surrounding ETF approvals. Over at FTX, a substantial challenge arises as they confront a $9 billion shortfall claim, with a deadline set for 2024. In a groundbreaking move, Roblox announces its integration of XRP as a payment option, signaling a significant shift in transaction methods. Join us as we delve into each of these developments, offering a closer examination of the evolving landscape within the realm of Web3 technologies.

1. Uniswap Fuels Growth with New Swap Fees

Uniswap, a decentralized crypto exchange (DEX), will implement a 0.15% trading fee on select tokens, like ETH and USDT, starting tomorrow. This marks a shift from Uniswap's historic feeless model. CEO Hayden Adams justified this move as a means to sustainably finance development efforts. Notable tokens subject to fees include ETH, USDC, wrapped ETH, USDT, DAI, wrapped BTC, agEUR, GUSD, LUSD, EUROC, and XSGD. It's important to note that the core Uniswap protocol, governed by decentralized smart contracts, will remain free of charges. Adams emphasized the importance of building a sustainable system to support ongoing crypto and DeFi advancements. As a result of this announcement, Uniswap's UNI token has maintained stability at around $4.1.

Uniswap Rolls Out Swap Fees to Fund Growth

Uniswap will start charging trading fees on certain tokens, rolling out a 0.15% charge per trade to fund innovation and development.

Crypto BriefingDiego Almada Lopez

2. Bitcoin Maintains Resilience at $28K After ETF Speculations

Bitcoin surged to $30,000 due to a false report about SEC approving a Bitcoin ETF, causing $100 million in liquidations. However, it's now trading around $28,500. Long-term investors are holding record levels of Bitcoin, while Ethereum's gas usage is decreasing, leading to faster ether inflation. Bitcoin's dominance in the cryptocurrency market has increased. The S&P 500 closed up 1%, and bonds moved lower as diplomatic efforts intensified to prevent the Israel-Hamas conflict from escalating regionally. Total Bitcoin liquidations in the last 12 hours amounted to $137.2 million, with long liquidations at $45.6 million and short at $91 million.

Market Wrap: Bitcoin Hovers Above $28K After ETF Reports Prove False

Meanwhile, the market continues to trend downwards amid higher-than-expected U.S. PPI, and CPI Data.

CoinDeskSam Reynolds

3. FTX Confronts $9B Shortfall Claim with a 2024 Deadline

FTX debtors propose 90% asset return for clients by mid-2024, part of a Chapter 11 settlement. A $9 billion Shortfall Claim is central to the plan, with assets divided into three pools. CEO John J. Ray III commends the value created amid financial challenges. Clients who withdrew over $250,000 within nine days of bankruptcy may face a 15% reduction in claims, while those under $250k won't be affected. Some insiders may be excluded from the settlement if they were aware of the situation. Formal filing required by Dec. 16 for court approval. If approved, clients could receive their share by Q2 2024.

FTX Clients May Receive $9 Billion Shortfall Claim By Mid-2024

FTX debtors have announced a major milestone in their Chapter 11 cases. Clients of the now-defunct exchange’s U.S. and global platforms…

Watcher GuruPaigambar Mohan Raj

4. Exciting News: Roblox Now Accepting XRP Payments

Roblox now accepts XRP as a payment method through BitPay and Xsolla, a significant move for the platform with over 200 million users. This integration expands payment options for Roblox's vast user base of 65.5 million daily active users, a substantial portion being under 13 years old. In Q1 of 2023, Roblox users spent approximately $773 million on in-game purchases. Xsolla has been proactive in incorporating cryptocurrency into its payment system, partnering with various platforms for solutions, including nonfungible tokens. The partnership between Xsolla and BitPay, dating back to 2014 when Bitcoin payments were first accepted, demonstrates a longstanding commitment to innovative payment methods. In September 2023, BitPay and Xsolla furthered their collaboration by introducing PayPal USD payments for merchants and consumers.

Roblox integrates XRP as payment method

Available on all mainstream platforms, such as Windows, macOS, Android, iOS, Xbox One and PlayStation 4, Roblox counts 65.5 million daily active users.

CointelegraphDavid Attlee

Thank you for joining us in this edition of Web3 Buzz. These developments showcase the dynamic nature of the cryptocurrency and blockchain space. As the week progresses, we'll be keeping a close eye on how these changes shape the landscape. Stay tuned for more updates and insights into the world of Web3. Until next time!

WEB3 AI ML