- Bitcoin and Ethereum experience a 4% increase, trading around $64.5K and $2.5K respectively, despite low LMAX volumes.
- Uniswap advances DeFi with a new L2 network promising ultra-fast block times, set to enhance transaction efficiency.
Bitcoin and Ethereum are presently priced around $64,500 and $2,500, after rising by about 4% on Monday morning. This uptick is notable due to low trading volumes on LMAX Digital and contrasts with the previous week’s weak fund flows.
Despite growing open interest reported by ETHNews, which has surged 25% month-over-month, there are unfounded concerns regarding the US government’s potential liquidation of Bitcoin holdings linked to high-profile cases. However, there’s no indication of imminent government wallet movements, implying a sell-off is not on the immediate horizon.
Political Influence on Crypto Market
The focus is largely on the impending election, where Former President Trump is seen as a frontrunner with a 53.8% chance of victory according to Polymarket. This perception is bolstering Bitcoin’s market price. In addition, Trump is venturing into the crypto market with the launch of World Liberty Financial.
.@WorldLibertyFi Token Sale goes live on Tuesday morning, October 15th! This is YOUR chance to help shape the future of finance. Be there on Monday, October 14th at 8 AM EST for an Exclusive Spaces to learn more. Join the whitelist today and be ready for Tuesday:…
— Donald J. Trump (@realDonaldTrump) October 12, 2024
This new project, built on Ethereum, aims to facilitate borrowing and lending, and is scheduled for an exclusive release to whitelist members on October 15th. It’s crucial to note that Trump has a history of profiting from NFT sales and has expressed support for Bitcoin-centric policies.
Risks and Innovations
The nascent World Liberty Financial could face challenges, especially given the past difficulties experienced by a related project, Dough Finance, which suffered a security breach. A similar incident could potentially undermine Trump’s credibility within the crypto sector. His broader crypto strategies include promoting Bitcoin mining, advocating for stablecoins to bolster the US Dollar, and opposing central bank digital currencies (CBDCs).
Uniswap’s New Layer 2 Development
Uniswap is pioneering a new Layer 2 network leveraging the OP Stack, which is designed to enhance transaction speeds, market efficiency, and reduce maximal extractable value (MEV) losses. Targeting block times as low as 250 milliseconds, the network is currently operating at one second per block.
✨ Announcing Unichain Developer Grants!
Last week marked the launch of @unichain, a new Ethereum L2 designed for DeFi, and powered by the Superchain.
To drive innovation across Unichain, we’re excited to introduce new grants programs to accelerate the work of DeFi developers.… pic.twitter.com/sDDzrVLZgB
— Uniswap Foundation (@UniswapFND) October 14, 2024
This development positions Uniswap alongside other DeFi giants such as Maker, Aave, and Frax, with Fraxchain being the sole project already in production. Uniswap’s partnership with Pyth for rapid financial data further differentiates it from competitors like Chainlink, reinforcing its innovative edge in decentralized finance.
