Blockchain & cryptocurrency market summary news – April 11
DEX Uniswap received a warning from the SEC
The US Securities and Exchange Commission (SEC) has announced its intention to sue Uniswap Labs, the company behind the world's largest decentralized exchange (DEX). Uniswap Labs has confirmed this news and declared its readiness to confront the SEC. The company said Uniswap products and protocols were not affected.
Uniswap Labs is considered possibly guilty of both illegal securities-related activities. However, Uniswap has defended that the assets traded on its protocol are not securities. They also argue that the SEC has no authority over on-chain trading decisions and decentralized technology. Uniswap Labs appears confident that its product complies with the law.
Stablecoin supply increased by $4.2 billion over the past week
According to data from DefiLlama, stablecoin supply increased by $4.2 billion over the past week, bringing total circulating supply to its highest level since early 2022.
The inflow of money into stablecoins on April 2 recorded a new record with 1.38 billion USD created. Tether (USDT) and USDC (Circle) are the two main stablecoins issued, with Tether accounting for the majority with more than 107 billion USDT in circulation. The difference between USDT and USDC has opened up the long-term trend of investors.
Additionally, stablecoins such as USDe and FDUSD are also attracting attention in the market. USDe uses ETH as collateral, while FDUSD benefits from Binance Launchpool. The growth of stablecoin supply is considered a positive signal and demonstrates investor interest in cryptocurrencies and DeFi.
Google Cloud, Coinbase become operators of EigenLayer
Google Cloud and Coinbase have become operators of EigenLayer, a new protocol in the blockchain field. Coinbase Cloud is proud to be one of the first operators of this protocol.
Similarly, Google Cloud Product Manager Sam Padilla has participated in EigenLayer's testnet since November 2023 and deployed an Operator Node on the mainnet. This is not the first time Google Cloud has participated as an Operator Node for a blockchain project.
EigenLayer has 56 participating operators, including Ankr, Deutsche Telekom MMS, HashKey Cloud, P2P, Nethermind, Figment, Everstake, Kiln, AltLayer and Puffer Finance. This protocol ensures security with 13 AVS locations.
