Uniswap Labs Investigated By SEC

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The SEC launches an investigation into Uniswap Labs, Ethereum reaches its first negative issuance day, SushiSwap unveils a new NFT platform, and Twitter user Beaniemaxie launches community-driven Bloot NFT.

Quick Take

  • Ethereum reaches its first negative issuance day due to more ETH being burned than minted.
  • The SEC investigates Uniswap Labs, seeking information about how investors use Uniswap.
  • Loot NFTs hit the 20 ETH price floor AGLD tokens  surpassing $7.
  • Sushiswap unveils Shoyu NFT platform with v1 launch set for November.

Ethereum Rallies to $4,000

We start off today with Ethereum hitting $4,000 for the first time since May 15th with NFTs being the main driver for demand. Ethereum market cap dominance also tipped back over 20% for the first time since 2018. Evan Van Ness, writer of Week in Ethereum News, noted that Ethereum has had a negative issuance over the last 24 hours. About 13,838 ETH have been burned, with only 13,485 ETH being issued over the last day, resulting in a drop in supply.

SEC Investigates Uniswap Labs

The SEC is investigating Uniswap Labs, the unicorn startup behind the world’s largest decentralized exchange. According to the WSJ, enforcement attorneys are seeking information about how investors use Uniswap and how it is marketed. A Uniswap Labs spokesperson told the WSJ that Uniswap is “committed to complying with the laws and regulations governing our industry and to providing information to regulators that will assist them with any inquiry.” An SEC spokesperson declined to comment, saying the agency does not confirm or deny investigations.

The investigation appears to be in its early stages and may not result in any formal allegations. The report comes as SEC chairman Gary Gensler said the agency could regulate DeFi projects that reward participants with valuable tokens or similar incentives.

SushiSwap Unveils NFT Platform

Decentralized exchange SushiSwap has released a teaser for its new NFT platform Shoyu. The website is now live on shoyunft.com, promising a creative commercial NFT platform. LevX, a former Sushi contributor, proposed the idea of an NFT platform back in March. The platform would provide similar services to existing NFT marketplaces like SuperRare and OpenSea.

A July 7 post showed the initial “v0” launch was planned to be released in August, followed by a “v1” launch in November and a third upgrade, to “v2,” in January 2022.  Other exchanges are also launching NFT marketplaces, including OKEx which announced the launch of its minting and trading platform, and Binance which also has an NFT marketplace in operation. OpenSea remains the leading NFT marketplace by volume.

Bloot NFT by Beaniemaxie

Loot Project NFTs, the simple text-only NFT that we’ve reported on over the last few days, reached a floor price of 20 ETH today with Adventure Gold tokens hitting an ATH of $7.63. The market has since settled with the Loot price floor at less than 13 ETH and $AGLD tokens at $4.36. Twitter user beaniemaxie launched his own version of the Loot project today, called Bloot. The limited supply of 8,008 Bloot NFTs feature a set of phrases on a green background. The lagline of the project is “It’s basically worthless.”

However, within hours of being launched, the spin-up project was verified by OpenSea as it surpassed a 0.5 ETH price floor. Twitter user @AZtztk announced a 10,000 $BGLD airdrop for all Bloot NFT holders. The Base Gold $BGLD token airdrop is currently worth $2,000 at the time of this recording. Other airdrops have also been announced, including svBloot and a skill stats Bloot.

Within 24 hours, Bloot was ranked 3rd on OpenSea by NFT trading volume with more than 2,100 ETH being traded. It’s important to note that none of the smart contracts for this project have been formally verified. Beanie has since announced the launch of the Bloot Fund, a community grant program for projects innovating in the Bloot ecosystem.

CryptoPunks on xDAI 

Punks on the xDai side chain are set to go live at midnight PST on Sunday, September 6th. xDaiPunks, which has no affiliation with CryptoPunks by Larva Labs, is simply a version of CryptoPunks on the xDai blockchain. Minting one will cost you 12 xDai, which is currently worth about $120. Other versions of CryptoPunks have been created in the past, including PolyPunks, a version of CryptoPunks on Polygon, which currently sell for less than .04 ETH.