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Decentralized Finance Crypto Exchange Uniswap Starts Blocking Addresses Linked To ‘Blocked Activities’

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Uniswap

Uniswap, one of the main decentralized finance exchanges in the cryptocurrency world, is now taking measures to ensure illegal funds cannot be transacted using its platform. The company has already started blocking addresses linked to “blocked activities” and will apply a filter with data provided by TRM Labs, a blockchain analysis firm that focuses on detecting illegal activities.

Uniswap Scrutinizes Addresses Interacting With Its Frontend

Uniswap, the decentralized finance exchange, has taken measures to curb the illegal activity conducted using its platform. The exchange has now introduced address screening procedures that log the addresses using its official frontend. These addresses are then compared to a blacklist provided by TRM Labs, a blockchain firm that provides transaction monitoring services.

While the extent of these measures is still unknown, in its address-screening FAQ, Uniswap explains the kind of activities it wants to exclude from taking advantage of its services. It states:

We intend to only block wallets that are owned or associated with clearly illegal behavior like: sanctions, terrorism financing, hacked or stolen funds, ransomware, human trafficking, and child sexual abuse material (CSAM).

The exchange has not provided the pool of addresses that will be blocked from using its official frontend, and it is unknown if it will do so in the future.

Users Affected

While these new measures were announced last week, some users have already reported being affected by them. When users try to exchange currencies using a flagged address, they get a message stating:

This address is blocked in the Uniswap Labs interface because it is associated with one or more blocked activities.

The team at Uniswap Labs leaves a door open for users that believe they have been flagged erroneously, allowing them to report their cases to inquire if the blockage can be lifted.

The news was received negatively by a large swathe of the cryptocurrency community, but it is in line with what other decentralized finance services have done in matters of compliance. Tornado.cash, one of the biggest mixing protocols, is now blocking transactions from Ethereum addresses listed as sanctioned by the U.S. Office of Foreign Assets Control (OFAC) using an oracle contract provided by blockchain security firm Chainalysis.

However, users pointed out that blocked addresses can also use other frontends or interact directly with Uniswap or Tornado.cash contracts to circumvent this.

What do you think about Uniswap’s new measures to block addresses potentially linked to illegal activity from transacting on the platform? Tell us in the comments section below.

While Apecoin Reaches New Price Highs, Data Shows Top 100 APE Holders Control 52% of the Supply

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During the last two weeks, statistics show the new crypto asset dedicated to the Bored Ape Yacht Club community (BAYC), apecoin (APE), has climbed more than 50% against the U.S. dollar. A few days ago, apecoin tapped an all-time high at $17.30 per unit and the crypto asset is now the 32nd largest in terms of market capitalization among 13,691 other cryptocurrencies. Data also shows out of the 48,570 APE holders, there’s a large concentration of apecoin whales.

A Large Concentration of Apecoin Whales

The BAYC-infused apecoin (APE) has been a popular crypto project ever since the coin project was introduced and millions of coins were airdropped to NFT holders. More specifically, the holder’s NFTs derived from the BAYC, Mutant Ape Yacht Club (MAYC), and Bored Ape Kennel Club (BAKC) collections.

According to statistics, the initial airdrop aimed to distribute 150 million APE and to date, 140,725,540 APE has been claimed. Data shows there’s 284,843,750 APE currently in circulation among 48,570 APE holders. Looking at the apecoin (APE) rich list via coincarp.com shows that out of all the APE in circulation, there’s a large concentration of apecoin whales.

For instance, the top ten APE holders custody 9.16% of the 284.84 million APE in circulation, which equates to 26,091,687.5 apecoin. The top 20 holders currently have 14.16% of the APE in circulation under their control which is 40,333,875 APE. Data further shows the top 50 APE holders command 29.16% of the APE in circulation, which equates to 83,060,437.5 apecoin. Moreover, the top 100 APE wallets hold 52.36% of the APE supply today.

The 100 holders represent 0.20% of the 48,570 APE holders today. In fact, the top address holds 30,305,548 APE which is 3.03% of the current supply. The second-largest APE address holds 10,833,332 APE or 1.08% of the apecoin in circulation.

3% of All APE Trades Settled on Binance, 42% of All APE Trades Are Paired With Tether

Presently, APE is only 4% away from surpassing the token’s all-time high and the coin has seen $1.87 billion in 24-hour trading volume. Apecoin has the largest quantity of trade volume on the decentralized exchange (dex) platform Uniswap. In terms of dex platforms, APE is also prominent on Sushiswap, 1inch, and 0x Native, respectively.

Binance is the most active centralized crypto exchange trading APE today as the crypto’s top pair is tether. At the time of writing, USDT represents 42.26% of all APE trades worldwide. Over 3% of all the apecoin (APE) trade volume has been settled on Binance. Meanwhile, because of apecoin’s recent price high, the hashtag #APECOIN is trending on Twitter this weekend.

What do you think about the large concentration of apecoin whales? Let us know what you think about this subject in the comments section below.

Uniswap Launches Swap Widget — Devs Can Embed the Dex With ‘One Line of Code’

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Uniswap Launches Swap Widget — Devs Can Embed the Dex With 'One Line of Code'

On Thursday, Uniswap Labs, the company behind the popular decentralized finance (defi) protocol, Uniswap, launched a tool called the Swap Widget. Essentially, the widget allows developers and decentralized app (dapp) operators to embed the Uniswap decentralized exchange (dex) app with “one line of code.”

Software Engineers Can Now Embed Uniswap Swapping Functionality Into Web3 Dapps

One of the largest dex applications in terms of trade volume, Uniswap, announced the launch of a new widget tool that gives dapp operators the ability to integrate Uniswap into their third-party applications. The Uniswap blog post that announces the new Swap Widget explains that integration is easy as it only requires a single React component and one line of code.

“We envision a world in which everyone is able to access fair, open, and transparent markets,” the company said on Thursday. “The Swap Widget brings this vision closer to reality by allowing developers to easily embed Uniswap swapping functionality, allowing their users to seamlessly swap tokens, join a community or DAO, wrap assets, and more, without leaving their apps.”

The Swap Widget features a user interface that is customizable and for pricing the widget “bundles Uniswap Labs’ Auto Router to find the best price across Uniswap v2 + v3 token pools.” The widget also connects to layer two (L2) chains including Polygon, Arbitrum, and Optimism. Uniswap says that the Swap Widget is already available in a number of popular Web3 applications like Oasis.app, Friends With Benefits, and the non-fungible token (NFT) marketplace Opensea.

As of Thursday, the widget is fully available to embed into a Web3 application and people can follow instructions by leveraging Uniswap’s developer docs. In order to ask questions or get technical support, interested Swap Widget users need to join the group’s Discord channel. At the time of writing, Uniswap v3 has the largest trading volume out of a slew of dex protocols with $1.11 billion in 24-hour volume. There are 479 unique tokens available on Uniswap and roughly 923 pairs, according to dex platform statistics.

What do you think about Uniswap’s Swap Widget? Let us know what you think about this subject in the comments section below.

Value Locked in Defi Sheds $55 Billion in 2 Months, Ethereum’s Defi Dominance Loses 14%

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The crypto-economy has been sliding in value during the last 48 hours as the current market valuation for all 13,000+ crypto assets is $1.83 trillion. Furthermore, the total value locked (TVL) in decentralized finance (defi) protocols has slipped below the $200 billion mark to $196.02 billion on Sunday morning (EST). Meanwhile, Ethereum’s dominance is 55.54% of the current aggregate TVL held in defi today with $108.88 billion.

Value Locked in Defi Protocols Sink, Ethereum Loses Decentralized Finance Dominance

The value in defi protocols has slipped from the $251 billion mark at the end of December 2021, to today’s current $196.02 billion. That’s a drop of around 21.91% in USD value during the last two months.

On Sunday, March 6, 2022, the current TVL held in defi has increased 0.11% during the last 24 hours with Curve Finance dominating the protocol pack. Curve’s $17.88 billion TVL represents 9.12% of the TVL held in defi, as it increased 0.64% during the last week. Curve is followed by Makerdao ($15.15B), Lido ($12.79B), and Convex Finance ($12.58B).

Ethereum still dominates the TVL in defi this weekend, but only by 55.59%, according to defillama.com chain stats. On October 5, 2021, ETH defi dominance was 69% and over the last five months, it shed 14% dominance. Today, Terra holds the second-largest defi TVL with $22.67 billion locked, and more than half locked into the Anchor protocol.

Terra is followed by BSC ($11.71B), Avalanche ($10.74B), and Fantom ($7.69B) in terms of TVL held in defi protocols on Sunday. Solana’s defi TVL this weekend is $6.83 billion down more than 5% during the last seven days.

At press time, there are 381 decentralized exchange (dex) platforms holding a combined TVL of around $64.65 billion. Coingecko.com data shows Uniswap v3 is the top dex this weekend with $856.6 million in 24-hour volume.

Uniswap v3 is followed by Pancakeswap ($317M), Spookyswap ($270M), Curve ($155M), and Astroport ($155) in terms of daily dex volumes. The top three leading smart contract platform tokens in terms of seven-day gains include waves (WAVES) up 51% this week, lisk (LSK) up 28.9% and wanchain (WAN) jumped 23.6%.

On March 6, there’s currently $23.37 billion total value locked in cross-chain bridges to Ethereum, according to Dune Analytics’ metrics. Leading cross-chain bridge TVLs include blockchains like Avalanche, Polygon, Fantom, Ronin, and Arbitrum respectively.

Presently there are 25 decentralized finance (defi) oracles and Chainlink dominates the pack. Chainlink secures $52.23 billion in value across 141 protocols, as it has an oracle dominance of around 54.83% on Sunday morning.

What do you think about the activities tied to the decentralized finance (defi) space? Let us know what you think about this subject in the comments section below.

Technical Analysis: Solana Surges 15%, as Loopring Price Declines

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Technical Analysis: Solana Surges 15%, as Loopring Price Declines

Solana was trading close to 15% higher on Tuesday, as crypto markets were mostly in the green to start February. This comes as markets look set to move past January’s red wave.

Biggest gainers

Cryptocurrency markets were mostly bullish during Tuesday’s session, with several projects seeing their value rise to start the new month.

One of these was solana (SOL), which, as of writing is up 14.04%, hitting an intraday high of $108.32 in the process.

This move comes as SOL/USD broke out of its resistance level of $100 for the first time since January 22nd.

SOL/USD has mainly been consolidating in recent weeks, however, it picked up momentum yesterday after it rose from its floor of $90.49.

As a result of this run, the 14-day RSI rose above resistance of 42 for the first time since January 4th, with price strength now tracking at 44.07.

Should price strength continue to surge, SOL bulls may target the higher resistance of $120.

Biggest losers

Uniswap, flow and helium were some of the only notable crypto bears on Tuesday, however, none of these saw the biggest decline in price.

That honor went to loopring (LRC), which is currently trading 6.11% lower, hitting an intraday low of $0.9651 as a result of today’s short sellers.

Looking at the chart below, today’s decline has resulted in LRC/USD moving closer to its recent support of $0.8854, after trading at resistance of $1.04 only yesterday.

This selloff coincided with the 14-day RSI failing to break out of its recent ceiling, which similar to solana’s, has been in place since early January.

However, despite this drop the 10-day (red) moving average looks to be getting closer in proximity to the 25-day (blue), which creates the possibility of an upward cross.

Should this happen, could LRC make a run for $1.25? Let us know your thoughts in the comments.