Recapping the Week in DeFi

As the DeFi and crypto space continues to evolve at a rapid pace, it's essential to stay informed 

about the latest developments and trends. Our weekly recap provides you with a concise yet comprehensive overview of the most significant news and trends in the DeFi and crypto space, helping you stay informed and up-to-date with the latest happenings.

Ripple Co-Founder Chris Larsen Donates $1 Million in XRP to Kamala Harris' Presidential Campaign

Ripple co-founder Chris Larsen has donated $1 million in XRP to Vice President Kamala Harris' 2024 presidential campaign through the Future Forward PAC. This marks the first crypto donation to her campaign. However, the donation has sparked backlash within the crypto community, as many believe the Biden-Harris administration and SEC Chair Gary Gensler have unfairly targeted the crypto industry, particularly Ripple Labs.

Details in the article. 

UAE Introduces VAT Exemption for Cryptocurrency Transfers and Conversions

The UAE's Federal Tax Authority (FTA) has introduced a VAT exemption for cryptocurrency transfers and conversions, effective November 15, 2024. This change, under Cabinet Decision No. 100 of 2024, retroactively applies from January 1, 2018. Businesses dealing with cryptocurrencies may need to reassess and correct past VAT filings. This exemption aligns with the UAE's strategy to promote a favorable environment for crypto businesses, following Dubai’s earlier decision allowing salaries to be paid in cryptocurrency.

Find more information here. 

Uniswap Labs Introduces Ethereum Layer-2, Unichain, to Address Scalability Issues

Uniswap Labs has launched Unichain, its own Ethereum Layer-2 network, to address scalability, transaction speed, and fee issues in decentralized finance (DeFi). Unichain aims to offer a more streamlined experience for DeFi users, countering concerns about Layer-2 fragmentation. By 2025, users will be able to stake UNI tokens to validate blocks as full nodes.

Learn more in the article. 

Is Peter Todd the Mysterious Satoshi Nakamoto? New HBO Documentary Raises Controversial Claims

The mystery of Bitcoin's creator, Satoshi Nakamoto, remains unsolved. A recent HBO documentary, Money Electric: The Bitcoin History, suggests Peter Todd, a prominent Bitcoin developer, as a possible candidate. Directed by Cullen Hoback, the documentary has reignited debate in the crypto community. Despite this, Todd has consistently denied being Nakamoto, stating he first learned about Bitcoin through its whitepaper, not by creating it.

Learn about the key arguments here. 

Scroll to Launch Native Token, SCR, with Airdrop on October 22: Details

Scroll, an Ethereum layer-2 network, will officially launch its native token, SCR, on October 22, 2024. The SCR token will serve as the governance token, allowing users to participate in protocol decisions. Scroll has partnered with Binance to facilitate the launch, where users can stake BNB or FDUSD on Binance Launchpool from October 9 to farm SCR tokens. A total of 55 million SCR (5.5% of the supply) is allocated for this. Binance will offer pre-market trading for SCR starting October 11. 

Read the full story.