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.

Lido to Cease Operations on Solana

Lido has unveiled plans for the gradual shutdown of its operations on Solana. The decision comes following significant losses, with the company reporting a net loss of $484,000 despite investing $700,000 and generating $220,000 in revenue. 

Learn more in the article.

Reddit Pulls the Plug on Its Crypto Community

Reddit is discontinuing its Community Points program, which rewarded users with Ethereum-based tokens. The decision is attributed to scalability challenges and regulatory constraints, making it unsustainable without significant resources. However, Reddit still supports the concept behind the initiative.

Find more information here.

SEC Withdraws Charges Against Ripple CEO and Co-Founder, XRP Gains 8% in Response

The US Securities and Exchange Commission (SEC) has withdrawn charges against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen in a significant legal development. The SEC had initially sued them in December 2020 over allegations of unregistered sales of XRP. This move follows previous legal victories for Ripple, including a ruling that their XRP sales weren't securities and the denial of an SEC appeal attempt.

Learn more in the article.

Uniswap Imposes New Fee on Users Sparking Frustration in the Crypto Community

Uniswap has implemented a 0.15% fee, according to an announcement by founder Hayden Adams. This fee applies to transactions conducted through Uniswap's official frontend and involves specific digital assets like USDC and ETH. The decision aims to maintain Uniswap's trading volume across DeFi aggregator services and fund further crypto and DeFi development efforts.

Find more information here.

FTX Announces Proposal to Return Over 90% of Customer Funds 

FTX has unveiled plans to repay creditors over 90% of their funds, marking a crucial development in the bankruptcy case. CEO John. J. Ray III touts the proposal as a major milestone, with the plan detailing the allocation of customer assets into three pools. Final approval is expected in December.

Learn more in the article.