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• Lido Finance recorded its highest daily stake inflow on Saturday, with more than 150,000 ether (ETH) staked.
• Justin Sun was the major contributor to this large stake inflow by depositing 150,100 ETH worth $240 million on Lido.
• The large inflow caused the protocol to activate its Staking Rate Limit safety feature in order to avoid any side effects due to such inflows.

Lido Finance Records Highest Daily Stake Inflow

Lido Finance recorded its highest daily stake inflow on Saturday, with more than 150,000 ether (ETH) staked on the platform. According to Web3 data analytics platform Lookonchain, Tron blockchain founder Justin Sun staked 150,100 ETH worth $240 million on Lido. On-chain data shows Sun deposited the assets in four separate transactions.

Justin Sun’s Contribution

Justin Sun was the major contributor to this large stake inflow by depositing 150,100 ETH worth $240 million on Lido. On-chain data shows Sun deposited the assets in four separate transactions.

Staking Rate Limit Activated

About four hours after Lookonchain’s tweets, Lido Finance noted that the large inflow caused the protocol to activate its Staking Rate Limit. This safety feature is designed to avoid any side effects due to such inflows by limiting the number of staked ETH (stETH) that can be minted in a timeframe and replenishes this capacity block-by-block basis. Most users are unlikely to be affected as it recovers around 6200 ETH per hour according to Lido.

Connection With Ethereum’s Shanghai Upgrade

The latest development of increased ETH staking on Lido can be attributed largely due to Ethereum’s upcoming ‘Shanghai’ upgrade where users will witness several performance improvements and better gas fees for smart contracts deployed through Eth 2.0 network layer protocols like Uniswap and Aave also contributed towards greater adoption of DeFi protocols like Curve and Balancer which are powered by Ethereum’s Layer 2 scaling solutions like Matic Network and Optimism .

Conclusion

All these developments indicate an increasing demand for yield farming which has resulted in higher amounts of deposits being made into various DeFi protocols like Curve and Balancer leading them towards higher market capitalization and liquidity as well as greater profits for investors who actively participate in yield farming activities within these platforms

• An original CryptoPunk was recently swapped for an Ordinal Punk.
• The Ordinal Punk collection is made up of 100 punks, inscribed within the very low inscription numbers on the Ordinals protocol.
• Most sales of these punks are currently in the region of around $100K.

The First Major Swap?

In what seems to be the first major swap, an original CryptoPunk was traded for an Ordinal Punk yesterday. The buzz around Ordinals, or as they are commonly referred to as Bitcoin NFTs (Non-Fungible Tokens), continues with someone trading their CryptoPunk for one from the Ordinals collection in what seems to be the first swap of this kind.

What Are Bitcoin NFTs?

Bitcoin NFTs are inscriptions through the Ordinals protocol on the Bitcoin network and have been gaining a lot of attention due to their massive sales which are currently in the region of around $100K.

The Swap

Someone has decided to trade their original CryptoPunk for an Ordinal Punk in what seems to be the very first swap of this kind. The CryptoPunk that was swapped is pictured below:

Source: Larva Labs

And this is the Ordinal Punk that it was swapped for:

Source: Ordinals

It’s also worth noting that popular Bitcoin layer-two scaling solution, Lightning Network, has also been integrated into these collections making them even more attractive investments.

The Attention Around These Punks

These collections continue to drive a discussion within the crypto community and receive quite a lot of attention due to their massive sales figures and potential investment opportunities presented by being inscribed on a popular blockchain network such as Bitcoin’s Lightning Network.

Conclusion

This swap marks a new milestone in what looks like it could become a trend among cryptocurrency traders and investors looking for new ways to diversify their portfolios and increase their profits.

• Binance Coin has dropped by over 5% following news from US regulators regarding Paxos and the BUSD stablecoin.
• Bitcoin had tapped $22,000 before the news, but has since returned to $21,400 – a three-week low.
• The SEC plans to undertake legal actions against Paxos for selling unregistered securities in the form of BUSD.

Binance Coin Dumps Below $300

Binance Coin has dropped by over 5% in the past 24 hours following news from US regulators regarding Paxos and the BUSD stablecoin. This comes after Bitcoin had tapped $22,000 just hours earlier.

Bitcoin Falls To Three-Week Low

Despite starting off strong this month with a pump above $24,000 for the first time in over five months after an interest rate hike from the US Federal Reserve, Bitcoin failed to continue upwards and returned to $23,000 in the following days. The asset then fell further when the US SEC went after crypto staking, dropping to its three-week low of $21,400.

SEC Takes Action Against Paxos

The weekend was a bit more positive as Bitcoin recovered some ground and went up to $22,000. However at this point reports emerged that the SEC plans to undertake legal actions against Paxos because it supposedly sells unregistered securities in form of Binance USD (BUSD).

Altcoins React Worse Than Bitcoin

Altcoins reacted even worse than bitcoin to this news with HBAR, APT, FTM, GRT among others dumping by double digits.

Conclusion

Despite some initial success this month due to an interest rate hike from the US Federal Reserve and recovering some ground over the weekend before reports emerged about regulatory action against Paxos for selling unregistered securities in form of BUSD, cryptocurrency markets have not been able to hold onto their gains with altcoins reacting much worse than bitcoin itself which is currently sitting at its three-week low of $21 400.

• Uniswap V3 will be deployed on Ethereum’s layer 2 protocol Boba Network following a successful governance vote from the Uniswap community.
• The proposal was submitted by the Boba Foundation and FranklinDAO with backers including GFX Labs, Blockchain at Michigan, Gauntlet, and ConsenSys.
• 51.01 million voted YES out of the 40 million needed to pass it, resulting in Uniswap v3’s deployment to Boba in the coming weeks.

Uniswap to Deploy on Boba Network

The leading decentralized exchange (DEX) Uniswap v3 will be deploying on Ethereum’s layer 2 protocol Boba Network following a successful governance vote from the Uniswap community. The proposal was submitted by the Boba Foundation and FranklinDAO with backers such as GFX Labs, Blockchain at Michigan, Gauntlet, and ConsenSys. 51.01 million answered YES out of the 40 million required for passing it, thus enabling Uniswap v3’s deployment to Boba in the upcoming weeks.

Boba Network Overview

Boba Network is an Ethereum-based layer 2 scaling solution which utilizes Hybrid Compute technology which supports lightning-fast transactions with fees that are 40-100 times lower than other layer 1 networks like Ethereum mainnet or Avalanche, BNB, Moonbeam or Fantom etc. It provides developers a platform where they can build compliant layer DeFi applications atop of Uniswap while maintaining permissionlessness of the protocol itself.

Reaction from Alan Chiu

Commenting on the development Alan Chiu who is one of Boba’s core contributors said: “Boba Network’s Hybrid Compute will make it possible for ecosystem developers to build a new generation of hybrid on-chain/off-chain DeFi applications atop of Uniswap.“ He further added that this would help them optimize costs while increasing speed & performance when building projects leveraging off-chain data sources & services that require instant finality & low latency response times.

Benefits for Developers

The addition of Uniswap V3 onto the platform will open up new opportunities for developers looking to build projects utilizing off-chain data sources & services as it offer advantages such as optimized costs and increased speed & performance due to instantly finality along with low latency response times offered by Boba network compared to other layer 1 solutions like Ethereum mainnet or Avalanche etc .

Conclusion

It remains to be seen how this development impacts DEX users but all indications suggest that deploying Unswip v3 onto Ethereum’s Layer 2 protocol -Bobba Network- could prove beneficial both for developers looking to create projects using off chain data sources and services as well as general users who would enjoy faster transaction speeds at lower cost thanks this integration.