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Uniswap Receives Wells Notice From SEC

Hayden Adams expressed readiness to fight the SEC's enforcement.

Quick Take

  • Uniswap receives a Wells notice from the SEC.

  • Chainlink Functions go live on Base.

  • Layer N launches its phase 1 testnet.

  • Swell opens deposits for its L2 network.

Uniswap Receives Wells Notice From SEC

Uniswap Labs received a Wells notice from the SEC, indicating the regulatory agency’s intention to bring an enforcement action against the decentralized exchange. Hayden Adams, Uniswap's founder and CEO, expressed his readiness to fight the SEC's move, emphasizing his commitment to defend Uniswap and the broader industry. Marvin Ammori, Uniswap's Chief Legal Officer, said that the SEC’s arguments are weak, adding that the commission does not have the jurisdiction to regulate non-securities assets, lacks the grounds to categorize the Uniswap protocol as either a securities exchange or broker, and that the UNI token does not qualify as a security. This Wells notice is part of a broader pattern of SEC enforcement actions targeting major crypto exchanges like Coinbase, Kraken, and Shapeshift.

Chainlink launched Chainlink Functions on Base, allowing developers to connect smart contracts to APIs for executing trust-minimized computations. Chainlink Functions allow for the retrieval of API data and the execution of custom offchain logic. Developers on Base can now access to the Chainlink Functions Playground to integrate new features into their dapps. Chainlink is a decentralized oracle network that connects smart contracts with external data sources. With over $5.3 billion in assets on its L2 network, Base is now the third-largest rollup by total value locked.

Layer N Launches Phase 1 Testnet

Layer N launched the first phase of its public testnet. Layer N is a L2 network of rollups interconnected through a shared communication and liquidity layer. Layer N supports the deployment of general VMs on its execution layer and uses EigenDA for data availability. Phase one introduces NordVM as the network's first custom VM. Users can now interact with NordVM by bridging and conducting transactions on the rollup. The roadmap for Layer N includes subsequent phases that introduce NEVM and the StateNet communication layer.

Swell L2 Opens For Deposits

Swell Network opened deposits for its L2 network, allowing users to deposit native ETH, stETH, swETH, rswETH, eETH, and ALT tokens. The L2 network, built on Polygon CDK, introduces a restaked rollup architecture that offers native restaking yields and uses rswETH as its native gas fees. The Swell L2 is scheduled for a mainnet rollout in the third quarter of 2024.

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