Quick Take
Uniswap responds to the SEC’s Wells notice.
Farcaster raises a $150 million Series A.
Obol launches the 1% for decentralization fund.
Smoldapp introduces Smol Swap.
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Uniswap Responds To SEC Wells Notice
Uniswap Labs wrote a 43-page response to the SEC over a Wells notice it received last month. The SEC signaled its intention to charge Uniswap for allegedly operating as an unregistered securities exchange and broker-dealer, and alleging the UNI token is a security. In its response, Uniswap argued that its platform does not primarily facilitate securities trading. Instead, its protocol serves as a general-purpose technology, similar to the Internet Protocol. Uniswap compared tokens to file formats, such as PDFs. and pointed to the FIT 21 bill, which is expected to pass in the House tomorrow, designating the CFTC as the main regulatory authority for most digital assets. Uniswap's letter calls for the SEC to consider its arguments and not pursue actions that could hinder innovation.
Farcaster Raises $150 Million
Farcaster, a web3 social platform operating on the OP Mainnet, raised a $150 million Series A funding round led by Paradigm, with contributions from a16z crypto, Haun, USV, Variant, and Standard Crypto, among others. Farcaster plans to use the new capital to expand its engineering team. Founder Dan Romero says the funding ensures Farcaster's operations for the foreseeable future. This year, Farcaster is focused on increasing its daily active users and rolling out new primitive features. Since migrating to the OP mainnet and becoming available to all users last year, the platform has attracted over 350,000 users. Farcaster also rolled out support for Arbitrum transactions. Arbitrum is offering $500,000 in retroactive rewards for developers who build Frames with Arbitrum.
Obol Launches 1forDS Fund
Obol Network launched the 1% for Decentralization (1forDS) retroactive fund, a new funding model designed to support projects focused on decentralizing the Ethereum consensus layer. The model directs 1% of staking rewards from Obol’s distributed validator clusters into a retroactive funding pool. As the network expands, it will generate increased funding for projects. Lido Finance is the first contributor to join the initiative via its SimpleDVT module. EtherFi has also committed to participate through its validators. Obol distributed validators enhance Ethereum’s fault tolerance by distributing a validator's key across multiple nodes, ensuring continuous validation even if one node fails.
Smoldapp Introduces Smol Swap
Smoldapp, a directory of niche dapps, launched Smol Swap, a new feature for swapping tokens. Smol Swap integrates with the app's built-in address book and allows users to trade tokens across 10 different EVM-compatible chains. Smoldapp offers interfaces that facilitate the management of token distribution, disposal, and migration in a single transaction.
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