Uniswap to Launch Its Own Layer 2 Network

Developers of the largest decentralized exchange, Uniswap, have announced the launch of their own Layer 2 (L2) network called Unichain. The testnet for Unichain will be launched today, and the mainnet is set to go live in November.

The developers claim a 95% reduction in transaction costs compared to Ethereum on the base layer, nearly instant execution, and built-in protection against MEV (Maximal Extractable Value — manipulation of transaction order in the blockchain, such as front-running other trades).

Unichain will use Optimism network solutions, and developers promise fast asset conversion between similar networks in the Superchain ecosystem, such as Base, a network from Coinbase.

In 2025, UNI token holders will be able to become validators on Unichain.

Vitalik Buterin decided to ask Elon Musk about the CO2 levels of Robotaxi or Robovan when fully loaded with passengers.

However, crypto enthusiasts in the comments urged Vitalik to focus on ETH rather than air quality.

Falling investor interest and plans by Chinese authorities to sell 542,000 ETH are the near-term "prospects" for Ethereum.

Malefactors are using artificial intelligence to bypass strict KYC measures on cryptocurrency exchanges, according to a report by security experts at Cato Networks.

A tool called ProKYC demonstrates a "new level of sophistication" in crypto fraud. It allows the creation of new documents and the generation of videos to pass verification.

On October 23, Ubisoft and Oasys will release the game "Champions Tactics"

"Champions Tactics" is Ubisoft's first WEB3 game.

Cryptocurrency companies paid $19 billion in compensation to U.S. regulators in 2024.

Comparison of the average daily return of BTC in percentage over the last 90 days.

The popularity of key search queries on Google related to the crypto market (bitcoin, crypto, cryptocurrency, and others) is at a four-year low, according to Google Trends.

The peak for such search queries in 2024 occurred during the week of March 3-9, just before Bitcoin reached its all-time high. The absolute maximum for "cryptocurrency" searches on Google was observed during the market surge in 2021.

At the same time, searches for the term "memecoins" have increased. The current market cycle has seen a surge in searches for this term, surpassing even the levels seen in 2021. Among the most popular related queries is "solana memecoins."

Worldcoin and other major players, as part of a global initiative, are discussing key updates in digital technologies and new methods for onboarding users in the age of AI.

On October 17, the Worldcoin team will present updates that will allow the project to scale from 7 million users to 700 million.

Cryptocurrency traders lost over $30 million in just one hour due to Bitcoin price fluctuations.

At 13:30 UTC yesterday, Bitcoin's price saw a sharp rise from $65,500, gaining 3% within 30 minutes and reaching $67,950 on Binance, the highest price since late July. However, the price quickly began to fall, and by 15:00 UTC, Bitcoin had dropped nearly 4%, erasing all earlier gains.

According to Coinglass, during the initial price surge, traders who bet on a Bitcoin price drop saw their short positions liquidated, totaling over $20 million. This occurred as they lacked sufficient funds to maintain their open positions when the market moved against them.

As the price began to fall, long positions were forcibly closed on exchanges. Traders who had bet on the continued price rise lost over $11 million on long Bitcoin positions in just one hour.

Overall, more than 92,000 traders across major crypto exchanges faced liquidation over the past 24 hours, with total losses exceeding $300 million. Due to the market's volatility, both short and long traders were nearly equally affected.

Analysts at Standard Chartered suggest that Bitcoin could reach a new all-time high within the next three weeks, even before the U.S. elections. The reasons cited include Donald Trump's increased chances of winning, significant inflows into spot Bitcoin ETFs, and heightened activity in the crypto derivatives market.

Meanwhile, Bitwise highlighted Bitcoin's performance following previous U.S. presidential elections and hinted at a continuation of the rally into 2025, referring to the current cycle as having entered the "mainstream."

Ilya Lichtenstein, responsible for the theft of 120,000 bitcoins from the Bitfinex exchange, is set to be sentenced to 5 years in prison.

The U.S. prosecution has requested a five-year prison term for Lichtenstein on charges of money laundering related to the 2016 Bitfinex hack. Lichtenstein, a Russian citizen, and his wife, Heather Morgan (known as Razzlekhan), pled guilty in 2023 to the attack, which resulted in the theft of around 120,000 bitcoins—worth approximately $70 million at the time of the hack in August 2016, or around $8 billion at the current rate.

U.S. authorities are seeking a reduced sentence due to Lichtenstein's cooperation with the investigation, including his assistance in other cases. For instance, Lichtenstein testified against the operator of the Bitcoin Fog crypto mixer earlier this year. Heather Morgan is facing a significantly lighter sentence, with prosecutors last week seeking an 18-month prison term, as Lichtenstein is considered the main figure responsible for the Bitfinex hack.

According to court documents, Lichtenstein has agreed to return funds to Bitfinex in multiple cryptocurrencies, including 94,643 BTC, totaling over $6 billion at current prices, as compensation. Bitfinex is the only victim, and its users affected by the hack were compensated through the issuance and later buyback of BFX tokens.

Since the launch of ETFs in early 2024, Coinbase has become the preferred exchange for whales.

▶️ Whale Exchange Ratio = 10 largest inflows / Total inflow

Since the beginning of this year, Donald Trump has increased his cryptocurrency holdings by $6.1 million.

More than 65% of his current assets are in MEMECOINS.

Bitcoin versus Gold

Santiment: The XRP Ledger has significantly increased the number of active wallets, reaching 35,799 unique wallets that made at least one transaction in a single day, which is the highest figure in the last 3 months.

Additionally, 3,858 new wallets were created in one day, the highest number in the last 7 months!

🚀 Top 10 IDO / IEO Ranking Recently

Vitalik Buterin criticized Michael Saylor, co-founder of MicroStrategy, after his interview on the podcast Markets with Madison — Saylor questioned the importance of self-custody of crypto assets, suggesting trust in large institutions.

Buterin called this "insane" and stated that such an approach contradicts the principles of decentralization.

Even with a $20 billion outflow from Grayscale, Bitcoin ETFs have become the most successful ETFs of all time.

The Kraken exchange plans to launch its own blockchain next year.

The network will be named Ink, with a test version launching later this year and the main network going live in the first quarter of 2025.