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Blockchain Bitcoin Ethereum DeFi News of the Week

Jack says Web 3.0 not all that, Apes flip Punks, and Uniswap launches on Polygon

2021.12.26 Hunain Naseer

Meanwhile, we saw comments on Bitcoin and crypto from Salvadoran President Nayib Bukele and former U.S. President Donald Trump.

As we get into the last week of 2021, crypto markets have been volatile, with Bitcoin bouncing from lows around 46,000 USDT to highs above 51,000 USDT. While the recent price action has the market’s attention, we also had some important news events during the week, ranging from a Twitter-wide discussion around the role of VCs in Web 3.0, the continued success of Bored Apes, Uniswap going live on Polygon, El Salvador’s President’s comments against fiat, and former U.S. President Donald Trump criticizing crypto.

Here’s everything you need to know about these stories, and more, in this week’s edition of OKEx Insights’ News of the Week. 

Twitter founder Jack Dorsey questions Web 3.0 freedom

Twitter founder Jack Dorsey threw shade at Web 3.0 in a tweet that spurred a wide debate involving notable industry figures, including Elon Musk.

According to the social media platform’s former CEO, the idea of Web 3.0’s decentralized ownership is misplaced and that venture capitalists still remain in control under the guise of distributed ownership:

“You don’t own ‘web3.’ The VCs and their LPs do. It will never escape their incentives. It’s ultimately a centralized entity with a different label. Know what you’re getting into…”

Countering the notion, various community members cited examples of making life-changing money with Web 3.0 projects like Ethereum Name Service, Uniswap and more. Others compared Web 3.0 tech with Web 2.0 projects like Twitter, which have not similarly rewarded users or community members at all.

Tesla CEO Elon Musk also added to the discussion, asking

“Has anyone seen web3? I can’t find it.” 

Key takeaway

  • Dorsey, an ardent Bitcoin supporter, has maintained that he is speaking against centralization and not Ethereum, the backbone of the current Web 3.0 infrastructure.

Bored Apes flip CryptoPunks in floor price

NFTs from the popular Bored Ape Yacht Club flipped CryptoPunks in terms of floor price in the week. This is significant given how BAYC NFTs are much newer compared to the Punks and have had a rather meteoric rise this year.

At one point during the week, the floor price of a BAYC NFT was 53.9 ETH while CryptoPunks had a floor price of 52.69 ETH. However, at the time of writing, CryptoPunks are back in the lead with a floor price of 59.95 ETH, according to the official Larva Labs website, while the cheapest BAYC on OpenSea is going for 54.25 ETH.

There are numerous reasons behind the success of BAYC NFTs, ranging from the intellectual property rights they come with to popular celebrities showing them off, as well as their involvement with popular brands like the recent Adidas Originals NFT launch. It is also believed that a BAYC token will be announced in the near future, further increasing their demand.

Key takeaway

  • As BAYC NFTs appear set to overtake CryptoPunks with their marketing efforts, owners of the latter are asking Larva Labs to do more in terms of IP rights and collaborations.

Uniswap is now on the Polygon blockchain

Uniswap, the leading decentralized exchange platform on the Ethereum blockchain, is now live on Polygon, an Ethereum scaling solution.

The deployment came after a Polygon cofounder’s proposal to launch Uniswap on Polygon was accepted by the community. 

According to data on Dune Analytics, Uniswap has largely outperformed other decentralized exchanges in terms of volume this year, with its highest monthly figures recorded in November, at over $83.86 billion, followed by SushiSwap’s $15 billion or so.

Following this development, both MATIC, the native token of Polygon, and UNI, the native token of Uniswap, saw prices appreciate.

Key takeaways 

  • Uniswap users can now benefit from much lower fees when using the DEX on Polygon compared to Ethereum.
  • This deployment is likely to further fuel Polygon’s growing DeFi ecosystem

Salvadoran President Nayib Bukele calls the end of fiat

Commenting on “The Bitcoin Experiment” — referring to how his country’s adoption of Bitcoin is seen by international organizations — El Salvador’s president, Nayib Bukele, tweeted about his country’s potential economic revolution marking the end of fiat currencies.

Since making Bitcoin legal tender in the country, El Salvador’s Bukele has been a vocal supporter of Bitcoin as a means to revolutionize the country’s economy. There are even plans to build a “Bitcoin City” near El Salvador’s Conchagua volcano, which could be used to power Bitcoin mining.

While other countries have shown interest in adopting the leading digital currency, no concrete steps have come to the fore as yet.

Key takeaways

  • El Salvador’s Bukele is betting big on Bitcoin despite criticism by international organizations like the International Monetary Fund.
  • The country’s BTC holdings are currently estimated to be around 1,140 coins — or roughly $60 million at current prices.

Former President Trump calls crypto dangerous

While El Salvador’s president can’t seem to get enough of it, former U.S. President Donald Trump says he “never loved” crypto. Ironically, Trump’s comments come as his wife and the former first lady, Melania Trump, announced her own NFT platform.

Speaking about it on Fox News, Trump said his wife is “going to do great” with her project, but he was never a big fan of crypto and likes “to have the dollar.”

“Look, I want a currency called the dollar, I don’t want to have all these others — and that can be an explosion someday like the likes of which we’ve never seen. It’ll make the big tech explosion look like baby stuff. I think it’s a very dangerous thing.”

Criticism of crypto is not new to Trump — and, as per a former CFTC official, the 2017 Bitcoin crash was a result of the Trump administration’s attempts to bring the market down by allowing the launch of futures products by CME and Cboe.

Key takeaway

  • Despite the continued criticism, notable personalities continue to enter the crypto space to cash in on the NFT hype, including Melania Trump and singer Claire Elise Boucher, also known as Grimes.

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