This Week on web3 5min recap

Market information and major news from 1/25~31.

Good morning.
Mitsui from web3 researcher.

This is a summary article about the web3 market for the last week.We have gathered information from over 20 national and international media outlets and newsletters and have picked out news from them.Please use it to catch up on information and trends!

💥News Pickup
📊Market &News (L1, L2, DeFi, NFT, GameFi, AI, Other)

💥News Pickup

1,First Presidential Executive Order (EO) focused on cryptocurrencies issued

This Presidential Decree essentially appoints a "working group" to develop proposals for a regulatory framework to

• protect the use of blockchain and digital assets.The goal is to allow individuals and businesses to legally use public blockchains without the need for intermediaries.

• Promoting dollar-linked stablecoins.The goal is to support the growth of legitimate dollar-linked stablecoins and reinforce the dominance of the US dollar in the world.

• Provides fair access to banking services.The purpose is to guarantee fair and equal access to banking services to law-abiding individuals and businesses without undue restrictions.

• Create clear rules for digital innovation.Goal: Create transparent, technology-neutral regulations that promote innovation in the digital economy.

• Oppose Central Bank Digital Currency (CBDC).Goal: ban CBDC in the US (yay!).

• Evaluation of the National Digital Asset Stockpile (aka Crypto Strategic Reserve).Goal: To understand what is needed to create/maintain a National Digital Asset Stockpile.

2,Ethereum Layer 2 Abstract Linked to Pudgy Penguins Released on MainNet

• Abstract, the new Ethereum Layer 2 solution, is now live on the mainnet.

• The network was developed by Pudgy Penguins' parent company, Igloo Inc.

• The blockchain was developed using ZKsync's ZK stack, which uses zero-knowledge rollups to achieve low transaction fees and high scalability for on-chain apps

• The network provides native account abstraction, allowing wallets to act as smart contracts and offers user-friendly features such as email and social login, recovery mechanisms, and passkey support

3,Five Major Upgrades for Uniswap v4

• Uniswap v4 is finally here!

• Released across 12 different chains and introduces several additional features that enable a new experience

• 1️⃣ Reduced pool creation costs

  In previous versions of Uniswap, creating a new pool required deploying a separate contract, which was costly and gas-intensive; with the release of Uniswap v4, this cost has been reduced by approximately 99.99%.

• 2️⃣ Native ETH Support

  Previously, when users wanted to exchange ETH on Uniswap, they had to first wrap the ETH before transferring it, a process that could result in higher gas costs.Now, users can exchange native ETH directly on the platform without paying additional gas costs for the wrap, saving approximately 15%.

• 3️⃣Saving on Swapping Costs

  Previously, if a user wanted to exchange two tokens that did not have liquidity pools, Uniswap would handle it on the back end, swap the tokens between multiple pools, and return the desired token to the user.This all comes at a considerable cost to the user, as multiple smart contracts need to be interacted with and multiple token transfers need to occur.Uniswap v4's singleton contract design allows users to exchange tokens at a much lower cost, without the cost of exchanging between multiple contracts.

• 4️⃣ Subscriber Referrals

  When a protocol offers additional rewards for providing liquidity in Uniswap, the liquidity provider (LP) will typically need to transfer receipts for the liquidity position to another wallet.This creates risk as the new wallet owner takes control of the liquidity position. v4 solves this problem by allowing LPs to subscribe to an agreement that tracks their positions regardless of whether they add, remove, or transfer liquidity.This allows external protocols to reward LPs without having them transfer liquidity receipts, thus improving security and ease of use.

• 5️⃣Welcome Hook

  Hooks are a powerful new feature in Uniswap v4.They are external smart contracts that can be attached to any pool, allowing developers to further customize the pool.There are many different use cases for hooks.For example, if some liquidity is outside the current price range and is idle, a hook can be used to deposit that liquidity in another protocol to earn additional yield without leaving it unused.