Uniswap Launches Its L2 Network

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Good Morning.

Ironically, on the same day that Uniswap launched its L2 (SEC was investigating them), the regulatory agency is charging Cumberland DRW, one of the most prominent trading firms in the space, for acting as an “unregistered dealer”.

In Today's Email:

• What Matters: Uniswap Launches an L2 🦄 

• Founders Highlight: Quinn of Lekker Capital 👨 

• Deal Flow: Trump’s WLFI to Raise $300M 💰️ 

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TOGETHER WITH

VaultCraft launches V2, TVL skyrockets above $100M

VaultCraft launches V2, partners with Safe, and secures $100M+ in Bitcoin

• Matrixport, Asia’s leading crypto providers, commits $100M+ in Bitcoin

• OKX Web3 to launch Safe Smart Vaults with $250K+ in rewards

Earn Now

WHAT MATTERS

Uniswap Launches Its Own L2 Network: Unichain

State of play: Uniswap Labs has unveiled Unichain, a new L2 network built using Optimism's OP Stack.

The new chain will focus on improving tx speed, lowering costs, and enhancing liquidity — it’s designed to support DeFi across multiple blockchains.

• The testnet is set to go live soon, and the project will become part of Optimism’s Superchain, joining other major networks like Base.

• Unichain promises one-second block times, further improving to 250ms sub-blocks, significantly faster than Ethereum’s current 12-second block time.

• The technical innovations include a trusted execution environment (TEE) developed with Flashbots to improve transaction transparency and reduce failed transactions.

• Unichain’s decentralized community validation network will be introduced in 2025.

• Unichain is also focused on seamless multi-chain swapping, providing better interoperability between different chains.

Why it Matters: Unichain solves DeFi's high costs and slow speeds on Ethereum. As a fast, low-cost L2, it improves scalability, user experience, and cross-chain interoperability with Optimism’s Superchain.

What’s next: Unichain mainnet is expected to be launched later this year.

For builders and investors: The incentive to vertically integrate your business will always be there. It doesn’t make sense for successful applications that own the users to leak value to other entities (or in this case, chains) if there’s a financially better alternative for them.

BUILDER-INVESTOR HIGHLIGHT

Quinn Thompson of Lekker Capital

Intro: Quinn Thompson is the founder of Lekker Capital, a discretionary macro hedge fund focused on the intersection of global financial markets and digital assets.

Previous background: Quinn began his career in leveraged finance, capital markets, and fixed income.

• Quinn spent six years honing his expertise at top-tier firms, including Guggenheim Partners in New York.

• Before founding Lekker, he served as Head of Capital Markets at Maple, where he led corporate strategy, investment, underwriting, and business development efforts.

• Quinn holds a double major in finance, investment and banking, and accounting and information systems from the University of Wisconsin School of Business.

The big idea: Quinn and Lekker view the digital asset ecosystem as a key emerging market. The Fund blends macro risk management with targeted asset selection, investing in Bitcoin, Ethereum, and traditional instruments.

• It aims to match Bitcoin's returns while minimizing drawdowns, focusing on high-conviction themes with 1–3 month tactical horizons.

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INSIGHTS

PlusToken’s Seized Ether Moved to Exchanges

State of play: Approximately 7,000 ETH ($16.7M) from the PlusToken Ponzi scheme was moved to exchanges, indicating a potential full sale of the remaining $1.3B in seized ETH, according to OXT analyst ErgoBTC.

• PlusToken was a Chinese crypto pyramid scheme that defrauded over 2.6M people. The scheme led to a police crackdown that resulted in the confiscation of over $14B in various cryptocurrencies.

• The seized assets were handed over to Beijing Zhifan Technology Co. for conversion into cash for restitution.

• This movement comes after significant ether transactions resumed in August, following a period of dormancy since 2021.

• ErgoBTC noted that the current distribution resembles past obfuscation patterns seen with Bitcoin sales from PlusToken in 2019 and 2020.

• The ongoing distribution may lead to a new supply overhang for Ethereum as more ether could continue to flow into exchanges for sale.

DEAL FLOWS

Trump’s Project to Raise $300M in Token Sale

Deal flows soared this week, we saw $88M+ in deals 💼 

World Liberty Financial, a DeFi project associated with Donald Trump and his sons, plans to raise $300M at a $1.5B valuation through an upcoming token sale.

• The governance token, WLFI, will be non-transferable for the first 12 months but will enable voting on platform development.

• The project aims to promote digital asset adoption and will initially launch a version of the DeFi lending platform Aave on Scroll.

• Future plans include integrating with exchanges, developing a stablecoin-focused credit card, and fractionalizing real-world assets.

Deal flows in the past week:

• Botanika, $1.5M Angel Round

• Trendies, $1.75M Pre-Seed Round

• PPKING, $2M Seed Round

• APRO, $3M Seed Round

• Semantic Layer, $3M Seed Round

• Kiva Ai, $7M Seed Round

• Yala, $8M Seed Round

• OpenGradient, $8.5M Seed Round

• PiP World, $10M Seed Round

• PinGo, Undisclosed $ Seed Round

• Bitlayer, $9M Series A Round

• Infinitar, $9M Series A Round

• BISON SWAP, Undisclosed $ Series A

• Apex Fusion, $6M Private Round

• Dragonz Land, $9M Unknown Round

• Delta, $11M Unknown Round

Secondary Market and M&A Deals (Powered by Acquire.Fi)

• ZeroHash, SAFE, Min Size $500,000, Valuation: Open

• Pipeflare.io, TTM Revenue: $600K, Asking Price: $2M

• Pyth, SAFT, Min Size - $1M, Valuation: Discount to spot

• SecondLive, SAFT, Min Size - $300,000, Valuation: $150M

• Fluence, SAFT, Min Size - $1M, Valuation: Discount to spot

• Gunzilla Games, SAFT, Min Size - $500,000, Valuation: Open

QUICK BITES

• Scroll integrates Chainlink’s CCIP.

• Stripe reinstates crypto payments via USDC.

• Justin Sun elected as prime minister of Liberland.

• Ripple releases enhanced crypto custody services.

• South Korea to review lifting ban on spot crypto ETFs.

• dYdX Founder returns as CEO after 6 months of hiatus.

• Bitnomial sues SEC over securities label on its XRP futures.

• Schwab’s study shows Millennials’ appetite for crypto ETFs surges.

• Ripple files notice of cross-appeal in ongoing litigation with the SEC.

• SEC charges Cumberland DRW with acting as an 'unregistered dealer.'

• Commissioner Mark says SEC's crypto approach has been a 'disaster.

NOTEWORTHY READS

• Hyperlane’s read on the SVM expansion.

• Charlie Noyes’ read on how to remove the relay.

• DBA Crypto’s read on L1 & L2 token value capture.

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.