Uniswap Labs Offers $15.5 Million Bug Bounty, and BTC Drops Below $91K - November 27, 2024

Also, Justin Sun is WLF advisor, and Binance launched BFUSD.

TL;DR: Crypto Insights in Seconds

• BTC: Dropped below $91K but investors remain optimistic.

• EUROP: Schuman Financial launched new MICA-complaint euro-backed stablecoin.

• Binance: Launches BFUSD, a new margin asset with high APY.

• Uniswap Lab: Announces $15.5 million bug bounty.

• WLF: Justin Sun is named advisor after his $30 million investment.

• Phantom: The wallet added Base compatibility.

• Kraken: Announces NFT marketplace shutdown due to low demand.

• U.S. Crypto: Research shows crypto investments boosted homeownership.

Price Update

BTC Thanksgiving Dip Mirrors Past Volatility

Bitcoin’s price fell sharply to $91K, reminiscent of the "Thanksgiving Massacre" in 2020. Analysts link the dip to reduced term premiums on U.S. Treasury yields, which have put downward pressure on market sentiment. Despite the pullback, long-term confidence in Bitcoin remains robust.

New Launches and Developments

New Stablecoin Launches in Europe

Schuman Financial debuted Europ, a MICA-compliant euro-backed stablecoin designed to foster trust and compliance in the European crypto market. This stablecoin is a significant step in aligning with the regulatory frameworks in the region.

Binance Introduces High-Yield Stablecoin Product

Binance Futures launched BFUSD, a “reward-bearing margin asset” with competitive annual percentage yields (APY) between 12% and 35%, and promised it will never drop below zero to protect users from negative returns. Users can gain profits by holding it or trading futures with it. Eligible users can purchase it already.

Uniswap Labs Offers $15.5 Million Bug Bounty

Uniswap Labs launched a $15.5 million bug bounty program to improve security across its DeFi platforms. The program seeks to incentivize white-hat hackers to identify vulnerabilities, strengthening the safety of its ecosystem.

Business News

Justin Sun Joins World Liberty Financial as Advisor

Justin Sun, founder of TRON, has been named an advisor to Trump-backed World Liberty Financial following his $30 million investment. Endorsing the project, Sun announced on X that was thrilled about participating and that “TRON is committed to making America great again and leading innovation.”

Phantom Wallet Expands Multichain Support

Phantom Wallet added compatibility for Base, the Ethereum Layer-2 network. After being in beta phase for a while, the feature is now available for all users. It is possible now to buy Ether and USDC on Base in the wallet and swap tokens between Base, Ethereum, Solana and Polygon.

Kraken Closes NFT Marketplace

Kraken announced the closure of its NFT marketplace to focus on other strategic priorities. This decision reflects a change in market dynamics as platforms reassess user demand in the NFT sector​.

Don’t Miss Anything

Crypto Investments Boost Homeownership Rates Among Low-Income Americans

A U.S. Treasury Office of Financial Research (OFR) paper reveals that crypto investments have enabled more low-income Americans to secure homeownership at rates exceeding the general population. Mortgage activity in high-crypto regions surged 274% between 2020 and 2024, with significantly larger average mortgage balances compared to similar income areas with low crypto activity.

BTC and market heavy drop maintains investors on edge, however, the crypto market is showing resilience and optimism amidst volatility. Key moves from Justin Sun and Binance underline growing ambitions in stablecoins and wallet solutions. As the market evolves, being informed and adaptable is crucial for investors and participants. Stay tuned for tomorrow’s newsletter to get the latest insights and updates in the market.