Crypto Exchanges Huobi and Poloniex to Merge while Uniswap Launches NFT Trading – Aspen Market Daily

Daily Market Wrap

• Crypto market cap: 859.04B, up 0.70%
• BTC price stands at USD 17,099, up 1.39%
• ETH price stands at USD 1,280, up 1.22%
• Top gainer: GMX (GMX), up 16.81%
• Top loser: Helium (HNT), down 3.86%?

News of the Day?

Crypto Exchanges Huobi, Poloniex to Form 'Strategic Partnership'

Why it matters:

• A week after denying rumours, the firms have announced that they will be merging to cooperate in multiple business aspects, such as: ecosystem development, liquidity sharing, project connectivity, global compliance and more
• The two exchanges have seen significant developments and changes this year, namely Huobi’s change in ownership and their launch of an investment arm and Polonium being blocked by South Korean regulators in June
• Top-performing projects on Poloniex will be considered by Huobi’s advisory board to be listed on the exchange from December 2022 onwards, allowing for these new projects to receive support from both firms and easy access to millions of users

Crypto Daily Spotlight

NFT Trading Goes Live on Uniswap With $5M Airdrop

Brief Introduction: Uniswap is a decentralized exchange protocol built on the Ethereum blockchain. More specifically, Uniswap is an automated liquidity protocol. Traders can exchange Ethereum tokens on Uniswap without trusting a single actor with their funds and can lend their crypto through liquidity pools. By lending their crypto to liquidity pools, token-holders can earn fees. Uniswap’s native token, UNI, provides governance rights to owners that can vote on changes to the protocol.

Why it matters:?

• Uniswap Labs acquired an NFT marketplace aggregator Genie earlier this year and will now offer NFT trading to its DeFi platform users
• Users will be able to trade NFTs across eight major marketplaces on Ethereum, allowing them to explore trending collections from different marketplaces and will also have a “sweep” function for users to purchase an entire collection of NFTs in one go
• Existing Genie users will receive an initial airdrop of $5 million USDC and the first 22,000 NFT users will be awarded gas rebates capped at 0.01 ETH per user

Daily Sector Tracker

Daily News Roundup

1. TON Steward Looks to Draw Projects to its Ecosystem With $126M Rescue Fund
2. BlackRock CEO Larry Fink Says Firm Invested $24M in FTX
3. Near Foundation Joins Processed Foods Giant Grupo Nutresa to Unveil Web3 Loyalty Program in Latin America
4. Porsche 911 NFTs, BMW files Web3 trademarks, Baby Shark’s NFT game and more
5. Crypto trading firm Auros Global misses DeFi payment due to FTX contagion

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