‘Get in (the CAR), Loser’

‘We’re going memecoin shopping’

In this week’s edition of The Context, we talk about the Central African Republic, Unichain, Binance v. SEC, and the CFTC.

[One Stop Swap?]

Uniswap Labs launched its own layer-2 blockchain, Unichain, atop Ethereum.

What Media Said ????:

• Unichain’s general goal is the same as other L2s, wrote Margaux Nijkerk (CoinDesk): It “offers faster and cheaper transactions compared to Ethereum's mainnet.” But for Uniswap Labs, specifically, Unichain “will provide a better experience for users of Uniswap and similar platforms, and it will create a new revenue opportunity in the form of network fees.”
• Ethereum’s L2 strategy has “proved to be a double-edged sword,” argued Steven Ehrlich (Unchained). While transactions per second have increased as Ethereum has “outsourced” to L2s, investors have seen less need for actual ETH. Moreover, these L2s are more centralized—ironic for a technology that touts decentralization.
• Layer 2s typically use “centralized sequencers,” a single node in the network that orders transactions before they get sent back to Ethereum. But Uniswap has incorporated features that ostensibly “reduce the role of Unichain’s centralized sequencer,” explained Daniel Kuhn (The Block) in a thorough rundown of the tech.

PR Perspective ??:

Uniswap's move into the L2 space signals a shift: leading DeFi apps aren’t just using blockchains, they’re becoming them. With Unichain, Uniswap secures a new revenue stream and deeper control over its ecosystem—but at the cost of centralization concerns.

[Keep the CAR running?]

The president of the Central African Republic (CAR), Faustin-Archange Touadéra, launched a $CAR memecoin on Solana.

What Media Said ????:

• In 2022, CAR became the second country to make Bitcoin legal tender, noted Basillioh Rukanga (BBC). [That law was reversed.] Now Touadéra is back with a new crypto “experiment” he says can “unite people” and “support national development” in one of the world’s poorest countries, which is in the midst of a civil war.
• But $CAR wasn’t for CAR citizens, said Protos. “Touadéra launched CAR at midnight in the Central African Republic, the post was in English, not French, and the launch occurred during the US Super Bowl.” Plus, the website didn’t work and $CAR wasn’t denominated in CFA Francs. In short: “Touadéra’s announcement of the world’s first sovereign memecoin lacked any sort of serious consideration.”
• Traders were initially skeptical, believing the president’s account might have been hacked. After he released a video, $CAR’s market cap reached $900M—nearly one-third of CAR’s GDP, wrote Ryan S. Gladwin (Decrypt) before crashing 90% on concerns that the video was a deepfake. [It’s not, according to Deepware, software that detects deepfakes.]

PR Perspective ??:

President Trump's memecoin may have just inspired governments to view the speculative tokens as viable promotional tools. Memecoins could get to the point that they’re so ubiquitous as to become uncool. In which case, traders will need a new trend to signify cultural cachet.

[Moot Suit?]

Binance and the U.S. Securities and Exchange Commission filed a joint motion pausing the agency’s lawsuit against crypto exchange Binance because SEC’s new crypto task force may “facilitate the potential resolution of the case.”

What Media Said ????:

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[DeFi Definition with ssv.network ]

A segment exploring one particular aspect of DeFi/TradFi. View previous entries here.

This week ‘Distributed Validator Technology’ (DVT) by Alon Muroch

Drawing from threshold cryptography and Byzantine fault tolerance principles, DVT networks improve on the traditional backup node system by splitting validator duties across multiple active nodes. This approach eliminates single points of failure while maintaining protocol compliance. The technology enables multiple independent nodes to collectively operate Ethereum validators through smart contracts that automate key generation and operator coordination, essentially creating a trustless and permissionless infrastructure where no single node can compromise the validation process. Rather than relying on a single validator or simple backup systems, DVT distributes both the responsibilities and security risks across a network of nodes working in concert. DVT In Practice: Built on industry-leading Distributed Validator Technology (DVT), SSV 2.0 provides a robust infrastructure for bApps, enabling secure, decentralised operations and direct shared security with Ethereum’s validator network. By aligning with Ethereum’s core values, SSV makes secure staking and application development accessible across the ecosystem.

To learn more about DVT visit here.

About Alon Muroch: Alon Muroch , Founder SSV Labs, is a cypherpunk at heart and a firm believer in the Ethereum ethos. Being drawn to the blockchain industry more than a decade ago, he is now focused on keeping the Ethereum L1 healthy. He's deeply passionate about making Ethereum technology more accessible and efficient.

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The usual disclaimer: This newsletter collates the main themes and headlines of the week in DeFi/crypto/metaverse/Web3/NFT land and tries to provide unbiased context. It's aimed at anyone who wants to keep an eye on the space. It's put together by a team at YAP and doesn't contain any promotion of our clients (if one is mentioned, we'll flag that).

The team: Founder Samantha Yap and consulting editor Jeff Benson, Andrew Wickerson, Emma Murphy, Nathalie Larrea, Trisha Goswami and Shajar Qureshi. Your feedback is, as always, welcome. Ping us at [email protected]. Old newsletters can be found here.

This newsletter is prepared by YAP Global, an international PR Consultancy focusing on helping cryptocurrency, Decentralised Finance (DeFi) and brands through impactful storytelling. Find out more about us here.