3Commas Weekly Crypto Industry Updates October 11th, 2024

Let's discuss what has happened in the crypto industry in the second week of October, 2024.

Uniswap launches its own layer-2 blockchain, Unichain

Uniswap Labs announced that Uniswap, the largest decentralized exchange (DEX), has launched its own application-specific layer-2 blockchain network, dubbed Unichain.

Following the announcement, the app chain testnet is already available and has promised to deliver faster and cheaper transactions and enhanced interoperability across blockchain networks.

Unichain is part of Optimism’s Superchain, an interoperable network of layer-2 scaling solutions built using Optimism’s technology stack. Other layer-2 chains like Base, Mode etc are built with the Optimism stack.

Why does it matter?

Just after the launch announcement, the token price surged by 25%. The new chain launch might provide more utility for the token economy in the future. 

Report: Global crypto adoption to hit 8% by 2025

Global cryptocurrency adoption is on track to hit a significant milestone, with 7.51% of the world’s population now using digital currencies, according to a report by MatrixPort.

The report projects this figure to exceed 8% by 2025 which will make cryptocurrency a mainstream sector of the financial market.

Why does it matter?

The increasing adoption can be attributed to the rise in institutional interest following the recent asset exposure offered by Bitcoin and Ethereum ETFs—Exchange Traded-Fund. Also, the report notes that institutional interest is a key factor to the growth in adoption. 

More than 63,000 BTC has been deposited to exchanges in the last 72hrs.

According to data from CryptoQuant, roughly 28,000 BTC—Bitcoin was sent to exchanges on October 7th, then on October 8th an additional 23,500 BTC was transferred, and roughly 12,000 coins made their way to exchanges on October 9th.

In all, the data shows that over 63,500 BTC, valued at approximately $1.83B, was sent to crypto exchanges. 

Even though exchange inflows do not necessarily mean an intention to sell, high inflows indicate that investors may be prepared to sell in the near future.

Why does it matter?

Usually, when investors move funds from non-custodial wallets to exchanges, they are either looking to liquidate this asset or they are looking to stake it for returns.

South Korea allows division of crypto in divorce settlements

South Korean laws allow married couples in South Korea to divide cryptocurrency holdings during divorce proceedings, according to a law firm specializing in the country’s legal system.

South Korean law firm IPG Legal cleared the misunderstanding with regards to cryptocurrencies as an asset during divorce cases. While responding to clients, the firm said that under South Korean law, both tangible and intangible assets can be divided during a divorce:

“Under Article 839-2 of the Korean Civil Act, either spouse may request a division of marital assets accumulated during the marriage upon the divorce in Korea.”

Why does it matter?

The increased use of cryptocurrency in finance has led to its recognition as an asset in marital cases. This shows that there is a wide adoption of cryptocurrency across the world.

Samsung Pay integrates crypto payment option with Alchemy Pay

Already available on Google Pay, Alchemy Pay’s virtual card is now coming to Samsung Pay. Users will be able to spend their crypto using Samsung's contactless payment tool.

Announcing the news on Oct. 8, Alchemy Pay mentioned that the new Samsung Pay payment feature is being rolled out just a few weeks after the platform completed its integration with Google Pay in September.

Why does it matter?

While the adoption of cryptocurrency grows, users can now make payments seamlessly with crypto on Amazon, Netflix, Facebook, eBay amongst others.

Conclusion: 

What we’re seeing is an increased adoption of cryptocurrency across different aspects of our lives. Individuals find it convenient to spend their cryptocurrency. Also, we recorded an increased inflow of Bitcoin deposits on cryptocurrency exchanges which suggests an intent to liquidate them for cash.