Crypto Morning Report: South Korea's central bank cuts interest rates by 25 basis points, Uniswap launches Layer 2 network Unichain.

OKX announces that it has become the world's first cryptocurrency trading platform to obtain a full operating license in the UAE.

Author: Deep Tide TechFlow

Yesterday's Market Dynamics

U.S. September Unadjusted Core CPI Year-on-Year 3.3%, Expected 3.2%, Previous Value 3.20%

According to Jin10 data, the U.S. September unadjusted core CPI year-on-year is 3.3%, expected 3.2%, previous value 3.20%, marking a new high since June.

The U.S. September unadjusted CPI year-on-year is 2.4%, expected 2.3%, previous value 2.50%, continuing to decline for the sixth consecutive month, reaching a new low since February 2021.

South Korea's Central Bank Cuts Interest Rates by 25 Basis Points, Lowering the Benchmark Rate from 3.50% to 3.25%

According to KBS, the South Korean central bank's monetary policy committee held its seventh monetary policy direction meeting today (11th) and decided to lower the benchmark rate from the current 3.5% by 0.25 percentage points to 3.25%.

This rate cut marks a shift from the monetary tightening stance that began in August 2021, after 3 years and 2 months of rate increases.

SVM Game Chain Sonic Announces Launch of TikTok-Based Click-to-Earn Game SonicX

SVM Game Chain Sonic announced the launch of SonicX, a TikTok-based click-to-earn game. Sonic stated, "TikTok is one of the largest traffic pools, and with SonicX, we are exploring new ways to expand our user base while showcasing the scalability of games on the Sonic chain."

It is reported that Sonic is the first atomic SVM chain on Solana, powering an independent economy for the Solana gaming multiverse through HyperGrid.

USDC Transfer Volume on Base Chain Hits New High, Surpassing $15 Billion

According to Artemis data, the USDC transfer volume on the Base chain has reached a historical high, processing nearly $15 billion in USDC in a single day.

This month, Base has processed over $100 billion in USDC transfer volume, accounting for 36% of all USDC transfer volume.

OKX Announces It Has Become the World's First Cryptocurrency Trading Platform to Obtain a Full Operating License in the UAE

According to official news, Rifad, the General Manager of OKX Middle East, announced that OKX has become the world's first cryptocurrency trading platform to obtain a full operating license in the UAE. The VARA full operating license is issued by an agency established by the Dubai government in the UAE, specifically responsible for regulating the operation and development of the virtual asset (such as cryptocurrency) industry. Companies obtaining the VARA full operating license must meet a series of compliance requirements, including anti-money laundering (AML), customer due diligence (CDD), and other risk management measures.

Zhao Changpeng: Will Attend Binance Blockchain Week in Dubai in a Personal Capacity

Zhao Changpeng (CZ) posted on the X platform that he will attend the Binance Blockchain Week in Dubai from October 30 to 31 in a personal capacity, calling it one of the largest Web3 events of the year.

Bitcoin Ecosystem Stablecoin Developer Yala Completes $8 Million Seed Round Financing, Led by Polychain Capital and Others

Bitcoin ecosystem stablecoin developer Yala announced the completion of an $8 million seed round financing. This round was co-led by Polychain Capital and Ethereal Ventures, with participation from Galaxy, Anagram, ABCDE, Amber Group, HashKey Capital, Satoshi Lab, and UTXO Management.

Kaitai Chang, co-founder and COO of Yala, stated that the company originally planned to raise $5 million but ultimately received oversubscription. The financing uses a SAFE (Simple Agreement for Future Equity) structure with token warrants. Yala is developing a Bitcoin-backed, yield-generating stablecoin called YU. Users will be able to mint YU by depositing Bitcoin into any target blockchain through the MetaMint cross-chain protocol. The company claims that investors have committed to depositing over 2,000 Bitcoins (approximately $126 million) into its protocol.

Yala plans to launch its testnet this month, with the mainnet expected to go live in the first quarter of next year.

Uniswap Labs Launches Its Own Layer 2 Network Unichain Based on Optimism Technology

According to CoinDesk, the development team of the decentralized exchange Uniswap, Uniswap Labs, announced the launch of its own Layer 2 network, Unichain. The network is built on Optimism's OP Stack technology and is scheduled to go live on the testnet on October 10.

Hayden Adams, CEO of Uniswap Labs, stated that Unichain aims to provide a faster and cheaper trading experience while improving liquidity. The new network will be part of the Optimism ecosystem Superchain, forming a Layer-2 network alliance with projects like Coinbase's Base.

Unichain will introduce several technological innovations, including a trusted execution environment (TEE) developed in collaboration with Flashbots for block building, as well as a community validation network. The TEE is expected to reduce block building time to 200-250 milliseconds, significantly faster than the Ethereum mainnet and other Layer-2 networks.

South Korean Financial Regulators Launch Antitrust Investigation into Upbit Exchange

According to Cointelegraph, South Korea's Financial Services Commission (FSC) plans to launch a potential antitrust investigation into the country's major cryptocurrency exchange, Upbit, as reported by local news agency Infomax. During a parliamentary audit in South Korea, Congressman Lee Kang-yi expressed concerns about Upbit's market monopoly and its relationship with online bank K-Bank. Lee specifically pointed out that Upbit's deposits account for a disproportionately high share of K-Bank's deposits, which could trigger a bank run risk.

FSC Chairman Kim Byung-hwan stated that he has noted the monopoly issue with Upbit and promised to investigate Lee's concerns. Kim stated, "We implemented the Electronic Financial Transactions Act on September 15 and will check the relevant situation after the system is implemented."

South Korean Financial Regulators May Lift Ban on Spot Cryptocurrency ETFs

According to The Block, the South Korean Financial Services Commission (FSC) recently stated that it will reassess the ban on spot cryptocurrency ETFs and institutional accounts trading on cryptocurrency exchanges. This news marks a significant shift in the regulatory attitude towards digital assets.

dYdX Founder Antonio Juliano Announces Return to the Company as CEO

Antonio Juliano, the founder of the decentralized derivatives trading platform dYdX, announced his return to the company as CEO. Juliano resigned from the CEO position in May of this year and is returning to lead the company after a six-month hiatus.

Juliano stated that dYdX has faced intense competition and a challenging market environment over the past year, and the company urgently needs revitalization. He recognizes that as the founder, he has a unique moral authority and comprehensive perspective to make significant changes that others may find difficult to achieve. During his time away, Juliano underwent self-reflection and rediscovered his true motivation to continue leading the company. He emphasized that founders cannot truly leave the companies they create, and accepting this has brought him inner peace.

Juliano stated that he is returning to the company with renewed motivation and wisdom, ready to enter "founder mode" to personally run dYdX. He expressed gratitude to the team and supporters and promised to fully commit to the company's future development.

Alliance Founder: Regardless of Who Wins the U.S. Election, Money Printing Will Continue, and Major Crypto Innovations May Be Hard to See in the U.S.

Qiao Wang, founder of the crypto incubator Alliance, shared his views on how the U.S. election results will affect the crypto market over the next four years on X, stating:

Bitcoin: The two candidates have little difference in monetary policy and are expected to continue large-scale money printing.

Altcoins: Trump may be more supportive of crypto innovation than Harris, potentially driving up the altcoin market.

Crypto Entrepreneurship: The U.S. government's hostility towards the crypto industry over the past two years has stifled innovation, and if this attitude continues for four years, major crypto innovations may be hard to see in the U.S.

Crypto Morning Report: South Korea's central bank cuts interest rates by 25 basis points, Uniswap launches Layer 2 network Unichain.

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