Apart from the market 📉, a lot went down this week. While the SEC was busy debating what “securities” are who to attack next, the OG players shipped some jaw-breaking updates. Let’s dive deep into them here:

• 1.  ETHGate Conspiracy
• 2.  WTF is Uniswap V4 and “hooks”
• 3.  Why is Polygon spamming Twitter with “2”

Before we talk about what’s SEC debating, you gotta see this video where a US lawmaker, Me Emmer talks about firing Gary Gensler in the “SEC Stabilisation Act” accruing to the fact that his actions are driving the crypto industry out of the USA. He says:

• Gary’s uncanny relationship with the FTX and his meeting with Sam twice according to his “public record” before the FTX crash is a 🚩
• Gary trying to claim exchanges as “non-compliant” whereas, there are no laws that exist for blockchain-based companies, and if they happen to go by that- They’re doomed to fail 🤣📠
• Our man’s regulatory style lacks flexibility and nuance and he’s an incompetent cop, no 🧢

With the SEC drama, the ETH Gate conspiracy has revived.

ETHGate is basically the idea to the question “Why does SEC not go after Ethereum?” that Ethereum has received a free pass from the regulators.

Recently, Hinman emails and other official SEC docs showed that SEC officials planned to meet Vitalik ahead of a 2018 speech, here’s that 2018 speech btw

The 2018 speech by the then director, William Hinman was about the security debate. He said

• Tokens aren’t securities when they are “sufficiently decentralised” However this was then debated about how it’s beyond the typical “Howey analysis” meaning, went beyond the law 💀 and could lead to great confusion about what is “security” [No shit, All of SEC is losing 🧠 cells about that now]
• He would meet Buterin to confirm his understanding Again, SEC officials advised not to name the giga chad, Buterin

Hinman Ignored all of it😎

In addition to that, there’s a video of Gary Gensler from 2018 saying ETH, Bitcoin, Litecoin are not securities, however, now everything seems to be a security???

Amidst all this, the devs at Uniswap were heads down into launching “Uniswap V4” .

Uniswap introduced to us “Concentrated Liquidity” in V3 and this time it’s apparently something called “hooks”

Let’s look into what is V4 about-

• V4 enables new ways to customise LPs by “hooks” or plug-ins
• Each pool created by a user can define a hook contract for its LP, meaning-
  • custom swap fees, withdrawal fees & custom logics to be executed at certain times
• Custom logics- Custom actions can take place before and after a swap AND before and after an LP position is changed→ which opens A LOTTTTT of possibilities eg:
  • Dynamic fees based on volatility
  • Internal MEV profits that are distributed back to LPs 🤯 I’M SHOOK
  • Autocompounded LP fees back to the LP positions
  • Depositing out-of-range liquidity in the lending pools
• The following hooks have already been written
  • Time weighed average market maker
  • Customised on-chain oracles
  • Onchain limit orders
• Singleton Model- One contract for all LPs → Reduced gas fees by 99%
• Flash accounting allows for more complex integrations
• ETH native token pools

Although Polygon hasn’t mentioned a lot about the new upgrade apart from the roadmap but our crypto gut says it has something to do with

• zkEVM, PoS, & Supernets; it will feel like you are using a single chain
• Token Evolution
• Establishing long-term decentralized governance jk Ryan hinted us about it + it shows from the roadmap. It is a culmination of more than a year of collaboration between various ecosystem partners 🤝

The Polygon team will be doing various posts, AMAs & more to reveal about the big project 💃🏻🕺🏻