24 Apr 2025, 14:27

Uniswap Foundation Reports $5.7M in Expenses, $1.1M in Revenue for FY 2024

In one of its latest releases, the Uniswap Foundation has published its unaudited financial report for the fiscal year (FY) ending December 31, 2024. The report outlines total operating expenses of $5.79 million, offset by $1.11 million in revenue generated from donations, dividends, and interest. This financial year marks a strategic turning point for the Uniswap Foundation, with 2024 described as a year of ecosystem consolidation and laying the groundwork for technical advancements. Initiatives that contributed to 2024’s growth include onboarding over 800 developers from more than 60 countries, deploying over 150 hook prototypes, launching the Unichain Validator Network (UVN), and finalizing the Unistaker contracts. All this occurred even before the latest governance milestone, “Uniswap Unleashed,” passed. Where Uniswap Foundation Spent Its $5.79 Million The majority of the Uniswap Foundation’s 2024 budget was allocated toward payroll, professional services, security, marketing, and events. Payroll expenses alone accounted for $3.13 million, encompassing salaries, benefits, and taxes for a 16-member team working across Growth, Engineering, Legal, Governance, and Operations. Another $1.68 million was allocated to professional fees, which covered legal, accounting, technical audits, and consultancy services, all critical to ensuring a compliant and resilient organizational structure. Marketing and advertising, amounting to approximately $290,000, funded web design, agency partnerships, and community-facing event organization, including TLDR and hackathons. The Foundation also spent $174,000 on travel and participation in external events, as well as $116,000 on office-related expenses, including transaction fees and off-site gatherings. Insurance premiums, primarily for directors and officers coverage, totaled another $290,000. Despite this outlay, the Foundation concluded the year on a solid financial footing, with nearly $30 million in reserves. These funds have been earmarked for grantmaking, operating costs, and employee token awards through the end of 2025. Source: Uniswap The report reveals that $21.82 million is designated for grants, $15.47 million to be committed in 2024–2025, and $6.35 million for the disbursement of previously awarded grants. Meanwhile, $7.97 million is set aside for operational expenses. The Foundation committed $14.8 million in new grants, with $9.9 million disbursed by year-end, including $3.1 million in the final quarter of the year. Source: Uniswap The grants were strategically distributed across five key areas: Protocol & Innovation ($4.39 million), Developer Growth ($4.59 million), Governance ($1.54 million), Research ($2.2 million), and Security ($1.96 million). The Foundation’s financial stewardship was further strengthened by robust reserves, which held $36.81 million in cash and stablecoins, as well as 680,000 UNI tokens, as of June 30, 2024. Moreover, $26.12 million is allocated for grants, and $10.69 million is allocated for operational expenses through the end of 2025, ensuring continued support for ecosystem growth and innovation. Source: Uniswap Uniswap’s Trillion-Dollar Impact and What It Signals for DeFi’s Future While the Foundation’s report focuses on financials, Uniswap’s broader ecosystem achievements in 2024 are impossible to ignore. The protocol has now facilitated more than $2.94 trillion in swap volume, surpassing Canada’s GDP. Uniswap Protocol has now processed $2.94T in swap volume That's more than the GDP of Canada pic.twitter.com/TE32LSeO2U — Uniswap Labs (@Uniswap) April 23, 2025 This milestone is particularly striking given that Uniswap operates without a centralized HQ or CEO, relying instead on smart contracts and community governance. Users are increasingly drawn to the transparency, control, and continuous access Uniswap provides. In parallel, Uniswap’s native token UNI continues to draw investor attention. At the time of writing, the token is trading at $5.94 with a 10% weekly gain. Source: Cryptonews Looking ahead, the Uniswap Foundation’s strategic investments in developer support, infrastructure resilience, and research innovation suggest that 2025 may bring even greater decentralization, broader adoption, and deeper integration of DeFi into the global financial ecosystem. And with nearly $30 million still in reserve, the Foundation is well-positioned to continue contributing to the future of DeFi. The post Uniswap Foundation Reports $5.7M in Expenses, $1.1M in Revenue for FY 2024 appeared first on Cryptonews .

24 Apr 2025, 14:21

ZKSync hacker gives back $5M in tokens after taking 10% bounty

ZKSync confirmed that a hacker who siphoned almost $5 million from its ZK token airdrop contract has given every cent back inside the project’s 72‑hour “safe‑harbor” window. “We’re pleased to share that the hacker has cooperated and returned the funds within the safe harbor deadline,” ZKSync posted on X, formerly Twitter. “The case is now considered resolved.” Roughly 44.6 million ZK tokens and about 1,800 ETH have been transferred to the ZKSync Security Council, which will decide—through governance—how to redistribute the assets. The attacker exploited an airdrop flaw to mint tokens The refund closes the book on an exploit earlier this week that leveraged a compromised private key tied to the airdrop contract, letting the attacker mint extra tokens and divert unclaimed funds. The culprit had transferred the funds across Ethereum (ETH) and ZKSync’s layer 2 network. The vulnerability did not affect the broader protocol infrastructure, ZK token contract, or governance operations. The attacker circumvented normal allocation processes and took unclaimed tokens from the network’s initial distribution round. On-chain data subsequently revealed that the exploiter exchanged $3.5 million worth of stolen ZK tokens for Ethereum. ZKSync had assured users that the incident did not compromise customer funds or core infrastructure. “All user funds are safe and have never been at risk,” ZKSync said in a Tuesday post. “The ZKsync protocol and ZK token contract remained secure.” Later, the protocol acted by issuing an on-chain message offering the attacker a 10% bounty if 90% of the funds were returned within 3 days. The proposal included specific wallet addresses for transferring ZK and ETH tokens across the ZKSync Era network and Ethereum’s mainnet. On the other hand, ZKSync had cautioned the hacker that failure to comply with the terms would cause the issue to be escalated to law enforcement to pursue a “full criminal investigation.” Following the hack, the ZK token’s price briefly plunged to $0.04. However, it stabilized at nearly $0.05, down 2.6% over the last 24 hours, according to CoinGecko data . ZKSync said a final investigation report is in the works following the hacker’s return of the funds. According to the team, the report will be published once it is completed. The incident has prompted renewed scrutiny over smart contract access controls, particularly regarding admin key security and airdrop mechanisms. Crypto hacks surge to $1.67B in Q1 as key compromises and exchange exploits soar The hack is the latest in a string of attacks plaguing the crypto sector in 2025. As per blockchain security firm Immunefi, about $1.6 billion in crypto was stolen in the first two months of the year. A separate report from blockchain security firm CertiK paints an equally troubling picture, revealing that the first quarter of the year saw a staggering $1.67 billion lost to hacks, scams, and exploits—already representing over two-thirds of the total stolen funds in 2024. A significant amount of the value of all this can be pinned on the catastrophic Bybit exploit (which lost $1.45 billion), which has raised some hard questions about the kind of security practices centralized exchanges are deploying. Incidents involving the compromise of private keys were still the number one theft of funds, accounting for 15 cases and $142.3 million in losses. Perhaps more worrying is that just 0.38% of stolen funds were recovered in the first quarter, compared with 42% in Q4. It should be noted that not one dollar was recovered from the haul in February of 2025. Ethereum remains the most compromised blockchain, with 98 attacks and $1.54 billion stolen. Cryptopolitan Academy: Tired of market swings? Learn how DeFi can help you build steady passive income. Register Now

24 Apr 2025, 14:17

Will Canada Lead on Digital Assets?

With Canada's federal election less than one week away, Canadians are closely watching how political leaders intend to address digital assets. Millions of Canadians hold, use, or work in crypto, making it a growing focal point for economic growth and innovation. This politically prominent and growing community is shaping conversations about the future of finance, with voters signaling cautious openness, not to ban or ignore crypto, but to responsibly integrate it into Canada’s financial system with clear protections, accountability, and forward-looking policy. Dean Skurka is a speaker at Consensus 2025 , in Toronto May 15, appearing with Kevin O'Leary on Mainstage. Canada’s leadership in digital assets isn’t theoretical. It has evolved through first-of-its-kind milestones, homegrown innovation, and meaningful regulatory advancements, including: Canada installed the world’s first Bitcoin ATM in Toronto in 2013; Ethereum, co-founded by Canadian Vitalik Buterin, began in Canada in 2015; Vancouver’s Dapper Labs introduced groundbreaking NFT platforms like NBA Top Shot, which launched in 2020; The Ontario Securities Commission and Canadian Securities Administration introduced a novel regulatory framework for crypto trading platforms in 2021; and Regulatory initiatives such as Alberta's fintech sandbox and blockchain innovation hubs actively support industry growth, which launched around 2022. Voter Momentum and Public Sentiment The pro-crypto voter base is large, diverse, informed, and engaged. According to a survey bu Nanos Research for the Canadian Web3 Council : Younger Canadians and those with direct investment experience tend to view crypto favourably, indicating a generational and experiential shift in sentiment. 60% of Canadians surveyed support the federal government working with industry experts to develop cryptocurrency regulations and protect public interest. Only about one in five surveyed were opposed. 48% of Canadians say the government should implement a strategy for a “more accessible, inclusive, and effective financial ecosystem” that includes digital assets. This engaged voter base, the majority being under 50, represents a significant political force. The election and subsequent administration offer policymakers a chance to support voters’ eagerness for clarity around Canada's digital future. In 2022, the (pro-crypto) Conservative leader Pierre Poilievre made headlines for advocating financial freedom through Bitcoin and decentralized finance, calling for less control from politicians and bankers and more power in the hands of individuals. He said he wanted to make Canada “ the blockchain capital of the world ,” allowing people to “opt out” of inflation by using cryptocurrencies like Bitcoin. Read more: Nik De - Previewing the Canadian Election's Crypto Angle By contrast, former Bank of Canada Governor Mark Carney, representing the Liberal Party, while supportive of digital innovation, remains skeptical of the idea that cryptocurrencies like stablecoins will fundamentally reshape the monetary system. He has argued that central bank digital currencies (CBDCs) would be a safer, more stable foundation for digital money. "Stablecoins are ultimately only an appendage to the conventional monetary system and not a game changer. CBDCs would reduce the risks of digital money and form the foundation of a more stable, programmable financial future,” he wrote in 2021. Meanwhile, NDP leader Jagmeet Singh has openly criticized crypto’s volatility, citing the financial losses suffered by Canadians who bought into digital assets as a hedge against inflation. “We have a leader of the opposition who thinks he can magically opt out of inflation by buying cryptocurrency, which ended up tanking and hurting people,” he said in 2022. The successful candidate from this upcoming election has a chance to translate these varied views into coherent platform frameworks and enhance Canada’s position as a forward-thinking and tech-driven economy. Global Signals: Local Opportunity The European Union has implemented the Markets in Crypto-Assets (MiCA) framework, offering clear crypto regulations. The U.S. is playing catchup following the election of Donald Trump last November. The U.S. House Financial Services Committee has advanced the " Stable Act of 2025 ," a significant step toward establishing a federal regulatory framework for stablecoins. And bipartisan efforts like the Virtual Currency Tax Fairness Act propose to exempt small crypto transactions under $200 from capital gains taxes. Congressional leaders are now working on a comprehensive “market structure” bill for crypto and regulators are open-minded about working with companies to adapt existing laws to modern needs. Canada is well-positioned to do the same. With the right policies, we can continue to attract leading talent, keep homegrown companies here, and strengthen our global voice in Web3. The choice is ours. Why Policy Clarity Matters Clarity on digital asset policy will affect how Canadians save, invest, and transact; whether new jobs and industries are built here or abroad; and whether our country will lead or follow in a rapidly emerging digital sector. Digital assets offer tangible benefits like faster, cheaper remittances for newcomers supporting families overseas, more accessible financial tools for underserved communities, and diversified investment alternatives in times of economic uncertainty. Beyond personal finance, blockchain technology has real potential to modernize Canada’s financial infrastructure, enhance anti-fraud efforts, and improve transparency in sectors like supply chain management and government services. The Canadian Web3 Council has called for integrating blockchain into Canada’s broader innovation strategy, urging federal support for talent development, funding, and the creation of a national blockchain strategy. They advocate for clear frameworks around decentralized finance (DeFi), stablecoin regulation, and for Canada to take a leadership role in global digital asset policy conversations. The Role of Industry & Community The responsibility of highlighting crypto’s importance largely falls on the industry itself. Initiatives like Stand with Crypto Canada (a national advocacy campaign supported by WonderFi and nine other major companies) are actively educating voters and policymakers about the economic benefits of clear crypto regulation. Similarly, Blockchain North’s Voices for Canadian Crypto campaign , featuring prominent thought leaders, is helping unify industry voices, emphasizing the need for proactive policy conversations with leaders. We have talent. We have the infrastructure. And we have momentum. Now, we need leaders who see crypto not as a passing trend, but as a powerful opportunity to fuel Canada’s economy and empower a new generation of builders, investors, and innovators. The digital economy is here. The only question is: will Canada lead?

24 Apr 2025, 14:17

Flipster’s bold move in the crypto derivatives space: Q&A with head of product Youngsun Shin

Fresh from the bustling floors of Paris Blockchain Week 2025—held beneath the historic glass pyramid of the Carrousel du Louvre—we caught up with Youngsun Shin, Head of Product at Flipster. Flipster is a fast-growing derivatives exchange gaining popularity for its user-centric approach, zero trading fees, and innovative tools tailored for the modern trader. In an interview with Cryptopolitan, Shin shares his journey into Web3, the inner workings of the Flipster derivatives exchange , and the future of trading in an increasingly volatile market. Getting into Web3 and the inspiration behind Flipster Q: What markets are you in at the moment? A: We’re in many markets outside of restricted regions. Since we don’t have much presence in certain regions, we want to increase our footprint and awareness globally. Q: If we could go back a little bit, talk to us about your background, when you started in the crypto industry, and what led you to Flipster. A: I joined two years ago when Flipster rebranded and had zero users. We set up a product team to innovate the space, and we wanted to approach trading differently. So that was the motivation. Before Flipster, I was originally a tech guy, working as an operations manager at Uber and later as a product manager at Uber Eats. I worked in multiple offices, including the Seoul office, and then moved to the San Francisco office. After that, I moved to Coupang, which is basically a South Korean Amazon. I worked there as a senior product owner, overseeing the paid membership team. I’m a very community-oriented, so I like to meet people and socialize. I also created some communities and hosted events even before crypto. That led me to be a super active voice in the clubhouse. During the clubhouse days, NFT and crypto was a thing in those rooms. So I kind of got exposed to a lot of the NFT rooms and fell in love with the NFT and the community park. So I started to buy NFTs, and that led me to become interested in building products in the crypto space. So, I joined Origin Protocol as an NFT product manager. I also hosted one of the largest NFT events in South Korea. Q: What was the idea behind Flipster? A: The Flipster founders have a background in quant trading, system trading. As traders, they wanted to create something superior to what’s in the market. They tried different approaches to the market, and Flipster is the latest version of that. Flipster’s unique selling points Q: What sets you apart? How is your product better than Binance, etc.? A: We are focused on PERP offerings. We’re much easier and more convenient to trade with. Our app offers fewer steps for you to get exposed to a position, and it’s the fastest platform you’ll have access to. We also provide traders with a good amount of contextual information. We embed different types of news and economic numbers into our app for people to see and act upon. One key feature we recently launched is a time-trigger order. The time trigger order allows you to trigger an order not based on price. We allow users to trigger an order at a specific moment or a few moments before, so that they are safely in that position. We’re doing this to think from a very user-centric mindset. A lot of the trading apps that exist now look the same from a product perspective. And they offer pretty much similar offerings to everyone. They only compete through listings and probably sales. But we approach it from a product perspective. There’s much more room in the space for retail crypto traders to utilize the market. We want to be a trading app where you get the right information and can trade easily and conveniently. We provide them with competitive pricing, which means that we have zero fees. Q: You mentioned that you have unique tools available to traders and give traders information flow, which you don’t get with other trading platforms. What sort of traders are your sweet spot? Are they entry-level retail traders, institutional-level traders, or very advanced traders? A: We don’t serve institutions because we don’t provide APIs. Our app is more of a retail app. We don’t offer any on-off ramp services. Interested traders need to be already knowledgeable about crypto to some extent. If they are, then they are in a very good spot to come and trade on our platform. We have a much better reward scheme and incentive earn campaign that allows them to earn a yield off their USDT balance while trading. Tips for navigating the volatile crypto market Q: What’s your advice to traders under the current market conditions? And what do you think is the future of the crypto market from a trading perspective? A: Number one, we’re all humans, so it will be very hard to keep your principles very tight, but what’s very important is to keep that. And number two, markets change drastically over cycles. Hold your crypto, and it will give you another chance to exit. I’m not sure if that’s the case for this cycle. This market has so much volatility that you either buy Bitcoin or other major tokens and forget about them for three years—the market comes back, and you’ll earn off. Or know your risk appetite because there’s too much volatility if you put it on a longer horizon, and you’re exposed to a higher liquidation risk. Navigating Flipster and plans for market expansion Q: You mentioned that you don’t charge fees. How do you generate revenue? How are you able to offer zero-fee trading? A: Much of our revenue comes from the spread between the best bid and offer. Traditional exchanges earn from spread and transaction fees; we do not charge transaction fees. Q: Exchanges are all about trust. How solidly can you provide these services and guarantee users’ assets to some degree? There have been many problems with this over the years, and we recently saw the Bybit hack. What do you guys do in terms of security to make sure user funds are safe? A: We are very serious about user safety and security and take all the measures possible to ensure that all the funds are kept safe. We use proof of reserves and refresh it very frequently to showcase how our funds are managed. We have also gone through ISO certification to ensure that our security measures comply with top industry standards. We also do security checks very frequently. We increase our security features constantly to ensure you can trust and use our platform. We’re just doing our best, and it’s shown on our website that we have certifications on security measures, proof of reserves, history, and trajectory to getting there. Q: What leverage can users access on positions? And how does that compare to the other exchanges out there? It depends on Symbol. For Bitcoin, we provide up to 100X. What’s different from most exchanges is that, up to a maximum position for certain positions, we ensure those orders are filled as soon as you put the order in. That’s different from having to fill the book, as you will have a slippage if the book is empty or sparse. We will ensure that the best offer or best bid price meets your maximum position size. Q: And how many users do you have? A: We have 1,000,000 registered users, and we’re rapidly growing. Q: What are the key markets you wanna get into? A: I wouldn’t say we have a key designated regional market. We have a key designated segment. People with ample funds to invest or trade with leverage and are knowledgeable about the crypto space are the segment we’re looking for because they have to deposit through on-chain transactions. These segments where they are frequently trading and have a pretty good risk appetite are the segments that we want to target, not only in certain regions but globally. Q: Anything else you wanna you want to add? Flipster will constantly provide users with benefits, convenience, and a better user experience. So, look out for our new features. I’m pretty sure that two years from now, we will be up there with the major players in the exchange space.

24 Apr 2025, 14:06

Spain Takes Bitcoin (BTC) Step, a World First!

As Bitcoin (BTC) adoption increases day by day, giant steps continue to come from institutions. At this point the latest news came from Spain. Spain’s Hespérides University has launched a pioneering Bitcoin Master’s program, set to begin online on April 28, designed to train professionals in the economic, legal and technological foundations of Bitcoin. This is the world’s first Spanish-language Bitcoin graduate program, and the project is supported by BTC Inc, JAN3, and other institutions. The project is designed to explain the philosophy, history, economics, technology and regulation of Bitcoin. As part of the project, students will be introduced to the use of Bitcoin not only as a speculative asset, but also as a transformative monetary network. Juan Ramón Rallo, a leading economist specializing in Bitcoin, said: “Bitcoin is the most important monetary revolution in decades and will shape our future. We must be ready to use it to defend our freedoms against the State. That is why we at the University of the Hesperides see this program as indispensable.” It was stated that the project will address answers to some ongoing questions about Bitcoin: “What makes Bitcoin different from other digital assets? What technological and economic principles underlie its protocol? How do regulatory frameworks affect its adoption?” *This is not investment advice. Continue Reading: Spain Takes Bitcoin (BTC) Step, a World First!

24 Apr 2025, 14:05

Tether Acquires Over 10% Stake in Juventus, Holds 6.18% Voting Rights, Plans Stablecoin and Blockchain Support

Tether, the cryptocurrency firm known for its stablecoin USDT, has increased its stake in Juventus Football Club to over 10% of the club's share capital. This acquisition makes Tether a significant shareholder, holding 6.18% of the voting rights in the Italian football club. The investment reflects Tether's strategic interest in exploring the use of stablecoin and blockchain technology to support Juventus' global operations. This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz . To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io