Crypto Morning Brief: Bank of Korea Cuts Interest Rates by 25 Basis Points, Uniswap Launches Layer 2 Network Unichain
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Crypto Morning Brief: Bank of Korea Cuts Interest Rates by 25 Basis Points, Uniswap Launches Layer 2 Network Unichain
OKX announced becoming the first global cryptocurrency exchange to obtain a full operating license in the UAE.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Market Updates Yesterday
U.S. September Core CPI (Unadjusted) YoY at 3.3%, vs. Forecast of 3.2% and Prior 3.20%
According to Jin10 News, the U.S. September core CPI (unadjusted) rose 3.3% year-on-year, higher than the expected 3.2% and previous 3.20%, marking the highest level since June.
The U.S. September CPI (unadjusted) increased 2.4% year-on-year, above the forecast of 2.3% but below the prior 2.50%. It has declined for six consecutive months, reaching its lowest level since February 2021.
South Korea's Central Bank Cuts Rates by 25 Basis Points, Lowering Benchmark Rate from 3.50% to 3.25%
According to KBS, South Korea’s Monetary Policy Board held its seventh policy meeting today (October 11), cutting the benchmark interest rate by 0.25 percentage points from 3.5% to 3.25%.
This rate cut marks a shift in stance for the South Korean central bank, transitioning from a tightening cycle that began in August 2021—after a span of three years and two months—to a looser monetary policy.
Sonic, SVM Gaming Chain, Announces Launch of TikTok-Based Click-to-Earn Game SonicX
Sonic, the SVM gaming chain, announced the launch of SonicX, a click-to-earn game built on TikTok. Sonic stated, “TikTok is one of the largest traffic pools. With SonicX, we are exploring new ways to expand our user base while demonstrating the scalability of games on the Sonic chain.”
Sonic is the first atomic SVM chain on Solana, powering independent economies within the Solana gaming multiverse via HyperGrid.
USDC Transfer Volume on Base Chain Hits Record High, Surpassing $15 Billion
According to Artemis data, USDC transfer volume on the Base chain reached an all-time high, processing nearly $15 billion worth of USDC in a single day.
This month, Base has processed over $100 billion in USDC transfers, accounting for 36% of all USDC transaction volume.
OKX Announces Becoming First Global Crypto Exchange to Obtain Full Operational License in UAE
In an official announcement, Rifad, General Manager of OKX Middle East, revealed that OKX has become the first global cryptocurrency exchange platform to obtain a full operational license from the United Arab Emirates. The VARA full operational license is issued by Dubai government-established authority responsible for regulating the virtual asset (e.g., cryptocurrencies) industry. Licensed entities must meet stringent compliance requirements, including anti-money laundering (AML), customer due diligence (CDD), and other risk management measures.
Changpeng Zhao: Will Attend Binance Blockchain Week in Dubai as Private Individual
Changpeng Zhao (CZ) posted on X, stating he will attend Binance Blockchain Week in Dubai from October 30–31 as a private individual, calling it one of this year’s biggest Web3 events.
Bitcoin Ecosystem Stablecoin Developer Yala Raises $8 Million in Seed Round Led by Polychain Capital
Yala, a stablecoin developer in the Bitcoin ecosystem, announced it has raised $8 million in a seed funding round. The 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, Yala’s co-founder and COO, said the company initially aimed to raise $5 million but received oversubscriptions. The financing采用了 a SAFE agreement (Simple Agreement for Future Equity) with token warrants. Yala is developing YU, a yield-generating, Bitcoin-backed stablecoin. Users will be able to mint YU by depositing Bitcoin into any target blockchain via the MetaMint cross-chain protocol. Investors have reportedly committed to deposit more than 2,000 BTC (approximately $126 million) into its protocol.
Yala plans to launch its testnet this month, with mainnet expected in Q1 next year.
Uniswap Labs Launches Its Own Layer 2 Network Unichain Based on Optimism Technology
According to CoinDesk, Uniswap Labs, the development team behind decentralized exchange Uniswap, announced the launch of its own Layer 2 network, Unichain. Built using Optimism’s OP Stack technology, the network is scheduled to go live on testnet on October 10.
Hayden Adams, CEO of Uniswap Labs, said Unichain aims to offer faster and cheaper transactions while improving liquidity. The new network will become part of Optimism’s Superchain ecosystem, joining projects like Coinbase’s Base in forming a Layer-2 network alliance.
Unichain will introduce several technical innovations, including a Trusted Execution Environment (TEE) developed in collaboration with Flashbots for block building, and a community validation network. The TEE is expected to reduce block-building time to 200–250 milliseconds, significantly faster than Ethereum mainnet and other Layer-2 networks.
South Korean Financial Regulator Launches Antitrust Investigation into Upbit Exchange
According to Cointelegraph, citing local news agency Infomax, the Financial Services Commission (FSC) of South Korea plans to investigate potential antitrust violations by Upbit, the country's major cryptocurrency exchange. During a National Assembly audit, lawmaker Lee Kang-il expressed concerns about Upbit’s market dominance and its relationship with online bank K-Bank. He specifically noted that Upbit’s deposits account for too large a share of K-Bank’s total deposits, potentially triggering a bank run risk.
FSC Chairman Kim Byung-whan acknowledged awareness of Upbit’s monopolistic position and pledged to investigate Lee’s concerns. Kim stated, “We implemented the Electronic Financial Transactions Act on September 15. We will review relevant conditions after system implementation.”
South Korean Financial Regulators May Lift Ban on Spot Crypto ETFs
According to The Block, South Korea’s Financial Services Commission (FSC) recently indicated it will reassess lifting bans on spot cryptocurrency ETFs and allowing institutional accounts to trade on crypto exchanges. This signals a significant shift in regulators’ attitude toward digital assets.
dYdX Founder Antonio Juliano Announces Return as CEO
Antonio Juliano, founder of decentralized derivatives trading platform dYdX, announced his return to the company as CEO. Juliano stepped down from the role in May and now resumes leadership after six months.
Juliano said dYdX has faced intense competition and challenging market conditions over the past year, requiring urgent revitalization. He recognized that as founder, he holds unique moral authority and holistic vision necessary to drive transformative changes others might not achieve. During his absence, he underwent self-reflection and rediscovered genuine motivation to lead again. He emphasized that founders never truly leave their creations, and accepting this brought him inner peace.
Juliano said he returns with renewed energy and wisdom, ready to enter “founder mode” and personally steer dYdX forward. He thanked his team and supporters, pledging full commitment to the company’s future development.
Alliance Founder: Whoever Wins U.S. Election Will Keep Printing Money; Major Crypto Innovation May Be Unlikely in America
Qiao Wang, founder of crypto incubator Alliance, shared her views on X regarding how the U.S. election outcome could impact the crypto market over the next four years:
Bitcoin: Both candidates show little difference in monetary policy, and massive money printing is expected to continue regardless.
Altcoins: Trump may be more supportive of crypto innovation than Harris, potentially boosting altcoin markets.
Crypto entrepreneurship: Hostility from the U.S. government toward the crypto industry over the past two years has already suppressed innovation. If this continues for another four years, significant crypto innovation may not emerge in the U.S.
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