Weekly Crypto Watch｜Uniswap Fee Switch Vote Starts Today, CLARITY Act May Clear Senate This Week
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Weekly Crypto Watch｜Uniswap Fee Switch Vote Starts Today, CLARITY Act May Clear Senate This Week
6 projects released a flurry of positive news, but this week's true main theme is regulation and revenue.
Navigating Web3 tides with focused insightsAuthor: Claude, TechFlow
TechFlow Digest: Crypto KOL @TheDeFiInvestor lists this week's catalysts, with 6 projects releasing positive news intensively, but the real main themes this week are regulation and revenue.
Uniswap launches on-chain voting today, proposing to integrate V2/V3 protocol fees on Robinhood Chain into the UNI burn mechanism, while activating V4 protocol fees on 7 chains.
Robinhood Chain has been live for only 18 days, and cumulative Uniswap trading volume has exceeded $6 billion.
On the macro front, Representative Bryan Steil expressed optimism about the Senate passing the CLARITY Act next week, but Polymarket gives only a 34% probability of signing within the year.
Morpho Midnight fixed-rate lending protocol is about to go live publicly, Derive V3 upgrade is imminent, and Pendle will disclose its roadmap at the community call on July 22.
UNI: Fee Switch Voting Launches Today, Robinhood Chain $6 Billion Trading Volume to Be Integrated into Burn Mechanism
The most significant catalyst this week is Uniswap.
According to Crypto News reported on July 19, Uniswap founder Hayden Adams submitted two governance proposals on July 17 and entered the final on-chain voting stage: the first activates V2 and V3 protocol fees on Robinhood Chain, and the second activates V4 protocol fees on 7 chains including Ethereum, Base, Arbitrum, Robinhood Chain, BNB Chain, Polygon, and Optimism.
The voting window is from July 19 to July 26, and passing requires reaching a quorum of 40 million UNI.
According to Crypto Times, Uniswap has been deployed on Robinhood Chain for only 18 days, and cumulative trading volume has exceeded $6 billion.
Robinhood Chain previously even surpassed Hyperliquid in daily DEX trading volume at one point, breaking through $375 million in a single day.
If the proposal passes, protocol fees collected on Robinhood Chain will flow into the TokenJar contract and eventually be bridged back to the Ethereum mainnet to burn UNI.
The background of these proposals is the UNIfication proposal passed in December 2025.
UNIfication passed with 125 million UNI votes in favor (only 742 votes against), linking protocol fees to UNI burns for the first time, transforming UNI from a pure governance token into a cash flow asset.
According to Crypto News, Adams revealed on July 12 that Uniswap's daily average fee revenue has reached $5.2 million, exceeding all crypto protocols except the two major stablecoin issuers.
Risk warning for holders: Voting has not ended, and there is a 2-day time lock after passing.
The V4 fee structure is more complex due to the hooks mechanism, and actual fee rates vary significantly depending on pool types.
UNI has rebounded about 30% from the low of $2.70 since July, and Standard Chartered analyst Geoff Kendrick gave a year-end 2026 target price of $6.50, but this represents only a single analyst's view.
Short-term sentiment has been largely digested.
Macro Events: CLARITY Act May Go to Senate Floor Vote This Week, But Polymarket Gives Only 34% Probability
The U.S. Crypto Market Structure Bill CLARITY Act is in the final sprint stage.
According to Benzinga reported on July 18, Bryan Steil, Chairman of the House Financial Services Committee Subcommittee on Digital Assets, stated at a hearing at the Federal Hall in New York that he is optimistic about the Senate passing the bill next week.
Senator Cynthia Lummis is also reported to expect a floor vote during the week of July 20, and Senate Republicans have released an updated bill text after talks with the Trump White House.
According to CoinDesk reported on July 9, the bill needs to merge two versions from the Senate Banking Committee and Agriculture Committee and obtain 60 votes to pass the filibuster threshold.
Republicans currently hold 53 seats, but Senators Josh Hawley and Rand Paul are expected to vote against, meaning at least 7 to 9 Democrats need to support it.
Currently, only two Democrats, Ruben Gallego and Angela Alsobrooks, voted in favor at the committee stage.
According to Yahoo Finance, Stifel Chief Washington Policy Strategist Brian Gardner believes the bill "probably needs to pass the Senate by the end of July," otherwise the prospects will "substantially deteriorate."
The odds for the CLARITY Act to be signed into law within the year on Polymarket are 34%, having previously touched 44% before falling rapidly.
For the crypto market, the bill will clarify the digital asset regulatory boundaries between the SEC and CFTC, and is the most anticipated legislation in the industry for years.
But Democrats' concerns about Trump's crypto conflicts of interest remain the biggest obstacle.
MORPHO: Morpho Midnight Fixed-Rate Lending Protocol About to Go Live Publicly
According to Bankless reported on July 17, Morpho CEO Paul Frambot announced that Morpho Midnight will end several months of testing period "within the next few days" and officially go live publicly.
According to CoinMarketCap information, the Midnight mainnet launch date is July 18.
Morpho Midnight is the third-generation paradigm of DeFi lending.
Frambot's statement is: first-generation protocols (such as Compound) set risk, interest rates, and terms by the protocol; Morpho Blue hands risk management over to vault curators; Midnight further hands interest rates and terms over to the market.
Borrowers and lenders trade around fixed interest rates and real maturity dates set by the market, which is the duration dimension long missing in DeFi.
The initial launch version deliberately remains restrained: only one market on the Base chain (cbBTC/USDC, also Morpho Blue's largest market) is launched, providing multiple maturity dates, no vault adapter access, no automatic rolling support, and no cross-chain.
Subsequent roadmaps include vault adapters (connecting billions of dollars in liquidity from Morpho Vaults), more chains and collateral types, compliance gating, API, etc.
Morpho's current TVL is about $7.7 billion, second only to Aave, ranking second among DeFi lending protocols.
According to CoinMarketCap data, Galaxy Curator integrated with Fireblocks Earn on July 17, directly connecting Morpho vault yields to over 2,400 institutions.
Risk warning for holders: Fixed-rate lending has been attempted multiple times in DeFi but never truly scaled, and whether it can attract continuous liquidity is the core challenge.
The initial launch is only a single market on a single chain, and the pull on protocol revenue in the short term is limited.
DRV: Derive About to Launch V3, Largest Upgrade in History
@TheDeFiInvestor states that Derive will launch V3 "soon," defining it as its largest upgrade in history.
Derive (formerly Lyra) is an on-chain options and derivatives protocol, built on Derive L2 (an Ethereum Rollup based on OP Stack).
According to CoinMarketCap information, V3 will introduce 0DTE (Zero Days to Expiration) options and a more retail-oriented user experience.
Recent progress: DRV listed for trading on Coinbase on May 27, which is its largest centralized exchange listing.
On April 23, the DAO passed a proposal to increase the proportion of protocol fees used for DRV buybacks from 25% to 35%, while reducing weekly staking emissions from 250,000 tokens to 100,000 tokens.
The DAO has cumulatively bought back over 23 million DRV.
Risk warning for holders: DRV market cap is about $116 million, daily trading volume is only about $170,000, and liquidity is thin.
The specific launch date and complete feature list for V3 have not been officially released yet, and the wording "soon" is similar to Aave App's "soon"; do not treat vague expectations as definite catalysts.
PENDLE: Community Call on July 22 Will Disclose Roadmap, RWA Momentum is the Focus
According to Pendle's official X post (published on July 16), Pendle will hold a community call on Discord at 1 PM UTC on July 22.
Pendle previewed in the post that it will share "new news," covering the next steps for RWA momentum, and the roadmap to make Pendle the "greatest yield trading platform in global finance."
According to CoinMarketCap analysis, Pendle's recent expansion directions include distributing 470,000 MON tokens on Monad to incentivize YT holders (starting July 23), and expanding into commodity and stock perpetual contracts through Boros (WTI Crude, Brent Crude, Gold, Silver, NVDA, TSLA, etc.).
Sierra integrated with Pendle in early July, providing structured yield products.
Risk warning for holders: The community call is essentially an information disclosure event; if the roadmap has no substantial content beyond known expectations, it may trigger "buy the rumor, sell the news."
PENDLE current price is about $1.52, market cap is about $260 million, and 7-day change is close to flat.
STRK: Polymarket Privacy Trading Application Based on Starknet Launches July 20
Public information shows an application built on Starknet will launch privately on July 20, with the function of allowing users to trade on Polymarket in a private manner.
The specific project name and detailed information for this catalyst have not been publicly disclosed and belong to a single source.
But the background is reasonable: Starknet just launched a series of privacy features on July 3 (Private Yield, Private Swaps, Private Transfers), and released the STRK20 privacy token standard on July 15, providing native support for protected ERC-20 transfers.
A Polymarket frontend utilizing Starknet ZK privacy capabilities is feasible in terms of technical path.
Risk warning for holders: The application's name, team, and scope of functions have not been confirmed by independent sources.
STRK faces an unlock of about 127 million early investor tokens in mid-July, and supply-side pressure is a downward factor independent of the application launch.
STRK current price is about $0.029, down about 5.5% in 7 days, and is in the historical low range.
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