Stepn & Steve Aoki Join Forces to Launch Digital Sneakers as Solana NFTs

Hi NoRamp Community,

Daily News:

UK Government Rolls Out Final Proposals for Stablecoin Regulation

Stepn & Steve Aoki Join Forces to Launch Digital Sneakers as Solana NFTs

Uniswap’s DAO Poised to Explore Venture Capital

UK Government Rolls Out Final Proposals for Stablecoin Regulation:

• The United Kingdom’s Treasury has unveiled proposals for a comprehensive stablecoin framework and broader industry regulations, aiming to establish the country as a prime destination for crypto investments and to enhance user protection. The guidelines detail the regulation of 'fiat-backed stablecoins' and place them under the scrutiny of the Bank of England, Financial Conduct Authority, and Payment Systems Regulator to mitigate financial instability and regulatory overlaps.

• The proposed regulations encompass various aspects of stablecoin usage, including the assets used in transaction chains, issuance, and custody. The regulations stipulate that stablecoin-related activities will fall under existing financial services regulations, with the Financial Conduct Authority overseeing issuance and custody rules, and the Payment Service Regulation covering the use of stablecoin in payment chains.

• The UK government is also keen on aligning foreign stablecoin entities with local regulatory standards, prohibiting non-fiat-backed stablecoins in regulated payment chains without imposing a direct ban. The proposals emphasize the requirement for stablecoin issuers to maintain reserve funds in accordance with the Financial Conduct Authority's rules, and provide for the application of the Insolvency Act in the event of failure.

Stepn & Steve Aoki Join Forces to Launch Digital Sneakers on Solana:

• Mobile move-to-earn game Stepn collaborates with electronic musician Steve Aoki for an exclusive digital sneaker collection, leveraging Solana NFTs and integrating with Aoki’s NFT-based membership club, A0K1VERSE. The collection, consisting of 300 NFTs across four designs, will be available on the MOOAR marketplace, with a portion distributed to Aoki's fan community.

• Priced at 3,500 GMT (approximately $695), the collection aims to blend the virtual and physical worlds, emphasizing both fashion and a futuristic vision. Steve Aoki highlights the collaboration as a significant step in merging the metaverse with reality, while Stepn showcases the partnership as a testament to innovation and industry potential.

• Stepn, developed by Find Satoshi Lab, utilizes a move-to-earn model where users can purchase NFT sneakers, connect them to their smartphones, and earn rewards for physical activity, boasting over 2 million monthly active users. Steve Aoki, no stranger to the NFT space, continues his trend of digital innovation and world-building through this collaboration and previous partnerships.

Uniswap’s DAO Poised to Explore Venture Capital:

• Uniswap's DAO is considering a $12 million investment in Ekubo Protocol for a 20% stake in its future governance token supply, showcasing a potential new approach to DAO treasury management. This decision follows a positive sentiment temperature check over the weekend, indicating community support for the investment. Ekubo Protocol is an automated market maker on Starknet, founded by Moody Salem, an early engineer at Uniswap.

• The investment highlights a growing trend of DAOs leveraging their substantial treasuries for early-stage investments, as 22 DAOs currently possess treasuries exceeding $100 million. However, these funds are often poorly diversified, leading to challenges in asset liquidation without impacting market prices. Uniswap's move signals a potential shift towards more proactive treasury management and venture investing by major DAOs.

• Despite the potential benefits, the proposal has faced criticism and concerns from the community, highlighting the inherent challenges of collective decision-making and efficient fund deployment in DAO structures. The situation underscores the need for clear governance and investment strategies within DAOs to fully leverage their financial resources.

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