Welcome to The Protocol, CoinDesk’s weekly wrap of crucial tales in cryptocurrency tech improvement. I’m Margaux Nijkerk, a reporter at CoinDesk.

On this situation:

• Uniswap Proposes Sweeping ‘UNIfication’ With UNI Burn and Protocol Payment Overhaul
• Monad Unveils Tokenomics Forward of Nov. 24 MON Token Airdrop
• Bitcoin DeFi Will get One other Institutional Enhance By Anchorage Digital Custody
• Injective Launches Native EVM, Promising Quicker and Cheaper DeFi

Community Information

SWEEPING UNISWAP PROPOSAL OVERHAUL: Uniswap Labs and Uniswap Basis, two of the primary companies that assist steer the Uniswap protocol, are becoming a member of forces to suggest a sweeping governance proposal that will utterly change the way in which the ecosystem works. The proposal, referred to as “UNIfication,” goals to align incentives throughout the Uniswap ecosystem and place the protocol because the default change for tokenized property. It will do that by activating protocol charges, burning thousands and thousands of UNI tokens and consolidating the challenge’s key groups below a single development technique, in keeping with a weblog submit dated Nov. 11 and briefly printed on Nov. 10. Underneath the proposal, which DAO members will vote on, the protocol would redirect a portion of buying and selling charges to a UNI burn mechanism and costs from Uniswap’s layer-2 community, Unichain, would additionally circulation into the burn. Uniswap Labs additionally proposed a retroactive burn of 100 million UNI from the treasury, which the crew claims would equal the quantity that may have been burned if protocol charges had been lively since launch. The adjustments associated to Uniswap’s tokenomics usually are not the one restructuring taking place to the ecosystem. Uniswap Labs, which is the primary developer agency that helps the Uniswap protocol, will take in the Uniswap Basis’s ecosystem groups. If handed, UNIfication would mark probably the most important evolution of Uniswap’s governance and economics since its token launch in 2020. — Margaux Nijkerk Learn extra.

MONAD TOKENOMICS EXPLAINED: Layer-1 blockchain Monad detailed the preliminary distribution of its native token, MON, because it prepares for the mainnet introduction on Nov. 24, a key milestone for the challenge that’s positioning itself as a high-performance, Ethereum-compatible community. The Monad Basis stated a public sale of 7.5% of the preliminary provide of the token will start on Coinbase’s Token Gross sales platform on Nov. 17. The tokens can be priced at $0.025 every. An airdrop of three.3% will kick off seven days later. The sale is meant to distribute MON extra broadly forward of the community’s activation, with the inspiration emphasizing that the construction of its tokenomics is designed to encourage long-term participation moderately than short-term hypothesis. In complete, 38.5% of the preliminary provide can be allotted towards ecosystem improvement, 27% to the Monad crew, 19.7% to buyers, 7.5% to the general public sale, 4% to the treasury and three.3% to an airdrop. The inspiration framed the discharge as the beginning of a gradual decentralization course of, with further provide getting into circulation over time because the community grows. Nearly all of tokens will stay locked within the early months, with ecosystem and crew allocations topic to vesting schedules to align long-term incentives. — Margaux Nijkerk Learn extra.

ANCHORAGE DABBLES IN BITCOIN DEFI: Cryptocurrency financial institution Anchorage Digital is opening institutional pathways into Bitcoin-native decentralized finance (DeFi), offering a regulated gateway to BOB’s Bitcoin–Ethereum ecosystem. The custody service offered by a U.S. federally chartered financial institution may present a lift for institutional individuals in search of yield alternatives in BOB’s $250 million complete worth locked (TVL) DeFi platform, in keeping with an emailed announcement shared with CoinDesk. Anchorage additionally holds a Main Fee Establishment License (MPI) from the Financial Authority of Singapore (MAS) and supplies a self-custody pockets referred to as Porto. BOB (“Construct on Bitcoin”) describes itself as a hybrid layer-2 community combining the safety of Bitcoin and the DeFi capabilities of Ethereum, whereby customers can use their BTC holdings to entry yield alternatives within the broader blockchain ecosystem with Ethereum because the entry level. — Jamie Crawley Learn extra.

INJECTIVE ROLLS OUT NATIVE EVM: Layer-1 blockchain Injective rolled out what it calls its most important improve but: a local Ethereum Digital Machine (EVM) layer. The improve goals to make Injective a go-to platform for builders and establishments by combining Ethereum compatibility with Injective’s current high-speed infrastructure. The information comes almost two weeks after Injective kicked off its buyback program, which allowed group members to commit the blockchain’s native token INJ to a pool that can be used to buy and burn tokens and cut back general provide, and in return obtain a ten% yield from the ecosystem’s income. The launch of the native EVM on Tuesday additionally brings greater than 40 decentralized purposes (dapps) and infrastructure suppliers on-line, marking what the crew describes as “a brand new period of onchain finance.” – Margaux Nijkerk Learn extra.

In Different Information

• Circle Web Group (CRCL), issuer of the world’s second-largest stablecoin USDC, reported third-quarter web revenue of $214 million, a year-over-year enhance of 202%. Earnings per share (EPS) rose to $0.64, beating expectations of $0.22. Complete income and reserve revenue greater than doubled to $740 million. Circle has been on the forefront of the proliferation within the stablecoin sector within the final 12 months, having debuted on the New York Inventory Alternate (NYSE) in June. The full USDC in circulation has grown to $73.7 billion as of the tip of Q3, 108% larger than a 12 months in the past. Circle additionally unveiled plans for Arc, a layer-1 blockchain designed to supply stablecoin funds, FX, and capital markets purposes final quarter. Greater than 100 corporations have joined Arc’s public testnet, Circle stated within the earnings report. — Jamie Crawley & Helene Braun Learn extra.
• Visa is testing a system that lets companies ship funds on to stablecoin wallets as a substitute of to a card or checking account, the corporate introduced Wednesday at Internet Summit in Lisbon. Funds are delivered in dollar-backed stablecoins, comparable to Circle Web’s (CRCL) USDC, Visa stated. The pilot targets creators, freelancers and gig employees who typically face delays in accessing their pay, particularly when working throughout borders. Companies can fund the payouts in fiat foreign money, whereas recipients select to obtain them in stablecoins — digital property pegged to the U.S. greenback. Visa says the transfer expands entry to cash for individuals in nations with unstable currencies or restricted banking infrastructure. Transactions are recorded on public blockchains, permitting for transparency and simpler recordkeeping. “Launching stablecoin payouts is about enabling actually common entry to cash in minutes — not days — for anybody, anyplace on the earth,” stated Chris Newkirk, president of Business & Cash Motion Options at Visa. “Whether or not it’s a creator constructing a digital model, a enterprise reaching new world markets or a freelancer working throughout borders, everybody advantages from quicker, extra versatile cash motion.” This system follows Visa’s earlier pilot, which began in September, which allowed companies to pre-fund payouts utilizing stablecoins. This new section pushes stablecoin use nearer to finish customers, doubtlessly reshaping how on-line platforms pay world employees. — Ian Allison Learn extra.

Regulatory and Coverage

• The Senate Agriculture Committee printed its draft crypto market construction laws on Monday, bringing the physique a needed step nearer to advancing its reply to the Home of Representatives’ Readability Act laws to outline how precisely the Commodity Futures Buying and selling Fee can oversee spot market buying and selling. The draft invoice, which nonetheless contains brackets indicating sections the place lawmakers have but to totally agree on particulars, marks a significant step towards the federal government delineating the place the CFTC’s jurisdiction ends and the Securities and Alternate Fee’s jurisdiction begins — a key query that solely Congress can reply as these federal companies ramp up their very own efforts to publish steerage for crypto corporations and different companies hoping to supply crypto-related companies within the U.S. Nonetheless, a draft is only one step alongside the legislative path, and the Senate’s bandwidth has been narrowed by different pressing issues — particularly the finances dispute that at the moment has the federal authorities shuttered. Senate staffers labored on the invoice by means of the weekend, two people aware of the scenario advised CoinDesk, at the same time as lawmakers labored on a deal to finish the federal government shutdown. — Jesse Hamilton Learn extra.
• Barely one 12 months into the Europe Union’s Markets in Crypto Belongings (MiCA) regime, formulated to ship a unified regulatory setting throughout the 30 nations within the European Financial Space, the cracks are starting to indicate and there are indicators EU regulators want to guarantee they do not get any wider. Considerations have already surfaced that some member states are handing out licenses in a very expedited vogue, and now studies are rising that the European Securities and Markets Authority (ESMA) is getting ready to take larger, extra centralized management of crypto regulation throughout the nations inside its purview. As but, there’s little element about ESMA’s plans, however MiCA coverage watchers know the place the clues lie. One possible change, which appears technical however may have important knock-on results, issues sharing liquidity exterior the EU and the usage of unified order books. From a regulatory perspective, a shared order ebook blurs who’s answerable for matching, disclosures, danger administration and finest execution. From a dealer’s perspective, pooling purchase and promote orders throughout a wider inhabitants creates larger liquidity, simpler transactions and extra correct pricing. ESMA wouldn’t touch upon shared order books particularly, however stated in an e-mail that the place said in a Q&A earlier this 12 months (which says that MiCA would not allow a crypto buying and selling agency to pool its order ebook with any non-EU, non-MiCA-regulated buying and selling platforms) “is a part of the hassle that ESMA has made, and continues to make, to make sure a stage taking part in area within the utility of MiCA within the EU.” — Ian Allison Learn extra.

Calendar

• Nov. 17-22: Devconnect, Buenos Aires
• Dec. 11-13: Solana Breakpoint, Abu Dhabi
• Feb. 10-12, 2026: Consensus, Hong Kong
• Feb. 17-21, 2026: EthDenver, Denver
• Mar. 30-Apr. 2, 2026: EthCC, Cannes
• Apr.15-16, 2026: Paris Blockchain Week, Paris
• Could 5-7, 2026: Consensus, Miami