Uniswap v4 Expands into DEX Aggregation

Papertrade volume drop with $paper being illiquid

Papertrade's daily notional trading volume has halved for four consecutive sessions, following the decisions to block PAPER token withdrawals and to keep its perpetual contract off other exchanges. The most recent session saw only ＄5.13 billion in notional volume, measured at 1000x leverage.

The platform has effectively become a single-venue market. Wash traders and airdrop farmers who relied on "lose-to-earn" mechanics have been steadily withdrawing, and open interest has fallen to ＄170 million. Staking dividends are still being paid, but for most users running a pure loss, the payback period has stretched out considerably.

With mined tokens unable to be withdrawn or converted elsewhere, the only path back to break-even is collecting dividends over time. The most recent session still generated ＄1 million in fees, but that figure is on a declining trend as activity drains away.

See announcement: https://dune.com/defioasis/papertrade

Uniswap v4 becomes an aggregator with Aggregator Hooks

Uniswap v4 now functions as an aggregator. Aggregator Hooks wrap external liquidity sources and turn them into v4 pools, so any router treats outside venues as native Uniswap markets. The feature is live on Ethereum mainnet, Base, and Robinhood Chain in the Uniswap Web App and the Uniswap API.

Seven external sources are available at launch, covering more than 90% of DEX activity on those chains. Every block, the router pulls fresh quotes from connected sources and builds the most efficient route across both Uniswap pools and outside liquidity. The entire route settles in a single transaction, with nothing new to approve.

The pitch is fee capture rather than fragmentation. Uniswap is already the largest DEX by volume with more than ＄4.5 trillion swapped, but new liquidity keeps forming elsewhere. By routing external flow through hooks, those swaps pay protocol fees that contribute to UNI burn, keeping value inside the protocol instead of leaking to third-party aggregators.

See announcement: https://blog.uniswap.org/aggregator-hooks-are-now-live

a16z's flagship blockchain fund drops "crypto" from its name

Andreessen Horowitz's flagship blockchain fund plans to drop "crypto" from its name and rebrand as a16z frontier, according to The Information. The shift marks a symbolic moment for one of the largest and most prominent venture operations in the sector.

a16z crypto was among the first mainstream blockchain funds, raising a ＄4.5 billion vehicle in 2022 and a ＄2.2 billion fund earlier this year. The firm also became one of the most vocal and deep-pocketed defenders of crypto policy in Washington. Longtime general partner Ali Yahya is leaving the fund as part of the change.

The rename follows a broader pattern. a16z crypto has already been investing in non-blockchain startups such as prediction market Kalshi and AI compute startup Ornn. Other top blockchain firms including Paradigm and Haunch Ventures have pursued similar expansion beyond crypto. General partner Chris Dixon has long been a public face of the Web3 movement, so the decision represents a notable pivot for the industry's flagship venture brand.

About 1Token:

1Token is a digital asset investment management platform providing Crypto PMS, RMS, and Portfolio Accounting Software, managing over $20 billion in assets for more than 100 clients worldwide.

All-in-one support designed for allocators, portfolio managers, treasury managers and fund operations and accountants, seeking transparency and control.

• Front office (portfolio managers and traders) to view live position and exposure, calculate trading PnL and historical performance.
• Middle office (ops and risk) to maintain portfolios and API accounts, book OTC trades, monitor risk metrics and analyze VaR/STV, generate shadow NAV with investor subscription/redemption/dividend.
• Back office (admin and auditors) to collect and reconcile trades, generate valuation and PnL reporting under FIFO/WAC tax strategy.