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first_img Yield Basis launched the permissionless propAMM, prioritizing the deployment of the WETH pool

The automated market-making protocol Yield Basis, founded by Curve founder Michael Egorov, announced the launch of a permissionless propAMM, aiming to upgrade its liquidity mechanism on Curve. This design combines market perception pricing with dynamic fees, aiming to increase trading volume, reduce arbitrage losses, and improve liquidity provider returns. According to its simulations over the past 18 months, Yield Basis's WETH position is projected to grow at an annualized rate of 8.5% in ETH terms under the new design, compared to 3.6% under existing parameters.Officials stated that WETH liquidity providers do not need to take additional actions, as the new design will directly affect their respective liquidity pools. The small transaction fee for pulling the pool price back to the market price is 0.50%, and anyone can submit prices or deposit funds, with the relevant code being open source. The WETH pool will be deployed first, and Bitcoin-related liquidity pools will follow after the successful deployment of the WETH pool.According to the announcement, the liquidity pool will charge based on the profits earned by arbitrageurs from trades, retaining about two-thirds of the profits above the minimum fee. The new design features lower single transaction fees, with simulated trading volumes approaching three times the current levels, requiring donations of about one-quarter of the current amount. The Yield Basis DAO owns the strategy, and the Curve Emergency DAO can shut it down in emergencies, while the Curve liquidity pool contract itself remains unchanged. Curve DAO vote 1508 will connect the strategy to the WETH pool and set the reserved profit ratio, while Yield Basis vote 60 will set the LevAMM fee at 1.5% (currently 1.3%), with the donation rate being about 1.2% of the pool value per year (currently about 5%). The above simulations only include arbitrage exchanges and do not account for regular trading and liquidation.

Circle submitted a comment letter on the proposed cryptocurrency asset regulatory regulations by the SEC

Circle submitted comments to the U.S. Securities and Exchange Commission regarding its proposed regulatory framework for cryptocurrency assets. Circle supports the proposal's goal of fostering innovation under clear rules while maintaining the advantages of U.S. capital markets, including transparency, investor protection, market integrity, liquidity, and efficiency.Circle also suggested that the cryptocurrency asset regulatory framework should align with the GENIUS Act. Given that payment stablecoins are increasingly becoming important considerations and settlement assets for on-chain capital formation, Circle requests that the U.S. Securities and Exchange Commission (SEC) clarify how payment stablecoins that comply with the provisions of the GENIUS Act can be used for these purposes.The letter further requests that the Commission clarify that eligible payment stablecoins constitute "cash" under proposed Rule 302(b), should receive appropriate U.S. dollar valuation treatment, and comply with the corresponding accounting and customer reserve treatment conditions.Circle also recommends that, provided objective safeguards are in place, the current 2% broker discount for payment stablecoins that comply with GENIUS be reduced to zero. Finally, Circle requests that the SEC clarify that technical services provided after the network goes live (including maintaining a known set of validating nodes) do not constitute necessary management work. Establishing safe harbor rules for the technical roadmap would allow issuers to continue maintaining and improving the operational network without inadvertently restarting the related analysis.

first_img The House Oversight Committee investigates the proposal from the Delaware AI entity operating company

According to Decrypt, James Comer, the Chairman of the House Oversight Committee (Republican from Kentucky), has launched an investigation into a proposed company entity in Delaware that would be operated daily by AI entities.In a letter to Delaware Governor Matt Meyer, Comer stated that the proposed "Artificial Intelligence Company" (AIC) could exempt AI companies and their investors from liability for damages caused by AI entities, and he requested the governor to submit relevant documents and communications, including "internal AI chat logs," by November 9.The proposal was announced in July in a joint article in Fortune by Delaware Secretary of State Charuni Patibanda-Sanchez and Norm Ai CEO John Nay, positioning it as a public-private partnership led by Norm Ai.By design, the AIC could sue and be sued, hold property, and assume obligations under the direction of AI entities; its sole member must maintain sufficient capital and is not liable for the company's debts except in cases of incomplete capitalization, fraud, or willful misconduct. The AIC can only operate within a regulatory sandbox for 30 months, must disclose its identity to counterparties, and is prohibited from conducting banking activities.Comer also questioned the role of private sector participants in the proposal, stating that the Delaware AI Commission's report due in December 2025 did not mention a security risk assessment or consult independent experts, and the Secretary of State's office refused to clarify its relationship with an AI company involved in the project.He stated that this information could inform federal legislation, including proposals to limit state-level AI regulatory initiatives. The Secretary of State's office denied that the plan is a liability waiver arrangement, and Governor Meyer defended it, with state legislators expected to review the legislative proposal in January.
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