The R Roundup : Trader Joe Sued By Twin Namesake 👨‍⚖️ - Issue #110

Trader Joe’s, the renowned U.S. supermarket giant, has filed a lawsuit against the decentralized exchange (DEX) Trader Joe, accusing the crypto platform of federal trademark infringement.

The grocery chain alleges that the DEX deliberately adopted a similar name, Trader Joe, to capitalize on the supermarket’s widespread recognition.

According to court documents, the DEX operates under the domain traderjoexyz.com, explicitly linking itself to the popular grocery store. Trader Joe, the decentralized exchange, has gained significant traction, initially launching on the Avalanche network and later expanding to BNB Chain, Arbitrum, and Ethereum.

Trader Joe’s legal complaint, filed in the U.S. District Court for the Central District of California, alleges that the DEX engaged in fraudulent activities to obscure its true origin story during legal proceedings related to the domain name.

Despite private requests to cease the misuse of the trademark, Trader Joe's resorted to legal action, filing a complaint with the World Intellectual Property Organization (WIPO) in May 2022, aiming to reclaim control of the domain traderjoexyz.com.

In response to the allegations, the DEX purportedly concocted a false narrative, attempting to mislead authorities about the origins of the 'Trader Joe' name. Trader Joe’s seeks damages and has demanded a trial by jury.

As a result of these legal challenges, the native token of Trader Joe, JOE, has experienced a 4.5% decline in the past week, with traders closely monitoring the developments and potential market repercussions.

Uniswaps Android Wallet 🦄

Uniswap, the pioneering decentralized exchange (DEX), has expanded its horizons by introducing the Uniswap Wallet app for Android users.

Following the successful launch on iOS earlier this year, Uniswap enthusiasts on Android can now join a waitlist for early access and provide valuable feedback on the application.

Designed to mirror the seamless trading experience offered by the Uniswap DEX, this Android app ensures interoperability, allowing users to effortlessly switch between different blockchains. Initially, users can swap tokens across Polygon, Arbitrum, Optimism, Base, and BNBChain, with plans to integrate more chains in the future, as outlined in a blog post by Uniswap Labs.

While not immediately available to all Android users, Uniswap Labs has established a waitlist, allowing interested individuals to secure their spot for downloading the application.

To bolster trust and transparency, the code of Uniswap Wallet will be open-sourced, and audits will be publicly accessible, emphasizing Uniswap's commitment to security and user confidence. Stay tuned for an enhanced, secure trading experience on your Android device with Uniswap Wallet.

Caroline Ellisons Infamous To-Do List🔖

In a dramatic turn of events, the crypto industry has been rocked by revelations emerging from the high-profile lawsuit involving Sam Bankman-Fried, the influential figure behind FTX.

During the trial, crucial evidence surfaced, notably a to-do list authored by Caroline Ellison, CEO of Alameda Research and a central figure in the case.

The evidence presented indicates that FTX had strategic plans aimed squarely at its main rival, Binance.

Caroline Ellison's testimony shed light on deceptive practices within FTX. She revealed preparing multiple balance sheets at Bankman-Fried's instruction to mislead lenders about the use of funds originating from FTX Derivatives Exchange.

The fallout from this lawsuit extends far beyond these two platforms, serving as a cautionary tale for the entire digital asset industry.

Friend.Tech Developers Scoop $20m From August🫂

In a remarkable feat, the developers behind FriendTech have amassed an astonishing $20 million in revenue since the platform's inception this August, positioning themselves as the premier revenue-generating app on the Base network.

FriendTech, a social protocol, enables users to link their Twitter accounts and trade influencer profile tokens ("keys") with ETH on Base, a Layer 2 network supported by Coinbase. These keys bestow exclusive communication privileges with influencers upon the holders.

Standing as the leading revenue generator on Base and the second-largest in the entire crypto sphere, FriendTech, as per DeFiLlama data, is poised to achieve an annual revenue of $180 million at its current trajectory. The platform has accrued nearly $40 million in user fees, derived from taxing approximately 10% of the social tokens' trading volume. Half of this fee directly benefits the project team, while the remaining half is distributed to users involved in key trades.

While a flurry of FriendTech clones has surfaced, the original project maintains its dominance in the SocialFi realm, boasting impressive daily trading volumes. However, there has been a decline in unique user participation since late September, as reported by The Block.

A Week At RR📆 

Check out last weeks content published to stay up to date with the latest research trends & industry talking points👇

@therroundup.eth

#JoeRogan On Bitcoin 🍊 #cryptocurrency #bitcoin #crypto #blockchain #btc #ethereum #forex

@therroundup.eth

Cryptos Power Couple #SBF & Caroline Ellison Doing Time 😬 #cryptocurrency #bitcoin #crypto #blockchain #btc #ethereum #forex

RR Files🗂️

Wondering what we are reading this week at RR?

Worry no further!

As a reminder, this is not a trading signal or investment advice; it is an opinion, and each trader/investor should know and understand the risks of trading cryptocurrencies.

This should not be regarded as financial advice; feel free to familiarise yourself with our NFA disclaimer.

The RR Chat💬 | The R Roundup Announcement Channel📣 | Russian DeFi📍| RR Twitter🐥 | RR Labs Twitter🐥 | Instagram🤳 | Members Library🔒(Contact Admin In Telegram Chat For Signup Form) | Reddit📖 | LinkedIn👨‍💼 | NFA Disclaimer⛔️ | Phantom 🎭 | RR Gumroad🛣️ | Follow Us On TikTok🎥