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first_img Groma launched its first permissioned asset GRO on Uniswap v4, supporting on-chain issuance and redemption

Real estate tokenization platform GromaCorp announced the launch of GromaCoin (GRO) on Uniswap v4, which is the first permissioned asset on Uniswap's automated market maker. GRO is paired with USDC, allowing verified investors to buy, sell, issue, and redeem on-chain at net asset value. GRO is an ERC-3643 security token issued on the Base network, with KYC and investor qualification rules embedded at the token level to prevent transfers to unapproved wallets.Each GRO represents a fractional ownership in the Groma Real Estate Trust, which is a regulated real estate investment trust (REIT) in the United States, focusing on multi-family residential properties, with assets primarily located in the Greater Boston and Providence areas. The trust's total asset value is nearly $95 million, with each GromaCoin having a net asset value of $1.07, and the portfolio includes over 125 to 150 income-generating properties, paying dividends quarterly, with a current yield of approximately 3.74%.Uniswap launched the Permissioned Pools framework on July 23, 2026, allowing asset issuers to operate managed whitelists and conduct compliance checks on-chain, with unverified wallets unable to participate in trading. GromaCoin is the first asset to adopt this framework and is currently only available to accredited investors. Groma has also partnered with Birch Hill and Morpho to allow holders to borrow USDC using GRO as collateral, with an initial supply cap of $5 million for this lending setup.

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.

The SEC's conditions for tokenized securities exemptions have sparked disagreements, with the industry calling for clarification on the "public and permissionless" standard

The innovation exemption for tokenized securities trading venues launched by the U.S. SEC in September is sparking controversy within the industry regarding blockchain qualification standards. This exemption allows eligible companies to trade tokenized U.S. stocks without registering as traditional securities exchanges, but requires their smart contracts to be auditable, public, and deployed on a public, permissionless blockchain.Currently, three companies have submitted operational intent notices to the SEC. TSV LLC plans to use the privacy-focused Canton Network; OKXICE and Kephas Corp. intend to utilize their respective enterprise group's developed Ethereum Layer 2 networks.In a letter submitted on Thursday, the Solana Policy Institute requested the SEC to tighten the definition of "permissionless," focusing on who actually controls the blockchain, including who can validate or block transactions and modify network rules. Hedera advocates for an expansion of the exemption's scope, arguing that only authorized entities should participate in validation, which should not disqualify their network.The Securities Industry and Financial Markets Association (SIFMA) also called for clarification on which blockchains are eligible and questioned whether stock tokenization should require explicit prior consent from the issuing company, rather than requiring companies to opt out. The financial regulatory advocacy group Better Markets urged the SEC to withdraw the exemption and instead engage in formal rulemaking.An SEC official stated that companies can begin operations 30 days after submitting a notice, provided they meet the exemption criteria, without waiting for SEC approval, which does not imply SEC endorsement of their chosen blockchain. The official noted that the regulatory agency intends to maintain a broad definition to allow space for companies to experiment; further frequently asked questions may be released, but substantive adjustments would require action from the commission.Meanwhile, more companies are opposing the tokenization of their stocks. As of Friday, among the 62 companies initially listed by OKXICE, 22 have raised objections, exceeding one-third. New objectors include Wells Fargo, Arm, and Intuit.
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