Crypto Today: Metaplanet Shares, Uniswap Fees, Bitcoin & Quantum
Key developments in digital assets today include Metaplanet’s approval of a capital restructuring to issue dividend-paying preferred shares, Uniswap’s protocol fee switch approaching activation pending a near-certain governance vote, and Jameson Lopp indicating that a Bitcoin transition to post-quantum security could take up to a decade.
Metaplanet clears issuance of dividend-paying shares for overseas institutions
Metaplanet approved changes to its capital structure on Monday, enabling Japan’s largest corporate holder of Bitcoin to raise capital through dividend-bearing preferred shares targeted at institutional investors. Shareholders passed five proposals expanding the firm’s capacity to issue preferred shares, introducing new dividend features, and allowing participation from international institutional capital, according to Dylan LeClair, the company’s Bitcoin strategy director.
The measures reclassify capital reserves to facilitate preferred share dividends and potential buybacks, double the authorized totals of Class A and Class B preferred shares, and modify dividend terms to include floating and periodic payouts. Metaplanet also authorized the issuance of Class B preferred shares to overseas institutional investors.
Metaplanet held about 30,823 Bitcoin (BTC) at press time, valued at $2.75 billion, according to Bitcoin Treasuries. That positions the company as the largest corporate Bitcoin holder in Asia and the fourth-largest globally.
Uniswap fee switch set to activate as governance vote nears approval
The Uniswap protocol fee switch, known as “UNIfication,” is on track to pass and go live later this week after surpassing the 40 million vote threshold required for one of the decentralized exchange’s most significant upgrades.
Nearly 62 million votes had been cast in favor as of early Monday. Voting opened on Saturday and is scheduled to close on Thursday, Christmas Day.
Uniswap Labs CEO Hayden Adams said that, if the vote succeeds, a two-day timelock would precede activation of the Uniswap v2 and v3 fee switches on the Unichain mainnet, which would initiate additional Uniswap (UNI) token burns.
The proposal includes burning 100 million UNI from the Uniswap Foundation’s treasury and implementing a Protocol Fee Discount Auctions mechanism intended to enhance returns for liquidity providers.
The changes are expected to improve the UNI token’s supply-demand profile and potentially increase its appeal for long-term holders.
Jameson Lopp: Bitcoin transition to post-quantum security could take up to 10 years
The Bitcoin protocol’s move to post-quantum security standards could “easily” require as long as 10 years, according to Jameson Lopp, a Bitcoin Core developer and co-founder of crypto custody firm Casa. Lopp commented amid broader discussion that escalated after venture capitalist Nic Carter raised concerns about the absence of a quantum-readiness plan for Bitcoin.
Carter argued that the Bitcoin ecosystem should adopt post-quantum standards as soon as possible. Lopp responded:
“No, quantum computers won’t break Bitcoin in the near future. We’ll keep observing their evolution. Yet, making thoughtful changes to the protocol and an unprecedented migration of funds could easily take 5 to 10 years.”
The debate underscores differing views within the crypto sector. Some participants maintain that practical quantum threats to Bitcoin and common encryption remain decades away, while others, including certain developers and investors, contend that quantum supremacy could emerge within five years.
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