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DeFi Weekly Report | EIP-1559 to be implemented in July London hard fork, Yearn and Cover terminate partnership

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DeFi Weekly Report | EIP-1559 to be implemented in July London hard fork, Yearn and Cover terminate partnership

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Dear DeFi enthusiasts,

The highly anticipated EIP-1559 and the London hard fork are finally scheduled to be implemented in July this year. The price of ETH seems to be boosted, which in turn has revitalized various DeFi tokens. Additionally, we are happy to announce that the weekly report has reached its one-year anniversary, thank you for all your support!

In addition to the EIP-1559 news, this week's headlines include the Balancer community launching the BAL for Gas proposal, which is expected to continue subsidizing Gas Fees paid by users on Balancer trades; perpetual contracts without order books, what is Alpha's new product "AlphaX" all about?; UMA announces KPI options airdrop standards, airdropping tokens to participants from Yearn, Yam, Sushi, BadgerDAO, and Balancer communities; Yearn's merger with Cover unexpectedly gets terminated!

In this week's featured viewpoints, we have selected Binance founder Zhao Changpeng revealing that he found out about Binance Smart Chain from Twitter? Why does Kyber co-founder Loi Luu say he is more confused than excited about NFTs? And what does the symbol "Ξ" that Aave founder Stani Kulechov mentioned actually represent?

1. This Week's Highlights

✨ Featured News of the Week

EIP-1559 to be Included in Ethereum London Upgrade, Scheduled for Execution in July this Year

During the Ethereum core developer meeting, developers agreed to incorporate the Ethereum improvement proposal EIP-1559, which involves burning Gas Fees, into the Ethereum London upgrade. Ethereum developer and ConsenSys product manager Tim Beiko mentioned at the Ethereum core developer meeting that the proposal is expected to be completed by April to allow a few months for testing before its inclusion in the London hard fork in July. Additionally, at least five other EIPs will also be included in the Ethereum London upgrade.

Sustainable Contract without Order Book, What's Alpha's New Product "AlphaX" About?

AlphaX is a decentralized perpetual contract product without an order book, allowing users to leverage long or short positions on various cryptocurrencies. AlphaX incorporates the concept of funding rates, which is difficult for newcomers to understand in perpetual contracts, into the opening and closing prices of traders, automatically adjusting the price based on the funding rate. Additionally, AlphaX plans to tokenize traders' long and short positions to increase the utilization of user assets, attracting more users to participate.

UMA Announces KPI Options Airdrop Criteria, Airdropping Tokens to Yearn, Yam, Sushi, BadgerDAO, and Balancer Community Participants

Synthetic asset protocol UMA recently announced the launch of KPI options tokens, the value of which is determined by the UMA platform's TVL. The first options will expire in June this year, and depending on the UMA platform's TVL, each KPI token may be valued between 0.1 UMA to 2 UMA. UMA announced the airdrop list this week, which includes UMA holders, users involved in the UMA community, and users who have voted in Snapshot in governance communities such as Yearn.

Balancer Community Launches BAL for Gas Proposal, Plans to Continuously Subsidize User Gas Fees on Balancer Trades

Decentralized exchange Balancer initiated several proposals this week, one of which aims to provide 30,000 BAL tokens to continue and improve the "BAL for Gas" program, compensating Balancer traders for their Gas Fees. The new compensation model differs from the past in several aspects: compensation amount is determined by the token trading amount involved in each transaction, compensation price is based on the average Gas Fee of the past few blocks, and it adopts a first-come, first-served logic with the community deciding whether to continue after the distribution of the 30,000 BAL.

Yearn Terminates Merger Process with Cover Protocol

Decentralized asset management protocol yearn.finance tweeted, "Decided to terminate the previously announced merger between Yearn and Cover... Yearn Vault users who have purchased insurance are not affected." Founder Andre Cronje replied, "I feel very sad personally, I used to have a lot of respect and trust in the Cover team. This is a lesson, I won't trust them again." AC has since deleted the tweet, admitting it was an overly emotional statement.

🚀 DeFi Protocols

🔗 Blockchain

🏛 Exchanges, Regulation, Institutions

2. Insights from Industry Leaders

Binance Founder Changpeng Zhao: Fun Fact - I Actually Learned about Binance Smart Chain from Twitter

Kyber Co-Founder Loi Luu: I Am More Confused than Excited about NFTs

Aave Founder Stani Kulechov: Ξ

3. Data Indicators

Data as of March 8, 2021. TVL (Total Value Locked) in Figure 1 indicates how much assets are stored in DeFi platforms; Maker Dominance shows the proportion of the current largest project by market value; DeFi Pulse Index is the DeFi weighted index from SetProtocol. Figure 2 displays the current top ten DeFi projects by TVL ranking. Source: DeFi Pulse.

4. Weekly Memes