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DeFi Weekly Update: Vitalik's Interview, Aave to Launch NFT Collateral, Uniswap Deploys on Arbitrum

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DeFi Weekly Update: Vitalik

Dear DeFi enthusiasts,

Apologies for being late this week, but as the saying goes, we never miss a beat. Following the well-received "Weekly Coin Picks" last week, we are upgrading the content with "On-chain Data"! On-chain Data is a unique analysis method in the DeFi and blockchain space. Due to the transparent nature of public chain data, we can see all real transaction data on the blockchain in real-time, including fund flows, project operations, etc. What happened on-chain this week? Let's find out!

This week's headlines include: Million-subscriber AI scientist interviews Vitalik, what did they discuss for three hours?; Aave founder reveals: NFT collateral support coming soon! Collateral liquidation mechanism sparks community discussion; Uniswap v3 now deployed on Ethereum scaling solution Arbitrum; SushiSwap community governance proposes developing Sushichain to facilitate asset exchange with other chains, and more.

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Insights from industry experts this week: Tesla CEO Elon Musk pays attention to Vitalik's interview?! What are his thoughts? Binance founder Zhao Changpeng strongly condemns Musk's flip-flopping attitude towards Bitcoin? And Ethhub co-founder Anthony Sassano reveals the biggest winner of the Bitcoin Miami conference is...?

This Week's Headlines

Million-subscriber AI scientist interviews Vitalik, discussing a wide range of topics over three hours

Podcaster scientist Lex Fridman, with a million subscribers, released an interview video on June 4th featuring Ethereum founder Vitalik Buterin. The conversation covers topics such as MEV issues, sharding progress, scalability projects, Polygon, and Vitalik's views on Dogecoin and Musk.

Aave founder reveals: NFT collateral support coming soon!

Decentralized lending protocol Aave's founder Stani Kulechov announced this week that Aave will soon support NFT collateral. However, due to the unique nature of NFTs and their auction-based transactions, with values being more subjective compared to regular tokens, most speculate that Aave may operate NFT lending in a peer-to-peer manner. This means that before each NFT lending transaction occurs, a buyer must be found, and both parties must agree on parameters such as the clearing price, loan interest rate, and loan term.

Uniswap v3 now deployed on Ethereum scaling solution Arbitrum

Prior to this, the Uniswap community passed a proposal to deploy Uniswap v3 on Arbitrum, which has now been successfully implemented. Uniswap stated: "Once Uniswap v3 is open to all users on Arbitrum, the deployment will run immediately without additional work. Currently, it is only available to whitelisted developers."

SushiSwap community governance proposes developing Sushichain to facilitate asset exchange across chains

In a recent proposal by DeFiDave in the SushiSwap community, the development of a multi-chain compatible Sushichain is suggested to connect SushiSwap liquidity across multiple chains and support on-chain transactions of non-EVM native assets like Bitcoin, Polkadot, Solana, Zcash, and more. The proposal highlights that Sushichain can help address liquidity fragmentation and establish Sushi's presence in a future multi-chain world.

1inch introduces Flashbot transaction feature to prevent frontrunning losses

On-chain transaction aggregator 1inch Network has added a Flashbot transaction feature. When users select Flashbot as the transaction type, the transaction remains unseen by third parties in the memory pool until it is added to the blockchain, thus avoiding potential losses from frontrunning.

Google lifts some "cryptocurrency ad ban" restrictions! Gives green light to exchanges and wallets

Google lifted a "cryptocurrency ad ban" that had been in place for nearly three years. Previously, this rule primarily prevented cryptocurrency exchanges from using Google ad services, disallowing advertisers from running ads related to "cryptocurrency, ICOs, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading." After the ban is lifted on August 3rd, U.S. cryptocurrency exchanges and wallets can advertise their products and services if they meet requirements and obtain Google certification.

Expert Opinions

Tesla CEO Elon Musk: I very much agree with Vitalik's views

Binance founder Changpeng Zhao: Great power comes with random humor, not greatness, and not fun

Ethhub co-founder Anthony Sassano: The biggest winner of the Bitcoin Miami summit is actually Ethereum

On-chain Data

On-chain Data is a unique analytical method in the DeFi and blockchain space. With the data's transparency, we can see all real transaction data on the blockchain in real-time, including fund flows, project operations, real-time gas fees, and more. By integrating and analyzing on-chain data appropriately, we can avoid the complexity of market noise and price fluctuations, gaining a clearer understanding of the real operations behind the cryptocurrency market.

Starting this week, we will select unspecified on-chain data for you and provide our insights. Readers can interpret the data differently based on their own perspectives, as the same data can be interpreted in multiple ways. If you have interesting data and analysis to share, feel free to join the Taiwan DeFi Telegram group and share with everyone.

DeFi Growth Indicators

1. AAVE's daily fees surpass Bitcoin for the first time

The "on-chain revenue" of blockchain is calculated based on mining rewards, while DeFi projects calculate revenue based on transaction fees and performance fees they collect. The level of on-chain revenue can indicate real users' willingness to pay for projects, rather than just traders. The data shows that the Ethereum blockchain consistently leads in daily and seven-day revenue, with three of the top five projects being DeFi projects on Ethereum, and lending leader AAVE surpassing Bitcoin in on-chain revenue for the first time.

2. Top three most profitable projects: KeeperDAO, MakerDAO, MetaMask

If we calculate the data from the past six months together, the top three most profitable DeFi projects are KeeperDAO, MakerDAO, and MetaMask.

Ethereum Future Trend Indicators

1. Steady growth in ETH 2.0 staking rate regardless of price performance

The growth in staking rate indicates that despite the increased issuance of Ether in block rewards, more Ether is being staked into ETH 2.0, implying a slowing down of the inflation rate of circulating Ether (staking rate growth must exceed inflation rate to offset each other).

2. Gradual decrease in Ethereum quantity on exchanges (withdrawn to wallets)

The amount of Ethereum on exchanges can be seen as more liquid Ether (ready for trading), and a decrease in this number indicates more users opting to hold Ether in wallets or stake it in ETH 2.0.

Bitcoin moving back to long-term holder wallets

3. Long-term holders starting to accumulate Bitcoin

The chart shows that after the May 19th market crash, long-term holders (often referred to as "diamond hands") continue to accumulate Bitcoin.

Weekly Coin Picks

Dogecoin DOGE: Dogecoin is no longer just a niche meme coin! If Bitcoin leads the cryptocurrency market forward with decentralization and digital gold as consensus, Dogecoin largely represents resistance to traditional finance and the rising meme culture. The firm support from the richest Elon Musk has elevated it further; cross-chain projects like Ren have given it utility value in DeFi; and after V's affirmation this week that Doge can collaborate with Ethereum, it seems to seal the fate of the once small meme for eternal glory.

Ethereum ETH: EIP 1559 in July, and the continuous development of DeFi are old news. Just from the new chapter of on-chain data this week, one can sense the trend of Ether flowing out of exchanges and staking into ETH 2.0. Plus, Musk's "I agree with V," while not explicitly stating what he agrees with, hints at his interest in Ethereum. If he's interested in Bitcoin and averse to the energy consumption of PoW, wouldn't ETH better align with this entrepreneur's preferences?

Weekly Memes

Author Profiles

  • Raizel / Youtuber promoting Bitcoin and DeFi on "Chill Blockchain" channel

  • Thomas / DeFi enthusiast working in chip design in Boston

  • Anderson / Founder of Dapp Pocket & Cappuu, choosing DeFi deposits over bank deposits

Collaboration Partner

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