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DeFi Weekly Report | Andre Cronje's new project Fixed Forex, what functionalities can be achieved after Ethereum 2.0?

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DeFi Weekly Report | Andre Cronje

Dear DeFi enthusiasts,

This week, with the bullish sentiments toward Bitcoin fueled by the likes of Elon Musk and Jack Dorsey at The ₿ Word event, Bitcoin surged, and various DeFi projects and Ethereum regained attention in the gaming token space! However, the coin price is not always the most exciting news, as it's the development teams that never fail to surprise us every week.

Headlines this week include: Details on Andre Cronje's new creation Fixed Forex: a decentralized forex superior to Tether and Circle, and the issuance of the ibff token; Full transcript of Ethereum founder's speech: What functionalities can Ethereum 2.0 achieve?; Regulatory scrutiny extends to DeFi? Uniswap removes certain token interfaces in response to regulations, sparking controversy; "The ₿ Word" event invites Elon Musk, Jack Dorsey, and Cathie Woods to discuss the future of Bitcoin, and more.

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Highlighted perspectives from industry veterans this week include: Uniswap founder Hayden Adams offers insights on what parts of Uniswap are decentralized and which are not; Yearn Finance founder Andre Cronje discusses the correct approach for Uniswap as a U.S.-registered company; and Ethhub co-founder Anthony Sassano shares other anticipated improvements besides EIP 1559!

✨ Top Stories of the Week

Regulatory Scrutiny on DeFi? Uniswap Removes Tokens Interface in Response to Regulation, Sparking Controversy

Decentralized exchange developer Uniswap Labs announced that due to the evolving regulatory environment, the front-end interface will stop supporting certain tokens on the platform, while emphasizing that the protocol itself still provides unrestricted access to anyone.

Details of Andre Cronje's New Project Fixed Forex: Decentralized Forex Superior to Tether and Circle, Introducing ibff Tokens

Yearn founder Andre Cronje shared more insights on the new stablecoin project Fixed Forex. He believes that the essence behind a fair launch is that everyone has equal advantages and rules; no secret "friends and family" rounds, seed rounds, etc., everyone can participate.

He mentioned that Fixed Forex leverages partnerships with Iron Bank, Yearn, Sushi, and Curve to achieve better efficiency. Fixed Forex includes USD, EUR, ZAR, JPY, CNY, AUD, AED, CAD, INR, and any other forex trading pairs launched under the Fixed Forex name. All forex options can be minted using any acceptable collateral on yearn.fi. The first available option is ibEUR, which can be minted through yearn.fi/lend.

Full Text of Ethereum Founder's Speech: What Features Can Ethereum 2.0 Achieve?

On July 24, 2021, the World Blockchain Conference · Hangzhou officially opened. Ethereum co-founder Vitalik Buterin delivered a speech titled "What Will Happen to Ethereum After 2.0?" In his speech, Vitalik mentioned that during the initial stages of ETH2 merge, some smaller upgrades will be implemented, introducing sharding and combining with Rollup, ideally achieving 100,000 transactions per second, with more details available in detailed reports.

Aave Successfully Adds Ampleforth Token AMPL to Voting

Decentralized lending protocol Aave has successfully added the algorithmic stablecoin Ampleforth token AMPL to voting, making AMPL the first rebase asset available for borrowing on Aave.

MakerDAO to Dissolve Foundation in Coming Months, Handing Over Operation Rights to Community

MakerDAO founder Rune Christensen announced plans to dissolve the MakerDAO foundation in the coming months and fully hand over project operations to the community, with the specific dissolution timeline yet to be announced. Rune Christensen proposed a decentralization plan in April 2020, transferring more rights to community members and providing corresponding rewards.

"The ₿ Word" Event Invites Elon Musk, Jack Dorsey, and Cathie Woods to Discuss the Future of Bitcoin

This week's "The ₿ Word" online event featured Tesla CEO Elon Musk, Twitter and Square CEO Jack Dorsey, and Ark Invest CEO Cathie Woods. Highlights of the discussion included Musk mentioning his personal holdings in Bitcoin, Ethereum, and Dogecoin for the first time; he mentioned the possibility of Tesla accepting Bitcoin payments again if energy consumption from Bitcoin mining decreases; he also mentioned he might "PUMP" Bitcoin but won't "DUMP" it. Jack Dorsey mentioned that Bitcoin will become a significant part of Twitter's future, including business, subscriptions, and other features.

Crypto YouTuber Chill's New Video: Introduction to DeFi for Beginners

Crypto YouTuber Chill recently released a new video aimed at introducing the basic concepts of DeFi decentralized finance to beginners.

😎 Insights from Leaders

Uniswap Founder Hayden Adams: Reminder, Uniswap protocol is decentralized; the user interface is owned by Uniswap Labs.

Yearn Finance Founder Andre Cronje: To my knowledge, Uniswap is a U.S.-registered company, and Uniswap.org is a website owned by a U.S. entity.

Ethhub Co-founder Anthony Sassano: Exciting times ahead with EIP 1559, as well as EIP 3074, EIP 3675!

📈 On-Chain Data

DeFi: Instadapp Total Value Locked TVL Ranks Top Three

According to Token Terminal data, DeFi management platform Insta Dapp's total value locked TVL has surpassed Compound and Uniswap to reach the top three in Ethereum DeFi, trailing only Aave and Curve.

Ethereum: Ether Price Unaffected by Bitcoin Energy Issues

Many believed that Bitcoin's environmental issues due to the POW consensus mechanism would redirect funds invested in Bitcoin to more eco-friendly blockchains, with Ethereum transitioning to POS being the second-largest public chain likely to receive more attention. However, data shows that Ether has not benefited from the recent Bitcoin energy FUD, with its price moving downward as well.

BTC: Bitcoin Enters "Buy Zone"

According to the Buy Sell Ratio of Bitcoin, Bitcoin has now entered the suitable "Buy Zone." This indicator is calculated from a 90-day weighted buy/sell ratio.

Institutions: Grayscale's GBTC Unlocking to Cease by 8/25

According to Bybit data, Grayscale's investment fund Grayscale will stop unlocking GBTC by 8/25. This is because GBTC has been trading at a discount since around 2/25 this year, so the selling pressure on GBTC is expected to completely cease within a month.

🐥 Nasduck Index: 4.0

Project Development 4, Institutional Attitude 5, Regulatory Attitude 3, On-Chain Data 4

Nasduck Index is a long-short indicator we compile based on the weekly cryptocurrency news and data, aiming to provide a simple prediction for the future trends of the cryptocurrency & DeFi market. A score of 1 indicates a bear market is brewing, while 5 indicates a bullish market ahead.

Nasduck Index is averaged weekly from project development, financial institution attitudes, regulatory agencies, and on-chain data analysis. (Note: Optimistic news is more common in general, so the Nasduck Index is more suitable for comparison with the past and future rather than considering anything above 3 as bullish for the future.)

🐶 Weekly Memes