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DeFi Weekly Report July 2021 Week 1 | Balancer, Cream launch on Polygon; Uniswap V3 liquidity mining contract deployed

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DeFi Weekly Report July 2021 Week 1 | Balancer, Cream launch on Polygon; Uniswap V3 liquidity mining contract deployed

Dear DeFi enthusiasts,

How have the past two months been for you? If you are feeling discouraged by your recent foray into DeFi, don't worry too much as a new month marks a fresh start! If you are unaware of the significant events happening in Ethereum this month, let us give you a hint: What is the answer to 40+1 * 40-1? Additionally, a new index, the Nasduck Index, will be introduced starting this week! This index is a long-short indicator compiled based on weekly developments and data in the cryptocurrency market, aiming to provide a simple prediction for the market trend ahead.

This week's headlining news includes: JP Morgan analysts bullish on ETH 2.0: opportunities for quick returns; Andre Cronje finally unveils a new stablecoin project: tokenless, unaudited, purely experimental; Balancer and Cream launch on Ethereum scaling solution Polygon network; Uniswap V3 liquidity mining contracts deployed on the Ethereum mainnet and all testnets, and more.

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This week, we bring you a showdown of titans full of fireworks: Why did MakerDAO founder Rune Christensen openly accuse the Chainlink community of extortion on Twitter!? Uniswap founder Hayden Adams has been receiving sarcastic replies from Curve's official account ever since the launch of Uniswap V3!? And do you know the eternal Ethereum VS Bitcoin battle, with Ethhub co-founder Anthony Sassano criticizing the Bitcoin maximalists as the "Boomers" of the crypto world!

This Week's Headlines

JP Morgan Analysts Bullish on ETH 2.0: Opportunity for Rapid Returns

JPMorgan Chase, one of the world's largest investment banks and previously a staunch critic of cryptocurrencies, now has two senior analysts who predict that with the upgrade to Ethereum 2.0 and the adoption of the PoS mechanism, Ethereum's staking income could reach as high as $9 billion annually. They estimate that Ethereum's staking revenue will double to $20 billion next year and has the potential to double again to $40 billion by 2025.

Andre Cronje Finally Unveils New Stablecoin Project: Tokenless, Unaudited, Purely Experimental

Founder of Yearn, Andre Cronje, has finally launched his latest project this week, emphasizing that this project named "Fixed Forex" is tokenless, unaudited, and purely experimental—a decentralized stablecoin framework that is tamper-proof, zero-cost, and has zero governance mechanisms. The final version will be released based on Curve's liquidity pools. One of the mechanisms called "LTVs Loan-to-value ratios" is inspired by Compound, Aave v1, Aave v2, and Iron Bank. "Fixed Forex" will synchronize with the collateral assets accepted and set up by the aforementioned protocols.

Balancer, Cream Go Live on Ethereum Scaling Solution Polygon Network

Decentralized exchange Balancer has gone live on the Ethereum scaling solution Polygon network and launched liquidity mining pools. Additionally, lending platform Cream Finance has announced the completion of integration with Polygon, facilitating faster transactions for users, reducing gas fees, and planning to promote liquidity mining programs in the future.

Uniswap v3 Liquidity Mining Contract Deployed on Ethereum Mainnet and All Testnets

The Uniswap v3 liquidity mining contract has been deployed on the Ethereum mainnet and all testnets. The liquidity mining in the v3 version is similar to v2, where liquidity providers (LPs) can earn rewards as long as their liquidity remains within a range. Additionally, v3 introduces some improvements, including LPs now being able to earn multiple liquidity mining rewards on a single token pair.

USDC Now Issued on Tron, Circulating Supply Exceeds $100 Million

The second-largest stablecoin by market capitalization, USDC, is now issued on the Tron public chain. USDC, a fiat-backed stablecoin project closely following USDT, boasts a more robust and transparent mechanism for backing with the US dollar.

Industry Insights

Uniswap Founder Hayden Adams: Why have I been receiving snarky comments from the official Curve account ever since Uniswap V3 was launched?

Ethhub Co-founder Anthony Sassano: Bitcoin Maximalists really resemble the "Boomers" of the crypto world

On-Chain Data

Bitcoin Short-Term Transaction Volume Slows Down

UTXO: Unspent Transactions Output. In simple terms, it refers to the BTC that others have given to you, and you have not spent yet. The UTXO has seen a significant decline since May, indicating an increase in short-term traders. The figure has shown a trend of recovery from early June to date, suggesting holders are starting to transition to hodlers.

Bitcoin Mining Difficulty Ribbon Indicator Reversal

The Bitcoin mining difficulty ribbon indicator displays the moving average trends of mining difficulty from 14 days to 200 days. Based on past instances of difficulty reversals, it could signal an upcoming price surge.

Bitcoin Exchange Balance Stops Rising

The amount of cryptocurrency held on exchanges is typically considered more liquid as it is easier to sell. The chart shows that this figure began to rise rapidly before the May price crash and has been on a declining trend since June, indicating a reduction in selling pressure.

Nasduck Index: 3.75

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

Introducing a new segment this week: the Nasduck Index! This is a long-short indicator we have compiled based on the weekly news and data in the crypto and DeFi space, aiming to make a simple prediction of the future trends in the cryptocurrency and DeFi markets. A score of 1 indicates a bearish sentiment, while 5 indicates a bullish sentiment.

Weekly Meme

Author Bios

  • Raizel / YouTuber promoting Bitcoin and DeFi on "Chill Blockchain"

  • Thomas / DeFi enthusiast working in chip design in Boston

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

Partners

Coinomo, previously Cappuu, allows you to easily start using DeFi and investing in cryptocurrencies! You can deposit USD stablecoin USDC, invest in various DeFi products for passive income, and buy/sell BTC, ETH, and other cryptocurrencies. Feel free to use the exclusive invite code "DEFIER" for the weekly report and receive OMO tokens upon download.

This article does not constitute investment advice. Thank you for reading the DeFi Weekly Report. Feel free to contact us or discuss in the Taiwan DeFi group. If you enjoy the content, please subscribe, share, and receive the DeFi Weekly Report and latest articles every week 😊