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The DeFier Weekly | The Associated Press to integrate information into the blockchain world through Chainlink

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The DeFier Weekly | The Associated Press to integrate information into the blockchain world through Chainlink

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Dear DeFier,

The senior brother is back!

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After half a year, Bitcoin $BTC has once again returned to its all-time high, and Ethereum ETH has also stabilized above 4000. With the launch of the first Bitcoin ETF, prices have successively reached new highs. Now, the market that the world is most concerned about is none other than the cryptocurrency market! This is also why we continue to pay attention to various fundamental project development news when prices are low, because we know that when institutions and funds re-enter the market, excellent currencies, DeFi, NFT, and even GameFi projects will eventually be noticed, and the bull market clearly is not over yet.

This Week's Headlines

Bitcoin ETF Performance Exceeds Expectations – Bloomberg Analyst Eric Balchunas

Less than a week after the ProShares Bitcoin ETF (BITO) launch, the second Bitcoin futures ETF by Valkyrie (BTF) also passed SEC and Nasdaq scrutiny and successfully began trading last Friday.

Notably, ProShares' ETF not only became the first Bitcoin ETF in the U.S., but its trading volume on the first day demonstrated significant interest in the Bitcoin market from traditional finance. Bloomberg analyst Eric Balchunas pointed out that BITO reached nearly $1 billion in trading volume on its first day, setting a record for the largest natural trading volume on an ETF's debut day, surpassing ETFs like DIA, ARKK, and SLV. "This completely exceeded our expectations."

If analysts often say that "traditional finance is increasingly interested in the Bitcoin market" as a conjecture, perhaps the high trading volume of this Bitcoin ETF is an initial confirmation. In fact, even considering the possibility of "pre-arranged large trades" on the first trading day, BITO still ranks second among many ETFs, just behind BlackRock's Low Carbon ETF—LCTU.

Associated Press to Integrate Information into the Blockchain via Chainlink – ChainlinkGod

Associated Press (AP), the world's largest news agency, announced a partnership with Chainlink's decentralized oracle network on the 21st to provide economic, sports, and business financial data to Chainlink. This collaboration aims to enable secure exchanges of real-world data with smart contracts on any blockchain.

AP's strength lies in its extensive, real-time, and accurate real-world information. By launching a Chainlink node, AP's data will be directly provided and sold to protocols operating on various blockchains, with the data verified through cryptographic signatures to confirm their source from AP. The data they provide includes political election information, economic data, sports event results, and business financial conditions. With this more accurate and extensive data, smart contract developers may eliminate higher-risk data sources, optimize, and develop more on-chain protocols.

Regarding this collaboration, Chainlink Labs' General Manager William Herkelrath stated: AP has a vast and continuously growing repository of events and data, and by combining it with Chainlink's oracle infrastructure, they can provide reliable data across major blockchain networks. AP's introduction of a Chainlink oracle node and support for innovation in the smart contract industry are significant.

This news undoubtedly serves as a major positive catalyst for the LINK token, with LINK's price rising over 20% since the 21st, making it one of the most prominent performers in the DeFi space.

Facebook to Launch Digital Wallet, Welcoming Early Adopters – Nathan Roth

Recent reports indicate that Facebook is considering rebranding to a company name related to the "metaverse" and is currently testing its digital wallet transfer system. The world's largest social media platform seems determined to embrace the blockchain industry.

Twitter user NATΞ R◎TH mentioned that in an industry cycle, only about 16% of people are considered "innovators and early adopters," and the next stage, "early majority," is likely to be opened to the majority by Facebook with its 2.89 billion users. After all, even the largest U.S. cryptocurrency operator, Coinbase, has only 68.2 million users.

NFT Market on Coinbase to Price in ETH – Sanchan Saxena

After Coinbase announced the launch of its NFT marketplace two weeks ago, the number of registrations quickly exceeded 1.4 million, and COIN stock price surged by 6%. Financial services firm BTIG analyst Mark Palmer even set a $500 target price for Coinbase, reflecting optimistic expectations for Coinbase's NFT marketplace.

This week, DeFi Pulse co-founder Scott Lewis tweeted, "Hope NFTs on Coinbase can be priced in Ether." This prompted a response from Coinbase's VP of Product, Sanchan Saxena, who replied, "Yes. All NFTs native to the Ethereum blockchain will be priced in ETH. In the future, as Coinbase introduces more NFTs on other blockchains, they will be priced in the primary token of that native blockchain."

This illustrates that Coinbase's NFT market is not only a boon for Ethereum and the NFT market but also reaffirms that as blockchain applications become more sophisticated, native chain cryptocurrencies like ETH will not just serve as investment targets but will truly possess monetary properties with an increasing array of applications.

Politicians Will Focus on Cryptocurrency for Three Reasons – Ryan Sean Adams

As the cryptocurrency industry evolves, not only are businesses and financial institutions beginning to take notice of this market, but Bankless advocate Ryan Sean Adams suggests that politicians will also realize it is a battleground because the cryptocurrency world offers:

1. Voting power.

The cryptocurrency community has a fundamental drive to express support for policies. This is one of the valuable aspects of governance tokens. Recent events in Congress have shown that the crypto community is not hesitant to act on their beliefs. Politicians will value such citizens because they care about their communities.

2. Capital.

At first glance, this may seem obvious, but the cryptocurrency community possesses not only the ability to create profits but also redefine the power of money. If your industry can create money, you naturally have a significant budget. Furthermore, you will have a strong motivation to protect your industry. Clearly, capital can drive political operations.

3. Job opportunities.

You won't find an industry that creates job opportunities more than the cryptocurrency industry. AI? Genetic engineering? These are promising industries, but none can match the cryptocurrency industry in continually creating new assets to recruit more talents. The fact is, people like job opportunities, people like high-paying job opportunities, people like job opportunities that allow remote work. The cryptocurrency industry offers these opportunities, and politicians see it.

Honorable Mentions

This is Yellen's Conspiracy – Qiao Wang

What is NFT? Isn't that simple? – 6529

BAYC is so cool! – JJ Lin

Weekly Memes

Author Bios

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

  • Thomas / DeFi enthusiast working in chip design in Boston

  • Anderson / Founder of Dapp Pocket & Coinomo, where DeFi deposits > bank deposits

This article is not investment advice. Thank you for reading the DeFi Weekly Report. Feel free to contact us or join the Taiwan DeFi Group for further discussions. If you enjoyed this report, please subscribe or share to receive the latest DeFi Weekly Reports and articles every week.