DeFi Weekly Update | El Salvador adopts Bitcoin, 1inch launches limit orders, Curve Finance V2 goes live

Dear DeFi enthusiasts,

If you were drawn into the cryptocurrency space in the past half year by the skyrocketing coin prices, Now is time to stay! With prices soaring daily, it's hard for anyone not to be distracted by price fluctuations, but if you carefully look at the progress of each DeFi or Crypto project weekly, you will once again be amazed by the Intrinsic Value it generates.

This week's headlines include: The 14th significant event in the history of currency! After El Salvador, which Latin American countries are most likely to adopt Bitcoin?; AMM profit-taking and stop-loss without burden! 1inch introduces an innovative solution "1inch Limit Order Protocol"; Curve Finance V2 goes live; Coinomo, a universal cryptocurrency exchange in Taiwan and Southeast Asia, completes a new round of fundraising.

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This week's selected insights include: Coingecko co-founder Bobby Ong reminds everyone how to ensure the safety of the coin circle; Bitcoin analyst Lark Davis, who usually focuses on Bitcoin, has started to praise Ethereum? And how does renowned venture capital IDEO Executive Director Ian Lee predict the driving force behind the next bull market?

This Week's Headlines

The 14th Major Event in Monetary History! Following El Salvador, Which Latin American Countries Are Most Likely to Adopt Bitcoin?

On June 9th, El Salvador successfully passed the proposal to adopt Bitcoin as legal tender, becoming the first sovereign nation to adopt Bitcoin as its official currency. This event was also listed by Agence France-Presse as the 14th major event in monetary history. According to the law, once Bitcoin becomes legal tender, prices for goods can be expressed in Bitcoin, and any economic entity must accept Bitcoin as payment; Bitcoin transactions will not be subject to capital gains tax and can be used for tax payments.

AMM Profit-Taking and Stop-Loss with No Burden! 1inch Introduces Innovative Solution "1inch Limit Order Protocol"

1inch Network is an aggregator trading platform that consolidates liquidity from various decentralized exchanges. The original limit order function of 1inch was based on the 0x protocol, which incurred high user operation costs; with the new protocol, the order execution opportunities for market orders will greatly increase, and the time required will be significantly reduced. In the future, developers can even implement features such as limit stop-loss, trailing take-profit, and other complex trading functions through this protocol.

Balancer Proposes Adding Fourth Gradient Liquidity Mining Rewards in V2

In the decentralized exchange Balancer's v1 version, all liquidity providers receive 145,000 BAL rewards per week. In the v2 version, additional rewards will be given based on the importance of different liquidity pools, divided into three gradients. Balancer recently proposed adding fourth-gradient rewards for liquidity mining in the v2 version to address the issue of excessive risk in the distribution of the third gradient. The fourth gradient will have 10 slots, with each slot receiving an additional 1,000 BAL reward per week.

Curve Finance V2 Launches, Offering General Asset Trading Functionality

The stablecoin decentralized exchange Curve Finance V2 has officially launched, providing trading functionality for general assets (such as the ETH/WBTC trading pair) using a new algorithm. The new liquidity pool relies on internal oracles implemented by exponential moving averages (EMA) and combined curve modules for asset swaps. The Curve V2 whitepaper indicates that the new algorithm will create liquidity 5 to 10 times higher than Uniswap and generate higher profits for liquidity providers.

Amazon Plans to Recruit Employees with DeFi Experience

According to a job posting for "Blockchain Product Lead" at the e-commerce giant Amazon, the company is looking for employees with experience in decentralized finance (DeFi). The job posting states that candidates should have experience operating complex products in emerging fields, a passion for blockchain, distributed systems, and cloud software, as well as experience in operating or innovating products in the blockchain field, especially in DeFi services.

Doge Meme Originator "Shiba Inu Kabosu" Releases NFT, Sold for $4 Million

The Dogecoin meme has become an essential image in the crypto community, and the Shiba Inu in the picture is a real dog named "Kabosu." On June 8th, Kabosu's owner released several Kabosu photo NFTs on the NFT issuance platform Zora. The most classic one was eventually auctioned by PleasrDAO for 1696.9 ETH, equivalent to $4 million at the time, setting a record for meme NFTs.

Coinomo Completes New Round of Funding Led by Singapore's Vertex Ventures

Singaporean cryptocurrency exchange Coinomo, which recently acquired the Taiwanese cryptocurrency wallet Dapp Pocket, has completed a new round of strategic funding. This round of funding was led by Singaporean venture capital fund Vertex Ventures Southeast Asia and India, which previously invested in Binance Asia. Coinomo is the fund's second investment in the cryptocurrency field. This round also saw participation from Razer zVentures, Spartan Group, Leo Cheng, and existing shareholder Long Capital.

Insights from Industry Leaders

On-Chain Data

Significant Decrease in Ethereum On-Chain Gas Fees

Ethereum gas fees have significantly dropped after the recent crypto market turmoil, even lower than the first half of this year. The decrease is speculated to be due to reduced transactions and restricted arbitrage activities.

Overview of Total DeFi User Growth

Total user numbers show no decline, allowing observation of the growth trends of various projects—whether accelerating or slowing down. Uniswap and 1inch, which have seen steep growth in user numbers, are the fastest-growing DeFi projects recently.

While Coin Prices Decline, Stablecoin Growth Continues

If price trends are seen as investment opportunities, stablecoin issuance is more indicative of application growth. The continuous growth in stablecoin issuance reflects the expansion of cryptocurrency applications.

Bitcoin On-Chain Transactions Return to Pre-Bull Market Levels

Binary CDD is a calibrated CDD (Coin Days Destroyed) indicator used to observe how long, on average, a unit of Bitcoin stays in a wallet before being traded. The current figure has decreased significantly, indicating a substantial reduction in the frequency of transactions by long-term holders.

Rise in Bitcoin Locked on Ethereum Continues

The price trend of Ethereum relative to Bitcoin has always been a focus. Although this figure fluctuates in the short term, the locking of BTC in the form of WBTC and renBTC on Ethereum is steadily growing.

Weekly Coin Picks

Curve Finance (CRV): Curve, with its unique algorithm mechanism, was originally a leading stablecoin exchange but had to continue improving its model under the strong competition from Uniswap V3. This week, Curve V2 responded strongly by providing trading functionality for general assets (such as the ETH/WBTC trading pair) using a new algorithm. It also claims to create liquidity 5 to 10 times higher than Uniswap, generating higher profits for liquidity providers.

Weekly Meme

pic.twitter.com/YHQlr4pPdx

— Ξwocki (🤖,💚) (@owocki) June 10, 2021

Author Bio

• Raizel / YouTuber promoting Bitcoin and DeFi, "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 makes it easy to start using DeFi and investing in cryptocurrencies! You can deposit USD stablecoins like USDC and invest in various DeFi products to earn approximately 5-15% annual returns without Gas Fees. You can also buy and sell mainstream cryptocurrencies like BTC, ETH. Use the exclusive invite code "DEFIER" for the weekly report and get OMO tokens upon download.