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【Dapp Pocket】DeFi Weekly Report for the first week of January: Ethereum's ETH surpasses $1000

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【Dapp Pocket】DeFi Weekly Report for the first week of January: Ethereum

Dear DeFi enthusiasts,

Happy New Year 2021! Congratulations on Ethereum (ETH) reaching $1000 🚀here.

Starting this week, "Our Perspective" will be presented as in-depth research topics on Fridays to provide readers with more comprehensive industry observation reports!

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This week's headlines include the launch of the new prediction market "Hakka Wisdom Handbook" by Hakka Finance; YFI founder Andre Cronje's experimental project yCredit; MakerDAO's liquidity mining proposal aiming to push Dai's market cap to a billion dollars, and more.

This week's main views include The Defiant's Camila Russo's assessment of Ethereum's price surge; why Aave's Marc Zeler believes the success of DeFi this year depends on the development of L2 solutions; and SetProtocol's Anthony Sassano reminding everyone that Ethereum's price surged from 860 to 1420 in 2018 in just X days!

1. This Week's Highlights

🔥 Top Headlines of the Week

Seven-Day Surge Far Exceeds Bitcoin! Polkadot Surges After Receiving Tens of Millions in Development Funds, Is It Speculative?

Polkadot is a Proof of Stake (NPoS) network built by the blockchain infrastructure development organization and Web3 Foundation, aimed at solving scalability challenges with sharding technology and enhancing interoperability between chains. Following Binance's announcement of a $10 million investment to support Polkadot's ecosystem growth and the launch of the first DeFi project Reef based on Polkadot, its token Dot surged from around $5 to $10.

Hakka Finance Introduces New Prediction Market "Hakka Wisdom Handbook"

Taiwan-based DeFi team Hakka Finance has launched a new prediction market called "Hakka Wisdom Handbook." It allows users to "predict" the relative price movements of tokens and place bets using staked tokens. Those with higher prediction accuracy than average can earn rewards, while those below average may incur partial losses. Typically, such prediction markets should be a zero-sum game where wins equal losses, but the rewards offered by the prediction contest organizers can make it a positive-sum game, meaning participants can earn positive returns on average.

YFI Founder Andre Cronje Launches Experimental Project yCredit

yearn.finance and Keep3R founder Andre Cronje recently introduced a new experimental project called yCredit. Built on the concept of Stable Credit, it allows users to collateralize ERC20 tokens and borrow 99.5% of the value in yCredit. Trading, collateralizing, and borrowing with yCredit will incur a 0.5% fee, which will be fully distributed to users staking yCredit.

It is worth noting that NourHaridy mentioned on Twitter that yCredit's smart contract is vulnerable to attacks, potentially leading to losses for all users. He advised users who have deposited ETH into the contract or purchased yCredit on Sushiswap to immediately withdraw or sell.

MakerDAO Initiates Liquidity Mining Proposal to Push Dai Market Cap to One Trillion Dollars

MakerDAO launched a liquidity mining program proposal this week, allowing all Dai minters to mine MKR rewards. The proposal aims to boost Dai's market cap to $100 billion, ensuring a more robust peg with high liquidity. This shift would then allow governance focus to shift to other aspects such as project integrations and fiat onramps.

Ethereum Scaling Solution Optimism Plans Mainnet Soft Launch on January 15, Community Public Testnet Release on March 15

The Ethereum Optimistic Rollup scaling solution Optimism team announced in their annual summary report that the code was frozen two weeks ago to prepare for the mainnet trial run for Synthetix, with the mainnet soft launch scheduled for January 15 and community version release on March 15. Despite extensive testing, Optimism expressed concerns about potential errors, hence they plan to retain upgrade keys for at least six months to ensure user fund security.

🚀 DeFi Protocols

⛏ Liquidity Mining

🎨 NFTs

🏛 Regulation and Institutions

💰 Financing

2. Insights from Industry Leaders

The Defiant Editor-in-Chief Camila Russo: Last time Ethereum hit 1000, we didn't have Compound, Aave, Uniswap...

Aave Community Lead Marc Zeler: In Q1 2021, DeFi's success will depend on the development of Layer 2 solutions

SetProtocol CMO Anthony Sassano: In 2018, Ethereum went from 860 to 1420 All-Time High in 10 days, what about this year?

3. Data Metrics

The data this week covers the period from 12/29/2020 to 1/4/2021. TVL (Total Value Locked) indicates how much value is stored on the platform; IPY (Interest Per Year) is the current borrowed funds * annual interest rate, representing the platform's annual interest income. Data Source: DeFi Pulse. (Unit: million USD)

4. Weekly Memes