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DeFi Weekly Report | EIP-1559 Opponents Miners Revolt, USDT Enters Solana Blockchain

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DeFi Weekly Report | EIP-1559 Opponents Miners Revolt, USDT Enters Solana Blockchain

Dear DeFi enthusiasts,

Bitcoin quietly broke through the historical new high of $60,000 again, and artist Beeple's NFT reached a record-breaking auction price. The bull market is unsurprisingly continuing! Let's keep track of the important DeFi news this week.

This week's headlines include: Strong opposition to EIP-1559! Some miners will conduct a show of force on April 1, aiming to gather 51% of the hash power for 51 hours; the USD stablecoin USDT is now circulating on the high-performance public chain Solana; Cappuu integrates with Solana and will soon support the Solana version of USDC; Decentralized exchange DODO's contract was hacked, but the hacker voluntarily returned the funds?

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This week's selected viewpoints include: Why does Ethereum developer Eric Conner suggest reducing the Ethereum block reward from 2 ETH to 1 ETH? What does Bankless promoter Ryan Adams see about the current state of DeFi from the market value of the listed company Coinbase? And Yearn founder Andre Cronje asked on Twitter how long it takes for people to get tired of a DeFi project, with most people's choices being quite intriguing.

Cappuu.com, exclusive invitation code for the weekly report: DEFIER

1. This Week's Highlights

โœจ Top Headline of the Week

Strong Opposition to EIP-1559! Miners to Stage Show of Force on April 1, Aiming to Gather 51% Hash Rate for 51 Hours

Some Ethereum miners are organizing a protest against the upcoming Ethereum Improvement Proposal EIP-1559. On April 1, they plan to direct their hash rate towards the Ethereum mining pool Ethermine for 51 hours as a show of force. The miners' intention is not to attack Ethereum or execute double spends (although they have the capability), but to warn developers that the opposing miners have the power to split Ethereum.

Andre Cronje Releases New Project Aimed at Solving Impermanent Loss

Founder of Yearn, Andre Cronje, recently announced a contract he has been working on for two years to address impermanent loss in automated market makers (AMMs). The project does not have a user interface available yet, but AC mentioned he was too excited and decided to release the news early.

DODO Contract Attacked, Majority of Assets Already Recovered

DODO, a decentralized exchange, had its fund pool contract's initialization function exploited by hackers. However, the transactions initiated by the hackers were front-run by trading bots, and the front-runner later returned the assets to DODO. The process was as thrilling as a movie. For more information on front-running, refer to the well-known article "Ethereum is a Dark Forest."

US Dollar Stablecoin USDT Now Circulating on High-Performance Public Chain Solana

Tether announced that the US dollar stablecoin USDT is now circulating on the high-performance public chain Solana, making it the 8th blockchain network supported by USDT. Tether stated that USDT on the Solana network can process transactions at over 50,000 per second, with transaction prices typically as low as $0.00001 per transaction.

Cappuu Integrates with Solana, to Support Low-Fee USDC SPL

DeFi investment aggregator App - Cappuu, completed integration with the Solana public chain this week, now supporting the transfer of SOL tokens. It is expected to soon allow users to buy, deposit, and withdraw the stablecoin USDC SPL on Solana. Solana is a decentralized blockchain supported by Sam, the founder of the renowned exchange FTX, known for its extremely low transfer fees and fast transactions.

๐Ÿš€ DeFi Protocols

๐Ÿ”— Blockchain

๐Ÿ› Exchanges, Regulations, Institutions

2. Insights from Industry Leaders

Ethereum Developer Eric Conner: Considering Security and ETH's Minimum Issuance, Ether Block Rewards Should Potentially Be Reduced from 2 to 1

Bankless Advocate Ryan Adams: In Terms of Coinbase Market Value, DeFi's Undervaluation is Exaggerated

Yearn Founder Andre Cronje: How Long After You Start Paying Attention to a Project Do You Get Bored?

3. Data Metrics

The data for this week is as of 3/15/2021. TVL (Total Value Locked) in Figure 1 indicates the total assets stored in DeFi platforms; Maker Dominance displays the proportion of the largest project by market value; and DeFi Pulse Index is the DeFi weighted index from SetProtocol. Figure 2 shows the current top ten DeFi projects by TVL ranking. Source: DeFi Pulse.

4. Weekly Memes

Author Introduction

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

  • Thomas / DeFi enthusiast working in chip design in Boston

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

Further Reading

  • DeFi Weekly Report | EIP-1559 to be Implemented in London Hard Fork in July, Yearn and Cover Terminate Partnership
  • DeFi Weekly Report | Ethereum Pushes EIP-1559 to Reduce Fees, Competing Public Chains Emerge

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