Dear DeFi enthusiasts,

If when the price of the coin will rise is the question you most want to ask these days, borrowing a phrase from the DeFi big shots, you might ultimately NGMI Not Gonna Make It. While you are staring at the coin price, developers are continuing to push towards the next milestone of the project; some investors are eyeing the next emerging project; and some, after looking at on-chain data and institutional maneuvers, are even preparing to buy the dip?

Headlines this week include: Citigroup ventures into the crypto market! Announces the establishment of a digital asset department; decentralized cross-chain trading protocol AnySwap officially launches Arbitrum One; lending protocol Venus releases V3 roadmap, focusing on four major areas including DAO governance structure and developing new business; Compound's oracle improvement proposal passed, adopting Chainlink price feeds instead of Coinbase; Liquidated for $200,000 in half an hour? Chinese KOL recounts the story of Alpaca Finance's liquidation.

This week's selected viewpoints include: Why Messari founder Ryan Selkis believes that even though the market is a bit grim now, it doesn't affect the progress of most projects? AAVE community director Marc Zeller feels sad for these quality projects? And Yearn Finance founder Andre Cronje actually expresses fear about EIP 1559 and ETH 2.0!?

✨ Top Headlines This Week

Citigroup Ventures into Crypto Market! Announces Establishment of Digital Assets Department

After 2021, more and more major financial giants are venturing into the cryptocurrency market. Morgan Stanley announced in March this year three Bitcoin funds for its high net worth clients; Goldman Sachs announced the launch of Bitcoin non-deliverable forwards (NDFs) in May this year, and JPMorgan was rumored to be launching Bitcoin funds for high net worth clients in April this year. Today, global financial giant Citigroup also announced the official establishment of a new department dedicated to the business of cryptocurrencies and blockchain. It is worth mentioning that Citigroup recently provided an in-depth analysis of DeFi.

Ethereum Testnet Ropsten Activates London Upgrade

The Ethereum testnet Ropsten activated the London upgrade on June 24th at 10:03 AM at block height 10499401. The upgrade includes EIP-1559 to improve gas fees and the delay of the difficulty bomb to December 1, 2021, among other updates.

Compound Improvement Proposal for Oracles Passes, Adopts Chainlink Price Feeds over Coinbase

The DeFi lending protocol Compound has passed an improvement proposal for oracles initiated by community members. Chainlink oracles will replace the previously dominant Coinbase oracles as the price feed source.

AnySwap Officially Launches on Ethereum Layer 2 Protocol Arbitrum One

The Beta-mainnet V3 version of the decentralized cross-chain trading protocol AnySwap has officially launched on the Ethereum scaling network Arbitrum One. Arbitrum is an L2 scaling solution project similar to Polygon, aiming to address transaction congestion issues on the Ethereum chain.

Venus Releases V3 Roadmap, Focusing on DAO Governance Structure and Developing New Businesses in Four Major Areas

Venus, the leading decentralized lending platform on Binance Smart Chain, has released its V3 roadmap, planned to be completed in the second half of 2021. The roadmap includes establishing and operating a DAO governance structure, adjusting existing risk control mechanisms, designing a more reasonable token economic model, and developing new businesses.

Liquidation of $200,000 in Half an Hour? Chinese KOL Shares Alpaca Finance Liquidation Incident

On June 22nd, the BSC ecosystem project Alpaca Finance experienced a flash crash, with its platform token ALPACA plummeting by over 50% within a short period. Alpaca Finance, as the largest leverage yield farming project in the DeFi space, had a locked value exceeding $1 billion. On the platform, users can invest less capital to obtain higher returns. In this liquidation event, many investors familiar with and trusting the platform also suffered losses, some even severely.

Jay-Z Auctions NFT at Sotheby's! Commemorating 25th Anniversary Album, Record Company Co-Founder in Legal Dispute over Copyright?

Renowned rapper Jay-Z auctioned the "Heir to the Throne" NFT at Sotheby's yesterday to commemorate the 25th anniversary of his debut album "Reasonable Doubts." However, just last week, the hip-hop record company Roc-A-Fella, co-founded by him, sued partner Damon Dash over the sale of the NFT for the same album.

😎 Insights from Industry Leaders

Messari Founder Ryan Selkis: The market might be a bit grim right now, but that doesn't affect the progress of most projects

AAVE Community Director Marc Zeller: It's sad that these high-quality projects don't have tokens, making it impossible for people to invest in them

Yearn Finance Founder Andre Cronje: I am actually fearful of EIP 1559 and ETH 2.0

📈 On-Chain Data

Bitcoin Hashrate Sees Largest Downward Adjustment in History

With the forced closure of mining facilities in Sichuan, Bitcoin's overall hashrate has experienced the largest downward adjustment in history. Crypto enthusiasts need not be nervous, as Bitcoin security is at a level of "beyond secure," with some expecting that even if hashrate evaporated by 80% instantly, it would still be within a safe range.

Stablecoin Supply Ratio Rebounds

The Stablecoin Supply Ratio (SSR) has recently shown a bottom and rebound phenomenon, indicating that capital is flowing back from stablecoins into Bitcoin and other cryptocurrencies. This is a positive development.

Decrease in Bitcoin High Liquidity Supply

Bitcoin's highly liquid supply has recently shifted from positive to negative, possibly indicating a weakening selling pressure in the market and a shift to accumulating Bitcoin.

Reduction in Grayscale GBTC Premium

The Grayscale Bitcoin Trust (GBTC) premium and discount are often seen as indicators of institutional sentiment towards Bitcoin. After more than two months of discount, a significant reduction in the discount recently occurred. This may signal the end of institutions selling off Bitcoin.

Active User Rankings on Polygon

Polygon, the largest Layer 2 scaling solution on Ethereum, ranks projects based on the number of active users and TVL on its network. If you believe high Ethereum gas fees are a problem, these projects may offer solutions for you.

💰 Weekly Coin Pick

Chainlink LINK: The leading oracle provider Chainlink's importance in the DeFi space is undeniable. Even during the downturn in DeFi token prices from May to June, Chainlink continued to integrate projects that use its price feeds, and there were no instances of incorrect pricing during the May 19th crash. As the saying goes, you only know who's wearing pants when the tide goes out, and it's clear that the Compound community shares our view that Chainlink, as the leading oracle provider, is now more solid than ever.

🐶 Weekly Meme

People worried about #bitcoin pic.twitter.com/PRV7lo4uIm

— CZ 🔶 Binance (@cz_binance) June 26, 2021