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"The DeFi'er Weekly Report | Twitter launches Bitcoin tipping feature, Ethereum scaling network Arbitrum goes live"

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"The DeFi

Dear DeFier,

The vivid memory of the crazy sell-off from April to July is still fresh in our minds. How is it that Ethereum has returned to near its historical high of $4000 even though summer vacation hasn't ended? Is it due to the rapid recovery of DeFi projects, the burning effect of EIP-1559, or the push from the NFT market behind the scenes? Regardless, our readers know that prices will eventually return to value, so let's take a look at what new developments developers have brought to the Ethereum network this week.

This week's headlines include: Ethereum scaling network Arbitrum mainnet going live; Regulators investigating Uniswap, Compound assures: no need to worry; Twitter may introduce a feature to pay tips in Bitcoin in its new version; Chainlink launches on the Optimism network, Synthetix has integrated pricing; Cream Finance will allocate 20% of protocol revenue to compensate users for flash loan attack losses, and more.

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This week's selected insights from industry leaders include: Ethereum founder Vitalik Buterin mentioning Dogecoin in his Twitter AMA? Alameda CEO Sam Trabucco graciously admitting a mistake, what did they misjudge? And renowned analyst Willy Woo telling us that NFTs have not yet reached a bubble—will a bubble form only when this happens?

✨ This Week's Headlines

Regulators Investigating Uniswap, Compound Assures: No Need to Worry

According to sources, SEC enforcement officers are gathering information to investigate Uniswap Labs, the development company behind the world's largest decentralized exchange Uniswap. A spokesperson for Uniswap Labs stated that the company is committed to complying with all relevant industry laws and regulations and is assisting regulators in their investigation.

Jake Chervinsky, General Counsel at Compound, commented that if the report is true, it is not surprising, as SEC Chairman has recently made frequent comments on DeFi. He emphasized that an "investigation" does not imply accusations of wrongdoing, as this is a common method for the SEC to gather information.

Arbitrum Mainnet for Everyone Launched for Public Testing

The Ethereum scaling solution Arbitrum announced the official launch of its public testing version, Arbitrum One, which removes whitelist restrictions and is open to all users. However, Offchain Labs, the development team behind Arbitrum, retains upgrade control to enhance performance continuously and respond swiftly to potential security incidents. The public testing version of Arbitrum One still uses whitelists to restrict users from adding new tokens to cross-chain bridges, and validators are also subject to whitelist restrictions. Currently, Balancer and SushiSwap have integrated with Arbitrum.

Chainlink Goes Live on Optimism Network, Synthetix Integrates Price Feeds

Decentralized oracle network Chainlink announced its official launch on the Ethereum scaling network Optimism Ethereum, providing various market and price data to the network. Currently, Synthetix has integrated Chainlink price data in Optimism Ethereum, enabling low-latency and low-cost oracle data updates.

Cream Finance Allocates 20% of Protocol Fees to Compensate Flash Loan Attack Losses

DeFi lending platform Cream Finance announced in a post-mortem analysis of the flash loan attack that occurred, stating that a vulnerability led to the theft of a total of 460 million AMP tokens and 2804 ETH (valued at approximately $34 million at the time). The platform pledged to allocate 20% of all protocol fees to compensate users until full repayment is made.

Twitter May Introduce Bitcoin Tipping Feature in New Version

According to leaked images from the beta version of Twitter shared by mobile developer Alessandro Paluzzi, Twitter may introduce a feature to allow users to tip with Bitcoin in the new version. The leaked information indicates that Twitter will collaborate with the crypto payment wallet Strike, and the new feature will be implemented through the Bitcoin Lightning Network.

SEC Chairman Focuses on Lending Platforms, Exchanges, Stablecoins, and Coin Offerings

During a speech at a meeting of the Economic and Monetary Affairs Committee of the European Parliament, Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), mentioned that regulators are examining cryptocurrency exchanges, lending platforms, stablecoins, and stated, "These tokens differ from the tokens that are used for money laundering. For investors who are trying to save for their future or speculate, these tokens are highly speculative. That's why they fall within the investor protection envelope."

😎 Expert Views

Ethereum Co-Founder Vitalik Buterin: I hope Dogecoin can transition to PoS, preferably using Ethereum's code

Sam Trabucco, CEO of Alameda: Staying ahead of the trend may be more correct than I thought. After all, that's why I chose the world of cryptocurrencies.

Renowned analyst Willy Woo: NFTs have not yet reached a bubble. When that happens, a bubble will form.

📈 On-Chain Data

DeFi: DEX Trading Volume Reaches $78.4 Billion in August, Uniswap V3 Accounts for Half

According to data from The Block, decentralized exchange (DEX) total trading volume in August reached $78.4 billion, an increase of nearly 40%. Uniswap V3 accounted for 50% of the market share, followed by Uniswap V2 at 18.36%, with SushiSwap at 13.05% and Curve at 7.76%. The historical high was $162.1 billion in May.

Ethereum: Ether Futures Open Interest Hits All-Time High

According to CryptoQuant data, the amount of ETH futures on various exchanges has reached a historic high. This could indicate a significant influx of funds into Ethereum currently, but it could also be a sign of an overheated market.

Bitcoin: Supply Shock: Bitcoin Set to Surge to $55K

According to renowned Bitcoin analyst Willy Woo, the supply shock of Bitcoin on exchanges has reached a historical high. According to his analysis, the price of the coin "cannot possibly drop further."

🐥 Nasduck Index: 4.25

Project Development 5, Institutional Attitude 4, Regulatory Attitude 3, On-Chain Data 5

Nasduck Index is a bullish/bearish indicator compiled weekly based on the news and data in the cryptocurrency market, aiming to provide a simple prediction for the upcoming trends in the crypto & DeFi market. A score of 1 indicates a bearish trend brewing, while 5 indicates an extremely bullish outlook. The Nasduck Index is derived from averages of project developments, financial institutional attitudes, regulatory stances, and on-chain data analysis. (Note: Positive news tends to dominate, so the Nasduck Index is more suitable for comparison with past and future trends rather than considering anything above 3 as bullish for the future)

🐶 Weekly Memes