This is the latest issue of Cointelegraph’s Decentralized Finance newsletter.
Mirror, a blogging platform, has been added to the public marketplace. Continue reading to learn about the implications of this move on Ethereum wallet holders.
This newsletter is more concise than the one you are currently reading. Subscribe below to get a complete summary of DeFi’s activities over the past week.
Mirror opens blockchain blogging to the general public
Mirror, a decentralized publishing platform that aims to foster data ownership and freedom of expression, opened its public market platform this week.
The previous version featured a weekly voting contest using the native token, WRITE, to determine a select group of 10 content creators who were eligible to contribute to the platform.
Anyone with an Ethereum wallet address will be able to upload content to the site and export blog posts from other sites like Medium or Substack. These blogs can be created as Entry Editions, a nonfungible token feature that allows users to monetize and monetize their content.
“Mirror evolved from a tool to writers to a full-stack Web3 creative suite for communities or DAOs.
Bank of America bullish about DeFi
BofA Securities, a Bank of America subsidiary, published this week an official report expressing its optimism about digital assets. It noted that there is “significant value in intermediate-term DeFi DApps.”
“DeFi is unlikely to replace traditional financial infrastructure in the near future, but its application technologies will likely provide near-term efficiency and greater transparency to existing businesses, especially in the area of tokenization.”
Bank of America created a crypto research group in July 2021. It was led by Alkesh Shah (crypto and digital asset strategist), and it is tasked with analyzing and assessing cryptocurrency. This report is just one of many that the group has published over the years.
Analyzing the market from an analytical perspective, this report found that $17 billion had been invested in the markets during 2021’s first half. This is a seismic increase from the $5.5 million recorded last year.
MakerDAO will support climate change
Rune Christensen, founder of MakerDAO, published on Tuesday a candid letter proposing modifications to the protocol’s activity. This will support climate change initiatives.
Changes could include the assurance to all collateral that it is “sustainable and climate-aligned assets, which consider the long-term effects of financial activity on environment.”
Christensen also stated that the collateral of the project should support investments in sustainable real world assets, including solar farms, wind turbines and batteries.
Christensen also expressed high hopes for Ethereum’s transition into a proof-of stake consensus. He suggested that Ethereum would return to deposit capabilities to provide collateral services in Ethereum.
Analytical data shows that DeFi’s total locked value has increased 12.97% over the week to $136.04 billion.
Data from Cointelegraph Markets Pro and TradingView shows that DeFi’s top 100 tokens by market capitalization performedpositivelyacrossthe last seven days.
Fantom (FTM), who scored an impressive 71.95%, claimed the podium’s top position. Yearn.finance came in a respectable 24.94% while Terra (LUNA), took third place with 22.51%. Wrapped Bitcoin (wBTC), and Mdex (MDX with 22.23% and 21.65% respectively, claimed fourth-place.
Additional DeFi stories this week:
Three reasons Terra (LUNA price) hit a new record highDeFi security project Lossless’ helps to recover $16.7M from Cream Finance hackTHORSwap concludes investment round as crosschain DEXs take centre stage
We are grateful that you have read our summary of the week’s most important DeFi developments. For more information, insight and education about this rapidly changing space, join us next Friday.