The content of this report is jointly produced by ULink and BytesIO
The content of this report is jointly produced by ULink and BytesIO
At the same time, some applications performed strongly. The NFT applications led by Axie Infinty caused the gas fee of Ethereum to soar again. The cryptocurrency market cannot be judged by past data.
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Image source: Courtesy of BytesIO
On July 1, the CEO of JPMorgan Chase stated in a report that Ethereum will lead the $40 billion Staking industry (PoS revenue scale in 2025). Currently, the staking mechanism brings about $9 billion in revenue to the encryption industry every year, and after Ethereum turns to PoS, this figure may increase to $20 billion.
· Meeting
At 22:00 on July 9th, Ethereum developer Tim Beiko hosted the Ethereum core developer meeting. This meeting discussed the London Hard Fork, Testnet Stress Test, and London Time and Difficulty Bomb Impact. If there is no accident, the mainnet will be deployed at the Ethereum block height of 12965000 (approximately 7:27 on August 5th, Beijing time).
On July 21, "The ₿ World" online summit was held. Elon Musk, Jack Dorsey, and Cathie Wood participated in the meeting. Jack said that Bitcoin will become an important part of Twitter's future. Presenting opposing views and ideas on controversial topics such as Blocksize and how Bitcoin should scale, Cathie discusses some of the barriers that prevent more institutions from holding Bitcoin on their balance sheets, as well as the potential for increased adoption of Bitcoin by more institutions. currency solutions.
On July 22, Vitalik Buterin, the co-founder of Ethereum, stated at the Ethereum community event EthCC that Ethereum (ETH) has surpassed DeFi to become its largest use case, and it is time for the network to move forward. At the same time, he is disappointed with the status quo in the field of digital collectibles or NFTs, and he hopes that NFTs can benefit wider society, not just celebrities.
From the above conference summary, we can see that the upcoming London fork of Ethereum is the main topic of this month. Vitalik also mentioned the issue of Ethereum’s transformation from PoW to PoS many times. It can be seen that Ethereum has become the core , occupies a major share in the DeFi and NFT sectors, and the next Ethereum will gradually develop towards large-scale commercial use.
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· NFT
Image source: Courtesy of BytesIO
NFT applications led by Axie Infinity performed strongly this month. In the first week of July, the revenue reached 12.52 million US dollars, and there were many downtime problems caused by excessive user visits. With the release of With updates and the continued influx of users, Axie Infinity earned approximately $12.7 million in a single day on July 29.
On July 20, OpenSea, an NFT market platform, completed a US$100 million Series B financing led by Andreessen Horowitz (a16z), with a post-investment valuation of US$1.5 billion. OpenSea saw a record $160 million in digital asset sales in June.
On July 28, Tafi, an avatar and digital wearable device design platform, announced a partnership with Coca-Cola to design virtual wearable devices for Coca-Cola's first NFT collectibles. To celebrate International Friendship Day (July 30), Coca-Cola will auction off NFT loot boxes on OpenSea, an NFT marketplace, containing digital clothing designed by Tafi that can be worn forever in a decentralized virtual world.
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Image source: Courtesy of BytesIO
· Stablecoins
Stablecoin is the sector that has received the most attention this month. Since Circle, the USDC issuing company, announced that it will go public in the form of a special purpose acquisition company (SPAC) by merging a company called Concord Acquisition Corp., people have gradually become aware of stability currency compliance.
On July 8, the payment department of Facebook's stable currency Diem launched the digital wallet Novi and opened registration.
U.S. Treasury Secretary Yellen convened the President’s Working Group on Financial Markets (PWG), the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation on July 19 to discuss stablecoins. Yellen emphasized at the meeting that regulators must act quickly to ensure that the United States has an appropriate regulatory framework.
On July 21, Nitin Agarwal and Miles Paschini, the two co-founders of the Puerto Rico-based digital FV bank, stated that their Yuga Coin, a stablecoin based on government debt, has become the first stablecoin in history to be granted a U.S. patent. currency.
On July 28, Michael Hsu, the acting director of the U.S. Office of the Comptroller of the Currency, said that his agency was reviewing Tether’s commercial paper reserves behind USDT to clarify whether each USDT was backed by an equivalent of one dollar.
From the above information, it can be seen that stablecoins will be subject to more stringent regulatory policies in the future, and corresponding taxation and issuance regulations will be introduced. Tether has become the target of being targeted. USDC and PAX are compliant in the United States and have The market share of stablecoins backed by sufficient assets will become larger and larger. USDT's data opacity and unlimited issuance problems are gradually becoming prominent. After USDC is listed, there is a risk of falling below 50% of the market share.
The latest report data from Tether (USDT), which currently dominates the stablecoin market, shows that "commercial paper" (commercial paper) has accounted for half of the total USDT reserve assets, accounting for 49.6%. No one knows what these notes and debts are.
The closed loop of Facebook has taken shape. Novi is used as the wallet entrance, and Diem is used as the public chain + token. It is still laying out the metaverse. The ambitious Zuckerberg is leveraging the axis of the blockchain industry.
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Image credit: Messira
· wallet
Judging from the applications launched this month, in addition to some NFT projects that received large amounts of financing, many innovative wallet applications were officially released this month, which heralds the creation of a closed loop and the formation of multiple chains.
On July 8, the privacy browser Brave released Roadmap 2.0, which includes the new Brave Wallet, Brave Swap and THEMIS protocols under development.
On July 14, the cryptocurrency wallet Phantom announced the completion of a $9 million Series A round of financing. The team is about to release a new multi-chain wallet to help users access decentralized applications across multiple blockchains.
On July 15, the encrypted exchange ShapeShift announced its move towards decentralization and dissolution of the corporate structure, and has conducted airdrops to more than 1 million ShapeShift community members and approximately 120,000 users. Previously, it has successively acquired hardware wallet KeepKey and non-custodial encrypted wallet provider Portis.
On July 26, the DeBank team released Rabby, an open source plug-in wallet based on desktop browsers this week, which now supports Ethereum, Binance Smart Chain (BSC), xDai, Polygon, Fantom, OEC, Heco, etc. 7 public chains.
This month's DeFi star project Coin98 also launched the wallet Coin98 Wallet, which focuses on becoming a non-custodial multi-chain wallet and DeFi gateway. Currently, it has integrated 18 blockchain networks such as Ethereum, Binance Smart Chain, and Solana.
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Image credit: Coin98
· Summary
From the series of events that happened this month, it can be seen that applications with landing scenarios have gradually developed, and have won the favor of more and more users and capital, and the NFT usage scenarios built around the concept of the metaverse have also begun to build the bottom layer stage, the development of the blockchain has entered a stage where it needs to be combined with entities and even the national level. Whether it is a country that is friendly or restrictive to cryptocurrencies, the ultimate goal is to hope that the public can transition from the hype stage to the application stage. The recent policies of various countries can be seen.
It is worth noting that the number of Ethereum validator nodes has successfully exceeded 200,000, and the number of ETH pledged in the ETH2.0 deposit contract has also exceeded 6.6 million, with a total value of over 14 billion US dollars.It is worth looking forward to what will happen after the London upgrade of Ethereum next month. The policies of various countries will gradually follow up and improve the peripheral construction of the blockchain system. What needs to be focused on is the goal that Diem built by Facebook wants to achieve ,
· ULink
A struggle between centralization and decentralization is intensifying, and the struggle between countries is also gradually unfolding. This war without gunpowder and involving digitalization will gradually change people's lives.
On July 13, an online privacy session was held, and representatives from PlatON, Oasis, Secret, and Findora were invited to conduct a live broadcast for nearly two hours, and a lot of dry goods were exported.
Playback link: https://www.bilibili.com/video/BV1Lf4y1j7rD/
On July 17, the Graph offline conference hosted by community members was held, and many guests gave wonderful speeches and discussions around middleware.
https://mp.weixin.qq.com/s/vUP_yHAKA_hOPNdRLI2CTA
Content summary:
From August 1st, we will interpret the news and trends of the day in the form of "half-hour live broadcast" at station B at 7:30 every night, and answer your questions within a limited time, so stay tuned.
