Color Proof to Boost Web3 Adoption, Fed Rate Cut Could Boost DeFi Summer: Finance Redefined
Welcome to Finance Redefined, your weekly dose of decentralized financial insights – a newsletter designed to bring you the most relevant developments from the past week.
This week, Ethereum and Polkadot founder Gavin Wood announced the launch of an upcoming tattoo-based Web3 identity solution, which could be among the major missing blocks to Web3 adoption, Wood told Cointelegraph during the Web3 Summit in Berlin.
In other news, the decentralized finance (DeFi) sector may experience a long-awaited revival, thanks to lower interest rates and rising Bitcoin (BTC) investments, according to Hashkey Capital CEO Deng Chao.
Color Proof by Gavin Wood: Web3 Privacy Tattoo
Parity Technologies is launching a Web3 individualization solution, a critical missing component for mainstream Web3 adoption.
The new solution “Ink Proof” allows users to show their digital individuality in privacy with a unique tattoo that serves as proof of digital citizenship.
Color certification is slated to begin in the fourth quarter of 2024, according to Wood.
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Low interest rates could be the key to DeFi summer: HashKey Capital CEO
As the US Federal Reserve is predicted to cut interest rates in 2024, weakening US Treasury yields could intensify the focus on riskier but higher yield opportunities elsewhere – meaning investors may be more interested in cryptocurrencies.
This uncertainty puts the spotlight on Bitcoin, which is traditionally viewed as a risky asset. As interest rates decline, investors flock to riskier asset classes.
Cathy Wood, CEO of ARK Invest, joined HashKey CEO Deng Chao for a fireside chat at the 2024 Web3 Festival in Hong Kong. Source: YouTube
That may not always be the case, ARK Invest CEO Cathy Wood said in 2016. As he said during a fireside discussion at the Hong Kong Web3 Festival earlier in 2024. Citing its middling success, she expressed her belief that Bitcoin could indeed act as a risk-free asset. “Currency Devaluation in Emerging Markets Around the World.”
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Franklin Templeton expands blockchain fund to Avalanche network
Franklin Templeton, a global asset management firm, has expanded Franklin OnChain's US government funds to the Avalanche network.
According to a press release shared with Cointelegraph, the expansion to the layer-1 blockchain will make Avalanche the “first-of-its-kind onchain money market fund.”
In the year The fund, which launched in 2021, will allow institutional investors to access Franklin Templeton's blockchain-based ledger system, Benji Investments.
“[Investors] They may hold their wallets on the Avalanche network upon request and subject to eligibility.
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Crypto Phishing Attack Takes $55 Million From Whale's Purse
A crypto holder who signed an unverified transaction lost $55 million in crypto to malicious actors who launched a phishing attack to steal the whale's stablecoins.
In the year On August 20, a crypto wallet owner signed a transaction that changes ownership of 55.47 million Dai (DAI) in the decentralized finance (DeFi) protocol maker. As a result of the signed transaction, the phishing address takes ownership of the wallet's Storaticoins.
The whaler apparently realized the mistake and tried to withdraw the money to a new address. However, the transaction failed due to an earlier owner change.
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Polychain is leading a $6.7 million investment in new bitcoin-centric production network Maize.
Polychain Capital announced a $6.7 million investment into its new Bitcoin Hub, a production network.
The new Ethereum layer-2 network, which received a $6.7 million investment, will use a tokenized version of Bitcoin for gas payments and economic incentives on the network, BTN.cn reported.
According to Chris Spadafora, founder of Maize and BadgerDAO, Maize was launched on August 19 to promote the use of the world's first cryptocurrency and to introduce new product opportunities.
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Overview of the DeFi market
According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market cap ended the week in the red for the second week in a row.
Among the top 100, the Klaytn (KLAY) token was the biggest gainer of the week, rising more than 31%, followed by the Polygon (MATIC) token, which rose more than 30% on the weekly chart.
Smart contract blockchain Fantom (FTM) has staged a weekly rally of more than 29%, with analysts anticipating the upcoming migration to the new Sonic blockchain network with even higher potential.
Total value is locked in DeFi. Source: Defillama
Thanks for reading this week's roundup of the most impactful DeFi developments. Join us next Friday for more stories, insights and lessons about this dynamic and evolving space.
