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Written by: Serena Pei
In the context of the launch of multiple Bitcoin futures ETFs and the price hitting record highs, the market’s interest in the industry’s weather vane “Bitcoin” has quickly returned to the background, the energy exploded by the DeFi 2.0 concept still cannot be underestimated.
The launch of two Bitcoin futures ETFs during the week pushed short-term market sentiment to a new peak. BTC and ETH also broke through US$67,000 and US$4,360, respectively, setting record highs. However, judging from the top two keywords on the list, the most popular one this week is still the development of DeFi 2.0. Compared with the steady development of public chains and second-tier protocols and the continued attention of investors in the past few weeks, the sudden emergence of DeFi 2.0 has caused heated discussions.
Data cycle: October 16-October 22, 2021
This week, the algorithmic reserve currency protocol OlympusDAO/OHM jumped to the top of the list, ranking ninth when it first appeared last week. At the same time, the decentralized leverage application Fodl Finance, which was launched in the beta version on October 15th, jumped to second place for the first time on the list, and its performance is eye-catching. The rising popularity of the first two shows the user’s curiosity and enthusiasm for experimenting with the DeFi 2.0 protocol. Putting aside the gimmicks of digital upgrades, DeFi 2.0 is an innovation of existing DeFi protocol product functions and economic models, which can be understood as product iteration and user experience improvement. However, all this has come too fast, and the upgrade and evolution of the DeFi world will take the test of time.
Fodl Finance (FODL) is built by the team behind the DeFi whale “0xb1” address. It is a decentralized leverage application that allows users to use leverage transactions without paying the funding rate. In essence, Fodl Finance has turned the traditional DeFi lending platform into a currency market, using assets deposited by users in lending applications as margin, and then providing users with leverage.
Fodl Finance data performance (Source: SushiSwap Analytics)
This week, the official trading of two ETFs along with BTC’s new high became another hot topic. ProShares and Valkyrie Investment launched their respective BTC futures ETFs on Tuesday and Friday. ProShares trades under the symbol BITO on NYSE Arca Options and NYSE American Options exchanges, with an opening price of US$40.89, and the first day’s trading volume is nearly US$1 billion, an increase of approximately 4.9%; Valkyrie BTC ETF is traded on Nasdaq under the symbol BTF , The opening price was 25.5 US dollars, and the first day’s trading volume was approximately 7800 US dollars. At the same time, VanEck, which has passed the SEC application, may open trading next week.
ProShares BITO performance (at the time of writing)
Valkyrie BTF one-day performance (at the time of writing)
ETF is an index stock fund, a publicly traded investment tool that can track the value of related assets. Investors can avoid complex transaction thresholds and make index investments without having to purchase the cryptocurrency itself and use complex platforms, private keys, and wallets. According to statistics, a total of 13 investment institutions have applied for BTC ETF to the SEC this year, including VanEck, Valkyrie, NYDIG / Stone Ridge, WisdomTree, First Trust/SkyBridge, Wise Origin Bitcoin Trust, Kryptoin, Galaxy Digital, Ark Invest, Global X, One River, Invesco Galaxy Bitcoin ETF, Grayscale. Among them, Galaxy Digital, AdvisorShares, Bitwise, BlockFi and ARK Investment Management may be approved to launch products in November and December.
In terms of public chains, the ecosystems of Solana and Terra continued to develop actively, and their popularity rose compared to last week. These two public chains are also the focus of recent investors, especially Terra, which may be in the period of public chain dividends. It completed the “Columbus-5” upgrade at the end of September, and officially activated the IBC standard on the 21st, enabling stablecoins, various protocols and native token LUNA in the Terra ecosystem to achieve cross-chain transactions. At the same time, Terra’s highly anticipated Astroport Finance issued a short-term rule statement yesterday that the project is considered to be the main AMM for the LUNA platform after the “Columbus-5” upgrade. Other public chains that have gained popularity include Flow Network, which focuses on NFTs.
The overall enthusiasm for the second floor has declined significantly compared with the previous few weeks. However, the NEAR-based Ethereum expansion solution Aurora and the second-tier solution aggregator Polygon have become more popular than other solutions that focus on the second-tier. In other respects, the development of chain games is still booming. Blockchain games and NFT developers Animoca Brands announced the completion of multiple investment and financing actions this week, including investment in the fitness meta-universe project OliveX, cross-chain NFT agreement ENVELOP, and Solana ecology. “Move-to-Earn” NFT game Genopets, etc.; At the same time, Animoca Brands completed a $65 million financing this week with a valuation of $2.2 billion. This series of dynamics shows how much the investment field attaches importance to the development of games and NFTs. In addition, TokenPocket made the list and jumped to the fourth place in the hot search, reflecting the increasing user demand for improving the experience of using funds management products. TokenPocket has also recently upgraded its product page, bringing users a more convenient operation method.
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