Project Weekly | YAM, CRV brilliant but short-lived DeFi prosperity ETH congestion

Golden Weekly is a weekly blockchain industry summary column launched by Golden Finance, covering key news, market and contract data, mining information, project dynamics, technological progress and other industry trends for the week. This article is the project weekly, showing you the progress of mainstream projects and star projects this week, including the secondary market, community, etc. Bitcoin network mining difficulty increased by 0.59% to 16.95T OKLink data shows that at 2020-08-11 04:01, the BTC network ushered in a difficulty adjustment at a height of 643104. This time the difficulty was adjusted to 16.95T, an increase of up to 0.59%. As of 2020-08-11 04:01, the number of Bitcoin unconfirmed transactions is 45,278. Affected by currency prices and computing power, the average block generation time in the past week is about 9.95 minutes. The average transaction fee of Bitcoin fell by 58% in 4 days Data shows that in the 4 days to August 9, the average transaction fee of Bitcoin fell from a two-month high of $6.47 to $2.72, a drop of 58%. Before that, on August 6, the average transaction fee of Bitcoin had reached as high as $6.5, an increase of more than 500% within a month. Analysis: Bitcoin P2P transaction volume continues to rise AMBcrypto issued a document stating that despite the decline in Bitcoin spot transaction volume, P2P transaction volume has been rising. Global weekly P2P transaction volume has stabilized at around $100 million since June, according to Arcane Research. This level has only been seen twice in Bitcoin’s history, in December 2017 and July 2019. According to the analysis of the article, the main reason for the increase in Bitcoin P2P transaction volume is the increase in remittance payments through Paxful. DApp project Ambit Finance receives $4.5 million strategic investment from Binance Labs: On December 2, Binance Labs announced a $4.5 million strategic investment in DeFi protocol Ambit Finance. Ambit Finance is a DeFi lending and income protocol that refers to Anchor Protocol. In the future, it will provide deposit income for BUSD, and will cooperate with Binance Labs to launch a new DeFi application to increase the utility of BUSD and other assets on the BNB Chain and integrate with BNB Chain Project cooperation outside the ecology. [2022/12/2 21:18:11] Coinbase will provide U.S. users with bitcoin-backed loans Golden Finance reported that Coinbase announced on Wednesday that it will provide U.S. retail users with bitcoin-backed loans this fall. Users can borrow up to 30% of their Bitcoin holdings as collateral to take out fiat loans. The exchange is setting conservative parameters for the product, limiting the line of credit to $20,000 per customer and offering an 8 percent interest rate, with the loan terms to be a year or less. At launch, Coinbase plans to support 17 states. In the first half of 2020, the total value of Grayscale BTC Trust increased by more than 1.6 billion U.S. dollars. On August 12, according to Grayscale’s quarterly report submitted to the US Securities and Exchange Commission (SEC), in the first six months of 2020, Grayscale Bitcoin Trust ( GBTC) total value increased by more than $1.6 billion. The total value of GBTC has risen from US$1.87 billion at the end of 2019 to US$3.5 billion at the end of the second quarter of 2020, an increase of 90%. Grayscale previously stated that the second quarter of 2020 was the company's best performance quarter, raising $906 million from investors. News | Singapore project DIC (Index Coin) landed on BitSG CoinStar Exchange: According to official news, Singapore project DIC (Index Coin) landed on BitSG CoinStar Exchange. IndexChain is committed to building the next generation of decentralized and open financial infrastructure for DeFi market participants, including financial market technology developers, financial market institutions, and both parties to financial market transactions. As an independent public chain project, IndexChain's main network was launched on September 30, 2019. Together with IndexChain's native token DIC (Digital Index Coin), it has currently gained tens of thousands of project followers. BitSG Coin Star Exchange is composed of a local team in Singapore. Based on the rapid development of the local blockchain industry and resource allocation, BitSG will gradually radiate to Southeast Asia and the global international market. As an important strategic springboard, BitSG is committed to promoting the international development of the project. [2020/2/10] Data: The correlation between Bitcoin and gold reaches a record 70% Skew Analytics data shows that the correlation between Bitcoin and gold prices has reached a record 70%, surpassing the fourth quarter of 2018 and the The peak in the second quarter of 2019. Such a high correlation lends credence to the “Bitcoin as a store of value” narrative during times of economic uncertainty. On the other hand, the RSI index shows that gold is currently overbought and close to selling, while Bitcoin is still in the market equilibrium zone. In other words, as the price of gold falls, Bitcoin has the potential to rise even higher, breaking the correlation between the two. Former Goldman Sachs executive: Bitcoin will be the best-performing asset in the next two years On August 11, Raoul Pal, former head of hedge fund sales at Goldman Sachs, said that in the current macroeconomic environment, Bitcoin is likely to achieve great success. It will also be the best performing asset over the next two years. Voice | Changpeng Zhao: About 8 projects have confirmed to migrate from ERC-20 to Binance Chain: Changpeng Zhao said in a recent AMA event on Twitter that at present, about 8 projects have confirmed to migrate from ERC-20 to Binance chain. These are not small projects. If they move into Binance Chain, Binance Chain will have great value. [2019/3/9] Head of Coinshares Research: Bitcoin is a payment network and a means of value storage On the evening of August 10, Christopher Bendiksen, head of research at digital asset investment company Coinshares, tweeted that Bitcoin is a payment network, and It is also a store of value. Ethereum announced the launch of the Devcon Improvement Proposal to strengthen community ties The official Ethereum blog published a post announcing the launch of the Devcon Improvement Proposal (DIP). The so-called Devcon Improvement Proposal (DIP) is a new tool where community members can access the DIP github repository and post their opinions on the new Devcon forum. Devcon improvement proposals are mainly dedicated to promoting community members to express their views and receive community feedback. The Ethereum client OpenEthereum is about to launch a new version that supports the Berlin hard fork. The official Ethereum client OpenEthereum just tweeted that it is getting closer and closer to the Berlin hard fork. The next version of OpenEthereum will be based on the 2.5.13 stable version, which will fix all bugs and include hard fork support for versions after 2.7 and 3.0. Note: OpenEthereum was formerly known as the Ethereum client Parity. American singer Akon will launch the digital currency "Akoin" to help the "Light Up Africa" project: According to cryptodaily, the American singer Akon announced that he will launch the digital currency "Akoin" within two weeks, hoping to help the "Light Up Africa" project. It is reported that the vision of the project is to bring solar energy to the whole of Africa. [2018/6/20] The boom in DeFi drove up the transaction volume, making the Ethereum network overcrowded. On August 13, LongHash tweeted that there is no doubt that the bull market has arrived. The average fee per transaction on the Ethereum blockchain was near an all-time high yesterday. The boom in DeFi has driven a large number of transactions, congesting the Ethereum network. The fee income of Ethereum miners exceeds the block reward Jinse Finance reported that according to Oklink data, the fee income of Ethereum miners has exceeded the block reward. The average ETH block income is 5ETH, the block reward is 2ETH, and the remaining 3ETH is the transaction Fee income, due to the sharp increase in gas fees caused by DeFi liquidity mining, the fee income of Ethereum miners has increased. The highest transaction fee for a single transfer has soared to 300Gwei (about 20 US dollars), but the average level is maintained at about 3 US dollars. . In addition, the revenue of Ethereum miners in July was 143.8 million US dollars, a 23-month high, and transaction fees accounted for nearly 23% of the revenue of Ethereum miners in that month. Data: The actual supply of Ethereum is 112.1146 million Coin Metrics calculations show that as of August 11, ETH has 112.1146 million tokens. Previously, crypto twitter had caused heated discussions on the issue of ETH supply, with many block explorers and data providers showing different numbers. The crux of the matter, as Ethhub.io co-founder Anthony Sassano explained, is that, unlike Bitcoin, Ethereum has no built-in functionality to query the total supply. Coin Metrics' "Free Float Supply" model takes many of the best practices of traditional capital markets and applies them to crypto assets to determine supply that the market is unlikely to obtain. In this case, the data can better approximate the liquidity and market capitalization of crypto assets. Announcement on the resumption of operation of the L21 and B16 cloud computing power projects on the currency network: On the evening of April 2, 2018, the power supply of the L21 and B16 cloud computing power resumed, and the distribution of income will be officially resumed at noon today. If it runs less than one day on April 2, 2018, it will be issued on a daily basis. In the future, Binet will strengthen communication with local authorities, take preventive and filing measures, and better protect the interests of users. We apologize for the inconvenience caused. [2018/4/3] The open interest of Ethereum futures exceeded 1.5 billion USD for the first time, according to Skew data, as the price of Ethereum rose, short positions worth 1.3 million USD were liquidated on BitMEX in the past day. Open interest in the Ethereum futures market hit another record high, topping $1.5 billion for the first time. There was strong interest in the Ethereum futures market this Thursday, with daily volume closing at $9 billion. Also, interest in the options market has surged to an all-time high of $453 million. However, despite the bullishness of Ethereum in the spot market, the situation may turn bearish. Skew data shows that the put/call ratio has reached above 0.7, which is usually a bearish signal. Data: In July, the income of Ethereum miners was US$143.8 million, a record high in the past two years. The Block Research data shows that the income of Ethereum miners in July was US$143.8 million, a record high in 23 months. nearly 23% of revenue. In May, transaction fees accounted for only 10% of Ethereum miner revenue. Additionally, Bitcoin miners earned a total of $299 million in July, almost double that of Ethereum miners. Founder of Bitcoin Advisory: Synchronizing an ETH node takes far more time than a BTC node The time is much longer than synchronizing a bitcoin node. August 11: Yam Finance published an article titled "YAM: A Fair Farming, Governance, and Resilience Experiment" and announced the liquidity mining mechanism; August 12 at 3 o'clock: Yam Finance liquidity mining officially started , announced 8 pledge pools including COMP, LEND, and YFI; at 4:00 on August 12: Liquidity miners injected $76 million in funds within one hour, and the DeFi tokens in the pledge pool all rose to varying degrees; 11:00 on the 12th: The asset value locked by Yam Finance in its pledge pool exceeded 200 million US dollars, and the price of the YAM token was 97.58 US dollars at this time; At that time, the funds in the YAM pledge pool exceeded 380 million US dollars; on the morning of August 13: Yam Finance found a loophole in the flexible supply adjustment contract, and called on YAM token holders to fix the loophole through an emergency proposal; the team stated through Twitter that user funds are safe, but 140,000 YAM tokens need to be entrusted to support the proposal before 15:00; the official said that token holders need to entrust 160,000 tokens before 15:00 to support the proposal to fix the loophole; at 14:00 on August 13: Repair elastic supply adjustment The initiation of the contract loophole proposal has reached the threshold of token entrustment, which has exceeded 160,000 token entrustment at this time; 15:00: the official said that it will submit a repair proposal for the solution; Funds were withdrawn from the Uniswap YAM/CRV pool before the elastic supply adjustment; afterward, the core developer revealed on Twitter that the project might have failed, and the price of YAM tokens fell to 1.9USDT; Migration started YAM2.0 At 7:00 p.m. on August 13, Wan Hui, the founding partner of Primitive Ventures, reviewed the Yam incident on Weibo. She mentioned that the feedback cycle will be a key parameter for future online governance. Sexual bribery affects game structure. Wan Hui also said that in the communication process, the complex information was not conveyed in a way that the community can digest (this is really difficult, but future community governance needs to learn from experience and lessons), and the timeline of the hard-coded contract is too tight, resulting in accidents There was not enough time for coordination. This MAKER auction also happened in 312 that year. At that time, the time was too tight and the auction failed. This feedback cycle is a key parameter for future online governance, and it should not be too short or too long. When calling for voting, "soft bribes" should not be used to influence the outcome of the game. For example, in order to obtain enough votes, to reward voting. This will affect rational judgment, especially for community members with limited information, and may bring negative externalities.

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