MakerDAO contributes to the environment and BoA is optimistic about DeFi, 1-8. October

Welcome to the latest edition of Cointelegraph’s DeFi or Decentralized Finance newsletter.

The Mirror blogging platform was rolled out to the public market this week. Read on to learn the implications of this move for Ethereum wallet owners.

What you’re about to read is a more concise version of the newsletter. For a full rundown of DeFi developments over the past week, subscribe below.

Mirror expands blockchain blogs to the public

MakerDAO contributes to the environment and BoA is optimistic about DeFi, 1-8.  October
MakerDAO contributes to the environment and BoA is optimistic about DeFi, 1-8. October

In this week, Mirror, a decentralized publishing protocol focused on promoting data ownership and freedom of expression, has expanded its platform to the public market for the first time.

In the previous version, an exclusive list of 10 content creators who could contribute to the platform was determined in a weekly voting competition using the platform’s native token, WRITE.

With this announcement, Anyone with an Ethereum wallet address can upload content to the site as well as export blog posts from external sites such as Medium or Substack. These blogs can be stamped as “Entry Editions,” a non-fungible token feature that allows users to monetize their content.

“Mirror has grown from an authoring tool to a full-stack Web3 creative suite for communities and DAO.”

Bank of America optimistic about DeFi

A subsidiary of Bank of America, BofA Securities, released an official report this week closing its bullish outlook for digital assets., including the DeFi sector, which he noted has “significant medium-term value for DeFi DApps”. The report said:

“In our view, DeFi will not replace traditional financial infrastructure anytime soon, but its application technologies will likely provide short-term efficiencies and greater transparency for existing businesses, particularly in the areas of tokenization.”

In July 2021, Bank of America launched a cryptocurrency research team led by crypto and digital asset strategist Alkesh Shah. This report, devoted to analyzing and evaluating the cryptocurrency landscape, is just one of many that the group has published since its inception.

Taking an analytical assessment of the markets, the report concluded that there was a $ 17 billion surplus invested in the markets in the first half of 2021, a seismic growth from the $ 5.5 billion in the same period last year.

MakerDAO wants to support climate change

MakerDAO founder Rune Christensen posted an informal letter on Tuesday suggesting changes to the protocol’s activities that will support climate change initiatives.

The changes could include ensuring that all collateral includes “sustainable and climate-oriented assets that take into account the long-term environmental impact of financial activities”.

Christensen also stated that the project guarantee should support investments in real sustainable assets, including “solar parks, wind turbines, batteries, charging stations and other profitable renewable energy solutions and their supply chains, extraction and recycling of sustainable” resources “.

Apart from this, Christensen expressed high expectations for the transition from Ethereum to a proof-of-stake consensus and proposed a return to Ethereum-only deposit options for collateral services.

Token performance

The data shows that DeFi’s total locked down value rose 12.97% to $ 136.04 billion over the course of the week.

Data from Cointelegraph Markets Pro and TradingView show that the top 100 DeFi tokens by market capitalization have performed positively over the past seven days.

Fantom (FTM) secured first place on the podium with an impressive 71.95%. Yearn.finance (YFI) takes a respectable second place with 24.94%, while Terra (LUNA) takes third place with 22.51%. Wrapped Bitcoin (wBTC) and Mdex (MDX) took fourth and fifth place with 22.23% and 21.65%, respectively., respectively.

Thank you for reading our roundup of this week’s most influential DeFi developments. Come back next Friday for more stories, ideas and education in this dynamically moving space.

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