MakerDao Turns Green And A Bullish Defi

MakerDAO

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

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Mirror expands blockchain blog to the public

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

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

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 then be referred to as “Entry Editions,” an unusable token feature that users can use to monetize their content.

“Mirror has gone from being a tool for authors to a full Web3 authoring suite for communities and DAOs.”

Bank of America raises prices for DeFi

A subsidiary of Bank of America, BofA Securities, released an official report this week on the bullish outlook for digital assets, including the DeFi sector, stating that it has “significant medium-term value for DeFi DApps”. The report says:

“We believe DeFi is unlikely to replace traditional financial infrastructure anytime soon, but its application technologies have the potential to bring short-term efficiencies and greater transparency to businesses, particularly in the crypto space.”

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

Taking an analytical assessment of the market, the report concludes that in the first half of 2021, more than $ 17 billion will be generated.

MakerDAO has a plan to support climate change

MakerDAO founder Rune Christensen released an outspoken letter Tuesday suggesting changes to the way the protocol works that would support climate change initiatives.

Changes could include ensuring that all collateral includes “climate resilient and sustainable assets that take into account the long-term environmental impact of financial operations”.

Christensen also explains that project collateral should support investments in real sustainable assets, including “solar parks, wind turbines, batteries, charging stations and solutions, other low-cost renewable energies and their supply chains, sustainable resource extraction and recycling. “

In addition, Christensen expressed high expectations for the transition from Ethereum to a proof-of-stake consensus and suggested a return to the possibility of only depositing collateral in Ethereum.

Token demonstration

Analytical data shows that the total value of DeFi banned is up 12.97% over the week to $ 136.04 billion.

Data from Cointelegraph Markets Pro and TradingView shows the top 100 DeFi tokens by market capitalization positive by past seven days.

Fantom (FTM) secured the top spot 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%. Fourth and fifth places claimed by Wrapped Bitcoin (wBTC) and Mdex (MDX) with 22.23% and 21.65%, respectively.

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Thank you for reading our roundup of this week’s most influential DeFi developments. Visit us again next Friday for more stories, insights, and education in this dynamically evolving space.