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Blockchain & Web3 Weekly Bytes Edition #24
CoinDCX's Big Move, Bitcoin's Bold Forecast, Yield Farming 101 & More!
July 6, 2024
Hello Fellow Enthusiast,
I'm pleased to bring you another edition of Blockchain & Web3 Weekly Bytes! This week is packed with valuable insights and updates you will want to take advantage of. Here's a glimpse of what's in store:
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Tech Spotlight: Yield Farming 101 – Learn the basics of yield farming and how it's changing the DeFi landscape.
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Week's Highlights: CoinDCX's acquisition of BitOasis, Standard Chartered's bold Bitcoin forecast, and more key updates from the blockchain sphere.
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Affiliate Spotlight: 101 Blockchains Certifications – Enhance your skills with top-notch blockchain courses at a 30-40% discount.
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Digital Asset Spotlight: A close look at Propy (PRO) and its innovative approach to real estate transactions.
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Chart of the Week: Comparing Bitcoin's adoption growth to the early years of the internet.
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Video Spotlight: Top Blockchain Certifications to Boost Your Career – Discover the best certifications to enhance your blockchain expertise.
We've come a long way over the last six months since the start of this newsletter, and our community is growing rapidly. Thank you for your continued interest and support. As I celebrate my birthday today, I'll be taking a summer break for the next few weeks to spend time with my family and work on enhancing this free newsletter. The next edition (#25) will be published on August 10. In the meantime, feel free to explore past editions, check out my videos and articles, visit the digital store, and share your feedback and suggestions.
🧐 Weekly Trivia
Which of these unusual items was once auctioned off as an NFT (Non-Fungible Token)?
A) A virtual pet rock
B) A digital drawing of a banana
C) A tweet
D) A virtual real estate plot in a video game
*Find the answer at the bottom of this newsletter.
🌟 Tech Spotlight – Yield Farming 101
Yield farming is a popular strategy to earn passive income in the DeFi (Decentralized Finance) space. By lending or staking digital assets, users can earn rewards. Here's a straightforward look at how it works and what you need to know.
How Yield Farming Works
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Providing Liquidity: Users deposit their crypto assets into a liquidity pool on platforms like Uniswap or Aave. These pools facilitate trading, and liquidity providers earn a portion of the transaction fees.
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Staking Tokens: Liquidity providers receive special tokens, known as LP (Liquidity Provider) tokens, which can be staked on other platforms to earn additional rewards.
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Maximizing Returns: Some users adopt strategies to maximize returns, moving their assets between different pools and platforms.
Let's say you have some ETH and DAI. You deposit these into a liquidity pool on Uniswap, earning LP tokens. You can then stake these LP tokens on a platform like Compound. In return, you earn rewards in the form of COMP tokens, which can be sold or reinvested.
Risks and Rewards
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Rewards: Yield farming can offer high returns, especially on new or smaller platforms looking to attract liquidity.
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Risks: The value of the tokens in the liquidity pool can fluctuate. There's also the risk of smart contract bugs or exploits. Always do thorough research and start with a small amount.
Getting Started
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Research Platforms: Choose reputable platforms with strong security records.
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Understand the Risks: Be aware of the potential for loss and only invest what you can afford to lose.
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Start Small: Begin with a small amount to get comfortable with the process.
Yield farming provides a straightforward way to earn in the DeFi space. By providing liquidity, you earn rewards and support the ecosystem. Stay informed and cautious as you take advantage of this financial opportunity.
📰 This Week’s Blockchain and Web3 Highlights
CoinDCX Takes an Audacious Step with BitOasis Acquisition: CoinDCX, a leading Indian crypto exchange, has acquired Dubai-based BitOasis. This move is part of CoinDCX's plan to expand globally, with BitOasis continuing under its brand and leadership.
Bitcoin Price Surge Predicted by Standard Chartered: Standard Chartered has forecasted a potential new all-time high for Bitcoin by August, with a further rise to $100,000 by November's U.S. presidential election.
Big Tech Execs Join Sam Altman's Worldcoin Project: Former executives from Apple, Google, Meta, Tesla, and X have joined Tools for Humanity, a key player in the Worldcoin project co-founded by Sam Altman. They aim to enhance privacy, security, hardware, and digital ID divisions.
End of Mt. Gox Sales Could Signal Bitcoin Bottom: Experts suggest that the completion of Bitcoin sales by Mt. Gox and the German government may mark a bottom for Bitcoin prices, potentially stabilizing the market.
DWF Labs Launches $20M Fund for Web3 Projects: DWF Labs has announced a $20 million fund to support Web3 projects in Chinese-speaking regions, focusing on tech upgrades and funding initiatives.
German MP Criticizes Bitcoin Sell-Off Strategy: Joana Cotar, an independent German MP, has slammed the government's decision to sell Bitcoin, advocating instead for it to be held as a strategic reserve.
Mantra Partners with UAE's MAG Group for Real Estate Tokenization: Mantra is set to tokenize $500 million worth of real estate for UAE's MAG Group, allowing investors to earn yields through stablecoins and OM tokens.
South Korea Implements Real-Time Crypto Fraud Monitoring: South Korea's financial watchdog has introduced a 24-hour monitoring system for crypto fraud, with the country's first comprehensive crypto law set to take effect soon.
🔗 Affiliate Spotlight: 101 Blockchains Certifications
Want to enhance your blockchain expertise? 101 Blockchains offers excellent certifications and courses certifications and courses designed to advance your skills and career prospects.
Why Choose 101 Blockchains Certification?
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Comprehensive Curriculum: Covers everything from the basics to advanced blockchain concepts.
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Practical Learning: Gain hands-on experience through projects and assignments.
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Industry Recognition: Earn a certification respected across the blockchain community.
Use coupon code BCHAIN30 for 30% off any certification or course. Expand your skills and stay competitive in the blockchain job market.
😂 A Little Blockchain Humor Break 🤣
Source: CoinTelegraph
📊 Chart of the Week: Bitcoin Adoption vs. Internet Adoption
This week's chart highlights an impressive trend: Bitcoin adoption is growing faster than internet adoption did during its early years.
Key Takeaways
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Rapid Growth: The chart compares Bitcoin's user growth from 2014 to 2023 with the internet's user growth from 1990 to 1999. Bitcoin's adoption rate is notably quicker.
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User Milestones: Bitcoin reached the 200 million user mark within nine years, a milestone that took the internet about ten years to achieve.
This trend underscores Bitcoin's rising acceptance and integration into mainstream finance and technology. As more people and institutions recognize its potential, Bitcoin's user base continues to expand rapidly.
Source: Carl ₿ MENGER
🎥 Weekly Video Spotlight: Top Blockchain Certifications to Boost Your Career
This week's video spotlight features the top blockchain certifications that can elevate your career in the blockchain industry. Whether you're a developer, tech professional, or someone looking to break into the blockchain field, these certifications can provide you with the necessary skills and recognition.
Why Watch This Video
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Quick Overview: Get nuanced insights into the best certifications available.
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Career Enhancement: Learn how these certifications can open up new opportunities and increase your marketability.
Don't miss out on this chance to advance your career. Watch the video here: Top Blockchain Certifications to Boost Your Career.
Thank you for joining me for this week's edition! We covered CoinDCX's expansion with BitOasis, Standard Chartered's bold Bitcoin forecast, and the fundamentals of yield farming. We also looked into Propy's innovative real estate transactions, compared Bitcoin's adoption growth to the early internet, and explored top blockchain certifications to boost your career.
Trivia Answer: C) A tweet
In 2021, the first-ever tweet was auctioned off as an NFT, highlighting the growing trend of tokenizing digital assets.
Stay tuned for the next edition (#25) on August 10!
Best Regards,
Ajay Tomar
Disclaimer:
Content in this newsletter is for educational and informational purposes only and is not intended as financial, tax, or legal advice. Always do your research and consult with a professional before making financial decisions. As a solopreneur, I may earn commissions from affiliate links in this newsletter at no extra cost to you. This support helps me bring you valuable content. I only endorse products I trust and believe could benefit you.
💡 Weekly Digital Assets Spotlight
Spotlight on Propy (PRO)
Propy (PRO) is making strides in the real estate industry by utilizing blockchain technology to enhance property transactions. Here’s why Propy is catching attention:
Streamlined Property Transactions
Propy automates and secures real estate deals through smart contracts. This innovation cuts down on paperwork, reduces transaction times, and lowers the risk of fraud.
Global Accessibility
Propy allows for the purchase of properties worldwide, supporting multiple currencies and providing a smooth experience for international real estate transactions.
Enhanced Transparency and Security
By using blockchain, Propy ensures that all transactions are transparent and secure. Property records are immutable and easily accessible, which builds trust among buyers and sellers.
Role of the PRO Token
The PRO token is integral to Propy’s ecosystem. It is used for transaction fees, accessing platform services, and participating in network governance.
Recent Developments
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Propy has expanded its reach in the real estate market with several notable partnerships and successful property sales.
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The platform recently facilitated a multimillion-dollar property sale using blockchain technology, highlighting its potential to transform real estate transactions.
Propy addresses real-world challenges in the real estate sector with effective blockchain solutions. Its practical application of technology makes Propy a standout project in the blockchain space.