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Blockchain and Web3 Weekly Bytes Edition #6
Blockchain & Web3 Weekly Bytes: DeFi’s Leap & Bitcoin ETF Breakthroughs
March 2, 2024
Hello Fellow Enthusiast,
Welcome back to Blockchain & Web3 Weekly Bytes. This week, we're diving into the world of DeFi, exploring its influence on financial systems. We are also looking at the recent developments in Bitcoin ETFs and their ongoing journey into mainstream investment circles.
NEAR Protocol is in the spotlight, too. Recognized for enhancing blockchain performance and user experience,
Here, you'll find insights, straightforward and to the point. Let's walk through the latest in blockchain and Web3 developments.
Weekly Trivia
Who is credited with writing the Bitcoin white paper?
Find the answer at the bottom of this newsletter.
The Rise of DeFi
DeFi — The Blockchain's Answer to Open Finance
Decentralized Finance, or DeFi, is remodeling what we understand by financial services. It extends beyond the mere exchange of digital assets, encompassing a comprehensive suite of financial operations — lending, borrowing, and trading — all on blockchain networks.
Distinctive Features of DeFi
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User Empowerment: DeFi shifts the power dynamics, placing financial autonomy back in your hands. It's a leap from being a customer to being in charge, where every transaction is a product of your own agency.
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Universal Access: Breaking free from traditional gatekeeping, DeFi paves the way for a universally accessible financial world, regardless of geographic location or economic background.
Snapshot of DeFi's Growth
With a TVL of around $96 billion, as per the latest chart from DappRadar, DeFi's growth trajectory is tangible. This figure reflects the aggregate confidence and participation in protocols offering services like Uniswap for decentralized exchanges or Aave for lending and borrowing.
DeFi Moving Forward
As DeFi matures, it continues to refine the balance between ease of use and security. While it's a work in progress, the trajectory points to a future where financial services can be both equitable and widespread.
DeFi Total Value Locked (TVL). Source: DappRadar
This Week’s Blockchain and Web3 Highlights
Record Inflows into Spot Bitcoin ETFs: U.S. spot bitcoin ETFs, led by BlackRock's IBIT, have witnessed unprecedented net inflows, topping $673 million in a single day. This surge aligns with bitcoin's price reaching $64,000, accompanied by a remarkable $7.6 billion in trading volume, setting a new daily record.
Robinhood and Arbitrum Enhance DeFi Accessibility: Robinhood users can soon look forward to Arbitrum swaps, marking a significant step in decentralized finance accessibility. This collaboration sent Arbitrum's ARB token soaring, highlighting the market's response to DeFi innovations.
Strike Expands Bitcoin Payment Services to Africa: Addressing inflation and currency devaluation, Strike's bitcoin-focused payment app is extending its reach to African nations. This expansion aims to offer residents a more stable option for saving and wealth building.
Merrill and Wells Fargo Cater to High-End Clients with Bitcoin ETFs: Financial giants Merrill Lynch and Wells Fargo are now offering Bitcoin ETFs to their premium clients, potentially paving the way for broader retail investor participation in the crypto ETF market.
Lido Dominates with $30 Billion in Total Value Locked: Lido's liquid staking protocols have reached over $30 billion in total value locked, now commanding 32% of the staked ether market. This milestone underscores Lido's significant influence within the staking ecosystem.
Bitcoin's Global Price Milestones: As the U.S. dollar maintains its strength, bitcoin is setting all-time highs in various countries, including China, Japan, the U.K., and India, reflecting its global appeal and potential as a financial safe haven.
MicroStrategy's Bold Bitcoin Bet: Michael Saylor's MicroStrategy continues to bolster its Bitcoin holdings, purchasing an additional 3,000 BTC. With this latest acquisition, the firm's Bitcoin assets are now valued at approximately $10 billion, highlighting a significant unrealized profit amidst the volatile crypto market.
Affiliate Spotlight: Blockchain Council's Bitcoin Certification
Are you looking to solidify your understanding of Bitcoin and gain recognition for your expertise? Blockchain Council's Bitcoin Expert Certification might just be the opportunity you've been searching for. This comprehensive certification course is designed to provide an in-depth understanding of Bitcoin and its underlying technology, positioning you at the forefront of blockchain innovation.
By enrolling through the links provided in this newsletter, you'll be taking a significant step in your blockchain education journey and supporting Blockchain & Web3 Weekly Bytes in the process — at no additional cost to you.
A Little Blockchain Humor
Credit: CoinMarketCap
That's it for this edition of Blockchain & Web3 Weekly Bytes. Thanks for sticking around as we unpacked DeFi and took a closer look at the NEAR Protocol. I hope it was as enlightening for you as it was for me putting it together.
It's a journey, isn't it? Every week, the blockchain world unfolds a little more, revealing its complexities and opportunities. Whether you're here to deepen your understanding or just starting to peel the layers, there's always something new on the horizon.
I'm keen to hear from you – your questions, insights, or any topics you'd like me to explore. This newsletter thrives on your engagement.
Trivia Answer: Who penned the Bitcoin white paper? If you guessed Satoshi Nakamoto, you're right on the money. It's the pseudonymous name that began it all.
A quick reminder to move this email to your Primary tab to ensure we stay connected without interruption.
See you next week for more insights and tales from the blockchain space. Stay curious.
Best regards,
Ajay Tomar
Disclaimer:
Content in this newsletter is for educational and informational purposes only and is not intended as financial 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 NEAR Protocol (NEAR)
This week's spotlight falls on NEAR Protocol, a blockchain platform that's making significant strides in addressing some of the persistent challenges in the blockchain space: usability, scalability, and developer support.
What Sets NEAR Apart?
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User Experience: NEAR Protocol prioritizes user-friendliness with human-readable account names, moving away from the complex cryptographic addresses that can be a barrier for new users.
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Scalability: Through its Nightshade sharding process, NEAR aims to significantly boost transaction speeds and capacity, potentially supporting up to 100,000 transactions per second without sacrificing security or decentralization.
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Developer Ecosystem: NEAR offers a welcoming environment for developers with tools and incentives to build and deploy decentralized applications (DApps) more efficiently.
Recent Highlights
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NEAR's approach to scalability and user experience is more than just theoretical. The protocol's growing adoption and the increasing number of projects being developed on NEAR—ranging from DeFi applications to NFT marketplaces—underscore its practical impact.
Why Pay Attention to NEAR?
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As blockchain technology continues to mature, platforms like NEAR Protocol that offer tangible solutions to longstanding issues are critical to watch. NEAR's commitment to improving the blockchain experience for developers and users alike signals a promising direction for the future of decentralized applications.
NEAR Protocol stands out for its concerted effort to make blockchain technology more accessible and efficient. As the blockchain landscape evolves, NEAR's contributions could play a pivotal role in shaping its next phase of growth.