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Category: Decentralized Finance

Vitalik Buterin Urges Ethereum To Grow Beyond DApps

The developer and co-founder of Ethereum recently urged the community to innovate beyond decentralized finance. He made these statements during a conference that took place in Paris. According to Buterin, non-financial utilities are part of the vision general-purpose blockchains such as Ethereum aims to offer. But he is somewhat disappointed that the ETH blockchain is now seeing more financial application only. Related Reading | Ethereum Founder Vitalik Buterin Spotted With Hollywood Celebrities Buterin stated that it is better to know Ethereum by decentralized finance instead of for nothing. But, the blockchain has to be known for more. The lead developer mentioned that other applications outside the financial sector can still be developed on the ecosystem to support this. For instance, developers can also build applications such as retroactive public goods funding, identity verification & attestation, and decentralized social media on Ethereum. Buterin also stated clearly that innovating beyond decentralized finance doesn’t mean being against it. He even mentioned that Ethereum applications that combine both finance & non-finance elements would really be interesting. After a sudden drop in price, ETH is now slightly recovering from previous losses | Source: ETHUSD on TradingView.com He believes that exciting things might offer different values for people on the network and beyond it in a few years to come. Currently, the ETH co-founder is working on “public goods funding.” From a blog post that Buterin co-authored, there was information that Optimism has promised to fund open-source development via retroactive rewards protocols. Why Is The Ethereum Community Headed Towards DeFi? According to Buterin, two factors are responsible for the preoccupation with decentralized finance. The first one is that centralized technology hasn’t been handling finance very well. Unfortunately, finance is essential and offers a wider domain decentralization. Secondly, he mentioned that high fees are contributing to the growing interest in financial applications. But he mentioned that the high fee issues on Ethereum are gradually fizzling out due to the growing lay-two networks. Related Reading | Commercial Paper Reserves Of Tether Under Heavy Regulatory Scrutiny Since the team is already working on lower transaction fees, the Ethereum CEO believes that the tie has come for the community to explore other opportunities. This is why he stated that Ethereum should innovate towards other possibilities, not just in creating tokens. Buterin believes that if the community focuses on DeFi only, such actions will push the blockchain to infinity. But, on the other hand, if nothing changes, the community will only get tokens that profit through yield farming. He also noted that financial derivatives bring good value to the crypto sector. However, he warned that derivatives are too risky. Featured image from Pixabay, chart from TradingView.com
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Russia Plans To Impound Unlawfully Acquired Cryptocurrencies

The Russian prosecutor general allegedly reports that cryptocurrencies are being utilized for bribing. As a result, Russia introduced cryptocurrencies into its legal system and as a taxable value in 2020. The country has also banned its public officials from possessing crypto with effect from this year. Russia is now assembling legislation to ensure that law-enforcement […]
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Aave To Introduce Permissioned Deployment for Institutions Later In July

Aave declared a kick-off of its new project this month to meet the abruptly growing demand from different institutions. According to their announcement, Aave, one of the leading DeFi money markets, will launch a permission payment platform for investors. The DeFi protocol is partnering with Fireblocks, a crypto service provider and custodian, to launch the […]
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Goldman Sachs: Ethereum (ETH) Might Overtake Bitcoin (BTC) As A Store of Value

Amid the recent crypto market volatility and the rising dominance of Ethereum (ETH), the debate of ETH vs BTC has sparked with some big players joining the discussion. Wall Street banking giant Goldman Sachs recently published its Global Macro Research report that goes all praises for Ethereum. ParaFi Capital General Partner Santeago Santos shares some

The post Goldman Sachs: Ethereum (ETH) Might Overtake Bitcoin (BTC) As A Store of Value appeared first on Coingape.

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