3 September

The amount that Ethereum miners bring in from transaction fees on a daily basis skyrocketed on September 1, reaching $16.5 million. Daily Ethereum transaction fees hovered between roughly $140,000 in January and $2 million on August 8.

In comparison, Bitcoin miners generated $1.5 million in fees yesterday – only 9% of Ethereum miners.

“yETH brings ETH, MakerDAO and Curve together. It’s the smart contract equivalent of “set it and forget it.”

Users will deposit ETH on Yearn, which will in turn deposit it in MakerDAO in order to borrow dai (DAI). The DAI will then be deposited in CRV in order to withdraw its liquidity provider (LP) tokens and earn CRV tokens, both of which can then be plugged into whatever the optimal place to farm them might be.

You are earning a lot of money on your ETH without losing exposure to your ETH.

Notably, the writer of the yETH smart contract will earn a small portion of all profits on it. The idea here is that it gives developers an incentive to write strategies for the project.”

“Research published by cryptocurrency data firm Messari today shows that more than half a billion dollars worth of Bitcoin, or 0.3% of its total supply, has been sent to Ethereum this year. The reason? This summer’s indomitable rise of decentralized finance, or DeFi.

With only 0.3% of all bitcoin on Ethereum and DeFi booming, the opportunity for decentralized bridges between the two chains is hard to ignore.”

See Also: Bitcoin Share of Crypto Market Cap at Lowest Point in Year

“There’s a new DeFi project called Hotdog. There’s also Kimchi, Noodle, and Harvest, and they all sprang up in the past day or two. But what’s more impressive is this: Some claim to offer annual yields in the seven figures. That’s 1,000,000%. Yes: Million. Percent. Yield.

Here’s what’s actually going on.

Developers simply copy the code of those who came before it, creating websites that look identical. They mint tokens and attach a catchy name and emoji to it.

They create a market for the token on Uniswap. By controlling the supply of ETH relative to the token, they’re also able to set an inflated price for a highly illiquid token. The flashy numbers will draw in more buyers. That’s how the early farmers, and very likely the creators of the project themselves, will be able to cash out and make a juicy profit.

It’s a bit like musical chairs. The latecomers that were providing liquidity for that specific token will lose money when the early farmers start cashing out.

Still, let’s not forget there’s innovation at the heart of this craze. Worthless projects and tokens will come and go, but the space will gain a valuable new way of raising funds and rallying communities.

Yield farming is highly risky, but the core idea of incentivizing specific behavior is insanely powerful.”

See Also: New DeFi Protocol, Kimchi, Locks in $500M in Hours
See Also: SushiSwap’s founder emphasizes that the $27M they hold is for devshare

After integrating with OMG Network, stablecoin issuer Tether is now planning to add support for another Layer-2 scaling solution — ZK-Rollups.

The idea behind ZK-Rollups is aggregating multiple operations into one single L1 [Layer1] transaction that ‘compresses’ all the underlying transactions.”

See Also: ZK-Rollups & Optimistic Rollups Compete to Scale DeFi Smart Contracts

“The Vienna Stock Exchange, or Wiener Börse, has become just the third “official regulated market” worldwide to list a Bitcoin (BTC) product. Wiener Börse’s listings mean that the Bitcoin ETPs are now available to all three ‘DACH’ nations — Germany, Austria, and Switzerland.

In another boost to the institutional adoption of cryptocurrency, Singapore Exchange (SGX) announced it would list price indexes for Bitcoin and Ethereum.”

See Also: Swiss crypto bank Sygnum scores approval for digital asset trading
See Also: CFTC Greenlights LedgerX Request to Move Beyond Digital Currency Products

“The police action was apparently linked to a $25 million token sale hosted on Bithumb and a proposed acquisition by a Singapore platform, BTHMB, that never materialized.

Some investors said they lost millions participating in the sale.
Bithumb’s chairman, Lee Jung-hoon, has been accused of fraud and illicitly sending funds overseas.

See Also: Cryptocurrency Markets Crash as Coinbase, Binance Suffer Issues

“The Bitcoin ABC development team yesterday released a new version of its latest, controversial upgrade. It would result in eight percent of mining rewards being used for infrastructure development, sent to an account owned by the Bitcoin ABC team.

An overwhelming amount of the BCH community doesn’t support the ABC development team’s proposals. The upgrade [is set] to take place on November 15.

Diverting part of the Bitcoin Cash block reward to pay a single development team is a Soviet style central planner’s dream come true.”