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🏦Aave Launches GHO Stablecoin

The Defiant

DeFi Daily

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We kick off with Aave's launch of its GHO stablecoin on Ethereum, aiming to reshape DeFi lending and provide more competitive borrowing options. We then explore Polygon Labs' overhaul of the MATIC token to a 'hyperproductive' POL token.

Shifting gears, we delve into the launch of Coinbase's eagerly-awaited Layer 2 network, Base. And finally, we turn our attention to Arkham Intelligence's incentive program that's stirring debate in the crypto community about the fine line between blockchain transparency and privacy.

✍️ In today’s newsletter:

  • Aave launches GHO on mainnet
  • Polygon unveils POL token to replace MATIC
  • Base opens mainnet to developers ahead of public launch
  • Arkham Intelligence sparks criticism over unmasking program

📈 Markets in last 24 hrs:

TickerValue24h
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S&P 5004,505 -0.11%
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Arch WEB30.91pts -1.27%
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CONSUMER1.09pts -1.81%
Arch WEB3

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🎬 WATCH

Watch our video on how crypto security is evolving in 2023. And check out our podcast with Nicolas Liochon, Global Lead for Linea, which is a new zkEVM rollup by Consensys.


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DeFi

Aave Launches GHO Stablecoin On Ethereum Mainnet

TLDR Aave, a leading DeFi lending protocol, has launched its native GHO stablecoin on Ethereum. Users can mint GHO against deposited assets at a 1.5% fixed interest rate. The Aave DAO treasury will receive all fees generated from GHO.

SO WHAT This represents a significant step for Aave and the broader DeFi ecosystem. It introduces another decentralized stablecoin alternative to existing centralized options that have recently seen their reliability questioned.


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Ethereum Scaling

Polygon Introduces New POL Token to Replace MATIC

TLDR Polygon has announced a revamp of its MATIC token, rebranding it as POL, touted as a "hyperproductive" token, allowing holders to validate transactions across multiple blockchains and earn fees from each one. Current MATIC holders will be able to exchange their tokens for POL on a one-to-one basis.

SO WHAT The update is part of Polygon's broader efforts to transition from isolated blockchains to an interconnected ecosystem, which could improve scalability and interoperability.


Layer 2

Base Opens Up To Developers Ahead Of August Mainnet Launch

TLDR Coinbase has opened its Layer 2 network, Base, for developers to begin working with their code ahead of a public launch scheduled for early August. Developers who deploy code on Base before the public launch will receive a non-transferable "Genesis Builder" NFT.

SO WHAT The Layer 2 space continues to heat up with increased competition to scale Ethereum. Coinbase's entrance into this race is a strong endorsement for the technology and could potentially drive wider adoption and innovation.


Web3

Backlash Over Arkham’s Intelligence Platform Highlights Blockchains’ Double-Edged Sword

TLDR Arkham Intelligence, a data analytics firm, announced an incentive program to reward researchers for providing data on crypto addresses and transactions. Some community members interpret this as an attempt to "snitch" on each other, with concerns over privacy and association with US government agencies. However, Arkham's CEO, Miguel Morel, insists that the platform prohibits the sharing of private data and serves to protect good actors in the ecosystem.

SO WHAT The program opens a debate on the balance between transparency and privacy in the blockchain ecosystem. While it can help track and reveal malicious activity, it may also raise concerns about invasion of privacy for good actors. The impact of such programs on the crypto community will depend largely on their implementation, and the measures taken to protect users' privacy and ensure the public interest.


🔎 OUR REPORTERS ARE WATCHING


🌍 ELSEWHERE

  • Tokenize Everything: Institutions Bet That Crypto’s Future Lies in the Real World ( Coindesk)
  • Polychain raises $200 million for fourth crypto VC fund, shakes up staff ( Fortune)
  • A Crypto Bill is Possible, Says Key Republican After Ripple Ruling ( Bloomberg)