August 2: bETH collateral onboarding
“A proposal to list bETH (wrapped stETH on Terra) as collateral to @anchor_protocol has been submitted. This will allow users to borrow UST against staked ETH collateral and earn liquidity mining rewards using Anchor’s collateralized lending,”
— @LidoFinance tweet on August 2.
bETH is considered a wrapped version of stETH on Terra. With this collateral onboard, users will be able to exchange bETH and stETH with each other. If users want the unwrapped version of the token, they can exchange it with the wrapped ones.
The Anchor Protocol discussed the flow of acquiring bETH. Based on the blog uploaded, the first step is staking ETH with Lido and getting stETH in exchange. Users can then wrap stETH to bETH. In terms of payment, users can pay APR and then get rewarded with ANC.
Aug 3: Solend is now live on Devnet
This week, Solend announced that it was already on Devnet. Users will now be able to access it through https://devnet.solend.fi/. Solend is known as the autonomous interest rate machine for the Solana blockchain. Users who intend to borrow cryptocurrencies can now earn interest on deposits and borrow assets immediately with low interest fees.
To date, Solend has already supplied $2.4M total assets and $327.9K total assets borrowed. With this protocol, you can earn interest, leverage, long, borrow, and short. The interest rate is set by the algorithm used by the program. Once your money has been deposited, you can use the funds as collateral when you borrow.
August 4: Ethereum’s London hard fork ushers in EIP-1559
“The London upgrade is scheduled to go live on Ethereum in August 2021, on block 12,965,000. It will introduce EIP-1559, which reforms the transaction fee market, along with changes to how gas refunds are handled and the Ice Age schedule.”
— Ethereum.org
On Thursday, it was expected that Ethereum’s hard fork would be launched. According to the reports, improved proposal 1559 or EIP-1559 will affect how Ethereum charges transaction fees. With this improvement, each transaction will have fees for burning, which will reduce the supply of the tokens. Users are also given rewards to encourage faster confirmations to match the demand of the network.
There will be other EIPs to make improvements to the network. This improvement will be a part of Ethereum 2.0. This will help in changing the consensus algorithm from proof of stake and proof of work.
August 5: Explore IoTeX, Get Rewards
“We are excited to partner with @CoinMarketCap. Earn and introduce IoTeX to millions of new people.”
According to the protocol, new videos can be watched from August 9 onwards through the website. When you go to the website, you will see a homepage with the title “Explore IoTeX, Get Rewards.” There are four videos to watch covering four lessons. Each of them explains how IoTex works, from its vision to how it builds the world.
August 6: Ethereum approaches $3K resistance as Bitcoin price rebounds
The crypto market is almost recovering from the months-long correction. This week, Ethereum is almost reaching $3k while Bitcoin is at almost $40k. Both of these big coins were ranging in the $2k and $30k range for the past months. Come August, both ETH and BTC are slowly increasing in value. At the same time, there are several reasons why it’s happening; as the rise in the price of ETH may be driven by ETH2.0’s coming launch.
