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🌐DeFi Draws Closer to Institutional Market as EU Eyes Automatic Blockchain Monitoring🌐
October 16, 2022
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(Dinarian Note: We are quickly accellerating to a NON-SELF CUSTODIAL WORLD. Within a few years our cold storage ledgers WILL become a thing of the past as banks become the new custodians of digital assets.

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BUT... don't worry, we will hopefully be 90% out of digital assets by that point. You didn't think we would be able to hold our DIGITAL ASSETS forever did you? Again, what is the first rule? NEVER BET AGAINST THE BANKERS!)

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In the first few years of Decentralized Finance (DeFi), platforms like Uniswap and Pancakeswap fueled the explosion of a field that has been defined by a series of spectacular gold rushes followed by a painful hangover. But as the industry evolves, businesses and governments alike are looking to establish order in the DeFi wild west.

In 2020, the invention of yield farming and liquidity mining allowed young DeFi projects to raise funds quickly and created a lucrative but volatile market for the associated tokens. Seemingly overnight, DeFi became one of the most talked-about financial trends, with public interest mirroring that of the wider crypto space.

Proponents of the new model have pointed to DeFi millionaires and the seemingly unstoppable growth of decentralized exchanges as a sign that the space represents the future of finance. Critics, on the other hand, have warned that the bubble would eventually burst.

When the crypto market crashed in the spring of this year, the DeFi world seems to have had a moment of reckoning. But rather than taking out the industry, 2022 may actually mark the year DeFi goes mainstream.

Toward DeFi Credibility

The high-risk, unregulated environment that characterized the initial years of decentralized finance have led to an institutional aversion to platforms like Uniswap. However, a project launched earlier this year by the decentralized protocol Aave is looking to entice regulated banks and investors and add a layer of credibility that has been largely lacking in the DeFi space until now.

Aave Arc promises to help institutions participate in regulation-compliant decentralized finance by doing away with the rampant anonymity associated with traditional DeFi as well as creating a ā€œpermission liquidity poolā€ in which only whitelisted institutions that have been vetted for regulatory compliance can participate.

One of the project’s whitelisted financial institutions is Italian firm Anubi Digital, a crypto custodian for businesses, institutional investors and high net worth individuals.

This week, Anubi Digital launched its latest DeFi offering, DUO, a liquidity staking service that allows the firm’s clients to partake in Uniswap liquidity pools using either euros or crypto assets.

Besides the greater involvement of regulated financial institutions, another development that may lead to more mainstream acceptance of DeFi is the presence of regulatory oversight.

The Decentralized Autonomous Organizations (DAOs) that typically govern DeFi projects and platforms are made up of distributed networks of frequently anonymous token-holders with voting rights that often change hands. As a result, the absence of a central governing body can make accountability a challenge.

Aware of the difficulties this presents regulators, the European Commission (EC) recentlyĀ put out a callĀ to study ā€œEmbedded supervision of decentralized finance (DeFi)ā€ protocols. The project will explore the prospect of automated data gathering directly from the Ethereum blockchain and test the technological capabilities for supervisory monitoring of real-time DeFi activity.

Such a mechanism for monitoring the Ethereum network is expected to have numerous advantages for the EU, most notably in the field of anti-money laundering (AML), where companies likeĀ EllipticĀ already offer crypto asset transaction monitoring services to help businesses identify risks and trace crypto transactions.

The EC’s interest in the technology and its specific reference to DeFi data could suggest that European policymakers have their eyes set on ensuring greater scrutiny of the space. It could also pave the way for a more streamlined approach to compliance unlike the current system which requires market participants to actively collect, verify and report data to authorities.

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Join this Now! YOU have what it takes!

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The Great Onboarding: US Government Anchors Global Economy into Web3 via Pyth Network

For years, the crypto world speculated that the next major cycle would be driven by institutional adoption, with Wall Street finally legitimizing Bitcoin through vehicles like ETFs. While that prediction has indeed materialized, a recent development signifies a far more profound integration of Web3 into the global economic fabric, moving beyond mere financial products to the very infrastructure of data itself. The U.S. government has taken a monumental step, cementing Web3's role as a foundational layer for modern data distribution. This door, once opened, is poised to remain so indefinitely.

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US Dept of Commerce to publish GDP data on blockchain

On Tuesday during a televised White House cabinet meeting, Commerce Secretary Howard Lutnick announced the intention to publish GDP statistics on blockchains. Today Chainlink and Pyth said they were selected as the decentralized oracles to distribute the data.

Lutnick said, ā€œThe Department of Commerce is going to start issuing its statistics on the blockchain because you are the crypto President. And we are going to put out GDP on the blockchain, so people can use the blockchain for data distribution. And then we’re going to make that available to the entire government. So, all of you can do it. We’re just ironing out all the details.ā€

The data includes Real GDP and the PCE Price Index,Ā which reflects changes in the prices of domestic consumer goods and services. The statistics are released monthly and quarterly. The biggest initial use will likely be by on-chain prediction markets. But as more data comes online, such as broader inflation data or interest rates from the Federal Reserve, it could be used to automate various financial instruments. Apart from using the data in smart contracts, sources of tamperproof data šŸ‘‰will become increasingly important for generative AI.

While it would be possible to procure the data from third parties, it is always ideal to get it from the source to ensure its accuracy. Getting data directly from government sources makes it tamperproof, provided the original data feed has not been manipulated before it reaches the oracle.

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