To the DeFi Community,
Crypto is crossing the chasm.
Paypal’s recent announcement will put digital assets directly in the hands of 364M people and 26M companies across the globe. All of these customers will be able to purchase Bitcoin, Ether, Litecoin, and Bitcoin Cash through their Paypal accounts and eventually, Venmo too. That’s millions of millennials, the most attractive target market, with access to digital assets through their mobile devices. It won’t happen overnight (it’ll only start in the U.S.) but this is a massive win for the crypto ecosystem.
And no, it’s not perfect. Paypal’s system acts as a walled garden as users won’t be able to transfer their assets out of the Paypal ecosystem – they’re stuck in there. This closed-off nature goes directly against the core ethos of open finance. But it does get millions of people familiar with holding and using crypto assets. It’s inevitable that a portion of those users will eventually trickle out of the system and opt-into the better, more open system. The one that we all know and love.
Equally as important, Paypal will buy up crypto assets at unprecedented levels for its millions of customers. Something that only leads to one thing: number go up.
Outside of DeFi, projects like Audius are tapping into an entirely new demographic of artists touching crypto for the first time. They airdropped 5% of the supply to their top 10,000 accounts, including notable artists like deadmau5, Skrillex and RL Grime – a warm welcome the web3 world.
We did it.
🎧 $AUDIO – the Audius platform token – is officially live!
Check your Audius dashboard to see if you’re one of the 10,000 power users who now own a piece of Audius 👀
Read all about it 👇https://t.co/D70WGr8Hvw
— Audius Music 🎧 (@AudiusProject) October 23, 2020
At the end of the day, we’re starting to reach that inflection point in crypto. An inflection point that the entire industry has been working for years to reach. And it’s finally coming into fruition.
Adoption in coming.
– Lucas
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Paypal announces support for its 324M users for BTC and ETH.
PoolTogether updated its no-loss lottery protocol to support new ways to earn prizes for saving in DeFi.
Yield Protocol unveils its fixed lending protocol with an interest-earning wrapper of Dai, fyDAI.
Immutable showcases their layer 2 scaling solution with StarkWare for Gods Unchained.
Circles takes crypto twitter by storm with their approach to Universal Basic Income
- Total Value Locked: $12.28B (up +11.4% from last week)
- DeFi Market Cap: $15.9B (up 0.0%)
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Analyst at Bankless – one of the leading resources for open finance. Lucas is an active contributor to the DeFi ecosystem with appearances in other notable DeFi outlets including The Defiant and Our Network. He has years of experience working with dozens blockchain and token startups where he focused on token economics, marketing, and growth.