Beyond KYC: Stricter Privacy Policies are Looming, But DeFi is Here to Stay

NASDAQ

Over the previous year, blockchain has swept the globe with its decentralized finance (DeFi) industry, which is seeing an unprecedented expansion in terms of service offerings and overall value locked (TVL). This increase in on-chain wealth generation has attracted more regulatory interest, but many regulators are equally concerned about another important asset that we've increasingly given over to the internet - our personal identities. However, while some blockchain advocates are concerned that new, stringent privacy rules will stifle or even destroy DeFi and other blockchain-based enterprises, the truth is that DeFi and future privacy regulations can coexist symbiotically.

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Next Big Etherium Upgrade Could Reduce Layer 2 Gas Fees

BEINCRYPTO

One of the network's most significant shortcomings is its high transaction costs, which a recent Ethereum Improvement Proposal (EIP) put forth by network co-founder Vitalik Buterin intends to address. Last month, Buterin introduced EIP-4488, which aims to reduce "call data," in an effort to provide some short-term respite from galloping gas fees. The primary goal of the proposal is to lower gas costs on Ethereum's expanding layer 2 scaling solution ecosystem. Ethereum developers have reacted positively to EIP-4488, which reduces the call data cost from 16 to 3 gas per byte and has a cap on call data per block to mitigate security risks.

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Non-Fungible Tokens Popularity Leads to First-Ever NFT Exchange Traded Fund from Defiance ETFs

YAHOO FINANCE

According to a study by blockchain analytics firm DappRadar, trading in NFTs rose to $10.7 billion during the third quarter of 2021, up over 700% from the previous quarter. Defiance ETFs CIO Sylvia Jablonski said that the fund was created as NFTs are "challenging paradigms of ownership, property, and value". An investor can buy or make an NFT directly with digital wallets, cryptocurrencies, and other methods. For most investors, purchasing an ETF in a trading account is quite simple. As a result, having access to the digital world of blockchain technology and NFTs is a fantastic addition to the cryptocurrency market.

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‘Decentralization illusion’: Central bank group urges regulation of DeFi crypto platforms

CNBC

The Bank for International Settlements is worried that the rapidly-growing DeFi market will undermine traditional financial institutions. DeFi is a fast-growing sector within the cryptocurrency market that promises to deliver conventional financial services such as loans and savings accounts without the need for regulated middlemen like banks. Regulators are worried that DeFi services platforms may not be as "decentralized" as they advertise themselves to be. According to BIS, decentralization can be deceptive because it creates agents with less than desirable interests.

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Crypto Conference DeFiCon 2021 to Be Hosted on December 18-19 in Brooklyn, NYC

BITCOIN.COM

The next crypto conference to light up the year is DeFiCon 2021, which takes place December 18-19 in Brooklyn, New York. DeFiCon is a nonprofit event that differs from the traditional corporate and for-profit conference model. All of DeFiCon's net proceeds will be donated to charity. As a crypto native event, DeFiCon tickets are NFTs created by the original artist of the Bored Ape Yacht Club.

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