Proof-of-Ink to boost Web3 adoption, Fed rate cut could spur DeFi summer: Finance Redefined
Gavin Wood introduced a major infrastructure development for Web3 citizenship, while Hashkeyâs CEO forecasted a resurgence in the DeFi market driven by lower interest rates.
Welcome to Finance Redefined, your weekly dose of essential decentralized finance insights â a newsletter crafted to bring you the most significant developments from the past week.
This week, Ethereum and Polkadot co-founder Gavin Wood revealed the launch of Parityâs upcoming tattoo-based Web3 individuality solution, which could be among the main missing blocks for Web3 adoption, Wood told Cointelegraph during the Web3 Summit in Berlin.
In other news, the decentralized finance (DeFi) sector could experience a long-awaited resurgence, fueled by declining interest rates and rising BitcoinÂ
BTC
$63,948
 investments, according to HashKey Capitalâs CEO, Deng Chao.Â
Proof-of-Ink by Gavin Wood: The tattoo that secures your Web3 privacy
Parity Technologies is launching a Web3 individuality solution, which is a crucial missing element for mainstream Web3 adoption.
The new solution, âProof-of-Ink,â will enable users to prove their digital individuality in a privacy-preserving manner through a unique tattoo serving as proof of digital citizenship.
Proof-of-Ink is set to launch in the fourth quarter of 2024, according to Wood.
Lower interest rates could be the key to DeFi summer: HashKey Capital CEO
As the United States Federal Reserve is forecast to cut interest rates in 2024, the resultant weakening of US Treasury yields is likely to strengthen the spotlight on riskier but higher yield opportunities elsewhere â which means investors could have a greater appetite for cryptocurrencies.
This uncertainty puts the focus on Bitcoin, which is typically seen as a risk-on asset. When interest rates drop, investors pile into riskier asset classes.
