Finance
Etherscan launches AI-powered Code Reader: Finance Redefined
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week.
The past week in DeFi was filled with artificial intelligence (AI)-centered developments on Etherscan, Polygon’s latest security update and on-chain sleuth ZachXBT’s ongoing lawsuit supported by multiple crypto personalities.
Etherscan launched an AI-powered code reader to retrieve and interpret the source code of specific contracts, while the Polygon co-founder proposed a zero-knowledge Ethereum Virtual Machine (zkEVM) upgrade to improve the protocol’s security.
Binance CEO Changpeng Zhao rallied behind ZachXBT and donated to his lawsuit fund, which has now grown to over $1 million. The community-funded effort is to help the blockchain investigator fight a defamation case brought against him by Jeffrey Huang, better known on Twitter as MachiBigBrother.
The top 100 DeFi tokens broke out of a three-week-long bearish phase aided by a significant Bitcoin (BTC) price surge over the past week, with most DeFi tokens trading in green, barring a few.
Etherscan launches AI-powered Code Reader
On June 19, Ethereum block explorer and analytics platform Etherscan launched a new tool dubbed “Code Reader” that utilizes artificial intelligence (AI) to retrieve and interpret the source code of a specific contract address. After a user inputs a prompt, Code Reader generates a response via OpenAI’s large language model, providing insight into the contract’s source code files.
Code Reader’s use cases include gaining deeper insight into contracts’ code via AI-generated explanations, obtaining comprehensive lists of smart contract functions related to Ethereum data, and understanding how the underlying contract interacts with decentralized applications. “Once the contract files are retrieved, you can choose a specific source code file to read through. Additionally, you may modify the source code directly inside the UI before sharing it with the AI.”
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CZ, Powell and more rally to fund legal fees for on-chain sleuth ZachXBT, surpassing $1 million
Blockchain investigator ZachXBT has received over $1 million in donations from the crypto community in just over 24 hours to pay for his legal fees in a defamation lawsuit.
ZachXBT, known for his investigative work in the blockchain and cryptocurrency industry, has become embroiled in a legal dispute with Jeffrey Huang, better known on Twitter as MachiBigBrother. On June 16, Huang tweeted that he had filed a defamation lawsuit against ZachXBT, accusing him of damaging his reputation through false allegations.
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Polygon co-founder proposes zkEVM ‘validium’ upgrade to improve security
Polygon co-founder Mihailo Bjelic has proposed upgrading the Polygon proof-of-stake network to a “zkEVM validium” version, according to a June 20 forum post. If the upgrade is implemented, the new version will rely on zero-knowledge proofs to increase security.
Polygon is an Ethereum scaling solution with over $900 million in total value locked in its contracts and over two million daily transactions. It was first launched in 2019. In March, the Polygon team found a second network, Polygon zkEVM, that uses zero-knowledge rollups to scale Ethereum.
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Stablecoin protocol Reserve invests $20 million in Convex, Curve and Stake DAO
Stablecoin protocol Reserve is investing $20 million into the governance tokens of yield farming apps Curve, Convex and Stake DAO, according to a June 20 announcement. The investment aims to increase the liquidity of the Reserve’s stablecoins, called RTokens. It will also increase Reserve’s voting power within these apps’ governance systems.
Reserve is a stablecoin protocol that allows users to create their coins backed by any asset they wish. Electronic USD (eUSD), High-Yield USD (hyUSD), Reserve (RSV), Reserve Dollar (RSD) and ETH+ are a few examples of stablecoins that have been created through Reserve.
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DeFi market overview
DeFi’s total market value saw a bullish surge after three weeks. Data from Cointelegraph Markets Pro and TradingView shows that DeFi’s top 100 tokens by market capitalization had a bullish week, with most tokens trading in the green. The total value locked in DeFi protocols remained below the $50 billion mark despite a surge of over $5 billion this past week.
Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.
Finance
30-year mortgage rate hits 2-year low
The average rate on a 30-year fixed-rate mortgage was nearly unchanged this week but reached its lowest level in two years.
Thirty-year mortgage rates averaged 6.08% as of Thursday, down from 6.09% a week earlier, according to Freddie Mac data.
Average 15-year mortgage rates rose one basis point to 5.16%.
As mortgage rates hover around 6%, potential buyers are tiptoeing back into the market, and some homeowners who bought when interest rates topped 7% are weighing refinancing. Mortgage applications jumped to the highest level in more than two years last week, driven largely by refinancing volumes.
“Given the downward trajectory of rates, refinance activity continues to pick up, creating opportunities for many homeowners to trim their monthly mortgage payment,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “Meanwhile, many looking to purchase a home are playing the waiting game to see if rates decrease further as additional economic data is released over the next several weeks.”
Thirty-year mortgage rates have dropped more than a percentage point since May.
Read more: Mortgage and refinance rates today, September 26, 2024: Rates finally decrease
The Pending Home Sales Index, a measure of housing contract activity, rose 0.6% to 70.6 in August, improving slightly from July’s record-low reading, according to the National Association of Realtors. A level of 100 is equal to the amount of contract activity seen in 2001.
“Buyers are finally getting more comfortable with the rate,” said Selma Hepp, chief economist at real estate data provider CoreLogic. “I don’t think that’s going to mean a big boost for home sales this year given how low they’ve been so far, but still, it’s a little bit of improvement.”
Claire Boston is a senior reporter for Yahoo Finance covering housing, mortgages, and home insurance.
Click here for real estate and housing market news, reports, and analysis to inform your investing decisions
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Finance
AI, new generations and consumer finance
Öztopçu explains that while consumers are rapidly diversifying within the financing ecosystem, there is a genuine need for new generation financing products capable of responding to this diversity: “Seizing and developing technological opportunities, especially AI, enables companies to develop new production methods and tools, do a much better job at sizing up their competitors, and build creative competitive strategies.”
As Generation Z enters its peak earning years, it has become the target of all sectors of the economy, Öztopçu notes. Generation Z prioritizes convenience over everything else, and appreciates special, innovative financial benefits, such as promotions and discounts. Öztopçu reports that Gen Z’ers also do a lot of their shopping on social media, but always after doing proper research, and rarely on impulse. To help them, they browse online channels and watch videos if necessary.
According to Öztopçu, this generation looks for the same perks and promotions when they are looking for financial products, such as loans, interest rates, and payment flexibility. In fact, when offered by brands, it builds greater customer loyalty among Gen Z’ers – even more so when the brands develop financial products that are customized to meet their needs.
Öztopçu explained that if a consumer uses a product developed in collaboration by brands and financial institutions, they visit the brand’s mobile app or website three times a month on average, and these visits convert into sales. During this transition period, the use of these hybrid structures is bound to become more widespread, as they are especially good at engaging with the customer, helping brands understand their needs and guiding them.
Therefore, according to Öztopçu, if consumer finance companies or banks insist on using traditional databases, they must be ready to work harder to offer new products that can keep up with changing consumer financing trends and lending habits.
Finance
Dow retreats from record high, Micron earnings on tap: Yahoo Finance
The Dow Industrial Jones Average (^DJI) is pulling back Wednesday, after reaching an all-time high in the previous session. Investors are now turning their attention to Friday’s PCE report to help assess whether the Federal Reserve will continue its aggressive rate-cutting cycle. Meanwhile, Micron Technology (MU) is in focus on Wall Street as the chip giant gears up to report it’s fourth-quarter results after the market closes.
Yahoo Finance trending tickers include Rocket Lab (RKLB), Ford Motor Company (F), and Rivian Automotive (RIVN).
Key guests include:
3:05 p.m. ET Kate Moore, BlackRock Global Allocation Fund Head of Thematic Strategy
3:30 p.m. ET Alonso Munoz, Hamilton Capital Chief Investment Officer
3:45 p.m. ET Michael Lasser, UBS U.S. Hardline & Broadline and Food Retail Analyst
4:15 p.m. ET Daniel Morgan, Synovus Trust VP and Senior Portfolio Manager
4:40 p.m. ET Daniel Lubetzky, Kind Snacks Founder and Builders Movement Founder
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