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[glowingobsidian]

Confirmed to become listed on the wave of decentralized governance: Aave founder talks about DeFi challenges and economic model plans

In addition to liquidity mining and token pledge rewards, Aave founder Stani Kulechov also unmasked that the economic model "Aavenomics" and governance plan will enable LEND token holders to vote on smart contract changes, making the Aave protocol ecosystem completely decentralized. Extended reading: "Aave COO confirms the liquidity mining plan, and elaborates fearlessly to explore the details"

Original title: "Aave founder Stani Kulechov: DeFi's liquidity may be dispersed across different networks" Compiled by: Staking Rewards Translation: Porridge Overnight When speaking about DeFi liquidity, Stani Kulechov, founder and CEO of Aave, said that the existing market liquidity is targeted in Ethereum, which is very beneficial to Aave, but that he believes that liquidity may be dispersed in the foreseeable future. In a number of different networks, this involves their efforts to fully capture these fluidities. Additionally , that he also mentioned that even though Aave currently holds the management key, in the next month or two, they'll achieve decentralized governance, allowing LEND token holders to vote on smart contract changes.

SR: Are you able to briefly introduce yourself as well as your cryptocurrency business? Stani: I did so some coding work when I was a teenager, nonetheless it wasn't until I was studying law at the Academy of Helsinki that I must say i entered the cryptocurrency field. Ethereum really brought me in to this world. I do believe it's so cool. You'll have some immutable and traceable smart contracts. I have always been thinking about finance, and so i started to consider just how to apply it to the financial field. Particularly I do believe it could completely change lending. If you can lend money to the others without having to do background checks or trust them, this will make lending smoother and faster. I acquired deeper and deeper in to the Ethereum community and started to consider just how to put it to use to create a decentralized and trustless financial system. I first started with ETHLend, and then ETHLend evolved in to today's Aave. Both ETHLend and Aave have borrowed crucial aspects of the original financial system, that we think is very important, because old-fashioned finance has many cool components that have shown to be effective. Traditional finance, or "OldFi, " inspired some aspects of ETHLend and Aave, but then we tried to boost it and decentralize it. Why choose DeFi? SR: What do you consider could be the most prominent advantageous asset of decentralized finance (DeFi) weighed against old-fashioned finance? What is the trick weapon of DeFi? What exactly are you personally most thinking about? Stani: I do believe one of the primary features of DeFi over "OldFi" is that it generally does not require trust and transparency. Users can get a handle on the flow of their funds. They are able to do that without trusting anyone. Compared with old-fashioned finance, DeFi has a high rate of return, which is excessively attractive to conventional depositors. It is 2020 and money shouldn't be dormant. Once people realize that their money can perhaps work for them around the clock, there's absolutely no reason to deposit all your money in a conventional bank, where you have minimal interest. Additionally , DeFi doesn't require any trust, or disclosure of your identity, back ground, and so forth It creates the financial system far more convenient and fair for everyone, even those excluded from the original financial system. Additionally , for technical users, DeFi also provides more opportunities, such as lightning loans, that may never be performed in the original financial system. For me, it's really great to observe that the DeFi industry has fully gone up to now. Now there are so many projects that have contributed to the ecosystem, and new projects emerge each day predicated on previous ideas. I do believe this composability could be the secret weapon of DeFi, which could be the most exciting part for me personally. The DeFi community, plus the Ethereum community, have now been spending so much time to greatly help one another and grow together, which has produced some very good ideas, which are made on each other's foundation and contribute to new projects and innovations. The technical composability in DeFi is really more in regards to the human composability of town, which is why things happen faster in DeFi, and it's also problematic for you to keep up with everything that happens on the market. In the DeFi field, people always have the willingness to innovate, and the reason why OldFi lags behind is really because there are not too many people in this community who're constantly striving to boost. Challenges facing DeFi SR: In your opinion, what are the notable challenges that DeFi has to over come before it may be undoubtedly adopted? How does Aave solve these challenges? Stani: Before DeFi enters conventional applications, among the challenges it must over come is always to make DeFi more user-friendly. For most people, the thought of ​​DeFi is revolutionary. When I introduce the concept of DeFi to newcomers, they normally are astonished, specially just how much interest you can earn from deposits, because no normal bank permits you do. I do believe for most people, the definition of "blockchain" or "cryptocurrency" could be scary, so making sure an individual experience is as intuitive that you can could be the key. At Aave, we will help users integrate some tools. Argent is a good example since it is simple and simple to use, and it's also an easy task to access Aave along with other DeFi protocols directly from the wallet. For conventional adoption of DeFi, it is crucial to really have a platform like Argent, that may simplify the whole process and supply users with a seamless platform to explore DeFi options. We have been nearer to conventional adoption than many people think, and an individual experience is improving each day. The feedback from the Aave community can also be one of our most useful assets to over come these challenges. When people use DApps, we have been always spending so much time to boost an individual experience. We've been asking "how to produce it easier for end users to accomplish this", "is the process intuitive" and so on. We have been very fortunate to have this active and responsive community. Staking vs lending SR: How can you start to see the relationship between Staking and lending of PoS crypto assets in the foreseeable future? Maybe there is competition? Or will it be harmful? Stani: I do believe staking plays an essential role in security for blockchain networks. Some PoS encrypted assets could have functions made to protect the protocol itself. For instance , "Aavenomics" is a staking mechanism that allows the pledger to supply security to the liquidity provider of the Aave protocol. It is a key section of protocol scalability and attracting liquidity providers. I do not see various staking mechanisms competing with each other, but various ways of participating in the network, and each method has a unique risk and reward mechanism. For that reason the pledger can select the way they want. Risk SR of the Aave platform: How can you assess or quantify the risks active in the Aave platform? Such as for instance financial security. Stani: We simply take safety very seriously, and I must say i think safety should function as the top priority of DeFi. The composability of DeFi rocks !. If among the components is insecure, it will expose the ecosystem to new threats. For that reason measures to mitigate risks in DeFi are extremely crucial. For the Aave protocol, we have completed 2 security audits, one is through Open Zeppelin and the other is through Trail of Bits. You can find the results of the 2 audits on our internet site. We always desire to be transparent about risks and regularly issue security updates which will contain any new information. We also have an ongoing bug reward program. If anyone finds a bug in the code, we will reward you. Our risk management team has spent lots of time analyzing and evaluating the risks involved in using Aave. We have also released a risk framework. Before adding a fresh currency to the Aave agreement, we will conduct an extensive risk assessment. It may be within our risk framework. Is Aave centralized or decentralized? SR: Have you got the proper to utilize the private key of the smart contract? How can you store it? Maybe there is an urgent situation shutdown? What are the plans to produce smart contracts immutable? Stani: At this time we do have access to the private key. In the first launch phase, we want to ensure the security of the protocol in the event any issues arise. However , we will soon launch decentralized governance, and the ownership of the Aave protocol will undoubtedly be utilized in the governance smart contract. When the governance is deployed, LEND token holders will be able to vote on changes to the smart contract. DeFi composability SR: What do you consider about cooperation or integration with other DeFi agreements? Stani: The composability of DeFi is amongst the coolest areas of the ecosystem, and we work hard to ensure our partnership and integration always support this composability. We have seen the synergy of numerous projects in the DeFi field, and we believe that it is cool to create together between projects to boost an individual experience. Needless to say, we must measure the security issues of integration. Interoperability SR: You think blockchain interoperability is a meaningful development that could promote DeFi? Stani: I agree with this point of view. At the moment, the liquidity of DeFi is targeted in Ethereum, which is very beneficial to Aave. However , I really believe that the liquidity of DeFi in the foreseeable future may be dispersed among a number of different networks, which requires our efforts in order that we could capture these liquidity. Bitcoin and DeFiSR: What role do you consider Bitcoin will play in the DeFi field? Stand: Unlocking Bitcoin's liquidity in DeFi has huge potential. Conservative cryptocurrency holders usually hold Bitcoin, and in Bitcoin's own network, you certainly can do limited things. To be able to use Bitcoin in DeFi brings lots of liquidity to the field and promote the growth of DeFi. Eventually, Bitcoin may be used as a tool to enter DeFi. How exactly to evaluate collateral SR: How can you identify which assets are suitable as DeFi collateral? Stani: Before adding any assets to the Aave agreement, our risk management team will conduct an extensive risk assessment relative to the danger framework I mentioned previously. In the event that you read our risk framework, you'll find most of the currencies available in the Aave agreement and explain why they could be used as collateral. Currency that is only allowed for deposit and lending (not as collateral) is less risky to the agreement, so if assets can be used as collateral, they must meet stricter standards. Additionally , each currency added to the Aave agreement as collateral will increase the agreement's bankruptcy risk, since it implies that the agreement is more vunerable to market fluctuations. Additionally , the centralized currency accepted as collateral will expose the agreement to centralization risks (having a currency that uses single point of failure advances the threat of the Aave agreement). Basically, we will first go through the risks of smart contracts and give attention to the security of the code, and then we will study the counterparties in governance (to measure the governance of currency and managers). If these risks aren't excessive, we will study market risks., Including volatility risk and liquidity risk. They are the primary things that we must consider before adding new collateral.

Future plans SR: Are you able to share Aave's roadmap for the following year? Will there be any such thing we could are expectant of? Stani: We just released the second currency market of the Aave agreement-the Uniswap market! It is a big step we have taken and the second market in our multi-market strategy (the OG Aave market we released in January was the first). The Uniswap market allows Uniswap liquidity providers to borrow through Aave and Uniswap to be used for DeFi loans, thereby increasing the demand for stablecoins. The Aave protocol can be the protocol for creating the currency market. Soon we will introduce the Set market and so on. This is all I do want to say now. Ultimately, it is possible to create your own currency market! Additionally , in the next month or two, we will publish our token economics or "Aavenomics" and our governance. LEND token holders will be able to vote on smart contract changes, thereby enabling the Aave protocol ecosystem Completely decentralized. Another interesting section of Aavenomics is that it could put LEND in the security module to supply a safety net for liquidity providers to resist various protocol risks. Similarly, we will have plans to incentivize liquidity providers.

[szunwaves]

Crypto Briefing: Understanding DeFi Transaction Routing in one single Article 1inch. exchange

The fragmentation problem in the DEX industry will probably continue for some time, and also this trend is precisely the opportunity for 1inch. exchange. Published by: Liam Kelly, Ashwath Balakrishnan Translation: Lu Jiangfei Crypto Briefing authorizes blockchain news translation and publishes Chinese version One of the most significant explanations why 1inch. exchange can flourish in the DeFi field is that they "concentrate" decentralized liquidity in one place. Particularly following the rise of Yield Farming, the 1inch. exchange platform is promoting somewhat.

Breakdown of key content

* 1inch. exchange targets serving the retail (retail) user market eager to explore decentralized exchanges. * By integrating numerous decentralized exchanges (DEX) and tokens, users can exchange just about all types of ECR-20 tokens. * Nevertheless , since DEX is mostly built on Ethereum, it could cause gas fees to be too much. 1inch. exchange has now become a significant the main booming Decentralized Finance (DeFi) industry. Initially, it played the role of a one-stop liquidity aggregation "gathering place", nonetheless it has gradually evolved in to an exceptionally practical " "Swiss Army Knife", its sustained effectiveness is closely related to the ever-changing DeFi world. Yes, many users have noticed the powerful function of 1inch. exchange. Recently, DeFi supporter and crypto venture investor Qiao Wang launched an informal survey on Twitter. He hopes to learn in regards to the usefulness of different DeFi platforms from his 17, 000 followers, and lists including Balancer, Uniswap, Compound Many well-known projects including. In the long run, Qiao Wang concluded that in terms of product/market fit, the most notable three DeFi projects are Uniswap, Curve and 1inch. exchange.

Since the saying goes, when there is no investigation, there is absolutely no to speak. Qiao Wang's survey answers are more thought-provoking than anything. By better determining the product/market fit, understanding the liquidity of different DeFi platforms, and determining whether there is "business overlap" involving the platforms, is it possible to more accurately judge the differences between these DeFi platforms. In this specific article, we shall deeply analyze the essence of 1inch. exchange, explain platform functions, explore its operating principles, and explain why this DeFi tool is essential for just about any user. What is 1inch. exchange? 1inch. exchange is really a DEX aggregator which will help route just about all DeFi transactions. By integrating with various DEX providers, 1inch users can get probably the most affordable transaction, the lowest transaction delay, and may use various ERC-20 tokens for transactions. The aforementioned picture is from Dune Analytics: various digital assets exchanged on 1inch. exchange every month Platforms include: Uniswap, Kyber Protocol, Aave, Curve. fi, Airswap, mStable, Balancer, dForce Swap, 0x API, 0x Relayers (Bamboo, Radar Relay), Bancor, and Oasis, in addition to a number of other resources of liquidity (including private Market maker). The aforementioned picture is from Dune Analytics: monthly cross-DEX transaction distribution on 1inch. exchange Frequently, 1inch. exchange routing is going to be exchanged through one or more platform. This multi-routing procedure is named split trade. For example , between aDAI (Aave's interest-bearing DAI token) and DAI This simple exchange mode is adopted. The picture above is from 1inch. exchange Many of these transactions occur on Uniswap, and just a small portion are conducted on Balancer. The specific transaction ratio will fluctuate in line with the changing exchange rates on both platforms. Before performing such specific transactions, Uniswap also provides users with two "unlocking" processes, one is "unlimited unlocking" and one other is "single unlocking" one at a time. Most DApps require users to enable them to connect to the user's digital wallet, but 1inch is really a non-custodial decentralized application, so it won't ever hold user funds, but at the same time it may continue to connect to various encrypted wallets. Once "unlocked", transaction activities will occur, and every time the application form calls and verifies the unlocking, it may save yourself gas. For users who usually connect to the DeFi protocol, this feature can save yourself them lots of money. 1inch refers to this sort of unlocking as "infinity unlock" because it is different from the one-time unlock transaction-because the user needs to pay gas fees every time the unlock is named, so "unlock the transaction one by one" This kind of unlocking is higher priced. Nevertheless , "unlocking transactions one at a time" is relatively safer, because once threatened, users are not always linked to the protocol. In the DeFi platforms listed in the aforementioned figure, users may also hide some DEXs that they do not desire to connect to. The operation is simple, follow on the switch button. If the selected DEX is closed, the transaction will not be Will pass these platforms. In essence, 1inch is more like an efficient DeFi routing platform. It does not search various exchanges to get the best transaction price. It just sorts out all of the data for users, and means that users can get it no matter how "exchange" Probably the most affordable price. Even though operating platform can be a bit daunting initially, even if you really are a novice, you will get a really intuitive user experience in just a couple of minutes. Next, let them discuss 1inch's "growth mode" in the Yield Farming boom and analyze the specific circumstances behind these "exchanges. " What role does 1inch. exchange play in Yield Farming? The so-called Yield Farming essentially transfers users' idle cryptocurrency to various lending platforms, and they can earn interest from these assets. Although Yield Farming may have more complex definitions in some different forms, the aforementioned explanation is at least in this essay. If you wish to learn more about Yield Farming, I would suggest the next two articles:

* Just how to Yield Farm on Uniswap and Not Get Rekt * Yield Farming on DeFi: Beginner's Guide to Earning Interest in your Crypto Next, let's take a look at what sort of so-called "Yield Farmer" user can use 1inch. exchange to maximize his income-the so-called "Yield" (Yield) Right. First, by opening a tab (tab) on 1inch. exchange, you are able to connect with websites such as for example LoanScan, DeFi Rate, DeFi Prime, and so forth Currently, users pays awareness of the lending rates on different platforms whenever you want. For now, the cost and exchange rate of the stable currency DAI on Aave is extremely good. If users hold DAI, the operation of "Yield Farming" is relatively simple: they can get on Aave directly and exchange their DAI in to aDAI, which really is a stable currency DAI's interest-bearing token on Aave. As the operation is too simple, users barely require a transaction routing service provider like 1inch. Nevertheless the problem is that when the user holds other assets, such as for example Chainlink's LINK token, the process of manual exchange in to aDAI token is going to be very troublesome:

* Currently, the user needs to find a decentralized exchange or even a liquidity pool, and also this liquidity pool needs to give a competitive price for the exchange between LINK and DAI. * Then, the user needs to transfer the DAI exchanged from the decentralized exchange or liquidity pool with the leverage to Aave and exchange it in to aDAI. This method is extremely awkward, since the user may not be able to secure the most effective price when performing each step-at now, 1inch should be able to work. On 1inch, users can complete the complete process with only one click, making certain traders' orders won't have low slippage dilemmas. (Blockchain news note: There is a gap involving the price of the slippage market value order and the cost point of the final transaction) Nevertheless , with the popularity of DeFi, Ethereum gas fees will also be rising, which means that simple transactions may be relatively cheaper. If users start interacting with multiple smart contracts, the gas fee charged will increase rapidly. This might be one of the most obvious dilemmas undergone when using 1inch, but from yet another perspective, this issue is really a problem with the underlying blockchain (Ethereum), not a problem with 1inch itself. Exploring the Ethereum gas cost problem on 1inch Now, let us give yet another example, that we possibly may comprehend yet another problem solved by 1inch: If a user holds aDAI tokens, but currently he or she finds that Aave is stable on Synthetix The interest-bearing token aSUSD of SUSD includes a better exchange rate, and this user really wants to switch to aSUSD. What should I do currently? On 1inch, users can route through any number of liquidity pools and DEX, convert their aDAI tokens in to DAI, then convert DAI in to SUSD, last but not least exchange SUSD in to aSUSD tokens-most importantly, each one of these operations can be completed with one click. Unfortuitously, even though the operation is extremely convenient, it will bring high gas costs to users.

The aforementioned picture is from 1inch. exchange: If you wish to convert 50 aDAI to about 50 aSUSD, the user needs to pay more than $30 to execute this transaction. Consequently , most users might not accept this operation. One of the most significant explanations why such specific transaction costs are so costly on 1inch is that the gas cost on the Ethereum network is too much. Since most DEXs are made on the Ethereum blockchain, gas fees are a problem that cannot be circumvented. However in order to resolve this issue, 1inch has integrated an original feature: CHI GasToken token. Before explaining the CHI GasToken token, we should first discuss GasToken. GasToken allows users to take a position the gas price. When the price is low, users can buy and store gas for future use. The developers behind 1inch took this concept one step further and created the CHI GasToken token. For active DeFi users, by using this token or equivalent GasToken is definitely a good habit. The aforementioned picture is from Dune Analytics: When users use GasToken denominated in USD, they can save yourself gas on 1inch. exchange The team behind 1inch In June 2019, Sergej Kunz and Anton Bukov announced the creation of 1inch. exchange at the ETH Ny Hackathon. Both of these have become experienced software engineers with not exactly 30 years of experience. Sergej Kunz spent some time working as a software engineer in many German organizations, probably the most well-known that is Porsche. Anton Bukov worked being an iOS and macOS developer and entered the cryptocurrency industry in August 2017. Since that time, he's been cooperating with the NEAR agreement to simply help build an interoperable bridge between NEAR and Ethereum until June 2020. 1inch is fabled for publishing reports on DeFi vulnerabilities. Currently, many such reports have been published. The DeFi platforms involved include Balancer and Bancor. With regards to hackathons, the 1inch team often uses hackathons to require help, such as for example product building and expanding more intuitive user interfaces. Before founding 1inch, Sergej Kunz and Anton Bukov also participated in a hackathon, during which additionally they developed an arbitrage robot for the DeFi project. The 1inch platform indicator 1inch's liquidity summary function provides DeFi users with great practicability and may help DeFi users obtain the best price from all aspects. This kind of aggregation service can greatly improve the user connection with DEX, however for simple users who don't desire to complicate CHI tokens and keep transaction costs low, Uniswap might be a better choice. After all, Uniswap provides a cheaper Methods of obtaining liquidity. Nearly all of 1inch's user group are frequent users who often use the product. By the writing with this article, 1inch has approximately 300 unique users each day, and also this indicator peaked on June 24, 2020 (730 users). The aforementioned image is from Dune Analytics: Daily user volume on 1inch. exchange since its inception The 1inch user group is mainly made up of retail accounts, and the transaction volume is between $500 and $8, 000 to fully prove this. So far, there are no more than 100 large-scale transactions with a value greater than USD 1 million on the 1inch platform. The aforementioned picture is from Dune Analytics: the distribution of transaction volume by transaction amount on the 1inch platform Exactly why there are numerous small transactions on the 1inch platform may also be caused by whale split transactions, because DeFi liquidity cannot promote large transactions with no significant decline. Conclusion At this stage, DeFi liquidity is really mainly "concentrated" in many pools, such as for example Uniswap, Kyber, Balancer, Bancor, 0x, and Curve. They are also the primary players in most DEX liquidity. Each DEX's token liquidity pool has different depths, such as for example:

* Uniswap may have a deeper LINK-ETH pool, allowing traders to acquire better prices; * Kyber might provide better trading terms for SNX-ETH. Nevertheless the problem is that loyalty to the liquidity pool isn't in the most effective interests of traders, and it is really boring to test the most effective prices of different DEXs every time you trade-but 1inch successfully solved this issue. In the future, with the increasing popularity of DEX aggregation services, the liquidity pool may be transferred to the rear end of the user experience, which means that liquidity may be dispersed among a few DEX as time goes on, so whoever includes a cleaner front-end aggregation service A refreshing interface and user experience can attract more users. Nevertheless , in case a DEX ultimately becomes a "liquidity black hole" and its own growth far exceeds that of other competitors, the "market power" of DEX aggregation services such as for example 1inch may be greatly weakened. Nevertheless , this dilemma is really perhaps not that essential, because each DEX has its own advantages, and the types of assets and traders which are attracted will also be different. So from this perspective, you'll find that today's DEX industry still includes a certain degree of fragmentation, and also this problem will probably continue for some time. This trend precisely brings opportunities for DEX aggregation services—— 1inch is undoubtedly the present leader in forex trading segment.

[luciebell-writes]

The sum total market value of DeFi has risen 700% in 2 months. There are still individuals who cannot see, look down, understand, and cannot keep up

DeFi has all of the benefits of decentralized applications. There's absolutely no barrier to entry. Anybody on the planet can use the DeFi application on the chain at any time, completely breaking the geographical and time constraints.

This article represents the author's personal opinion, maybe not the positioning of Mars Finance. The content is supposed to convey more market information and doesn't constitute any investment advice.

Author丨 JackyLHH Source | Vernacular Blockchain

Because the Bitcoin block reward halving was settled in May, we can see that the focus of the whole crypto industry has shifted to ETH 2. 0, IPFS, and DeFi. With the entire cryptocurrency market in "no waves", the tokens of many DeFi projects behaved extremely dazzlingly-there is a huge price increase of 2 to 4 times. The decentralized lending platform Compound has turned into a recent star. Through the strategy of "borrowing to mine", the sum total value of the loaned crypto assets has increased by about 850 million US dollars in just a couple weeks, and the price of its Token COMP is even higher. It hit a higher of $372. 27 on June 21.

Chart: The cost trend of Compound Token COMP, source: CoinGecko At precisely the same time, according to statistics from DeFi Market Cap, the present total market value of DeFi projects has exceeded US$7. 4 billion, and two months ago, the sum total market value was less than US$1 billion. Put simply, in just over two months, the sum total market value of DeFi projects has skyrocketed by significantly more than 700%. Additionally , the lock-up funds on DeFi projects also have shown explosive growth, that has exceeded US$2. 08 billion.

* On April 14, the sum total market value of DeFi was US$1 billion;

* On June 9, the sum total market value of DeFi reached US$2 billion;

* On June 16th, COMP started mining by generation, which trigger a DeFi boom;

* On June 25, the sum total market value of DeFi exceeded $6 billion;

* On July 4, DeFi had a complete market value of US$6. 6 billion;

* On July five, DeFi had a complete market value of US$7 billion. Whether it's the sum total market value, the scale of locked-up funds, or the Token price, DeFi projects show a blowout development. Could be the spring of DeFi coming? How will it develop as time goes on and how will it affect our lives? Today, we will speak about these topics.

DeFi VS CeFi

Before delving in to DeFi, we must know very well what DeFi is and its particular main benefits and drawbacks. DeFi is in accordance with CeFi, that is the abbreviation of Centralized Finance. Even though term CeFi has only been coined lately, it's definitely not a fresh thing. The present conventional financial system could be called CeFi, such as for example conventional banks, stock exchanges, various financial institutions, etc. DeFi could be the abbreviation of Decentralized Finance (decentralized finance), also called Open Finance. DeFi uses blockchain technology and smart contract technology to displace the traditional trust centered on people or third-party institutions with decentralized protocols to build a transparent and open financial system. To understand it simply, CeFi requires you to trust the intermediary (person or organization), and DeFi requires you to trust the agreement (code).

After centuries of development, CeFi has mature services and products and good user experience, but its flaws are that it is relatively closed and requires permission to make use of it. Like many underdeveloped areas in Africa, you can still find numerous individuals who can't take pleasure in the services given by banks along with other financial institutions. One of many major benefits of DeFi is that it is open and transparent, no permission is required, and anybody on the planet can use it without any restrictions. For example , anybody can mortgage ETH assets to DeFi projects MakerDAO or Compound, and lend out the crypto asset DAI that is anchored 1: 1 with the USD. Of course, DeFi still has many shortcomings, such as for example poor user experience, high learning barriers, and immature services and products.

DeFi development status and main representative projects

In terms of market value, the sum total market value of the present DeFi project has exceeded US$7. 4 billion, and the scale of locked-up crypto assets has exceeded US$2. 08 billion, showing a blowout development. It may be said that DeFi has turned into a force that can't be underestimated in the blockchain industry. Let us look at the current DeFi from how many user growth. In accordance with Dune Analytics statistics, as of July 8 in 2010, the sum total number of DeFi users was approximately 240, 000. In the beginning of 2018, this data hadn't broken 100. From the figure below, we can also begin to see the rapid growth of DeFi users.

Figure: DeFi user growth, source: Dune Analytics DeFi was born following the emergence of the programmable Ethereum blockchain. From a distribution point of view, most of the current DeFi projects are concentrated on the Ethereum blockchain, followed by public chains such as for example EOS and TRON. From the perspective of product form, the present DeFi already includes decentralized wallets, KYC and identity authentication, decentralized trading platforms, decentralized lending, staking, stable coins, along with other infrastructure. The whole ecosystem is consistently improving. Picture: DeFi's ecological services and products, source: defiprime Below, we introduce a few representative DeFi services and products: 1 . DeFi dark horse: Compound Compound is just a decentralized borrowing platform on Ethereum. Counting on the Token distribution principle of "borrowing is mining", it has attracted numerous investors to make use of it for mortgage and borrowing in just a couple weeks. Until now, how many Compound users has exceeded 30, 000, and the amount of crypto assets available for borrowing has exceeded 1 . 57 billion U. S. dollars, and the loaned crypto assets are almost 900 million U. S. dollars, which makes it the DeFi with the greatest total borrowing among decentralized lending platforms (accounted for). The top three crypto assets with the most mortgages and loans on Compound are DAI, USDC, and ETH. The initial two are stable currencies which can be 1: 1 anchored to the U. S. dollar.

Figure: Loan data on Compound, source: Compound official website Figure: The composition of the sum total borrowings of DeFi projects, source: DeBank 2. Stable currency lever: MakerDAO MakerDAO is definitely an old decentralized borrowing platform on the Ethereum blockchain. Its market value has long occupied the very best of the DeFi rankings (recently surpassed by Compound). Its stable currency DAI has always been regarded as the biggest competitor of the centralized stable currency USDT. In accordance with its official website, you can find currently significantly more than 400 DApps with MakerDAO embedded, and the sum total value of locked crypto assets exceeds 623 million U. S. dollars, ranking 2nd in the sounding decentralized borrowing platforms (the first is Compound, Is 685 million U. S. dollars). The collateral assets supported by MakerDAO have changed from the single ETH to guide a number of encrypted assets, including BAT, USDC, WBTC, TUSD, KNC, and ZRX, among which USDC, WBTC, and TUSD are stable currency assets. 3. DeFi with the most users: Uniswap Uniswap is just a decentralized trading platform on the Ethereum blockchain. It mainly provides liquidity services for ETH and ERC-20 Token. It is also the DeFi application with the biggest number of users. In accordance with data from Dune Analytics, Uniswap has 92, 000 users, accounting for 38. 61% of the sum total number of DeFi users. In line with the Ethereum browser, Uniswap transactions account for 36. 971% of how many DEX transactions on Ethereum.

4. DeFi with the most Token usage: Brave browser Brave browser was founded by Brendan Eich, the father of JavaScript. It is targeted on privacy protection. The biggest feature could be the introduction of the Token economic incentive mechanism. The native token of the Brave browser is known as BAT, that is the absolute most used token in DeFi in the next quarter of the year, with a transaction level of US$931 million, which exceeds the sum ETH and DAI. The aforementioned is just the end of the iceberg in the DeFi ecosystem, and there are numerous familiar applications, including the web version of the small fox wallet (MetaMask), Veil emphasizing predicting the marketplace, StakeWith. US for staking, stable currency WBTC, and infrastructure Bancor, 0x, etc ., tied to the size of the content, usually do not introduce an excessive amount of.

DeFi's impact and future prospects

The DeFi ecosystem has become more and more prosperous, and much more and much more exemplary projects have emerged. What impact will these projects have on our lives? On July 1 in 2010, Ethereum founder V God sent 8 tweets to talk about DeFi. V God said that lots of flashy things are very exciting, but they are short-term; from the long-term perspective, the truth is that DeFi interest rates can't be greater than the very best interest of conventional finance by more than one percentage point. In the above, we mentioned that conventional centralized finance (CeFi) requires access permission, so many people are shut out. There are certainly a large number of people on the planet who can't take pleasure in the services given by financial institutions, and DeFi can just make up for it. This defect. DeFi has all of the benefits of decentralized applications. There's absolutely no barrier to entry. Anybody on the planet can use the DeFi application on the chain at any time, completely breaking the geographical and time constraints. Now DeFi has slowly progressed into a complete financial ecosystem that may execute a variety of operations, including payment, borrowing, borrowing, saving, trading, investment, income, management, hedging, margin trading, etc. There are many benefits of DeFi, but we can not ignore that we now have still many shortcomings in the present stage. For example , the consumer experience just isn't as good as conventional centralized finance. Still another example could be the high learning threshold, the item just isn't mature enough, plus some hacker attacks often occur. Events (such since the recent lightning loan attack on Balancer). In the future, DeFi and CeFi will learn from one another, and the boundaries between the two can be increasingly blurred. The application of DeFi can be more and more convenient as CeFi when it comes to user experience, and certain underlying services of CeFi will gradually connect to the blockchain, using blockchain technology to improve the transparency and convenience of its services. For users, an item that is safe and certainly will meet their needs is just a good product, no matter whether it's CeFi or DeFi. There is a competitive relationship between DeFi and CeFi, but it just isn't grayscale, however the two will coexist for some time and jointly support a broader financial market. DeFi is just a promising development direction, and it's also also a significant the main planet financial system as time goes on. The spring of DeFi has come, but lots of people think that DeFi is currently being overhyped, and also this intervention is likely to be "take over" risks. You won't be too late to consider after returning to rationality. Maybe DeFi must go through a tortuous road before it enters the highlight moment? This article only represents the author's views, and doesn't represent the official position of Mars Finance. Adding WeChat befabing and joining the Mars Finance reader exchange group enables us to create more valuable interactions and connections.

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dForce Yang Mindao: DeFi value capture should be deeply cultivated from the dimensions of assets and functions

Yang Mindao, the founder of dForce, introduced dForce's agreement matrix in detail from the perspective of product line and strategic planning, and shared his views on DeFi value capture. Original Title: "The Troika of the Road to the Ultimate goal of dForce (Live Review)" Written by: dForce

This live broadcast could be the first detail by detail analysis of the merchandise line and strategic planning by dForce founder Mindao. The outline is really as follows

* Reflection and DeFi risk get a grip on module design * Agreement matrix and strategic planning * Rethinking the protocol dismantling and reviewing the style of the DeFi risk get a grip on module. In accordance with Lendf. Me's data before the hacking incident, dForce reached the fifth devote the global DeFi lock-up ranking in only a couple of months.

Whether it is dForce's rapid growth, strategic perspective, or risk thinking about accidents, we hope to share with you these as a reference for the industry. In the decentralized lending market, dForce has always maintained a flexible and rapid strategy to access potential new assets, and it has become the most comprehensive and flexible stable currency lending platform quickly. The amount of legal currency stable currency borrowing can also be the very first of all lending platforms. But dForce's innovation and development speed also come with risks. The hacking incident on April 19th brought us in-depth thinking. For detail by detail review, you can view dForce AMA to revive the Lendf. Me hacking incident. The next is dForce's summary of our ideas on the chance get a grip on module

* Review process for accepting new assets * Fund pool mode, single loan limit debt limit (similar to MakerDAO debt ceiling) * Mixed mode, the collateral of the single pool mode just isn't connected, solving the issue of borrower risk imbalance. * Centralized early warning monitoring and agreement termination * Asset and process on-chain protocol matrix and strategic planning Out of this year's viewpoint, the boundary between DeFi and CeFi has gradually blurred. The three major exchanges have committed to their particular public chains and stable currency construction. What do we consider DeFi? DeFi is actually a shop front and back factory model (wallets or exchanges are shops and DeFi is really a factory). As time goes on, more value will start to accumulate on DeFi. In the event that you make a classification of the DeFi field, one is really a functional agreement and one other is an asset-based agreement. dForce is targeted at the lowest level protocol, but as the market is quite early, we shall take to our better to have a step of progress to capture users at the application form layer. A usually asked question, how can DeFi do value capture? I know think this way. I begin to see the figure below. The vertical is an asset-type agreement, and the horizontal is really a functional agreement. Value capture must be deeply cultivated in two dimensions. Probably the most stable one among foreign DeFi players is MakerDAO. This is because MakerDAO not just gets the loan function, but additionally the asset DAI. When the asset DAI is built-in by other protocols, the network will have a massive effect. This network effect is much larger compared to functional agreement. The functional agreement is relatively in the moat. The weak will face competition in fees and liquidity.

Furthermore, the asset class could be the most critical. Taking the next figure as an example, we could note that we put the asset class at the pinnacle of the carriage.

It can also be confirmed in reality that after so many turbulences like MakerDAO, it really is still standing as a result of DAI's asset agreement. Let's speak about the value capture part. The above mentioned three agreements really are a gear relationship. The combinable relationship between you and me could be the secret, but at the same time additionally it is amplifying risks. But you can not quit food as a result of choking. If there is no composability, DeFi's own characteristics and advantages are difficult to play. Dismantling the agreement Back once again to dForce's agreement matrix as an example, all our strategic thinking is quite highly relevant to capturing value. The next will observe the order of Mindao's speeches, and add three major categories behind each agreement that will help you develop a framework. USDx (Asset Type Agreement) The first ever to do USDx would be to hope that the value of future functional agreements may be deposited in the asset class, and at the same time, the asset type agreement may also provide functional agreements with really low capital. Why not launch the stable currency USDx alone? It is extremely difficult to push a reliable coin hard. It may be seen that even the stablecoins with the background of the three major exchanges are difficult to break the monopoly pattern of USDT in a single fell swoop. From the verification of the access party and address data, it could be seen that even if it really is as strong as the exchange, pushing your own stablecoin will never be effective. It is difficult to shake the career of USDT. Many people do not understand how complicated a currency is. It is extremely difficult to reach the existing status after the brutal growth of USDT, or the network effect established with a first-mover advantage such as for example DAI. Even though DAI's daily liquidity is less than US$500, 000, it still exists. For a brand new currency to have interest, it needs a lending market, and application scenarios must have counterparties. These dependencies are extremely strong. The troika depends on each other. What's the trading strategy market (asset agreement)? We make a permutation and combination of dForce's resources with income function as time goes on. From low risk to high-risk, you will see USR, stable currency asset deposits, quantitative product Token, and so forth dForce Swap (Transaction Agreement) This season dForce will spend plenty of effort on the transaction agreement side. You are able to experience the services and products of dForce Swap. The picture below shows the well-known aggregation trading protocol 1inch accessing dForce Swap dForce Swap's quotes on most stable currency pairs would be the most readily useful quotes dForce Swap will undoubtedly be version - 0 of dForce transactions (we support most stable coins), and ERC BTC transactions will undoubtedly be added later, and in the next version 2. 0 of dForce transactions, it will be expanded to multi-asset class transactions. Supplement: The difference between dForce Swap and Curvefi is that Curvefi is an automatic market maker model and can adjust the purchase price in line with the algorithm, but in many cases it is actually much less good as dForce Swap. dForce Swap uses external professional market makers. Connected to the liquidity of centralized exchanges or decentralized exchanges, underneath the precipitation of low funds, the exchange price of dForce Swap is not only favorable but additionally allows the use rate of funds to be high. After dForce's loan agreement is reopened, our dForce Swap will have a synergistic relationship with the loan agreement to boost capital efficiency. Our personal professional market maker resources and traditional financial market background really are a great advantage for dForce to enter the trading field. USR (Asset Protocol) USR is really a mechanism just like MakerDAO DSR. For related text, please make reference to this dForce improvement plan (DIP001): governance voting results. USR is really a area of the USDx stable currency Supply in to the lending market. These stable The interest generated by the currency is then distributed back to USDx holders or used to repurchase dForce Token. The contribution of USR to the dForce ecosystem would be to give USDx systematic interest. USDx interest arises from its stable currency component currency to generate interest, and doesn't have to be generated by borrowing demand. The scalable USR system interest also includes transaction fees. The transaction fee model resembles the fee model on imBTC's Tokenlon. As time goes on, USR will also share the transaction fees of USDx in the dForce ecosystem. PS: USR system interest = USDx component currency deposit interest + dForce related agreement transaction fee Yield Protocol (interest-bearing and lending protocol) Following the launch of the Yield Protocol, any asset that you own may be deposited in to the dForce contract to be an interest-bearing Token. This is the Yield Protocol. Many people may instantly consider Compound's cToken. From the perspective, both have similarities. The difference involving the two is: cToken only exists in Compound's own protocol, and Yield Protocol is really a more open and abstract architecture. Yield Protocol will store area of the currency in the DeFi protocol, including Compund, dydx, dForce Lending, and so forth, and one other part will enter dForce PPP( Public Private Pool). The launch of PPP is dForce's thinking after that great hacking incident. All borrowing and liquidation activities are on the chain, and each borrower may have a unique lending pool, but the borrower requires a whitelist. For example , I will be a borrower and I deposit ETH in Lendf. Me as collateral to borrow. I don't desire to expose my collateral to smart contract risks. In the past DeFi agreement, all collaterals Deposits are stored together, but in PPP borrowers may have independent borrowing pools. PPP gives borrowers more choices. It may be understood as private or customized, and the collateral will undoubtedly be safely stored in independent borrowing pools. There is no need to concern yourself with being borrowed by others. This is actually a risk get a grip on on the loanable assets. This is the key to the style of Yield Protocol. While obtaining competitive funds, the PPP pool will not infinitely amplify risks. Concerning the future scalability of the PPP model, PPP can open a lending pool for CeFi, a lending pool for staking assets, or continue to mortgage the lending pool of the stable currency Yield Protocol (which is a derivative product). Additionally , PPP can more flexibly customize different categories of borrowers and different borrowing conditions. To put it simply, Yield Protocol+PPP is an innovation of an open + hybrid model. As time goes on, dForce Lending 2. 0 (a completely open model), Yield Protocol will undoubtedly be compatible later. From the perspective of time progress, Yield Protocol will enter the code audit process in greater than a month. Summary dForce's huge agreement matrix layout, we have been building a cutting-edge attempt, no-one can guarantee absolute security, this really is an innovation dilemma, and we'll do everything we could to have various risk get a grip on techniques to make the agreement better, financial It's a marathon. Concerning the DF token distribution plan, you can view this DF airdrop plan-DeFi Community Co-construction Award. The next distribution and circulation plan will undoubtedly be announced later. Community friends are extremely concerned about this. The next circulation plan will undoubtedly be announced in the next two weeks. The next AMA of dForce will involve the DF economic model. dForce will be a world-first DeFi team. We are not just following foreign thinking, but additionally having our very own original a few ideas. China has reached a worldwide leader in exchanges and mining pools, although not in neuro-scientific public chains and DeFi. Among them, the Chinese team even offers huge advantages and opportunities. The next could be the media and community Q&A Question 1: Along with publicizing the merchandise roadmap, any kind of current marketing plans that deserve to be disclosed? Will the prior attacks affect the reputation of dForce in overseas communities? Will it advance as time goes on? Which are the plans? (Blockchain News) dForce's marketing will observe the merchandise route. Due to the massive amount this hacking incident in the western community, many overseas community developers and investors begun to pay attention to us. From the perspective of security, many CeFi have now been hacked, so when DeFi we cannot hide it. We don't believe we must over-magnify the hacking incident. There isn't much negative affect dForce. We will use data and services and products to prove it. As time goes on, dForce will focus more on the Chinese market. We will perhaps not be embarrassed in services and products and agreements. Why China? Yesterday, in the Binance 101 live broadcast, Buffett mentioned that his birth in the usa is equivalent to winning a womb lottery (2% probability). Entrepreneurs doing DeFi in China can be like Buffett winning the lottery in China. If you are the very first in China, you need to be the best in the world. Question 2: You think that a lot of of the new services and products in the DeFi community are breakthrough innovations or incremental innovations? What category does dForce's new product belong to? (Blockchain News) Many foreign DeFi project innovations are mostly embroidered. In traditional finance, every business line must be verified a lot, and every attempt has an opportunity cost. For dForce, strategically, we have been a breakthrough innovation (as a mutual linkage of the agreement matrix), and tactically we have been a pragmatic and gradual innovation. We will look at which agreements have now been verified. This involves a lot Innovation? No need. Now I choose to do dForce Swap because stablecoin trading is indeed in demand on the market. Question 3: What's the core strategy of dForce matrix layout? Which services and products are there? What would you like to achieve? (Blockchain News) The protocol matrix of the dForce Troika is aggregation, which can be also mentioned in the aforementioned live broadcast. Western entrepreneurs haven't seen how Chinese entrepreneurs compete, and the Chinese team must give full play to their advantages. Question 4: After that great hacking incident, what corresponding measures will undoubtedly be taken on security issues? (Blockchain News) Regarding security, we shall make different arrangements on different agreements to cut the risks that can be isolated. This is noticed in the first risk reflection on the live broadcast. Question 5: In DeFi, how could be the boundary between centralization and decentralization defined? For example , this time around there is a viewpoint that the dForce team doesn't have to retrieve funds in a centralized way, which can be inconsistent with the idea of ​​decentralization. However in fact, centralization and decentralization ought to be coupled with each other. Just how can this degree become more appropriate? (Block rhythm) I know would rather utilize the term Open Finance. Everybody takes D too seriously and too ideologically. For example , USDT is quite grassroots and it has grown through decentralization, but the USDT coin minting process gets the characteristics of centralization. You think it belongs to DeFi? Do not engage in decentralized governance prematurely for a project. Stress that decentralized governance will consume too many unnecessary resources before getting a market position. For example , MakerDAO requires 1-2 individuals to do this full-time for every meeting and coordination. It might be feasible for a project as mature as MakerDAO, however it is a superb burden for some teams that do not have a verifiable product in the early stage. On the other hand, in the hacking incident, somebody mentioned that hackers can ignore it as a DeFi protocol after stealing, so that the thinking of completely dumping the pot is unreliable. Although decentralization theoretically will not bear legal responsibility, it really is for a responsible person In terms of the team can be involved, it really is to accomplish everything possible to retrieve the assets. It seems to Chinese users that if something goes wrong, the blame cannot be caused by the agreement. It's a question of attitude whether to get it back and whether to spare no effort to get it. Holding the pot thinking just isn't some sort of user thinking. Many ideologies will undoubtedly be gradually expunged by the market. As time goes on, it should be a hybrid model. The dForce PPP model is really a combined exploration. Question six: In fact , after dForce came ultimately back the user's assets, the cryptocurrency experienced a little climax. Ethereum and Bitcoin have both increased by 10-20%. If everything is normal, actually this era ought to be because of the escalation in the quantity of Defi locked positions This really is also the opportunity cost of dForce for a period. So actually even if most of the assets are retrieved, dForce still features a lot of losses. What plans does the team follow to cover the losses during this period? Now it has temporarily fallen out from the No . six position in DeFi lock-up volume. Have you got any plans to re-enter the most effective ten? (Block rhythm) Defipulse's lock-up volume just isn't a good criterion for DeFi projects. For example , for DEX, it pays no focus on the lock-up volume. For dForce, we not just desire to rank, we make the agreement to establish network effects. Question 7: In dForce's asset protocol, there is an interest-earning protocol (Yield Protocol). Is it possible to explain how this protocol helps users "hold money and earn interest"? What's the principle and logic behind it? (Planet) The practice of Idle finance is where the interest is high and where will the tokens be allocated? Yield Protocol, dForce's interest-bearing protocol, is more concerned with security issues. It will give priority to mature protocols, such as for example Compound, and allocate part of it to PPP Pool, to ensure that Yield Protocol's interest will never be worse than other aggregation protocols. Question 8: So how exactly does the hybrid lending market in the dForce lending agreement work? Does it signify dForce will support multiple hybrid tokens and other assets like Synthetix as time goes on? (Planet) The largest difference between dForce and Synthetix is ​​that Synthetix is one of the category of derivative assets. There's a difference between actual assets and derivative assets. Derivative assets have plenty of friction, and there is never a deterministic price anchoring mechanism. Kinds of self-system derived asset systems are difficult to get out of these own system. Question 9: Let's say the hacker steals the funds and will not recover it? Following the accident, dForce prepared a wartime office to cope with it. Within 2 hours, we contacted all the centralized asset parties to resolve the incident, and we made a report to the Singapore Police. The entire process team was relatively calm. For me, both days were It was a bit ignorant, the complete process was just like a thrilling roller coaster. Let's say the funds aren't recovered? We now consider DF circulation as important. Why? At that time, MakerDAO lost huge amount of money on 3/12. Fortuitously, MakerDAO features a circulating market value. The shortfall was made up by issuing MKR. MakerDAO can fully capitalize and commence again, but for many teams, it could hang. Consequently , circulating tokens are of strategic significance to the DeFi team. Question 10: DeFi protocol matrix. What's the similarity between this idea and the merchandise matrix of Chinese Internet giant Ali Tencent Toutiao, and do you know the differences? The part of diversion from each other is comparable, but the Internet giant is really a closed matrix. You can not use WeChat to divert Douyin. DeFi is different. Each protocol is interoperable. In the early stage, it seems that they are competing together but are essentially available to each other. For example , when USDx is aggregated by the transaction aggregator, the liquidity of USDx is opened. Originally, there were no trading pairs with other currencies, however now you will find trading pairs. Why can Bitcoin and Ethereum rise so much for a while? And Facebook just isn't so fast. It is because the network effect in the blockchain is different from the traditional network effect. Digital currency features a stronger network effect. Question 11: Why choose dForce Swap as the first product? Does dForce have a trading background in the past? The dForce team features a relatively deep trading background. Before dForce, I also founded Blockpower (asset management) and Hashingbot (encrypted asset quantification). The partner of my transaction was also from Goldman Sachs. It is burdensome for the domestic DeFi team to locate a team with first-hand experience in the financial field. Question 12: What's the look for the V2 version of lending mentioned by dForce? What's the improvement on the existing loan agreement? dForce Lenging v2 will have a debt asset limit, the mortgage rate of each and every asset is different, the review process of each asset access, and we'll also add centralized services to monitor related risk signals. Question 13: In the best terms, describe the long run ecology of dForce to retail investors? How to comprehend the closed loop of the protocol matrix? As stated above, dForce must be an open protocol, in which there's a small closed loop in the protocol matrix. The logic of Multicoin investment describes dForce as a brilliant Dapp. The dForce protocol may be open enough to connect to different external protocols is an outer loop, and the protocol The tiny closed loop in the matrix is ​​the inner loop.