I have been working hard to make Sushi a leaderless organization. My role is a contributor. I don't want anyone to recommend any member to the buy usdt trc20 with paypalthrone and become the so-called "leader" of Sushi. I will encourage decentralization as much as possible. Some things are crucial, such as on-chain governance, recommendation programs for various products (Kashi and Trident!), oSushi guides emissions in a transparent manner, and so on.
However, this situation does not hurt a lot in the bull market. The rise of DEFI in the bull market is still based on practicality. Solana is obviously more practical, so this does not prevent capital from paying attention to it.cardano coinbase dateBut for other high-performance public chains, they may all face similar problems. When the user group's sentiment is high, the transfer on the chain reaches the upper limit of the load, and there is no certain protection measure, then the network may collapse, and Solana has funds. Yes, even if it collapses, the currency price is still relatively stable, and it has not fallen much. On the contrary, it shows that the ecological development is successful and the user participation is high. Compared with other public chains, if it collapses, can you still have such good luck? Probably not.
The POW chain still maintains good network security and decentralizationFor the early POW chains, their decentralization is still relatively high, such as Bitcoin, Litecoin, and Ethereum. The degree of decentralization of the network mainly depends on the decentralization of the true owners of computing power. Many people mistakenly believe that the current Bitcoin mining pools account for a large percentage of the computing power of the mining pool. If the mining pool is attacked, it is equivalent to the block producer being attacked, which will affect the network security. To a certain extent, this view is still partially flawed.The computing power we are talking about is mainly based on the actual autonomous distribution rights of users, rather than the operating status of the block node. For example, most mining pools are actually running in professional computer rooms. The computing power of mining pools is high. To a certain extent, it will lead to centralization, but the mining power of an individual can change at any time. That is to say, the mining rights of the mining pool are the result of the choice made by the miners, and this choice can be changed instantly. For example, cutting off computing power is also a matter of minutes. Non-POW nodes have to undergo a series of processes such as reselection and voting, which also delays a certain amount of time. Therefore, POW is relatively advantageous.For example, in the POW chain, when mining pool A is attacked or there is a problem with the node, in theory, the block generation speed on the chain will be greatly reduced at this time. A block in the previous 10 minutes may now take 15 minutes on average, unless it is time to adjust the difficulty. , But for miners, they can cut their own computing power to other mining pools, which completes the redistribution process of computing power. The mining pool's computing power is reshuffled without affecting the efficiency of the overall network, and blocks are generated. The time will soon return to the previous 10 minutes, which completes the adaptive adjustment of the network.Therefore, the impact of attacking a certain mining pool node of Bitcoin and Ethereum on the network is relatively small, so why does the POW network not improve the efficiency of the chain?
In fact, this is mainly because the POW chain requires a large number of calculations to determine the hash value, which increases the difficulty of tampering and forks to a certain extent, thereby ensuring security, although the current block generation speed of some POW chains is also Increase, but we can clearly compare the problem that may exist when the speed increases, that is, the problem of easy bifurcation.Bitcoin is a block in 10 minutes, and it is not easy to forkHowever, the current borrowing ratio of all Qubit assets is the same as the liquidation line, instead of Aave's method of using the liquidation line to be higher than the borrowing ratio.
At present, the borrowing rate of most assets on Qubit is 60%, which is slightly higher than the initial 50%. While this reduces the risk, it also reduces the pledger's capital utilization efficiency to some extent, especially the mortgage rate of all stablecoin assets is only 60%. There is still a lot of room for optimization of the overall parameters.In terms of contract security, Qubit only received an audit report from the Peckshield family before it went live in August, which was slightly thin, and the oracle used Chainlink.The total deposits and TVL growth rate of Qubit was very fast since the launch of Qubit. The product's data board function is complete, the product interaction is smooth, and the interface is more beautiful, but overall there are not many innovations. As the currency price continues to fall and subsidies are diluted by funds, the current TVL decline of the project is also very obvious. It is worth noting that, compared to other lending project tokens whose core value source is to capture the cash flow of the agreement, Qubit's tokens are not currently linked to the project's profit. The only function is to increase the deposit of tokens through lock-up. Subsidies, which also caused the intrinsic value of project tokens to weaken, and the high inflation of tokens further aggravated the selling pressure of tokens.Product launch time: not online
Euler is a license-free lending agreement developed on Ethereum founded by Michael Bentley, a researcher at Oxford University. The development company is Euler XYZ. Euler XYZ won the Encode Club’s “Spark” college hackathon in 2020, and subsequently won a $800,000 seed round led by Lemniscap. Other participating funds include LAUNCHub Ventures, CMT Digital, Difference Ventures, Block0 and Cluster. And Luke Youngblood, an influential Coinbase angel investor. On August 25, 2021, the project announced that it has received a new round of investment of 8 million US dollars led by Paradigm. Other investors include Lemniscap and individual investor Anthony Sassano (The Daily Gwei), and Bankless founder Ryan Sean Adams With David Hoffman, Synthetix founder Kain Warwick, Hasu (Uncommon Core podcast).Project Features
In response to the many shortcomings of existing lending projects, Euler has carried out quite a wealth of product mechanism innovations. Due to space limitations, only the key parts are introduced:License-free listing mechanism: Provide a lending platform for long-tail assetsCompared with the current licensing system adopted by mainstream lending platforms, the introduction of assets on the Euler platform does not require a license, as long as the asset has a WETH trading pair on Uniswap V3. Of course, in order to protect users from low liquidity and the risk of violent fluctuations in long-tail assets, Euler divides assets into three categories based on the risk of assets:Isolation layer assets: Users can deposit or lend assets, but they cannot use the isolation layer assets as collateral. In addition, if you want to borrow different isolation layer assets, users need to use different accounts on Euler to isolate different assets Between the risks.
Cross-layer assets: It can be used for ordinary lending and cannot be used as collateral, but it is possible to borrow multiple cross-layer assets with one account.Mortgage layer assets: The assets of this layer are similar to those of most mainstream lending platforms. They can be used for ordinary lending, cross-borrowing, or as collateral. Cross-borrowing means that users mortgage assets in one account to borrow multiple mortgage-level assets.By isolating assets with different risk levels, Euler attempts to increase the supported asset classes on the one hand, and on the other hand to ensure that high-risk assets do not affect the security of mainstream assets.Adopt dynamic interest rate model: improve the sensitivity and accuracy of interest rate pricing
This model is similar to the "dynamic interest rate model" designed by Delphi Digital for the Mars Protocol, the lending agreement of the Terra ecology. On the one hand, it improves the sensitivity and accuracy of interest rate pricing, and at the same time, it can obtain higher interest income for depositors and the agreement itself.To put it simply, the interest rate model is adjusted on the basis of mainstream lending agreements such as Aave. By adjusting the fund utilization formula, the interest rate can be more sensitively adapted to the real capital supply and demand situation of the market in real time, instead of the existing mainstream interest rate. The linear method of the model increases the interest rate. This can prevent the occurrence of a loan agreement that can only watch users use low-cost borrowing on their own platform and then deposit to other platforms to obtain high mining revenues for arbitrage. This will cause borrowers to have no incentive to provide loans, and lenders are unwilling The situation of repayment as soon as possible eventually led to the exhaustion of the liquidity of the loan agreement. The dynamic interest rate model is dedicated to solving such problems.
For details of the Euler interest rate dynamic model, please refer to "Introducing Euler" in the reference material.A large number of improvements in the liquidation mechanism: optimization of the liquidation threshold, anti-MEV, internal multi-collateral pool
1. Combine mortgage rate and borrowing rate to customize the threshold of asset liquidationLike mainstream lending agreements, Euler requires users to ensure over-collateralization, that is, the value of assets is greater than the value of liabilities. When the value of liabilities exceeds a certain ratio of the collateral, it will allow the liquidator to liquidate the mortgagor's assets and repay the debt. But in the calculation of debt value, Euler also introduced the concept of borrowing factor. The liquidation threshold of each borrower is tailored to the specific risk profile associated with the assets they borrow and use as collateral. In other words, when the value of the borrower's risk-adjusted liabilities exceeds the value of the collateral, it may be liquidated. Specifically, compared to the original lending mechanism, Euler's mechanism also adds a multi-dimensional risk assessment of liabilities, which further improves the safety margin of liquidation.At present, the main liquidation incentive model adopted by mainstream lending agreements such as Compound is: the liquidator can purchase the mortgagor's assets with a fixed percentage discount. Under this mechanism, all liquidators face the same liquidation opportunity, and their potential profit percentages are the same, so they can only compete for liquidation opportunities by increasing Gas, where the high MEV value (Gas cost) becomes the liquidator’s The additional cost also increases the risk of the system. On the other hand, for mortgagors, the fixed asset discount auction ratio also allows them to lose the opportunity to lose a lower liquidation penalty.In response to this problem, Euler’s plan is to use Dutch auctions in liquidation, which can ease the joint bid of liquidators and may also obtain lower asset liquidation losses for mortgagors. At the same time, Euler also provides a discount acceleration mechanism for the collateral provider, so that he is eligible to conduct self-liquidation before the liquidator conducts the Dutch auction and reduce the mortgagor's loss. The above two measures are to restrict miners from grabbing excessive MEV fees in the liquidation, so as to improve the overall security of the system in the liquidation storm.In order to further reduce the transaction cost of liquidators in liquidation, Euler also borrowed the stable pool model pioneered by the Liquity protocol and expanded it into a multi-collateral stable pool form, allowing lenders to provide liquidity to the stable pool of each loan market. Support liquidation.Liquidity providers in the stable pool earn liquidation collateral rewards by depositing eToken (a deposit certificate of the Euler protocol, similar to Compound's cToken). When the liquidation is in progress, the liquidator directly uses the liquidity from the stable pool to repay the debts of the borrower, and will proportionally reward the liquidation collateral obtained to the stable pool, that is, the lender can eventually replace it during the liquidation period. Passive exchange of currency into liquidation mortgage assets.
For example: Euler provides a stable pool for the USDT that lends assets. The lender who is willing to participate in the stable pool can deposit their own USDT deposit certificate eUSDT into the stable pool as the counterparty of the liquidator, so that the liquidator is auctioning After obtaining the mortgaged assets, the mortgaged assets are exchanged to the deposit users of the stable pool at a discounted price (after deducting their own income), which is equivalent to that the users of the stable pool purchase the collateral at a discounted price.Compared with Liquity which only supports the LUSD stable pool, Euler's multi-token stable pool contains specific types of tokens that have not been disclosed, but it is believed that it will still be based on stable currencies or mainstream currencies.
The advantage of adopting this mechanism is that the agreement believes that when the borrower reaches the liquidation threshold, the liquidator can use the internal liquidity source to immediately liquidate, without the need to exchange assets from a third-party trading platform, which greatly eases the liquidator When the market fluctuates sharply, the internal clearing price is inconsistent with the external platform price, and the high transaction slippage causes the liquidator to lose or fail.In addition, Euler does not intend to use an external oracle, but uses the time-weighted average price (TWAP) of assets on Uni V3 and WETH to measure the ratio of assets to liabilities.
In the information that Euler has released, it has not disclosed the total amount of its governance token Euler, the distribution method, and the unlocking time. But it has made a preliminary outline of the functions and scenarios of its tokens. Euler will follow Compound's governance paradigm, and its governance functions include the ability to determine the level of assets, important parameters of the agreement, and the framework of governance itself. In addition, Euler also has a Vault mechanism, which can ensure the security of the agreement through staking.Since the product has not yet been launched, the risk parameters of project assets and other information have not yet been disclosed. In terms of contracts, Euler has officially disclosed three contract security partners, including Certora, Halborn, Solidified, and ZK Labs (the two collaborated to issue reports), and they have obtained two contract audit reports. Since Euler has introduced more innovative mechanisms, the amount of native code is also large. The issue of contract security is the top priority, and the team still attaches great importance to it.
Euler is committed to becoming a Uniswap in the lending field, providing lending liquidity and composability for more long-tail assets, and has a strong investor background. The agreement has introduced many innovative mechanisms to address the shortcomings of the current lending agreement, but since the agreement has not yet been launched, the practical effects of these innovations remain to be seen. There is still no clear timetable for the launch of the project, but the administrator of the Chinese community Chris (Mr. the well-known encrypted KOL block) said that more news may be disclosed in September.Product launch time: August 17, 2021Beta Finance is a decentralized permissionless lending platform incubated by Alpha Finance. Its feature is that users can spontaneously establish currency asset pools, focus on the long-tail asset market, and focus on scenarios where assets are short-selling.Beta Finance received a strategic investment in July this year. Investors include Spartan Group, ParaFi Capital, Multicoin Capital, DeFiance Capital and Delphi Digital. Generally speaking, the investors have a pretty good background.
1. Unlicensed money marketLike Euler, Beta Finance also pays attention to the long-tail lending market outside of mainstream assets and regards it as the main target market. Users can freely create asset classes that Beta Finance does not currently have to lend out their own crypto assets, but this feature has not yet been opened.
2. Provide a convenient asset shorting experienceThrough Beta Finance, users can short an asset with one click by borrowing. Although users can also lend assets short on other lending platforms, they currently face two problems:
The operation is relatively cumbersome, requiring mortgage assets, lending short assets, and selling short assets to DEX. The cost of time and contract costs are relatively high.Mainstream lending platforms only support mainstream assets, the range of options is small, and the price fluctuations of mainstream assets are small, and the potential for short-selling is insufficient
Beta Finance fits the needs of users on these two points.First of all, it provides a one-click short-selling interface for short sellers. Users can quickly select their short-selling collateral and short-selling objects. Beta will automatically borrow the corresponding short assets through its own currency market and sell short on the selected DEX. , And then the assets obtained from the sale will continue to be included in the collateral to reduce risk. In this process, users do not need to interact with multiple protocols, thus saving high gas fees and avoiding rushing in the face of sudden market opportunities.In addition to the improvement of the short-selling experience and the reduction of costs, Beta Finance's permissionless features and product positioning focusing on long-tail assets also mean that there will be more non-mainstream assets available for short-sellers on Beta Finance in the future. These non-mainstream assets often have more extensive short-selling or hedging needs.We have seen that despite the short launch time of the product, the TVL of the project has risen rapidly. On the one hand, Alpha endorsed the project. On the other hand, the official also publicly stated that subsequent airdrops will be carried out for deposit and borrowing and short-selling users. The project brought in a lot of funds. However, the utilization rate of Beta Finance funds is currently low.
Among all the listed assets, USDC ranks first in deposit volume and capital utilization rate.We found that because Beta is in the first stage of its launch, 16 of the assets are all certified assets (Verified Markets) that are officially reviewed and rated. Among them, the only asset of Risky Markets is Feisty Doge NFT's fragmented token NFD. , NFD is an ERC-20 ownership token after the Feisty Doge NFT (Dogecoin prototype NFT) is split on the NFT fragmentation protocol Fractional. It is a typical long-tail asset and it is also the main asset type that Beta Finance wants to support in the future. .
Beta Finance's product functional interface style is simple, the layout is reasonable, the interactive design also conforms to the user's intuition, and it is easy to use. On each business function page, the data display is also quite detailed, which is reassuring.At present, the project has not issued any tokens, nor has any information related to the total amount of tokens and distribution methods found on the official website, nor has it described the usage and scenarios of the tokens.
It is expected that the detailed token model will not be disclosed until the tokens start to be distributed.risk control