The answer should be no, because as long as it is a stable currency issued and accepted by a trusted subject, the absolute stability of the price cannot bittorrent chrome appbe guaranteed, and the absolute stability of the price also means that there is no market profit margin, and it is impossible to develop a perfect business ecological structure. For example, if the ratio of USDT to U.S. dollar has no price fluctuations. The user using US dollars is the same as using USDT.
It is worth mentioning that Beta Finance also disclosed the investing in bitcoin long termclassification logic and model of certified assets. The evaluation dimensions include smart contracts of assets, counterparties and transactions of assets, which are very detailed.In terms of smart contracts, Beta Finance has obtained reports from Peckshield and OpenZeppelin, two audit institutions, and has launched a Bug bounty program in cooperation with Immunefi.
On the whole, Beta Finance's security preparations are relatively complete.SummarizeBeta Finance has accurate product positioning and business scenarios, focusing on long-tail asset lending and short-selling services, which is a distinct difference from the existing large-scale lending platforms. Its product concept is concise, and the functional combination of long tail assets + one-click shorting also has a large market growth space. In addition, Beta Finance's investor background is quite good. Although the project has not officially started the token distribution and has not announced the token model, it deserves long-term attention.Project StatusProduct launch time: August 19, 2021
Benqi is the first native lending agreement on Avalanche, led by Ascensive Assets, with participation from Dragonfly Capital, Spartan Group, Ava Labs, GBV Capital and other institutions. Benqi's current products are similar to most mainstream lending platforms, adopting the borrowing model of a pool of funds, and all product mechanisms are quite satisfactory, without much innovation.Project FeaturesTeams have already begun to explore more efficient expansion solutions than Rollup. Although a little security may be sacrificed, the results obtained are quite significant. For example, StarkWare's StarkEx solution, through cooperation with dYdX, provides a perpetual contract transaction experience without paying for Gas in the second-tier network. Matter Labs will also introduce zkPorter technology in zkSync 2.0 to reduce data availability, but the cost can be reduced even more.
Matter Labs' zkPorter off-chain data solutionIn this regard, the Optimistic Rollup camp has not disclosed more different expansion technologies, and the advantages of removing data availability may be similar to Plasma technology. However, Arbitrum has already admitted that there will be more expansion plans, which will later coexist with Arbitrum One.The Arbitrum team stated, “Arbitrum One is our flagship Optimistic Rollup solution, but in fact we have other solutions that will coexist with Arbitrum One. According to our earliest published academic paper, Arbitrum is the first to explore the expansion solution of the mixed data model. We will continue to explore how these ideas coexist with Arbitrum One, so stay tuned.”Can the sequencer review transactions?
In the L2 network, there is a role similar to a "miner" in the first-level network, which will be responsible for processing the order of transactions and is called a sequencer. For the early L2 networks, there is currently only one Sequencer, which is the node operated by the team itself.Therefore, the Ethereum community is also very concerned about whether this single Sequencer may have centralization or transaction review issues, for example, it can selectively confirm transactions. Regarding this issue, the team stated that although there is only one Sequencer responsible for transaction sequencing in the current version of Arbitrum One mainnet, Sequencer cannot review transactions, "because users can choose to bypass Sequencer and publish them directly on the blockchain. In this way, the transaction is forced to be written into the blockchain.”
In addition, in the official Arbitrum documentation (https://developer.offchainlabs.com/docs/inside_arbitrum), the team stated that it has not yet added a mechanism to punish Sequencer, because this node is officially maintained and will not perform malicious actions, but in the future Arbitrum One Will switch to a decentralized fair sorting service.In addition to the Sequencer, the network also needs more validators (Validators) to review each transaction in real time, making the security of the network more reliable. They said, "Although there is only one Sequencer, we hope to have more verifications. To ensure the correctness of the agreement, so we will announce in the short term the well-known institutions that will participate in this verification process.”If ZK Rollup is a longer-term solution, how will Arbitrum stay competitive in the long-term?Many people in the Ethereum community believe that ZK Rollup is a longer-term trend. Although it is extremely difficult, Hermez acquired by StarkWare, Matter Labs, Aztec, and Polygon are all focused on programmable zero-knowledge proof breakthroughs in this field. Including the Ethereum Foundation also formed a team to develop zkEVM technology.
In this regard, the Arbitrum team said, "Today Arbitrum is the most advanced, user- and developer-friendly expansion platform. Arbitrum will continue to absorb the most advanced technology and actively promote the development of the expansion field."Interviewee: Offchain Labs (Arbitrum) CEO Steven Goldfeder and founding teamAbout #raceway scanningThis research report belongs to Mint Ventures's #赛道scan series. Compared with the #深研报 series for comprehensive analysis of individual projects, the focus of the #race scan series is to pay attention to the development trend of the track and find the The representative projects are compared horizontally to grasp the dynamics and potential projects of each track in the encryption business.
About #raceway scanningThis issue of #赛道scan focuses on the lending track, especially the development and gaming trends of lending projects between the new public chain camp and the ethereum camp.
Lending projects are one of the oldest and most important sectors in the Defi field, among which a large number of white horse-level projects have emerged, such as Aave, Compound, and MakerDAO. Most of the early leading lending projects were born in Ethereum, but with the rapid development of various new public chains in the past six months, many lending projects deployed in new public chains and multi-chains have emerged in large numbers.In addition to the differentiation of the deployment of public chains, the business types of lending projects have also evolved from basic lending and stable currency lending to new businesses such as leveraged mining lending with targeted scenarios. In addition, credit lending mainly to institutional-level customers, risk grading agreements derived from existing lending agreements, and interest rate derivatives are also gradually growing.
Although many lending projects already have relatively mature business models and abundant cash flow income, there is still huge room for innovation in this industry, and it is still possible to give birth to new giants such as Aave. It is precisely because of this that lending projects are still one of the key directions of the DeFi entrepreneurial team.After scanning the newly born projects in the past 2 months, we selected 4 more representative lending projects for key analysis. They either exploded rapidly in business or have unique mechanism innovations. Through this research Report, we try to answer the following questions:What is the actual business situation of these projects?What are their product positioning, mechanism or token design innovations?For those fast-growing projects, what are the sources of growth and how sustainable are they?Like the trading platform, the lending project is also the basic liquidity layer of the crypto world. It plays the role of a bank in the crypto world. Its essence is to coordinate the supply and demand of funds from multiple parties and match liquidity across periods. The business ceiling of this track will expand simultaneously with the expansion of the scale of the encryption business.
On the other hand, the demand for matching funds is long-term, and there is no doubt about the sustainability of this track. Although the current funding needs for encrypted lending mainly come from investment leverage, arbitrage, and short-term capital turnover, with the progress of compliance, the channel between the traditional world and encrypted finance will eventually be opened, and the real-world collateral ( The introduction of lending platforms such as real estate and corporate credits, and issuing loans to non-crypto players through stablecoins are all things that are gradually happening, which will bring more room for development to the industry.Whether as entrepreneurs, investors or ordinary users in this industry, the track of crypto lending is far from the final form. There are still a large number of new products and rich investment opportunities worth looking forward to.
As of September 16, 2021, Defi's total TVL has hit a new high since May, reaching 180 billion US dollars. Although the proportion of borrowed TVL has declined, it still occupies the bulk, with a TVL of approximately US$50 billion.The top 15 lending agreements of TVL (not including Makerdao, Liquity), data source: DefiLlama
In terms of outstanding borrowings, the current outstanding borrowing amount of all loan agreements is about 30 billion U.S. dollars.The total amount of loans in the loan agreement, data source: Debank
In terms of business volume, the established projects Aave, Compound and MakerDAO still firmly occupy the top three positions, and their TVL accounts for more than 70% of the entire lending market.However, the rise of emerging lending projects is also amazing. The top ten projects in TVL include Anchor on Terra (US$3.12 billion), Benqi on the avalanche agreement (US$1.23 billion), and Qubit (US$400 million) on BSC. Unlike the big three lending giants that originated in Ethereum, these fast-growing lending forces all come from Ethereum’s competitors, which is the hottest narrative at the moment-the new public chain.What's more surprising is that in addition to the earlier launch time of Anchor (in March this year), the official launch time of the other two projects is only less than one month.In terms of the type of lending business, whether it is the number of projects or the amount of funds, basic lending projects account for a higher proportion, followed by leveraged mining lending projects, and other relatively new ones such as risk-graded interest rate products. The business volume is currently relatively small.
This research report will focus on newly born lending projects in the past 1-2 months with rapid business growth (TVL has entered the top 15 lending category), and Euler, a project with many innovative combinations in mechanism.The following is a detailed analysis and analysis of each item.
In the combing and analysis part, the author will present and analyze the product positioning, project characteristics, business conditions, token model and risk control of the four projects, in order to analyze these four emerging lending projects as a whole as possible.Basic lending platform
Project StatusProduct launch time: August 24, 2021
Qubit is a decentralized currency market that uses a mainstream borrowing capital pool model. Qubit's development and operation team is the team behind Pancakebunny-Mound, which was first deployed on BSC, and there are plans for multi-chain expansion in the future.Project FeaturesThe main features of Qubit compared to other basic lending projects are:Its token QBT can increase the rate of return of deposit users after lock-up, which is called "Boost" function
Qubit is part of Mound’s product matrix, and Mound’s products are highly combinableQubit does not support lightning loan function
Business conditionsBusiness data
Qubit's core business data are as follows:We can find that although Qubit's project has been online for less than a month, it currently has a considerable amount of deposits and the utilization rate of funds is relatively high. This is related to Bunny's previous accumulation of a large number of BSC users and the relatively high amount of token subsidies for the project. Currently, QBT's single-day subsidy amount is around US$190,000.