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50% of the tokbitcoin drop to 1000ens will be allocated to liquidity mining;10% of the token supply is reserved for the Tranchess ecosystem/treasury-including but not limited to partnerships, third-party services, listing fees.
The purpose of CHESS is to slowly reduce circulation within 4 years. 50% of the community rewards will be distributed on Pancake and TranchesApp.Of the 150 million tokens allocated for community incentives, 120 million are being distributed on the Tranchess app. The liquidity mining activity will continue until November 11, 2021. CHESS will be distributed to QUEEN, BISHOP and ROOK holders in a fixed ratio of 3:4:2.In terms of products, it aims to track more underlying encrypted assets, add various fund structures through innovative synthetic derivatives, and achieve more use cases for its governance token CHESS. Tranchess is looking to expand to multiple chains and build a mature technology and marketing team to cooperate with other agreements in the ecosystem. The project plans to establish a community DAO by the end of this year to take over the governance of the agreement.In July, Tranchess Protocol completed a $1.5 million seed round of funding, led by Arrows Capital and Spartan Group, with participation from Binance Labs, Longhash Ventures, and IMO Ventures. The funds will be used to expand the product to a multi-chain system and transition to the DAO structure before the end of the year.Tranchess is a team of blockchain and financial experts who have different backgrounds and experiences around the world, covering the U.S., Europe and Asian time zones. Most of the members of the Tranchess team come from investment banks, asset management companies and hedge funds, and have extensive experience in network security for exchanges and DeFi protocols.
Its co-founder is Danny Chong. Danny Chong has more than 16 years of banking experience. He was responsible for Crédit Agricole CIB's foreign exchange and fixed-rate product (FX & Rates) sales SEA department.On September 1, the public beta version of Arbitrum, the general expansion network of Ethereum, was officially launched. At the beginning of the launch, it was sought after by many DeFi blue chip applications such as Uniswap, Sushiswap, and Curve. In less than two weeks, the amount of funds locked up reached 2.2 billion. The US dollar has surpassed the public chains of Fantom, Heco, Near, etc., and is close to the current two-tier leader polygon.In addition, we also chatted with the Arbitrum team about "the centralization risk of a single Sequencer", "views on other expansion technologies" and other topics.
What are the components of Arbitrum's complete solution?In fact, we are very curious about what components Arbitrum is built of as a novel and complex expansion technology, and what role AVM and ArbOS, which are often heard in the community, play in this agreement.The Arbitrum team stated that Arbitrum consists of four parts, namely: smart contract of the agreement, AVM (virtual machine), ArbOS and asset bridge.Smart contract of the protocol: Sometimes called EthBridge, it refers to the smart contract of the Arbitrum Rollup protocol on Ethereum. It ensures that the business above this layer can run correctly, and provides mediation if there is a dispute in the Arbitrum protocol. "Logic. (Chain note: The term Arbitrum comes from Arbitrium, which means arbitration, that is, "dispute resolution").
Arbitrum Virtual Machine (AVM): AVM virtual machine is similar to EVM (Ethereum Virtual Machine), it will execute computer programs, read input and produce output.ArbOS: ArbOS is an operating system (OS) running on the second-tier network that provides a compatibility layer that fully supports EVM. It will also serve as the recorder, supervisor and enforcer of smart contract execution on the Arbitrum chain. (Official documents on the introduction of AVM and ArbOS: https://developer.offchainlabs.com/docs/avm_design)
Asset Bridge: Allow users to send Ethereum and other tokens between Arbitrum One and the Ethereum mainnet.Is there still room for Arbitrum One's transaction costs to drop?Although according to our previous estimates (https://www.chainnews.com/articles/115931150768.htm), Arbitrum's transaction cost can still be reduced by about an order of magnitude compared to the first layer of Ethereum, but according to the statistics of the L2 Fees website From a point of view, it is still several times higher than the cost of using some ZK Rollup networks.However, you can also see that the L2 Fees website has also made some notes for Arbitrum. Arbitrum One, which is in the Beta stage, is currently artificially restricted. The opening of this restriction on the official mainnet in the future may further reduce transaction costs.
We also asked the Arbitrum team about this topic. They said, "In the short term, we are working hard to reduce the basic cost of each transaction, that is, the cost allocated to each transaction in the batch release transaction. We will soon see Transaction costs have fallen.”However, in the long run, the Arbitrum One solution requires that each transaction be stored on the Ethereum mainnet through calldata. As long as the capacity of Ethereum remains unchanged, there is still an upper limit. Therefore, the long-term expansion possibility of Arbitrum One still needs to rely on the data sharding technology of Ethereum 2.0.The Arbitrum team stated, "ETH 2.0 data sharding will greatly reduce the cost of publishing data to Ethereum, which is crucial to Rollup's expansion technology. ETH 2.0 data sharding means cheaper calldata, and we are very happy to become Ethereum "Rollup as the center" part of the road map."Are there more expansion plans for Arbitrum?
The upper limit of Arbitrum One is restricted by Ethereum. Is it possible for other types of expansion technologies to open the ceiling of Rollup?Teams 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 team
About #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.