Compared with Liquity which only supports the LUSD stable pool, Euler's multi-token sethereum live chart uktable 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.
On September 18th, South Korea’s Minister of Strategy and Finance Hong Namki stated at the National Assembly meeting on September 15 that the planned cryptocurrency taxation law will take effect early next year. The ruling Democratic Party and the opposition party have agreed to take legislative action against crypto. Currency taxation, there is no reason to delay the implementation of the law. Earlier news, South Korean parliament representatives proposed in 2020 to impose a 20% capital gains tax and a 2% local income tax on cryptocurrency transactions with an annual income of more than 2.5 million won (approximately US$2,100). The law was originally scheduled to take effect in October 2021, but has since been revised and its implementation has been postponed until January 1, 2022.chain link deco acquisitionOn September 18, the government is paying close attention to the cryptocurrency circulating in foreign markets, because the agency responsible for checking financial fraud is paying attention to a company called Hyper Fund. According to sources, Hyper Fund, a subsidiary of Hyper Tech Group, has recently received attention. Hyper Tech Group said that the establishment of Hyper Fund is to provide a decentralized financial infrastructure. Hyper Fund was announced in mid-2020. According to the company’s website, it is led by Ryan Xu, but Hyper Fund with a multi-level marketing (MLM) model has been attracting investors with higher returns, and such issuance is a common practice under the Ponzi scheme, which first aroused the authorities Attention. According to sources, complaints against such funds have begun to emerge in multiple states.
Biquan News reported that on September 18, the Governor of the People’s Bank of China, Yi Gang, said in the opening speech of the Sino-German "Fintech and Global Payments Panorama-Exploring Xinjiang Region" video conference, saying that in recent years, financial technology has been growing rapidly in China. develop. Technologies such as artificial intelligence, big data, cloud storage, and blockchain continue to promote the digital transformation of financial institutions. The application of products and tools is becoming more abundant, and the efficiency and inclusiveness of financial services have been greatly improved. The development of financial technology has also effectively contributed to the rural revitalization strategy. The use of satellite remote sensing, electronic fence, blockchain and other technologies can dynamically monitor the production and operation of agricultural products such as agriculture, forestry, animal husbandry and fishery, promote the in-depth integration of capital flow, logistics, and business flow, improve the availability of financing for the agricultural industry and upstream and downstream enterprises, and help the agricultural industry modernization. In response to the lack of farmers’ “digital footprint” and other issues, digital means can also be used to improve the rural credit information system, which will help expand credit coverage.At present, Tencent continues to promote the establishment of technical standards for landmark agricultural products brand traceability, brand marketing and protection, brand image design and other sections, and makes full use of big data, Internet of Things, blockchain and other technologies to fully assist landmark agricultural products brands in areas with weak digitalization across the country. Accelerate growth.On September 15, the Maritime-Shutu Lingang Blockchain Technology Research Institute, co-built by Shanghai Maritime University and Shanghai Conflux Blockchain Research Institute, was established. It is reported that after the institute has landed in Lingang, it plans to carry out research and application in the following four aspects: Relying on the openness of Lingang and the tree map public chain, the exploration and application of "the construction of offshore RMB international payment channels based on the tree map public chain" will be carried out. Practice; combined with its own exploration and technological advantages, lead or participate in the construction of the port trade and financial blockchain standard system; create shipping blockchain technical standards and shape a new shipping ecology; develop a technological ecology and fully empower the industry.Coin Circle News reported that Glassnode data shows that the Realized Price of BTC has just reached a record high of US$21,025.87. It is reported that the "realized price" refers to the "realized market value" of the token divided by the current supply, and the "realized market value" is the market value calculated by adding up the market price of the token when it moves on the chain for the last time.According to the latest industry research by the evaluation website CryptoHead, due to the surge of cryptocurrency ATMs and the growing interest of the state's population in digital assets, California has become the "most cryptocurrency-ready" jurisdiction in the United States. In the encryption readiness index, California beat New Jersey (5.44 points), Texas (5.28 points), Florida (5.03 points) and New York (4.29 points) with 5.72 points (out of 10 points). The state's total score is also 2.54 points higher than the national average.
Cryptocurrency trader and YouTube influencer Lark Davis stated that Ethereum is expected to rise by 190% to reach a five-figure price. Davis told its YouTube subscribers that based on key fundamental factors, the second-largest crypto asset by market value is preparing to appreciate above $10,000. He believes that one of the reasons why the price of Ethereum will more than double is due to the decline in its exchange supply. According to Davis, the supply on exchanges has shown a strong downward trend over the past year, as holders have either locked their ETH in a decentralized finance (DeFi) protocol or used their ETH to buy NFTs. With the normal operation of the supply mechanism, it is only a matter of time before the ethereum supply crisis eventually pushes up prices severely.Coin Circle News reported that Charles Gasparino, a member of the Fox Business panel, shared information received from sources close to Ripple Labs executives. Allegedly, the US Securities and Exchange Commission's XRP case harmed Ripple's domestic business in the United States, but its business is still booming overseas, further proof that the SEC's encryption enforcement agenda is forcing innovation to occur outside the United States.In 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.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 Features
The 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" functionQubit 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.
Product UIUXQubit's product UI style is simple and clear, the interaction is smooth, the display of key data is reasonable and detailed, and the overall user experience is better.