There are people everywhere in the village, and she is designing a game. "This guy hasn't given us a task yet, but he will," Pandapobittorrent kar hesaplamaps said of the bartender. Like all the small characters, he looks a bit like a character in a Lego movie. "That's a bounty hunter," she said. Soon we saw our protagonist, the well-known "Player One", who was jogging through the courtyard with a cute little sword.
The total amount of 1 billion QBT will be distribhow to buy dogecoin debit carduted within one year, so QBT will face very high inflationary pressure in the next 12 months. The specific token unlocking rhythm is as follows:In my opinion, there are two core problems in the supply and release mechanism of Qubit tokens:
The proportion of team control is relatively high, and most of them have not set strict token unlocking conditions, and the long-term binding of team interests and projects is insufficientThe tokens of the liquid mining part are released too fast, which may cause the project to lack sufficient subsidy budget after one year, which is not conducive to the long-term development of the projectToken value captureCore function: revenue accelerationUp to now, the main function of QBT is to obtain qScore after lock-up. Through qScore, deposit users can accelerate their deposit income (from the increase in QBT deposit subsidies).
This mechanism is similar to Curve's Locker mechanism. Curve's Locker function and economic model consolidate its original competitive advantage and increase the switching cost of liquidity providers and investors. It is a very eye-catching design. However, when the mechanism is applied to a loan agreement, will it still have a good effect? The author remains skeptical about this.First of all, the reason why some people are willing to lock up the position of Curve's token CRV for a long time after buying it is caused by Curve's strong position in the stable asset business chain and the competition for the governance power of Curve by multiple participants. Because governance power on the Curve platform means two core resources: the baton of liquidity and the accelerator of revenue.Even anxious that cybersquatting may not be able to use the "XX Yuan universe" trademark.
The capital market wants to use the imagination of the meta-universe to tell "good stories" to be able to understand it, and to be able to understand it in the first place for major manufacturers. What is difficult to understand is that those who do not have core business and capabilities have to spend money to speculate on concepts.Tranchess is a tokenized asset management and derivatives trading protocol. It was first proposed in early 2020, and it quickly developed to its current state. Inspired by the ability of some funds to meet users' different risk preferences, Tranchess' goal is to provide different risk/return matrices from a single major fund (such as BTC) that tracks specific underlying assets. Its vision is to enhance the asset management capabilities of DeFi users, hoping to provide long-term solutions for users who hold encrypted assets for a long time.At present, the project has been audited by Paidun and CertiK.Tranchess currently mainly includes three products: QUEEN token is a higher-yielding bitcoin tracking product; BISHOP token is a neutral coin with income delta similar to a stable currency; ROOK is a BTC tracking with 2 times leverage Token.
Queen represents a fund of funds linked to the BTCB price index. Holding Queen is equivalent to depositing BTCB in Tranchess for BTCB single currency mining. Queen's net worth is completely positively correlated with the value of BTCB. Investors can deposit their BTCB into the platform to mint into Queen, or directly use USDC to buy Queen. Holding Queen is equivalent to holding BTC, and Queen can participate in mining to obtain platform token CHESS.Bishop is one of the sub-funds of the Queen of Funds of Funds (type A sub-funds, low-risk funds), which can be regarded as a USDC income product. Bishop holders charge interest at a specific interest rate that changes weekly. Every week, the platform will read the USDC interest rate from Venus and add the premium voted by the community to the interest rate. The resulting interest rate will become Bishop's fixed interest rate next week.
Bishop is essentially a capital pool. Holding Bishop is equivalent to depositing USDC in Tranchess for USDC single currency mining.Rook is the other half of the Fund of Funds Queen's sub-funds (type B sub-funds, high-risk funds). Holding Rook is equivalent to depositing BTCB on the platform, and using the deposited BTCB as a margin, borrowing from Bishop holders and continuing to purchase Enter the Queen of Funds of Funds and pay a certain amount of interest to Bishop holders.CHESS is its native token, with a total of 300 million issued. It is currently issued in BSC, but it follows the Erc-20 standard and is widely used for voting and incentives in the Tranchess ecology. CHESS holders will currently share 50% of the agreement fee income, and will vote to determine the internal interest margin imposed on ROOK holders. The team plans to put products on more blockchains in the future and add different types of underlying assets.20% of the token supply will be allocated to the core team;
5% of tokens will be provided to seed investors;15% will be reserved for future investors to use in subsequent rounds of financing;50% of the tokens 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.The launch of Arbitrum has become a milestone in the history of Layer 2 development, and it has been praised by many as "finally there is a "true second layer"." The second layer network, or Layer 2 as we often say, generally refers to the second layer of Ethereum. Their operating logic is simply: to reduce the data processing on the main chain by performing calculations or storage outside the main chain , So as to achieve the purpose of expanding performance, but still relying on the status of the main chain security.In fact, in the early days of Bitcoin, Layer 2 was already a topic that attracted much attention. At that time, Layer 2 was mainly used to solve the payment expansion of Bitcoin. It proposed a side chain solution including state channels and Liquid, RSK, etc. plan.After entering the era of Ethereum, in addition to the sidechain and state channel solutions that have already appeared, a new expansion plan appeared-Plasma, which was the protagonist of the early Ethereum expansion plan, but later, due to the Plasma plan Security issues, as well as the emergence of the Rollup solution and the maturity of the zero-knowledge proof technology, the Plasma solution was gradually abandoned, and the research direction turned to the current mainstream Rollup solution.
The so-called Rollup here refers to the collection of multiple transactions under the chain, compressed into a transaction, and then sent to the main network, so as to achieve the effect of saving transaction costs and reducing the amount of interaction. How to ensure the security and authenticity of the data under the Rollup chain, based on the different proof mechanisms, gave birth to two mainstream expansion solutions that we are familiar with-ZK Rollp (zero-knowledge proof) and Optimistic Rollup (fraud proof). Each has its own advantages and disadvantages in performance. As we will introduce later, the Arbitrum launched this time is the latter (subtle differences).Because the era of Ethereum sharding is in the foreseeable future, Layer 2 has always been regarded as the best solution to relay the Ethereum ecology. "The current L2 is approximately equivalent to the state of July to August last year." This is Shenyu's current Layer 2 Judgement of the track.
At present, Layer 2 is divided from the width of the application. It can be divided into two categories, general-purpose and vertical. For example, Loopring, dYdX, Synthetix are all vertical applications, and general-purpose ones include Arbitrum, zkSync, etc. It is equivalent to the "Layer 2 public chain". If there is a Layer 2 overlord in the future, then there is a high probability that it will also come out of this field.As a track that has just begun to rise, Layer 2 has high hopes from many people. Some people think that it will start a new round of "DeFi Summer", and some people think that it will give birth to a Layer 2 comparable to Ethereum. So who has it? This potential? What are the Layer 2 general-purpose projects worthy of our attention?
At present, the zkSync network only supports the transfer function, and the supported currencies are relatively limited. It only supports dozens of mainstream currencies such as UNI, DAI, USDC, etc. As the ZK Rollup solution has relatively large technical difficulties in compatible EVM, it must be implemented Like Arbitrum's current features, it is not yet realistic. At the end of last month, the official also postponed the launch of the testnet zkSync2.0 (EVM version) and gradually opened the testnet in three phases, precisely for this reason.The interesting point is: in zkSync network payment gas, you can use other tokens instead, you don’t need to have ETH, for example: in Gitcoin donation, if you donate with DAI in zkSync network, you can directly use DAI as Gas fee, for those tokens that do not have a liquid market price, the fee can also be paid with other tokens.
In the zkSync network, transaction costs are mainly divided into two parts: the off-chain part and the on-chain part. The off-chain part is the calculation cost of state storage and zero-knowledge proof generation, which is fixed, and the official estimate is about 0.001 US dollars per transfer. The on-chain part is that the verifier must pay Ethereum gas to verify the zero-knowledge proof. The cost is mainly based on the gas price of the Ethereum main network, but this is several orders of magnitude cheaper than the normal ETH/ERC20 transfer cost.Proof mechanism: zero-knowledge proofAdvantages of zkSync: Every transaction data is stored on the main chain, which is more secure; it is faster to exit the second-tier network (ideally a few minutes, but the actual measurement takes about 2-3 hours).zkSync challenges: generating zero-knowledge proofs requires a lot of computing resources, and the hardware threshold for zkSync verifiers is relatively high; it is difficult to implement general smart contract functions (this is a problem that all adopters of ZK Rollup solutions currently face).
Optimism EthereumOptimism Ethereum uses the Optimistic Rollup expansion plan. On January 15 this year, the Optimism team started the trial operation of the mainnet.
The Optimism team hopes to establish instant transactions and scalable smart contracts on Ethereum. The team has created an EVM-compatible solution OVM on Layer 2. Optimism is a scaling solution with a complete cross-layer migration function.At present, only projects that apply for the whitelist can be deployed on the Optimistic Ethereum mainnet. There are not many projects that have been built on Optimism, mainly including cross-chain bridge Optimism Gateway, Hop.Exchange, Celer bridge; DEX platforms uniswap, Kwenta, Rubicon, 1 inch; and 13 applications including option trading platform Lyra and Synthtix.
Projects that have been built in OptimismThe official said before that "the conditions for completely removing the whitelist are not yet available, and a major upgrade is planned in the next three months." On September 13th, Optimism announced that it would double the throughput limit of the main network to handle up to 200,000 transactions per day.
When using the Optimism network, the following two points are completely different from Ethereum. You must be clear:First: The transaction is processed according to the first-in-first-out principle, so increasing the gas price will not affect the execution speed of the transaction.Second: Currently, Optimism uses gas limit to encode information about transactions executed on L2 and on L1 post transaction cost information, so do not try to modify the gas limit automatically provided by the application, otherwise your transaction may be rejected.Proof mechanism: fraud proof
Optimism advantage: Data is stored on the main chain, and it is easier to support general smart contract technology.Optimism challenge: The exit period of the second layer is long (7 days). This is also a problem faced by all Layer 2 solutions that use fraud proof mechanisms. The overall security is slightly lower than that of the main chain and ZK solutions.
Arbitrum was originally an academic project at Princeton University, established by the team Offchain Labs.Arbitrum's proof mechanism is similar to Optimism above. The difference is mainly reflected in the difference in the data uploaded to the main chain. In the process of processing, when someone thinks that the second-level data is in dispute, they can pay a deposit and submit a proof. At this time, the contract will arbitrate it. In the Optimistic Rollup scheme, a complete contract will be simulated and executed on the main chain. Calling consumes high costs; in the Arbitrum Rollup scheme, firstly, through multiple rounds of interactions at the second layer, the dispute scope is reduced before being simulated on the main chain, the number of interactions is reduced, and the cost of dispute resolution on the chain is reduced. This is the biggest difference between the two schemes.
In May of this year, Arbitrum was opened to developers for the first time. On September 1st, the public beta was launched, and the whitelist mechanism was also offline. Similar to Optimism, Arbitrum currently has a clear limit on the upper limit of network processing capacity (80,000 arbgas/s), which roughly matches the current capacity of Ethereum L1, but Arbitrum also stated that as the system becomes stable, the speed limit will be gradually increased in the future. , And continue to improve performance.It is also this limitation. At present, the gas fee of Arbitrum is not very low, which is criticized by everyone, especially when a large number of transactions are influx and reach the upper limit of network capacity, then the cost of L2 will rise further, but compared to the main chain That said, the cost can still be reduced by dozens of times.