Tag: synthetic

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Briefly describe the synthetic assets Synthetix ecological project: dHedge and Lyra, etc. (www.blockcast.cc)

Post author By Blockcast.cc
Post date August 27, 2021
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Tags Assets, briefly, describe, dhedge, ecological, etc, lyra, Project, synthetic, synthetix

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Everything can be cast: understand the new DeFi synthetic asset protocol Duet (www.blockcast.cc)

Post author By Blockcast.cc
Post date May 4, 2021
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Tags Asset, cast, DeFi, duet, Everything, new, Protocol, synthetic, understand

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Beyond Finance Raises $7.5m, Democratizes Access to Synthetic Products (www.blockcast.cc)

Post author By Blockcast.cc
Post date March 23, 2021
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Beyond Finance, a decentralized platform for creating and trading synthetic financial products has announced a $7.5-million round of fundraising from leading blockchain funds, including Moonwhale Ventures, A195, DuckDAO, Cryptomeria Capital, Blocksync, X21 Digital, Rarestone Capital, Master Ventures, Consensus Capital, and more. The announcement comes after the company raised the funds simply by word of mouth over the past few weeks, without any advertising in the lead-up to its initial DEX offering scheduled for early April.

Beyond Finance is building a robust decentralized platform and protocol dedicated to helping institutions, small and medium-sized enterprises, and individuals to create and trade synthetic products. Using Beyond Finance, users can use the company’s synthetic product trading platform to get access to a wide range of traditional assets — all in a transparent and decentralized user experience. Users will be able to access synthetic products by staking Beyond’s native token, BYN, investing directly in the assets, trading other synthetic assets, and loaning Ether (ETH) in exchange for synthetic tokens.

Dorji Rabten, head of operations at Beyond, said: “We are excited to share our vision of creating an easy-to-use and democratized synthetic product ecosystem with some of the best investors in the industry. Currently, accessing synthetic products can be challenging, and many offerings have critical flaws that create trust issues within various ecosystems. Beyond is looking to solve this by offering the same institutional-grade solutions and access for everyone.”

With a team comprising alumni from top companies, such as Goldman Sachs, Barclays, Deutsche Bank, Franklin Templeton, Credit Suisse, Citi, and more. Beyond’s mission is to bring decentralized finance and synthetic assets to a global population who currently does not have access and or does not know how to use these products. The potential of converting a fraction of this population implies the possibility of onboarding millions of new people into the DeFi ecosystem, as well as billions of dollars of new capital.

The team plans on using the funds raised to scale the platform, onboard new developers, and provide support for the upcoming BYN token launch, which will help incentivize and attract users to the platform. Beyond’s IDO is tentatively scheduled for early April, which will allow community members to participate in the company’s public token sale. More details will be released closer to the date on Beyond’s official channels.

About Beyond Finance

Beyond is a decentralized platform for creating and trading synthetic financial products designed to suit the needs of the synthetic creator. These synthetic products can be made to track prices of underlying assets, such as currencies, commodities, stocks, exchange-traded funds and more. Each synthetic product can be made to represent $1 or more complex products, such as leveraged/inverse ETFs.

These synthetic products are governed by the Beyond protocol and collateralized by BYN tokens. Deep liquidity is created for synthetic products through our automated market maker that is built on our protocol. Bid/ask orders can also be used on the trading interface for controlled trading orders. BYN token holders are incentivized to stake and provide liquidity to the synthetic products, as it allows the token holders to be rewarded with additional BYN tokens.

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Tags access, Beyond, democratizes, Finance, products, raises, synthetic

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Selected Links | Understand DeFi synthetic asset top players Synthetix, UMA and Mirror (www.blockcast.cc)

Post author By Blockcast.cc
Post date March 19, 2021
No Comments on Selected Links | Understand DeFi synthetic asset top players Synthetix, UMA and Mirror (www.blockcast.cc)

In the past year, the development of DeFi has been changing with each passing day, with innovations in basic components such as transactions, lending, and stablecoins constantly emerging. However, some people say that DeFi is just copying the successful model of traditional finance and constantly filling in the missing pieces. In fact, standing on the shoulders of its predecessors, DeFi is also exploring new areas. Synthetic assets are such original innovations.

Synthetix, UMA and Mirror, as representative projects of synthetic assets, have all achieved considerable growth. Among them, Synthetix’s locked-up assets have exceeded US$3 billion. But this seems to be far from enough. Synthetic assets allow DeFi citizens to copy all assets, which is expected to release the market potential of “tokenize everything”. What exactly are synthetic assets? How is it innovative? Can we start the next big era in the encryption world? Let’s take a closer look at the head players of this emerging track.

What are synthetic assets? What is the value?

” Coinbase View: An Analysis of the Potential and Risks of UMA and Synthetix and Other Cryptographic Synthetic Asset Platforms “
Most DeFi applications are like replica products of traditional finance, and synthetic assets offer another possibility: a market where “everything can be tokenized”.

” Brief description of the characteristics, advantages and disadvantages of various types of on-chain synthetic asset models “
Different synthetic assets have different design mechanisms, and users need to choose their own synthetic asset agreement according to the endorsement assets and holding period.

” Synthetix and Mirror’s lock-up amount is growing rapidly, synthetic assets become the next trend of DeFi? 》
Compared with the already popular areas such as DEX and lending, do small-scale synthetic assets have greater potential?

Synthetix

” An article to understand the characteristics and operating mechanism of the popular DeFi synthetic asset platform Synthetix “
Synthetix brings a new gameplay of synthetic assets to the DeFi world, and provides a complete product of casting, trading, and position management.

How is the Synthetix experience of Optimism’s Layer 2 version? 》
Although this Layer 2 network is very early and may encounter many unknown defects and problems, there are still many users who dare to try. The value of SNX migrating to the Layer 2 network is close to 40 million U.S. dollars.

” Synthetix Founder Review Project 2020 Development Thread “
The next focus of Synthetix is the migration to Layer 2 and the construction of the V3 version.

” Reduce 75% transaction slippage? Synthetix founder briefs on the “virtual Synth” feature “
Synthetix announced a new feature called Virtual Synth, which can greatly reduce DEX transaction slippage by bridging multiple pools in a single transaction.

” Interpretation of Synthetix’s New Development: Migrating to Layer 2 and Cross-asset Exchange with Curve “
Curve’s cross-asset exchange integrates Synthetix’s virtual synthetic asset trading function, which can improve slippage problems under large-value transactions.

UMA

” In addition to stocks and currencies, how much imagination can the DeFi protocol UMA create on synthetic assets? 》
Synthetic assets developed based on the UMA protocol take into account the fun or user needs. This may be what a “synthetic asset” should look like, rather than being constrained by “oracles”.

” A game design that conforms to human nature is the safest? The founder of UMA elaborated on how to defend against flash loan attacks “
Learn about UMA’s “no price feed” financial contract, which is said to be able to withstand lightning loan attacks.

” Everything can be mined, UMA’s developer mining plan is here “
There is an opportunity to participate in mining profit without requiring capital, relying only on technology and creativity.

” Hedging the Ethereum Gas price? Brief Analysis of UMA Ecological uGAS Operation Mechanism “
uGAS is a simple method for traders to speculate, and it is also a reliable strategy for Ethereum users and miners to hedge transaction fees.

Mirror Protocol

” Trade U.S. stocks on Uniswap? Brief Analysis of Mirror Protocol Operation Mechanism and Token Economy “
Mirror Protocol anchors the price of U.S. stocks by casting synthetic asset mAssets, thereby linking cryptocurrencies with traditional markets.

“With a 10-fold increase in trading volume in two months, what is the potential of Mirror’s US stock synthetic assets? 》
The trading volume of Mirror Protocol US stock synthetic assets increased by 1051.5% in two months, and liquidity increased by 777.26%.

Disclaimer: As a blockchain information platform, the articles published on this site only represent the author’s personal views, and have nothing to do with the position of ChainNews. The information, opinions, etc. in the article are for reference only, and are not intended as or regarded as actual investment advice.

Tags Asset, DeFi, links, mirror, players, selected, synthetic, synthetix, top, uma, understand

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In addition to stocks and currencies, how much imagination can the DeFi protocol UMA create on synthetic assets? (www.blockcast.cc)

The synthetic assets developed based on the UMA protocol take into account the fun or user needs. This may be what the “synthetic assets” should look like, rather than being constrained by the “oracles”.

Written by: Pan Zhixiong

Although the concept of synthetic assets has grown rapidly in the field of decentralized finance (DeFi) in the past two years, the current DeFi synthetic asset agreement is still generally limited to simple synthetic assets such as “stocks” and “cryptocurrencies.”

In fact, “synthetic assets” can move a variety of transaction-valued data to the chain to support users with transaction needs in risk hedging, speculation, investment, and even building a marketing tool similar to an option structure. The DeFi protocol UMA explores to completely open up the imagination of DeFi synthetic assets under the premise of ” minimizing the oracle “.

In addition to stocks and currencies, how much imagination can the DeFi protocol UMA create on synthetic assets?

As the original concept of cryptocurrency and blockchain , the most widely known “synthetic asset” protocol is Synthetix , with a total market value of more than 4 billion U.S. dollars at one time. It uses an oracle to move the data of off-chain assets to the chain, and then achieve price anchoring through an ultra-high mortgage rate. UMA, on the other hand, has designed a completely different synthetic asset mechanism. By introducing games , the use of “oracles” is minimized. Perhaps this is one of the reasons why UMA can design more diversified synthetic assets.

In addition to stocks and currencies, how much imagination can the DeFi protocol UMA create on synthetic assets? Synthetix currently locks up more than US$2.3 billion

On the other hand, UMA is a protocol, and the creation of various synthetic assets can be achieved by other third-party teams. Therefore, there are more and more partners in the UMA ecosystem, and at the same time things such as “Bitcoin market value ratio” , “Structured Financial Products”, “KPI Option” and other strange synthetic assets.

UMA’s synthetic asset mechanism

The full name of UMA is Universal Market Access (Universal Market Access), originally positioned as a “synthetic asset agreement”, and later added a ” decentralized financial contract platform. ” So from the perspective of UMA’s vision, it is to solve the problem that users can access various other markets or assets on the blockchain .

The UMA co-founder once said that UMA achieves financial contract security through three points: financial contracts without price feed, a data verification mechanism based on governance tokens to achieve economic guarantees, and an asynchronous oracle delay mechanism.

UMA basic philosophy of design is no feed prices, in order to minimize the chain of prophecy use machines to reduce the frequency of attacks and oracle attack surface, mainly through the introduction of “Reckoner” and “disputants” Both players achieved, It is essentially a game mechanism.

In addition to stocks and currencies, how much imagination can the DeFi protocol UMA create on synthetic assets? Minimize the use of oracle

This mechanism assumes that the mortgage rate of the collateralized position of the synthetic tokens is sufficient and repayable. Once the collateral price fluctuates and the mortgage rate is insufficient, anyone can realize liquidation based on the off-chain price and obtain income. This is the ” liquidator ” . If there is a dispute in the liquidation, another role ” disputeant ” needs to be introduced.

If there is an objection to the liquidation, the disputing party may raise a dispute.

Since the “liquidator” must pledge a certain amount of funds before initiating the liquidation, and the “disputeant” also needs to pledge a certain amount of margin, therefore, if the final ruling proves that the “disputeant” is correct, the “disputeant” can obtain The fine paid by the liquidator. The reverse is also true. If the “disputeant” is proved to be incorrect, the security deposit will be forfeited.

The game mechanism ensures that participants have sufficient economic motivation to participate in the game, and ultimately ensure that the price is reliable and trustworthy.

This is a bit similar to the real court, which only works when there is a dispute. As long as the two parties to the contract are legally abiding by the law, the court system will never be used, and the court’s ruling is only required for disputes.

UMA redefines the “oracles” as a court dispute resolution system . It believes that if these disputes cannot be resolved through the mechanism written by the contract itself, then the oracles should be used as a backing for dispute resolution.

Lianwen introduced the operating principle of UMA in detail last year. You can refer to this article:
” A game design that conforms to human nature is the safest? The founder of UMA elaborated on how to defend against flash loan attacks “

Attracted more than 7 ecological partners in 4 months

When UMA creates a new type of synthetic asset, the most different from Synthetix is that Synthetix only needs an oracle to provide prices, while UMA requires a professional team to develop specific smart contracts under the framework of the UMA agreement in order to launch new ones. Synthetic assets.

Therefore, the advantage of UMA is that it can create more customized and interesting synthetic assets , while the advantage of Synthetix is that it is less technically difficult to launch new assets. Because of this, UMA has launched activities to encourage developers to create synthetic assets (financial products) to encourage faster development of the protocol ecosystem.

Now more and more DeFi protocols have begun to cooperate with UMA in depth, and there are also teams dedicated to developing new synthetic assets for UMA’s ecology.

In addition to stocks and currencies, how much imagination can the DeFi protocol UMA create on synthetic assets?

uLABS: Provides best practices for UMA agreements

The first team is uLABS , a new organization set up by UMA to design financial products in November last year. It provides some basic ideas and best practices for the ecosystem, and can be migrated to other teams for iteration and development in the future.

UMA Technical Promoter Sean Brown and Finance Director Kevin Chan will push uLABS to deploy new products on the mainnet. uLABS will first launch the token uGAS to track the price of Ethereum Gas and allow hedging and speculation. After that, uGAS was transferred to other teams.

link

BadgerDAO: Use UMA to build BTC-based synthetic assets

BadgerDAO is a decentralized organization that focuses on bringing Bitcoin into DeFi. They cooperate with UMA to achieve revenue-dollar products . They even propose to work with SushiSwap and UMA to implement specific machine gun pool functions, or to conduct joint incentives.

link

Yam: Co-launched derivatives trading platform

The original goal of the DeFi project Yam Finance was to develop a set of stablecoins based on an improved flexible supply mechanism based on the algorithmic stablecoin protocol Ampleforth, which can be used for inflation or deflation at any time according to market conditions, aiming to maintain the price of each YAM token at $1.

As Yam gradually faded out of the DeFi community, they decided to cooperate with UMA to launch Degenerative Finance , a DeFi derivatives trading platform, and hand over the futures contract uGAS developed by uLABS that can track and hedge Ethereum Gas fees as the first product.

link

Domination Finance: Focus on Bitcoin market value

Domination Finance is also a brand new start-up team. Its name “Domination” comes from a related term in their products: BTC Domination (BTC dominance, usually translated as “Bitcoin market capitalization ratio”). Therefore, the products they built using UMA are the token BTCDOM , which is used to track the market value of Bitcoin, and the corresponding altcoin market value, ALTDOM . A series of related products will be gradually launched in the future.

link

OpenDAO: Minting stable coins with project tokens

Based on UMA and the cross-chain protocol Ren Protocol, OpenDAO focuses on minting any token into a stable currency, starting with the US dollar stable currency USDO. According to the official website, OpenDAO investors include Signum Capital, MoonWhale, TRG Capital and X21 Digital.

link

Jarvis: Wallet and exchange entrance

Jarvis plans to launch a cryptocurrency exchange and wallet, so that end users can directly purchase various assets, and part of the assets can be implemented by the UMA protocol.

link

Perlin: User Interface and Entry

The V3 version of PerlinX will cooperate in-depth with UMA and will serve as the front-end entrance of the UMA protocol to realize a series of functions such as asset casting, trading, and pledge.

link

What are the possibilities of synthetic assets?

In addition to the increasing number of ecological partners, what is more worthy of attention is what real-life data UMA can turn into synthetic assets on the chain .

For example, financial products such as “Tesla” stock prices, “BTC” prices, and “Euro” prices have been supported by many synthetic asset agreements. UMA can also support them. But in order to reflect the uniqueness of the UMA protocol, the team has been experimenting with weird synthetic assets from the very beginning, such as having issued Poopcoin, and tracking 3,000 stools in the Bay Area within one month.

Of course, this is only a purely entertaining marketing activity, but the current synthetic assets developed based on the UMA protocol do take into account the fun or user needs. This may be what a “synthetic asset” should look like, rather than being constrained by the “oracle”. force.

In addition to stocks and currencies, how much imagination can the DeFi protocol UMA create on synthetic assets?

uGAS: It can hedge the risk of rising transaction costs caused by the congestion of the Ethereum network

uGAS anchors the gas price of the Ethereum network, and the gas price can reflect the current transaction congestion and transaction demand of the Ethereum network. In the early stage, it was directly developed and promoted by uLABS, and subsequently transferred to Degenerative Finance.

Since the Ethereum network was “occupied” by various DeFi protocols in the middle of last year, Gas has been at the highest position in history. Although there have been some large fluctuations, the overall trend has been on the rise, which has caused many low-value transactions on the Ethereum network to be squeezed out.

Therefore, uGAS can help users hedge against the gradual increase in Gas and reduce the risk of gas rising in the future. At the same time, many people think that Gas will not continue to rise, and that it can provide liquidity to users who have hedging needs. uGAS can match the needs of these two groups of people.

link

Structured financial products: reproduce the product structure of traditional finance

uLABS recently proposed a method of using UMA to build a decentralized ” structured product ” and looking for a team to help implement it.

In traditional finance, retail investors can passively obtain the risks and returns of similar derivatives by purchasing structured financial products. Among them, dual currency products are one of the most concerned structured products.

uLABS stated that dual-currency products have been popularized in cryptocurrency exchanges. By depositing ETH or BTC, and selling call options to limit upside risks, high returns can be obtained. uLABS said that such a function can be replicated through UMA’s “Expired Synthetic Token Contract” (EMP), but the EMP contract needs to be modified before going live on the mainnet (currently it is not supported to deposit two collaterals in one contract), so it is necessary Development and audit, but also hope that the community can give more feedback based on this idea.

link

KPI options: a powerful tool for project incentives

Many agreements or DeFi projects have their own indicators (or KPIs) that reflect the scale or progress of the project, such as TVL (holding volume), number of independent users, transaction volume, and so on.

Therefore, UMA cleverly combines the project’s possible needs for KPIs, so it designs an incentive tool with an option structure, so that token holders can help the project achieve certain KPI indicators faster, if it expires at a given time You can get more rewards if you reach the target before the day.

As a simple example, UMA can design a ” KPI option ” for TVL indicators to stimulate the growth of UMA agreement holdings. UMA can airdrop such KPI options to whale users or DeFi core players. As long as at the expiration date, if TVL can meet the objectives set by the option, users who hold KPI options can unlock and exchange UMA tokens.

link

Bitcoin market capitalization ratio: a tradable macro indicator

Bitcoin’s market capitalization ratio has always been one of the most frequently mentioned indicators in the industry’s macro analysis, and many professional analysts use this indicator to establish various investment strategies.

If this kind of strategy is really effective, then users can use their own token investment strategy, plus the market value of Bitcoin as one of the important trading indicators, to hedge the fundamentals arising from changes in this indicator Risks caused by changes.

The start-up team Domination Finance is the research and development team of this indicator. They not only developed the token BTCDOM , which tracks the market value of Bitcoin, but also the corresponding altcoin market value, ALTDO M. A series of related products will be gradually launched in the future.

link

Stable currency assets: Any asset can mint stable currency

The stablecoins on the blockchain are generally generated based on the mortgage of specific encrypted assets, or generated through the mortgage of physical assets off the chain. OpenDAO hopes to expand the scope of this matter again, and any encrypted asset, stock or off-chain asset can be used as collateral for stablecoin on the chain .

So OpenDAO needs UMA and Ren Protocol as the most basic components to realize this function. UMA realizes synthetic asset business, and Ren Protocol realizes asset cross-chain business.

According to the official website, the first phase of the project plans to use the liquid assets on the chain as collateral to generate USD stablecoin USDO, and the second phase plans to use the liquid assets off the chain as collateral (such as Apple and Tesla stocks). The third and fourth stage plans to use real estate and equity under the chain as collateral.

link

Stable currency spread: can improve the stability of cross-chain assets

A project called Zelda.Cash builds synthetic assets based on stable currency spreads through the UMA protocol, allowing users to create STABLESPREAD positions. STABLESPREAD is a synthetic asset that can be used to track the price difference between stablecoins on a basket of ETH and stablecoins on other blockchains.

According to official documents, if users believe that the price of non-Ethereum stablecoins (such as UST, BUSD) is better than Ethereum’s stablecoins (such as USDC, USDT), they can make a profit by buying STABLESPREAD, otherwise they can sell.

The project is developed by an anonymous team called YouMyChicFilA, and they also have a project called Mario Cash that uses the UMA protocol to synthesize renBTC into BCH.

link

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Tags addition, Assets, Create, currencies, DeFi, how, Imagination, much, Protocol, Stocks, synthetic, uma

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An article to understand the operating mechanism and product features of SynFutures, a DeFi synthetic derivatives platform (www.blockcast.cc)

SynFutures allows liquidity providers to customize trading pairs, supports a single currency to generate liquidity pools, and its automatic liquidator mechanism can lower the threshold for derivatives liquidation.

Written by: SynFutures Team

In recent months, decentralized exchanges (DEX) represented by automated market makers (AMM) have developed rapidly. The trading volume of the leading project Uniswap reached nearly 30 billion U.S. dollars in January 2021, surpassing a group of centralized exchanges, and also proved the feasibility of building open finance based on blockchain.

The current DEX on the market is still dominated by spot, while in traditional finance, the market size of derivatives far exceeds that of spot: According to the Bank for International Settlements (BIS) statistics on global foreign exchange transactions in 2019, spot trading volume is about 30.1% of the total transaction , While the futures category accounts for approximately 65.4%, and the options category approximately 4.5%. SynFutures is focusing on creating the next generation of digital derivatives platform.

What is SynFutures?

SynFutures is a decentralized synthetic derivatives platform that allows free addition and free trading of various digital asset derivatives currency pairs in a single currency.

The first version of the agreement will launch the futures contract market, supporting ERC-20, cross-chain assets and various off-chain assets. This means that users can leverage to long or short Bitcoin, gold, computing power, or even Tesla and other assets, and only need a single digital currency (such as USDC) to provide trading liquidity.

An article to understand the operating mechanism and product features of SynFutures, a DeFi synthetic derivatives platform

What are the characteristics of SynFutures V1?

Freely add trading pairs and open markets with expiration dates. Similar to Uniswap, which allows anyone to freely create new spot trading pairs, SynFutures allows liquidity providers to create any new futures trading pairs, as long as there is a corresponding on-chain price. The first version of SynFutures first introduced Chainlink and Uniswap as price oracles. Initially, it supports trading pairs including BTC, ETH, ERC-20s, gold, and foreign exchange. Soon the project will introduce other oracles to support computing power, interest rates and even stocks. Such trading assets.

Synthetic automatic market maker (sAMM) model. The current mainstream automatic market maker AMM liquidity provider must provide two tokens of a trading pair at the same time, while the sAMM model of SynFutures allows liquidity providers (LP) to provide only one asset of the trading pair, and the other asset Positions are automatically synthesized by smart contracts. For example, the default 1USDC=1USD, if the current value of an ounce of gold is 1800 USDC, the user can simply provide 3600 USDC, half of which is reserved for USDC positions, and the other half 1800 USDC is used to synthesize 1 ounce of gold, that is, the contract will Automatically create a 1x long gold futures position.

Automatic liquidator (ALQ). For derivatives, liquidation is the top priority. Other current DeFi platforms are mainly carried out by liquidators by actively monitoring prices and positions on the chain, and using their own tokens to initiate liquidation transactions. And SynFutures introduced the automatic liquidator (ALQ) smart contract to assist in the liquidation: similar to the passive market maker model of AMM, ALQ allows anyone to become an automatic liquidator simply by providing liquidity to the agreement without actively monitoring the market and sending Trading, you can passively earn clearing transaction fees, which greatly reduces the threshold for liquidators.

User protection mechanism design

As leverage and liquidation are involved, financial risk control and market price change response mechanisms are the core of the design of derivatives agreements. SynFutures members have worked in the frontline of first-line international investment banking derivatives for many years, and have introduced mature market experience into DeFi product design, such as:

Price and position restrictions: In order to protect users from large abnormal price fluctuations, such as lightning loans or other price manipulations, SynFutures introduces certain restrictions on prices and positions. Most restrictions have no impact on ordinary users, and will only be triggered when large price fluctuations occur in a single block, such as limiting the maximum price slippage of a single block, the maximum change of the spot index per second, and so on.

Anti-“needle-piercing” price mechanism: Derivatives traders usually worry about short-term sharp jumps in prices that “pierce the needle” and lead to liquidation of their positions. In order to solve this problem, SynFutures does not use the original real-time market price or Oracle price to determine whether the position will be liquidated and settled, but the marked price is processed in different trading stages, including the basis of a short period of time. Exponential moving average (EMA) processing, and time-weighted average price (TWAP) processing for spot indices.

“Settlement period” prohibits new positions: The “settlement period” of futures is also widely used in the current centralized exchanges, because when the futures expires and the settlement price is determined to calculate the profit and loss, people who hold a large number of positions have The motivation is to place an order in the final stage, and the pull will push the price up and down in a direction that is beneficial to you. SynFutures does not allow users to add new positions during the settlement period of the last hour in the market to minimize the possibility of price manipulation.

Contract security and gas consumption

SynFutures v1 smart contract has passed Peckshield audit.

Through the efforts of project engineers, compared with other derivatives agreements on the chain, the gas consumption required for SynFutures contract transactions is at the lowest level in the market. The average cost of each transaction is only about 200,000 Gas, and most of the existing derivative agreements consume Between 500,000 and 800,000, which is even lower than many DeFi spot trading agreements.

SynFutures has officially launched the Kovan testnet on February 4, 2021. For more detailed information about the product and smart contract design, you can check the white paper, technical papers and frequently asked questions on the project website. The team is eagerly looking forward to feedback from all parties and will reward constructive suggestions in the future!

Disclaimer: As a blockchain information platform, the articles published on this site only represent the author’s personal views and have nothing to do with ChainNews’ position. The information, opinions, etc. in the article are for reference only, and are not intended as or regarded as actual investment advice.

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Tags article, DeFi, derivatives, Features, mechanism, operating, Platform, Product, synfutures, synthetic, understand

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The two-month trading volume has increased by 10 times. What is the potential of Mirror’s US stock synthetic assets? (www.blockcast.cc)

The trading volume of Mirror Protocol US stock synthetic assets increased by 1051.5% in two months, and liquidity increased by 777.26%.

Original title: “How much demand for U.S. stocks in the currency circle? 》
Author: Block Rhythm

Throughout the world, the US stock market is still the most liquid and topical investment market.

On January 28, Robinhood, the favorite brokerage platform for young Americans, and a number of local brokerages in the United States successively announced restrictions on the opening of GME, AMC and other stocks. At this time, the advantages of the decentralized trading platform are brought into play.

Mirror Protocol, the DeFi protocol that currently has the largest U.S. stock synthetic asset market, initiated a vote and launched GME and AME stock synthetic asset trading. As of press time, GME and AMC have voted. GME has received approximately 1.51 million votes in favor and 106,000 votes against, and AMC has received approximately 1.51 million votes in favor and 69,900 votes against.

Now, how much demand is there for US stock trading in the cryptocurrency industry?

Analysis of Mirror Protocol casting US stocks

Mirror uses Terra stable currency “UST” or mAsset to over-collateralize to mint U.S. stock synthetic asset tokens. The minimum mortgage ratio for UST is 150% and the minimum mortgage ratio for mAsset is 200%. U.S. stock synthetic asset tokens minted by pledge can be traded on Uniswap and Terraswap.

At present, the price of mAsset is fed every 15 seconds through Band Protocol’s oracle to ensure that the price of mAsset is consistent with the traditional market.

Of course, the design idea of Mirror Protocol is ideal. However, in actual operation, mAsset has a premium compared to the US stocks in the traditional market. Among them, mTSLA (Tesla US stock synthetic asset) has the highest premium, about 25.72%.

The two-month trading volume has increased by 10 times. What is the potential of Mirror's US stock synthetic assets?

At present, some users have proposed that when the premium exceeds 10%, users of synthetic US stock assets will be rewarded with more mAsset, and the price will be stabilized by increasing the supply. However, the proposal currently has only 1,255 votes in favor and 35,369 votes against it.

The main reason for this is that Mirror Protocol does not provide enough incentives to stimulate users to cast mAsset and there is no better way to arbitrage the two markets.

Many users in the Mirror Forum have paid attention to this matter and have proposed a variety of solutions. Rhythm BlockBeats has compiled several reasonable solutions:

Reduce agreement fees. The current agreement fee is 1.5%, and reducing it to 0% or 0.1% will help arbitrageurs reduce the cost of synthetic assets;

Reduce the minimum excess pledge ratio. The current rate is at least 150%, and most users believe that the reduced rate should be between 105% and 110%;

Stabilize the price of UST or issue more USTs. UST is an algorithmic stable currency issued by Terra, but its price is not fixed at 1 US dollar or 1 USDT, but determined by the Terra system token LUNA. Due to the small supply of UST, the fluctuation of UST is relatively uncontrollable. Forum users said that when the supply of UST increases, the premium will decrease. Some users said that if UST can be minted through ETH or BTC, then the liquidity and price of UST can be more stable.

After 2 months of development, how big is the trading volume of US stocks on decentralized platforms?

Two months ago (December 9, 2020), Rhythm BlockBeats calculated that the trading volume of the top 13 U.S. stocks synthetic assets of Mirror Protocol in a single day was 1.716 million UST, and the liquidity was 15.1 million UST. At the same time, these 13 U.S. stocks are in the traditional The daily trading volume of the securities market was US$78.6 billion.

Two months later, Rhythm BlockBeats counted the same data again:

The two-month trading volume has increased by 10 times. What is the potential of Mirror's US stock synthetic assets?

Compared to two months ago, the trading volume of synthetic assets on Mirror’s US stocks has increased by 1051.5%, and liquidity has increased by 777.26%. Of course, compared with US stocks, Mirror’s trading volume is only 0.022%, and the overall volume is still in the development stage.

According to official information, Mirror is cooperating with Mask Network and is committed to introducing U.S. stock synthetic assets into Twitter. Users can directly buy UST and convert them into mAsset using fiat currency directly on Twitter through the channel provided by Transak.

At the same time, Mirror will also bring synthetic assets to the Binance Smart Chain.

After the brokerage restricted GME trading, more people realized the importance of decentralized synthetic asset trading. Of course, there are still many problems with decentralized synthetic asset trading, but as The Difiant columnist Owen Fernau said, providing US stocks on-chain settlement will be the next holy grail of DeFi.

Source link: www.theblockbeats.com

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Tags Assets, increased, mirror, Month, potential, Stock, synthetic, times, Trading, two, us, volume, what

News

StaFi plans to roll out synthetic Ethereum and Polkadot tokens (www.blockcast.cc)

Post author By Blockcast.cc
Post date January 14, 2021
No Comments on StaFi plans to roll out synthetic Ethereum and Polkadot tokens (www.blockcast.cc)

The initial deadline for the project was not met because of the lack of experienced developers in the team.
Users can gain rTokens in exchange fr staking the PoS tokens when the project goes live.
No specific date is given for the integration, but it’s expected to go live this year.

Decentralized finance (DeFi) staking protocol StaFi has announced the launch of the synthetic Ethereum token, which will go live in the first quarter of the year. The announcement is coming after the company has failed to meet the deadline for some projects.

When the project goes live, users can be able to stake the PoS tokens on StaFi and gain rTokens in exchange. The availability of the rTokens will be based on the synthetic representation of staked assets.

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It enables users to earn staking rewards while trading the rTokens, which is how the term “Liquid staking” is derived.

rTokens to be launched on different assets

According to the announcement, StaFi wants to launch the rTokens for different assets that run on Proof of Stake blockchains, including Cosmos, Polkadot, and Ethereum. Founder of StaFi Liam Young stated that both the codes of StaFi native token, FIS, and Ethereum (ETH) are currently passing through the auditing phase and it’s expected to be released very soon. However, the team has already passed the initial release date.

The latest announcement has not been received by users with optimistic mindset because the project has failed to reach several milestones.

Initially, StaFi planned to release both rDOT and rETH before the end of 2020, but the milestone was not met. The team said it was unable to meet the deadline because of various reasons, including the unavailability of competent developers in the team.

No specific date was given for project completion

Young has also said the DOT rToken development is still not ready because it’s still in development. The delay, according to him, is because the integration with the Polkadot (DOT) protocol is more complicated than expected. “The development of rDOT is more complicated than we had expected before,” he stated.

Young added that the team needs to carry out more research because of the complexity of NPoS and cross-chain consensus.

After the development, StaFi hopes to integrate with other chains, although no timeframe has been given for its completion.

Tags Ethereum, out, Plans, polkadot, roll, stafi, synthetic, Tokens

News

SNX rose by more than 40% within a week, and the synthetic asset track began to exert strength (www.blockcast.cc)

Post author By Blockcast.cc
Post date December 27, 2020
No Comments on SNX rose by more than 40% within a week, and the synthetic asset track began to exert strength (www.blockcast.cc)

SNX一周内上涨40％以上，合成资产赛道开始发力

SNX rose by about 40% within a week, reaching a maximum of $8.13. According to the latest data, the price of SNX was US$6.82, compared to US$5.28 a week ago.

Behind the rise is the announcement of the listing of SNX on Coinbase on the 15th. Although Coinbase has listed tokens such as Compound and Uniswap, it is not a favorite project of many people in this field. That is, users and investors who want to benefit from centralized exchanges hope that Coinbase can be listed on the well-known DeFi and Synthetix Network Tokens.

But this day will come soon, just last week Coinbase supported Coinbase customers in Coinbase.com and Coinbase Android and iOS apps, which can buy, sell, convert, send, receive or store AAVE, BNT and SNX. At the same time, the price of SNX and other tokens on Coinbase immediately soared.

The greed of the market has also caused varying degrees of concern. After a brief rise in SNX, will it immediately fall? Because last week, someone heard rumors that the U.S. Treasury Department and Secretary Mnuchin plan to introduce new regulations for self-custodial crypto wallets before the end of their term. Then the introduction of new regulations will definitely have a negative impact on the market.

There is no specific news from the U.S. Treasury Department, although the voices of regulation are one after another. But as technology is widely adopted both inside and outside the traditional financial system, it should be possible to find a way to support innovative technology. As for the derivatives track in the DeFi field, it will still be a track that is enthusiastic for coin lovers.

Just as Mable, the executive director of Multicoin Capital, said, the application side will continue to explode next year , and there will also be many opportunities for synthesizing assets on the derivatives track in the DeFi field.

SNX is considered to be the leader of synthetic asset trading. Through proper use of cryptography, consensus mechanism, peer-to-peer network, incentive mechanism, etc., it completes value transfer without the participation of a third party. The issued synthetic assets that map real assets are also regarded as representatives of the DeFi era , and it brings us more surprises than that.

SNX一周内上涨40％以上，合成资产赛道开始发力 Previously, the PBC report stated that “Synthetix’s valuation will reach 242 billion US dollars.” By then, the price of each Synthetix token will be 2192 US dollars. Crazy SNX has not stopped. In his speech on “Blockchain 3.0: From Assets on the Chain to Asset Mapping”, Changzheng stated that “the scale of synthetic assets and the scale of mortgaged assets will exceed trillion US dollars.”

The seemingly ridiculous remarks also exposed more people’s optimism about the DEFi derivatives track. Blockchain has been in development for more than ten years. In addition to Bitcoin’s groundbreaking, the latest real turning point of blockchain is the birth of the smart contract platform, and DeFi is regarded as the second breakthrough in the history of encryption.

Not only that, DeFi truly achieves the matching of products and markets . So far, there have been two matches between products and markets in the history of encryption, one is Bitcoin and the other is DeFi. Although DeFi is still small, it is trying to build a parallel field with traditional finance, and it is also trying to combine with traditional finance to achieve new features. This is a very interesting and worthy of further exploration.

Tags Asset, began, exert, more, rose, snx, Strength, synthetic, than, Track, week, within

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