1) Insight into USDT usage based on on-chain data
This is the second article in the Flipside Crypto series,first articleAnalyzing the on-chain activities of DAI and USDC, it turns out that most users use their own DAI on decentralized platforms, and the only centralized exchange with a large DAI trading volume is Coinbase.
In this paper, Flipside Crypto found the following key points:
Bitfinex continues to issue additional USDT and has never destroyed it
Most USDT is used for arbitrage between centralized exchanges (Huobi, Binance, and Bitfinex)
Users pay higher fees for faster USDT transfers instead of directly from one exchange to another
Mamoto Satoshi Remarks:Related USDT chain dataIt is based on the Ethereum blockchain, and now the market value of USDT on the Tron blockchain is close to 40% of the market value of USDT on the Ethereum blockchain, and is 2.3 times the market value of Tron. Based on the premise that USDT transfers on the Tron blockchain are free (making it more suitable for arbitrage between centralized exchanges), Flipside Crypto's related findings may not fully reflect the actual use of USDT.
2) A quick look at the status quo of social media DApps in 2020
In addition to social media DApps, there are also social DApps, which hope to help users interact in the same way as centralized social apps (such as Twitter, Yotube, etc.). The main difference is that when users use social media DApps such as Steemit or DTube, they can earn token income by contributing high-quality content on the platform.
In this article, DappRadar introduces the current situation of social media DApps. According to the data of DappRadar in May this year, among the total daily active users of social media DApps, the Hive blockchain (due to Sun Yuchen’s acquisition of Steemit company, resulting in the original Steem Some users in the community have undergone a hard fork, and the blockchain after the hard fork is Hive) accounting for 60%. 3 of the top 5 DApps (Hive Blog, Peakd, Esteem) are based on Hive. Here are the relevant points:
Steemit is about to lose its leading position in the social media DApp field, with daily active users falling by nearly 40%
Daily active users on the Hive blockchain up 609%
Hive Blog has become very popular, with more than 15,000 daily active users
Karma, which migrated from EOS to the WAX blockchain, saw a 7% increase in daily active users
3) Formal Verification cross-chain transaction project Ren
The area that has attracted the most attention recently is DeFi, and the virtual machine Ren VM was officially launched on the Ethereum mainnet yesterday.ThorchainSimilarly, Ren is dedicated to solving cross-chain transactions of decentralized assets.
Formal Verification details RenVM's release timeline, fee model, and minting & redemption mechanism in this article.
Ren VM will initially support the minting of BTC, BCH and ZEC assets on Ethereum. The current released version is Mainnet SubZero, which still has elements of centralized control, semi-decentralized core dark pool nodes (by the Ren team and selected project composition) will be solely responsible for maintaining consensus and execution. Full decentralization will be achieved in the final version Mainnet One.
The transaction fees facilitated by RenVM incentivize Darknodes to support and secure the network by charging users for transferring assets from one chain to another. Ren is unique in its dynamic fee model - it does not rely on oracles to feed prices. When the demand for locked assets increases or decreases, the fee algorithm changes to ensure that the total value of dark pool nodes is always greater than the value of assets locked in RenVM (currently the minting and redemption fees are set at 0.1%).
Different from the usual cross-chain mechanism (Lock-Mint and Burn-Release, that is, locking on one chain and then casting on another chain, and destroying assets on one chain to redeem assets on another chain), RenVM's The Burn-Mint (destruction-casting) mechanism is more flexible, which allows users to destroy assets on one chain to cast anchor assets of the same value on another chain without touching the original chain (such as destroying Ethereum renBTC on Polakdot, directly minting renBTC on Polakdot).
4) DeFi Rate: 0x V3 version upgrade drives new growth
Another flagship project in the DeFi space is 0x. DeFi Rate conducted research on 0x and pointed out that 0x’s transaction volume and transaction fees have increased significantly.
In late 2019, the 0x team released the V3 version of its liquidity protocol, with key improvements to deepen liquidity and simplify the experience for developers building (products) on 0x. The upgrade also includes improvements to the economics of the protocol’s native token, ZRX, and a powerful set of liquidity bridges that can aggregate liquidity from 0x and other major liquidity protocols such as Kyber, Uniswap, Oasis, and more.
The new ZRX Staking mechanism provides 0x market makers with the economic rights to capture the protocol (value), and encourages participation in governance by giving market makers rewards and additional voting rights. We see that the V3 upgrade will end up being one of the key changes for 0x, as the 0x protocol has experienced a surge in transaction volume, per-transaction size, and transaction fees since the upgrade.
Now, 0x is preparing to launch Matcha - a DEX for ordinary users, which will compete with Uniswap V2 and Kyber Swap. Based on this, we expect 0x to continue to grow for the rest of the year.
5) Staking service provider Figment Networks Popular Science Band Protocol
DeFi is hot, and the oracle machine, as an important component of DeFi, has also attracted much attention. Recently, the digital asset management company Delphi digital launched a report on the oracle machine, which introduced Chainlink, Chainlink,TellorWait for the oracle agreement. In this article, Staking service provider Figment Networks popularized the Band protocol.
The Band Protocol was originally built on Ethereum, but the team is currently building a new chain called BandChain within the Cosmos ecosystem. This is because the team believes that Tendermint and the Cosmos SDK can better provide scalability, flexibility, and easier access to other networks within the Cosmos ecosystem.
This is the end of this issue of Satoshi Mamoto's Notes, see you next time.
This is the end of this issue of Satoshi Mamoto's Notes, see you next time.
