1) A quick look at blockchain interoperability

After analyzing more than 330 documents, Rafael Belchior et al. categorized the most relevant blockchain interoperability projects: "Interoperability approaches for cryptocurrencies", "Blockchain engines" and "Blockchain connectivity". device".

side chain

• side chain(Sidechains), the main chain can regard another chain as its own extension

• Notary Mechanism(Notary Schemes), with major use cases including cryptocurrency exchanges

• hash time lock(Hashed Timelocks), originally appeared as an alternative to centralized exchanges, supporting cross-chain atomic transactions

• There are also combined solutions such as Fusion, XChain, etc.

Blockchain engine: A blockchain engine is defined as a framework that provides reusable data, network, consensus, incentive and contract layers for creating customized blockchains to support DApps and realize mutual interaction operability. Well-known examples are the well-known Cosmos Network and Polkadot.

2) CryptoCompare: May Exchange Watch

It’s time for monthly exchange observation again. The data analysis platform CryptoCompare analyzed the data of major exchanges in May and came up with this report. The following are some key points:

• Trading volumes across all crypto derivatives exchanges surged in May, with volume up 32% to an all-time high of $602 billion

• Huobi was the largest derivatives exchange with $176 billion in volume (up 29% from April), followed by OKEx and Binance at $152 billion (up 33%) and $139 billion (up 58%). %)

• CME trading volumes also surged in May, with 5,986 options traded, a new monthly high, 16 times higher than in April. Its futures volume also performed well, rising 36% to 166,000 contracts. In summary, CME’s Bitcoin derivatives surged 59% to $7.2 billion in May, outpacing all other derivatives exchanges on a monthly basis

• Deribit's monthly options volume also reached an all-time high of $3.06 billion (up 109%), double the $1.47 billion traded in April.

• The BTC/USDT trading pair occupies an absolute market share of 98% in the "BTC/stablecoin" swap market, and BTC/USDC and BTC/PAX each accounted for about4% of the total transaction volume of "BTC/stablecoin", but in May, their market share fell sharply: BTC/USDC down 78%, BTC/PAX down 97%

Satoshi Mamoto’s note: Due to the different statistical methods and the lack of statistical objects (for example, the derivatives market does not count the data of emerging exchanges such as Bybit, such as the stablecoin BUSD), the relevant results are for reference only and do not represent the opinions of Satoshi Mamoto.

3) Pay attention to the progress and research results of DAO infrastructure

DAObase introduced the progress of many DAO infrastructures in this issue, including 1Hive, Aragon, Colony, SourceCred, Cyber, Melon, MetaCartel, etc.

There is also an in-depth research report on governance recommended: Just like companies, blockchains also have explicit and implicit contracts: explicit contracts are defined by (endogenous) consensus mechanisms, and its token holders in the network and nodes to allocate bargaining rights; and all other (external) governance process-defined implicit contracts, such as founder leadership, foundation responsibilities, and reputation of open source contributors, etc.,

However, although the role of managers in the enterprise is to coordinate implicit contracts, in principle DAOs have no managers, and no one has a fiduciary responsibility to coordinate implicit contracts for the benefit of the organization, which brings thorny governance issues.

In fact, with the advancement of decentralization, the implicit contracts of the blockchain are constantly changing, often conflicting with the ideal decentralization philosophy, and are in a state of continuous tension and mutual evolution with their explicit contracts. makes the situation more complicated.

Due to the uncertainty about future outcomes and the need to bootstrap the network, it is impossible to clearly define all control rights, and thus impossible to refine the on-chain governance model.

4) Tokens are securities - why else would you hold them?

No matter how structured they are, the tokens of a cryptographic protocol are securities. In other words, why would a user hold a financial instrument with no economic or governance rights?

This post explains why tokens are always securities, but also why this isn't actually an issue in the long run. And compared the similarities between existing companies and encrypted organizations.

Once open-source contracts more broadly replace pen-and-paper agreements, we believe there will be a convergence around cryptocurrencies, digital currencies, digital assets, crypto-assets, work tokens, and utility tokens to describe the native Internet Ownership of Internet-native (i.e. entities governed only through open source protocols) companies.

Crypto protocols are Internet-native companies whose ownership is expressed in tokens rather than shares. Open-source protocols are the cornerstone of Internet-native companies, and blockchains are abstracted as a set of open-source contracts (smart contracts) that motivate a group of stakeholders to provide and maintain open-source services on the Internet.

And an Internet-native company is the sum of the open-source contracts that govern the activities of its stakeholders. And once an open source contract is deployed and made public, anyone with an internet connection can interact with it as an employee, owner, or customer. This will enable Internet-native companies to operate on an unprecedented scale, especially if they provide fully digital services. This new ability to pool global resources makes it possible for Internet-native companies to challenge existing tech and financial giants.

5) Balancer is making rapid progress

Starting from June 1, liquidity providers who contribute resources to the Balancer protocol will be rewarded with their governance token BAL. BAL holders will be given voting rights to drive the development of the protocol on behalf of active participants in the network (i.e. direct stakeholders). 145k BAL will be rewarded weekly to users who contribute funds to the Balancer liquidity pool.

Obviously, the BAL token mirrors the governance token design goals of other networks (such as Compound and Futureswap, and Kyber, Uniswap V2, and Curve may all implement similar governance structures soon). By applying this particular governance model, resource contributors can be incentivized to participate in the early stages of network development - arguably the most important stage.

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.