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Bifrost co-founder Lurpis introduced that Bifrost is positioned as the basic DeFi protocol in the Polkadot ecosystem, providing two types of native derivatives on the chain: POS and the recently promoted protocol derivatives (SALP protocol).
In addition, Bifrost will support WASM contracts in the future. At that time, Bifrost will natively integrate interest-bearing derivatives into WASM, making it easier for project parties developed in Bifrost to use these interest-bearing assets and adjust custom fees, including Interesting parameters such as the mortgage rate in the middle.
MathWallet CTO Eric believes that Polkadot has a strong advantage in the combination of DeFi protocols, and calls on everyone to pay more attention to Polkadot governance, participate in the standard formulation of Polkadot ecology, and avoid reinventing the wheel.
Eric also said that a good wallet should be able to quickly respond and solve everyone's problems, such as the problem of reward information presentation after the parachain auction function is launched; With the network effect, Math Wallet will explore more application scenarios with various project parties and contribute their own experience in C-end services.
Guo Tao, head of Zenlink China, said that the slot auction is actually the first real DeFi product on Polkadot, because it essentially requires users to carry out some corresponding operations with their own original assets. And Zenlink hopes to increase the income of everyone participating in the slot auction in a more open, transparent and decentralized way.
Zenlink contacted some project parties that do not bid for slots, and used a small amount of coins for Token distribution or community exposure, which can be understood as a decentralized slot auction aggregator.
Yue Lipeng, founder of Patract, believes that there are two major problems with Ethereum contracts. The execution speed of the virtual machine is very slow, the language expression ability is very low, and the supported operators and data structures are very low. WASM is a modular technology, not monolithic, and not tied to the entire chain. It can be customized according to the technology of each chain, such as customizing fees, custom models, or switching to other driving methods. These things can be used Doing, also brings a certain degree of complexity.
Specific to the Patract project, it mainly focuses on developing a series of infrastructure-level tools and services around the WASM contract. It does not make slots or specific applications, but provides infrastructure-related services to the entire community. Based on this set of contract technology, Patract will take the concept of smart contracts a step forward, bringing about differences in resource models, so that contract developers can deploy contracts at any time, and contract users can call contracts at any time, reducing the developer's access to the Polkadot ecosystem. threshold.
The following is the sharing content of the roundtable session, edited and organized by Odaily, enjoy~
PolkaWorld co-founder Xiaojie (MC):First of all, Guo Tao from Zenlink would like to introduce himself.
Guo Tao, Head of Zenlink China:Bifrost fans, hello everyone, I am Guo Tao from Zenlink. Zenlink’s positioning is based on the underlying cross-chain Dex of the Polkadot ecosystem. We are different from the projects currently participating in the auction. We have realized the underlying EVM of Ethereum.
Why do we do many types of Dex? Because we are in the agreement, we need a wider versatility and scope of application of the agreement. Secondly, the problem we want to solve more is that programs cannot communicate with each other. We hope that through our efforts, different versions of dex liquidity can interact. Now we have completed the cross-chain transactions that share liquidity among the three versions of Dex.
In April, we conducted the first public test, trying to connect our four parachains at the same time when there is no large-scale access to the Polkadot parachains, and conduct cross-chain transactions through the relay chain, although it will be difficult in the early stage of the stress test There were some problems, but as the operation progressed, the corresponding problems (fluidity, user experience, etc.) have been greatly improved.
Now we are upgrading the infrastructure and improving communication efficiency. Recently, we have completed the intelligent routing in these three modes, which means that an order can freely shuttle among the three modes, and complete it in the cheapest way from the user’s perspective. A deal. At present, this area is basically open and completed. We are working hard to prepare for the second public test. It is expected to conduct a public test at the end of this month or next month. Friends are welcome to participate.
In terms of auctions, we have developed a product early, but it has not been opened for the time being. At present, the development and project docking related to this product have been basically completed, and it can be launched at any time. We will base on the external market environment and the progress of Polkadot slots Timely auction.
Xiaojie:Zenlink is a relatively special existence that does not require a slot, but the model can be placed on the chain. Patract should not need to bid for the slots of the parachain at present. We can ask Li Peng to talk about what Patract is doing and what kind of contribution it can make to this ecology.
Yue Lipeng, founder of Patract:Patract develops a series of infrastructure-level tools and services around the WASM contract. We do not make complaints or specific applications. We mainly provide infrastructure-related services to the entire community.
The concept of WASM is mainly relative to EVM, but in fact the WASM contract is only a concept. We wrote an internal module, which basically followed the account model of Ethereum, replaced the virtual machine with WASM, and replaced the development language with advanced languages such as C++ and Rust.
Based on this set of contract technologies, Patract will take the concept of smart contracts a step forward, which is a different resource model. As a project party, if you take a slot, you can use this resource unlimitedly, as long as the relay chain allows it, similar to how you, as a developer of a chain, must take a slot to deploy an application, and the contract is to use the taken slot. Resources, according to the transaction fee model of Ethereum, are divided according to the transaction intensity and auctioned out in real time, so as a contract developer, you can deploy your contract at any time, and as a contract user, you can also call your contract at any time. The use of parachain resources will be much greater, and the threshold for developers to enter this ecology will be greatly reduced. Because a parachain can essentially divide and deploy contracts infinitely, a chain can deploy 10,000 applications instead of only one application and only one team. But this set of technology is good in principle, but in terms of the current situation, it lacks a lot of underlying support.
Ethereum was launched in 2015, and there were some sporadic contracts in the past few years. Now that it has been perfected, the barriers to entry for developers are getting lower and lower, so there are more and more contract applications. This layer of infrastructure needs to be supplemented by community teams , we are now probably taking on this role to support the parachains of the community. If we want to integrate contracts, we will help them, and we can also write DApps if we want.
Xiaojie:Li Peng talked more technically. I think what Patract is doing is a move forward. Everyone knows that Ethereum has not made much progress in the code level in the past five years, and most of it is still in the development of contracts. To put it simply, what Patract does is similar to what Ethereum did five years after it first came out, so I have always admired Patract. What they do is to push the industry forward. Patract is an on-chain member of Kusama and Polkadot. You often see some of their feedback. Recently, some ecological projects have cooperated with them, especially bidding for parachain projects. You will use WASM contracts in the future. I believe there will be more and more in the future. More and more ecological projects have reached cooperation with Patract, enabling the development of WASM contracts in the Kusama ecosystem.
Next, I will invite Eric from Math Wallet to introduce himself.
MathWallet CTO Eric:Hello everyone, I am Eric from MathWallet. We have been working on the wallet track since 14 years ago. We are also one of the first wallets to support the Polkadot ecology. From our point of view, the design of Polkadot’s entire system, The strongest point is that it will definitely bring more complex blockchain applications, because its underlying architecture and modular design are so advanced. On the basis of this application, Polkadot will definitely attract more new users to enter. What Math Wallet has always wanted to do is to help more users seamlessly enter the blockchain world. We have a very big goal, Hope to revolutionize the blockchain account system. There are also some attempts to do this on Ethereum, the most important of which is the smart wallet, which has some advantages, such as it does not require users to memorize mnemonics, and manages users’ smart wallet assets through Ethereum smart contracts , but at present, I see that smart wallets on Ethereum are still subject to many restrictions, among which there are two relatively big problems. If it is a transformation at the account level, there will be many restrictions on the use of contracts. Second, the handling fee is relatively high, even higher than the handling fee for creating an ordinary decentralized wallet.
We are making a new smart chain wallet, that is to say, writing the logic of the smart contract to an independent parachain. The biggest advantage is that it can be connected to Polkadot through a parallel link, so it can share Polkadot’s Security, if a hacker wants to attack the smart wallet, it is tantamount to attacking the security of the entire Polkadot, which is very difficult, and this is the biggest reason why we choose the Polkadot ecosystem.
The second biggest reason is that the Substrate framework allows us to do a lot of customization at the account level, so we will do two things next. One is to build a parachain based on Substrate, which is currently being tested. The second is to build a Polkadot ecological smart wallet. At present, we will not participate in Kusama’s auction. From the perspective of parachains, our greater goal is to access through parachain threads, because we are mainly used for account-related transactions, so the account volume will not be particularly large, yes The real-time requirements are not so high. Secondly, it pursues security more, so we think the Polkadot mainnet approach is more appropriate.
In addition, we have recently launched some parachain related tools, which can support other users to participate in parachain auctions.
Xiaojie:Recently, Math Wallet is supporting many ecological projects. Another one that everyone uses more should be the Polka Project, and many people should check the project on it. Finally, another guest is Lurpis, the founder of Bifrost, who is also today's organizer. Lurpis is welcome to introduce himself to everyone.
Bifrost co-founder Lurpis:Hello everyone, I am Lurpis from Bifrost. I am very happy today. The slot auction is finally going to start. We have been preparing for a very long time to participate in the slot auction. All the guests present today have brought great benefits to Bifrost for a long time. help.
The positioning of Bifrost is the basic DeFi protocol in the Polkadot ecosystem. Why Base Protocol? We provide native derivatives on the chain, and now we mainly provide two types:
The first category is for POS, and the second category is for slot auctions. The POS category is easier to understand. As long as it is a POS network, we will support derivatives. The first batch will support vDOS, vKSM, and vETH to solve the problem of obtaining staking revenue after the POS network cross-chains to the Polkadot ecosystem. This is all POS Derivatives are just-needed assets in the Polkadot ecosystem. This asset itself is an interest-bearing asset, which will provide the simplest integration method for upper-level Dex and DeFi, allowing these Dex to directly reduce or offset interest.
The second category is a protocol derivative that we are currently promoting, that is, the SALP protocol. Later, our product manager will also talk about the SALP process in detail. To put it simply, we have released corresponding derivatives for slots. Everyone knows that to shoot Kusama’s slots, you need to lock up, and there is a certain lock-up cost in the middle. Through the Bifrost protocol, XCMP is integrated to fully automate the issuance of these two Assets, each parachain can support this derivative, and this derivative can enter Dex and DeFi in the future to make some derivatives equivalent to additional functions on top of slots.
The benefit to the entire Polkadot ecosystem is that it allows users to lower the psychological threshold for participation, and secondly, it increases the way of playing Kusama in the entire network, which can be leveraged, and you can choose to cast derivatives or sell according to your own risk and profit preferences , these two types of derivatives are currently mainly launched by Bifrost.
In addition, Bifrost will support WASM contracts in the future. At that time, Bifrost will natively integrate interest-bearing derivatives into WASM, making it easier for project parties developed in Bifrost to use these interest-bearing assets and adjust custom fees, including Interesting parameters such as the mortgage rate in the middle.
Today, before the upcoming slot auction, I will share with you some of our specific Kusama slot auction plans, which have been prepared for a lot of time.
Xiaojie:Next, I will ask some questions that the community is more interested in. Just now, Lurpis talked about strategic cooperation with many ecological projects. Let’s first ask Lurpis, how is the current cooperation with you, so many cooperations will bring Bifrost’s derivatives. What kind of benefits will come, and what benefits will it have for ordinary users?
Lurpis：Today's guests have all worked closely with Bifrost.
Like Zenlink, Zenlink is equivalent to a dex deployed on different parachains. Bifrost itself is for derivatives liquidity, so this liquidity is critical to Bifrost. We have been thinking about how to build a liquidity state. We think , It is very important to build liquidity in the middle, so the cooperation with Zenlink has two levels, one is derivatives trading, and the other is slot auction. Zenlink's recently launched products are fully compatible with the SALP protocol, which can release liquidity well.
On Patract's side, we also discussed offline for a long time. We believe that the WASM contract is the future. The real target of each parachain is Ethereum. Polkadot belongs to the Layer0 protocol and has no competitive relationship with Ethereum. What really competes with Ethereum is Bifrost and other layers of networks. Join the WASM contract In the alliance, everyone will support this contract, which is equivalent to using the advantages of the WASM contract to solve some existing problems, such as the problem of custom fee, including some more complex logic and how to calculate it. After the parallel chain supporting WASM is launched in the future, the cost of developing smart contracts in Polkadot will be greatly reduced, and the complexity of what can be done will also be greatly increased.
To give a simple example, some DeFi projects now pay Gas fees on Ethereum and must use ETH. For users, holding the Token of the project party can only be used for governance and cannot be used to pay Gas fees. However, the payment of handling fees is a very high-frequency matter. How to let DeFi Tokens do value capture? Not possible on Ethereum. On the WASM contract, the Token of the project party can be used to deduct the transaction fee. Just like electric cars are going to subvert gasoline cars, WASM will definitely replace EVM over time.
Speaking of MathWallet, Eric and I have known each other since around 2017. We are all in Shanghai and often meet offline to discuss together. When Substrate first came out, we discussed these issues. At the simplest level, we are currently connected to Math Wallet. In the future, Math Wallet, as the first batch of Polkadot pioneers, will also support the Substrate underlying protocol very early. In the future, after the Bifrost parachain goes online, you can perform a series of operations such as Token transfer and derivatives casting in Math Wallet. Including later, Eric will also have a parachain network that can carry multiple assets, and everyone will have a lot of cooperation in this area in the future, and the current progress is very smooth.
Xiaojie:Thank you Lurpis for sharing. I would like to ask Lipeng. Gavin mentioned at an event before that he believes that WASM is the future of smart contracts, and Ethereum and EVM are the present. What do you think of this issue?
Yue Lipeng:The concept of smart contracts came out with Ethereum. In the future, Ethereum will be an environment for deterministic events. He found that future software and network technologies do not meet the requirements, so a new virtual machine must be created. Because it is just an experiment, because the underlying virtual machine is relatively simple, the upper-level language is greatly restricted. In the end, there are two major problems in the Ethereum contract. The execution speed of the virtual machine is very slow, followed by the low language expression ability and the supported operations. Symbols and data structures are low. However, due to the multi-dimensional competition between ecology in the past few years, it is not possible to challenge the status of the entire Ethereum by being better in a single dimension. The entire blockchain industry has been occupied by the Ethereum industry for five years. It's something that shouldn't exist.
But in principle, this set of contract technology can be fundamentally changed. As Lurpis said just now, the underlying engine must be replaced first. WASM is basically the limit of the execution layer, because it is developed by some large companies for many years. It came out, and it is a software-level virtual machine, and the high-level language supports WASM.
But in terms of ecology, purely underlying technology is not enough. Everyone wants to pursue short, smooth and fast. There are various existing institutions and connection institutions on the Ethereum side, which tend to converge there, and the current application cannot be written very complicated. , are all strongly related to assets, and do not involve particularly complex calculations and storage. But in the future, if you want to break the circle or iterate the entire DeFi product form, you have to change the underlying technology to do it. Therefore, the WASM contract written by Patract is the second priority after the parachain. So they didn't put too many developers on it, and the development progress is relatively slow, but in the later part of the parachain, there may be more development efforts concentrated, and we have been working in this direction for about eight months.
Now the difficulty of Patract’s WASM smart contract is actually much simpler, so I think we can expect that the iteration speed will be faster, and basically half of our product lines are mature, and the other half have already started. So I think the overall progress is okay.
WASM is now a modular technology, not monolithic, not tied to the entire chain, and can be customized according to the technology of each chain. For example, if you want to customize the handling fee and model, you can switch to other methods of driving. If the chain is for privacy, or like Math Wallet, which is supported by its own identity, not a public key account like DOT, these things can be done, and it also brings a certain degree of complexity. Because it is not a single technology, the space for flexible expansion is relatively large, resulting in slower and slower progress. Parachains are launched first, and contracts can be launched. Moreover, contracts are more complex modules, and then slowly added step by step. But all projects can recognize the advanced nature of smart contracts, but they are limited to some progress issues, some are compatible with EVM, and I think it will be spread out in large chunks later.
Xiaojie:Simply understand, compared with EVM, it is more scalable and faster than EVM, right? I'm curious, how is its progress at present, for example, from 1% to 100%, are we currently at 1% or 10%, can Lipeng give a rough estimate?
Yue Lipeng:80%.
Xiaojie:Guo Tao:
Guo Tao:At the beginning, we thought that the Polkadot ecology had several characteristics. The first feature is that there are two types of projects, one is the parachain project, and the other is the non-parachain project, each of which has a large number. Now we know that the Polkadot ecology has three or four hundred projects, and everyone can use it in the future What is available, or what most people can use, accounts for more than half. Second, in dealing with slot auctions, parachain projects and non-parachain projects have different demands. The appeal of parachain projects is to get as much support from the community as possible, while non-parachain projects need to support some parallel chain projects. Chain projects to deploy their own products, and at the same time, to increase their influence in the entire Polkadot ecosystem.
Because our own positioning is not a parachain project, we do product development under such circumstances. At the beginning, we considered cooperation with centralized exchanges. For example, some exchanges are doing it now. When you invest in a certain project, they Given some platform currency incentives, you not only get your own parachain project incentives, but also other incentive projects. Cooperating with centralized exchanges is done in a centralized manner, which has some inherent disadvantages. Therefore, we want to do it in a more open, transparent, and decentralized way, so we developed this product.
The development of this product itself is firstly for Polkadot’s ecological use, and secondly, we want to add some interesting things in composability and Polkadot’s gameplay. Regardless of whether the slot auction is launched or the real Polkadot DeFi is played, there is still a period of time in between. We think the slot auction is the first real DeFi product, because it essentially requires users to hold their own Some original assets, to carry out some corresponding operations, which itself is a DeFi product, we want to bring more gameplay to this DeFi product, so we developed the concept of POL machine mining at that time. In other words, during the slot auction process, everyone can not only get the benefits of the parachain project, but also get other benefits, including at least some of the benefits in Zenlink. In order to make this thing more interesting, we contacted some project parties. They will not bid for slots, but in order to issue some Tokens or community exposure in this process, let them take out a small amount of tokens and participate in it. Auction of parachain slots.
It can be understood that it is an aggregator for slot auctions, and it is done in a decentralized manner. What it can do is different from the current entry through different project parties. In our case, You can participate in the slot auction of multiple projects with one click, and you can configure it; secondly, it is a more centralized way to participate, and compared with some centralized exchanges, the transparency will be much improved. ;Third, we have carried out the first combined cooperation with Bifrost’s SALP agreement. Through our participation in the slot auction of the Bifrost chain, you can obtain the corresponding liquidity derivatives, that is to say, after your Kusama is cast , you can immediately save a vKusama that has the same value generated by Kusama and can be circulated in the secondary market; fourth, we have improved the income, and you can see that you can get it when you invest in Kusama on any project. tokens, including tokens of its own projects, and our tokens. We made this gameplay even more extreme.
Xiaojie:One more question for Eric. At present, there are quite a lot of wallets that support Polkadot, but Math Wallet is an early support Polkadot wallet. How should an excellent wallet provide services for C-end users? Do you think that Math Wallet has provided a lot of friendly support and services for C-end users?
Eric：I mainly say two points.
The first point, I think a good wallet can still respond quickly and solve everyone's problems. For example, we have launched the parachain auction function in the past two days. We mainly want to solve the problem of reward information display. We have received feedback from quite a few users. There are many related questions about how much project rewards can be obtained by participating in this project, and how to calculate the income after this reward. In terms of product design, we will organize and display this piece of information better. In the future, we hope to directly give you a clearer figure on our product interface, such as the annualized rate of return, so that everyone can choose Clearer. We have also seen that the parachain auction should continue, so we will continue to improve this product.
There is another one that we just launched today. We support the cross-chain from Kusama to Statemine. We see that the entire Polkadot ecosystem will continue to improve with the cross-chain protocol, showing its special strengths, because Math Wallet supports many other The chain, in the bridge, there are more or less various underlying architecture problems. Today we have supported the entire process from Kusama to Statemine, and we feel that this is indeed the best cross-chain bridge on the market at present, basically there is no "one of them". With the approval of Statemine in a few days, you can issue assets on it, and then you can play on it. There should be many things that will appear, so quick response is the first thing.
The second point is that the relatively large feature of Polkadot's ecology is that there are more cooperation between projects and projects, and the cooperation among the entire ecological projects is far more than competition. We think for ourselves, the biggest feature is because of its cross-chain characteristics, so the cooperation between projects will have a good network effect, which is what we hope for in the future, and we will explore more with each parachain project party application scenarios, as a Math Wallet, we can contribute more of our own experience on the C side.
Xiaojie:Guo Tao:
Guo Tao:This product has been developed, but there is a well-known reason at present, we are not open for the time being, and there is a high probability that it will not be open during the first parachain, that is to say, if you want to invest in any project before June 15, if If you think it will produce results, you can temporarily not vote through us. But there is a high probability that we will open this entrance later, and what we have seen in the market now, as well as some official projects mentioned, I think the experience is better than theirs, and we are very confident. We also recorded some of the videos we voted to the project party, telling the project party that we are ready at any time, but we are ready to wait for a better time to open this entrance. If there is any news, we will tell you in the official channel or WeChat group as soon as possible, and everyone is welcome to experience it at that time.
Xiaojie:The last question, I would like to ask all the guests, after the implementation of XCMP (cross-chain transfer protocol), what do you think is the future combination of Polkadot, and what other sectors in the ecology can make up for it?
Eric：We have indeed looked at quite a few different chains. The obvious problem with other chains now is that the combination of cross-chain protocols and DeFi protocols is actually disconnected. For example, on Uniswap, there are routes inside the protocol, but once it wants to connect to another cross-chain protocol, the user's operation is segmented, and one thing needs to be done first, and then cross-chain to another chain to do another It is obvious that Polkadot has a very strong advantage in this area, so we think the combination of this cross-chain protocol and the DeFi protocol is a lot of interesting things that will appear in the Polkadot ecology in the future.
If there is anything to make up for, I hope everyone can pay more attention to Polkadot governance and participate in the formulation of some Polkadot standards, especially in the context of cross-chain. If everyone's standards can be unified, many duplications can be avoided. The wheel thing. We are also participating in the translation of some Polkadot governance information. If you are interested in the community, you can search for "Polkadot Technology Community" on the official account. We will post some technology-related governance content every week to help everyone participate more in Polkadot Eco, thank you.
Yue Lipeng:Now the development of the Polkadot parachain is far from over. According to them, it can only support 5 parachains now, and it is a big leap from 5 to 100. The more chains there are, the network load is square-level difficulty. Now the load on the nodes is much higher than before. In the past, a quad-core machine ran for two years, but now a single node is already very strenuous, so this optimization is a long-term and arduous task. After the completion of the parachain, the WASM contract also has several optimization points, one is the contract size, the other is the contract resource model, and the third is the maturity. The current contract is relatively large, and the support for cross-chain will be relatively poor, because the contract program is Dynamic, unlike the parallel chain runtime, which is tied to the dead, this is a specific problem of the parachain, it must be locked to be small enough, including the optimization of the cache, running the contract with the parachain, TPS can be done, and now the single chain runs , TPS is relatively high.
Guo Tao:
Guo Tao:From my understanding, we basically have what Ethereum has, and we also have some that Ethereum does not have, such as some for digital identity, privacy, and asset chaining, some of which have not been seen on Ethereum. Under the current situation, I think it is more important to implement these things in a better, more efficient, and faster way. There are many infrastructures that need to be improved for this implementation. If there is a shortage, the infrastructure is an important part. , requires official leadership. There are still some ecological partners who need to work together to do it, such as the standard formulation that Eric mentioned just now. In fact, there are asset standards in the Polkadot ecosystem, including XCMP communication standards, which are also being worked on. I believe that when these things land, they must be relatively mature. In terms of technical docking and testing behind them, we will only target ordinary users after doing countless tests. In other words, what you see is only a small piece, maybe just a few ticks on GitHub or code, but the development and project parties behind it have done a lot of infrastructure construction.
Xiaojie:This concludes today's round table, thank you all the round table guests.
