At 14:00 on August 13th, Acala & Karura and Odaily jointly held a live broadcast event of "Tomorrow's Star - Witness the New Game of Kusama Ecological DeFi" to share and discuss the stories behind the Kusama auction and the future from the perspective of bidding front-line project parties. Discover new opportunities in the Polkadot ecosystem.
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About the progress of project development and deployment
Bi Tongtong (host of the round table):Hello everyone, I am Bi Tongtong, co-founder and editor-in-chief of PANews. First of all, congratulations to the guests who participated in today's roundtable. They also successfully took the slots of the Kusama parachain some time ago. It has been a while since the previous auction ended, and I would like to ask all the guests,What stage is our network deployment at present? What services are now open to users?Tong Lin:
Tong Lin:Hello everyone, I am the founder of Phala Network. Your perception of DeFi may be more based on privacy projects, which is also true. But recently we discovered that the potential of the network is to provide decentralized computing services, so we are also developing skills in this area recently. You can understand Phala as a Web 3.0 version of cloud service. This cloud service comes with a very strong privacy protection function to achieve both privacy and cloud computing.
In response to the first question, Khala (Phala preparation network) has launched a more important function since it took the Kusama card slot - the bridge between Ethereum and parachains. This bridge is based on the development of Chainbridge more than a year ago The code and framework of Phala have been adjusted and modified by the Phala R&D team, and go online after auditing. Although the community is very distrustful of auditing now, and we ourselves are worried, someone must be the first to eat crabs. Phala is willing to be the first of these five parachains. If this technology stack runs stably for a long time, everyone can rest assured use. Phala has implemented a function in this bridge. Opening this bridge allows users to realize one-way currency transfer. After a period of stable operation, the reverse transmission will be enabled, and the minted currency can be reversely exchanged to Ethereum, that is, two-way bridge. If this is implemented, it is very simple and easy for Phala to support other fields, and it is relatively easy to connect to other platform chains through XCMP. This morning, I also saw the community discussing bridges in a certain project group, complaining about some bridge problems on the market. I think it is very pertinent. The Phala bridge has all the elements and construction of decentralization, but there is a link in it that is currently implemented in a semi-centralized way. You can understand it as: there is a smart contract on Ethereum, and there is a smart contract on Phala. Similar to the monitoring of smart contracts, there is a layer of Relayer in the middle, which monitors the blockchain dynamics and transmits the transaction events inside. At present, this sub-network is a multi-node design, but we have not fully opened this node at present, but this Relayer node is managed by the Council on Khala to avoid hacking problems caused by super permissions, but it is true that it has not yet The way to do it like a real chain is to try it first because it is very difficult. At present, there are PHA worth 70 million US dollars in the bridge, so it is necessary to ensure the stability of the system and the availability of various projects. This is what Phala needs to do well at present.
The focus of the next stage is that we are intensively promoting the launch of Phala TEE mining and upgrading this system. This system is very complex and requires a lot of refactoring, including some problems on the Substrate version. It is expected to be tested within a month, and then a referendum will be launched on the Khala chain. When the community agrees with this model, the corresponding code can be released. On-line, the system begins to run officially. In the next stage, we will remove the authority control Sudo, launch a complete democratic governance, open a two-way bridge, and basically the basic functions on Khala will be complete. In the next stage, what the Phala team plans to do is to have cross-chain interactions between the project parties of each parachain. I think it is possible to interact with a large number of parachain assets, because most of them are still dominated by DeFi. Phala can help everyone provide a privacy The shield of protection, everyone's assets are transferred to this, can be protected and not seen, this is our plan, and these points will be completed within the next two months.
Yuki：Thank you for the invitation to this roundtable. I am the Chinese market community manager of Moonbeam Network. Here I would like to introduce to you what stage we are in now and how users can experience the ecology of Moonbeam Network at this stage.
Moonbeam Network, like all the first batch of parachain slot projects, will first launch Moonriver on the Kusama network. In fact, it is Moonbeam’s sister network, and the architecture and things it wants to achieve are the same as those of Moonbeam. We hope Let blockchain developers deploy their codes to Polkadot's new ecology at a very low cost. Therefore, most of the ecological vision of Moonbeam, including the more than 150 projects we have announced to be deployed in the Moonbeam ecosystem, will first be displayed on the Moonriver ecosystem. Moonbeam's positioning is to create a smart contract platform that is fully compatible with EVM in the Polkadot ecosystem, which is convenient for project parties to develop. That is, a project has been developed and deployed in some financial EVM public chain ecology, but when you want to go to the new Polkadot ecology, you don’t need to develop from scratch, just completely migrate the code of an original project to Moonbeam, which is equivalent to what we have already done. Expanded its own business boundaries in Polkadot ecology.
Furthermore, we have also opened up the governance function of the community. Everyone can participate in Moonriver network upgrades, votes, and proposals. Now 32 people in the community have expressed their desire to become our upgrade nodes. Today we also found that all test slots on Moonbeam’s test network are full. In the future, we will open up more slots to allow more community users to participate in Moonriver’s network governance process.
In terms of technical upgrades, Moonriver is currently in the middle and late stages of the technical process. In addition to what I just introduced, a community collector has been opened. We have also removed Sudo very smoothly. It is expected that all functions will be implemented by the end of August. With Moonriver’s online transfer function, we can deploy the network with one click on our own MetaMask in the future, and we can also see the balance of Moonriver in this network, as well as the native incentives of other issuance projects. What we do is to lower the threshold for existing blockchain users to enter the Polkadot ecology, and try to use some on-chain tools that everyone is already familiar with in this ecology, such as wheat wallet, to experience projects in the Polkadot ecology. The user experience will be closer to the usage habits of ordinary users, and a more streamlined version will be used to show the high-quality experience performance of Polkadot ecology to everyone. If you want to try it, you can also find Moonbeam’s technical documentation on the official website. There is a one-click deployment on it. We have also opened the function of receiving test tokens for free. You can experience it on our testnet. Some projects deployed online, such as adding liquidity, exchanging Token, uploading and casting NFT, drawing cards for free and other small games. If there is some performance improvement experience, we will also accept it in time.
sms：Thank you, host. Let me briefly talk about the current progress of Astar. We are a comprehensive smart contract platform. We support layer 2 expansion solutions, including multiple virtual machines, and our unique devstaking mechanism. We are the third to get a slot , so our progress is slightly slower. Secondly, we are developing in parallel. Individual developers and development teams are developing different tasks, so we are still in the stage of waiting for the network to reach a certain amount before we can fully enter. Therefore, for users, you can pass PLO gets the reward balance of SDN tokens, we expect to enter the Pos state on August 20th, and transfer money around the 25th. First open wadem, then open EVM.
Lurpis：Thanks to the host, maybe everyone has some understanding of Bifrost, and I will briefly introduce the current plan of Bifrost. We are the fifth to get the Kusama parachain, and we have been producing blocks stably for nearly three weeks. We released the mainnet in the five stages we just announced. Now the first stage has been completed, and the second stage is in progress. stage.
In the first stage, we upgraded the runtime of the parachain, reduced our handling fee, and made all BNC transfers and distributions. There were nearly 200,000 pieces of data on the chain and more than 50,000 addresses. We spent a lot Time to do the details, because the whole Bifrost is equivalent to a project that has been developed for nearly two years. We have accumulated a lot of community activities in the early stage, and accumulated some Token holding addresses.
Now we are in the second stage, and then the entire parachain will slowly change from centralized to completely decentralized network.
In the next step, we will launch the two modules of the Council and the technical committee, and announce our first batch of members at the same time. From then on, the Bifrost network will enter the POA stage. After the establishment of the Council, we will launch the first referendum to delete the speed. After velocity removal, all Bifrost runtime updates, including deployment of new modules, are done through governance.
The fourth stage is to deploy the SLP protocol, which is the first protocol supported by Bifrost. As you all know, the second round of Kusama slot auction will start soon, and we are actively preparing for the audit and code deployment of the SLP agreement, including some work on docking with other parachains. We hope that when the second round of Kusama starts shooting, the SLP protocol will be successfully launched, and users can completely decentralize the casting of the first batch of slot derivatives VSKSM. We completed the KSM casting semi-centralized, but the whole process There is still a big risk. After all, multi-signature is not a completely decentralized solution, so the second Kusama: When the slot auction, if SLP goes online, it will become a completely decentralized protocol, and the derivative will be completed through XCM cross-chain interaction After that, more derivatives will be minted, and everyone will not have concerns about centralization. Xi Liang also mentioned just now that XCM has some functional limitations and is not a full version of the cross-chain protocol, so we are also advancing this matter now, striving to launch SLP before the second round.
The fifth stage is to open SLP support for all parachains, including the support for the upcoming auction of parachains, including the launch of our swap module, and then start the entire BNC Token transfer. This is not promoted by the team. The entire transfer process is Pass feature proposals. We have no way of predicting the working time of the function proposal, but our team will vote. If the vote is passed, BNC will soon start the transfer, but it is ranked after the SLP agreement in our roadmap. The specific time to start the transfer , I think this is also the issue that everyone is most concerned about. It may be before the SLP, if the referendum proposal can be passed in advance. After the completion of the fifth stage, it is equivalent to having the first protocol that can be used on Bifrost, which is SLP, including the Swap module, including BNC transfer. At this time, the Bifrost mainnet is actually launched.
In the subsequent process, because Bifrost itself has only one main network for Kusama and PolkaDot, we will promote the Kusama and PolkaDot transfer bridge, including the subsequent auction, and will migrate from Kusama’s parachain network to PolkaDot’s parachain network. The stage of the mainnet launch is currently equivalent to the completion of the first stage, and the subsequent four stages will be completed faster and faster as the proposal advances.
yuzhu：At present, I mainly make some contributions to the domestic market of Acala and Karura. Just now Bette and Chen Xiliang introduced our current status and progress. Finally, I would like to reiterate the functions that are currently enabled on the Karura platform.
First of all, the first one that can be used is Karura Swap. Everyone can trade. There are currently three currencies; according to current data, the number of stablecoins has exceeded 5.1 million. Some people think that the initial volume is very small, but I think this is the openness of Substrate’s native assets, and there are many KSDs on Ethereum. On a single Substrate asset, the results we have achieved are also comparable to the Kusama ecology. Pretty big.
Second, KSD is made by staking KSM. When we liquidated yesterday, the mortgage rate and liquidation rate dropped. When we first opened, the mortgage rate was 2.75%. Now it has dropped to 2.0%, and the liquidation rate has dropped from 2.25% to 2.8%. This means that everyone can get in touch with more KSD, and the risk of liquidation is also slightly reduced.
In our next work, LKSM will be launched, and then some bridges between BTC and Ethereum will be launched.
About the composability of Kusama ecology
Bi Tongtong (host of the round table):Yuzhu and the others also mentioned earlier that there is a lot of composability between different protocols, which is the key reason for the explosion of Ethereum and DeFi. With the end of the first round of parachains, the Kusama auction officially started, so the second question,Tong Lin:
Tong Lin:First of all, the first two already have cross-chain gameplay, one is Karura, and the cross-chain with Kusama relay chain is also the first to send a remark transaction on XCMP. Phala and Acala were around Christmas last year. We did something on the testnets of both parties. We transferred the Token on Acala to the wallet created in Phala’s TEE through XCMP, which is equivalent to directly adding a layer to the assets on Acala. Shield, this is very safe, no one knows what you have done, we can do some "more interesting" functions like this. We will write the code of the infrastructure and provide it to the community. The community will brainstorm and decide how to use it on the chain. For example, which assets are supported, which assets are not supported, and whether the shield of the asset should be opened or not. In the United States, anonymous transfers of more than 2,000 US dollars are very dangerous and will be regarded as money laundering. Things like this can be written in smart contracts. Who will make this smart contract and what kind of service will it provide? We will leave this to the community. What the team provides is to lay the infrastructure needed for brainstorming.
Compare some things that can be expected, and some things that will happen in the near future. For example, after each parachain has created its own Token and opened the transfer, I think everyone will support the DeFi protocol on Karura, and try their best to provide rewards to encourage the community to provide various ways to play. As yuzhu just said, TVL is provided by the early holders of Ethereum, and the Polkadot ecology is the same. If we don’t support it, who will support it? The second point is that after Statemine has some relatively heavyweight assets injected, the entire ecosystem will also have a large amount of assets coming in. At that time, the interaction between various parachains and Statemine will also be very frequent. Another point is that it is underestimated by everyone now. Karura implemented remark transmission two days ago. Don’t underestimate it. This is a very interesting function. I don’t know if you know RMRK. The NFT protocol is based on remark. Data messages can do a lot of interesting things. In addition to the early cross-chain asset transfer, and each parallel chain uses assets to play DeFi transactions, this is a very interesting point. Remark can undertake some functions similar to smart contracts, such as message push and event call. It can be done with remark, which is very interesting, it depends on how far everyone's brains are open. But at least I think that within a month, after at least five parachains have opened their own asset transfers, the Karura Swap protocol, everyone’s TVL will be significantly improved, and we will also do some things based on other parachains. LPToken privacy incentives, this is the process of building Lego, it will be available on Polkadot on Ethereum, but not necessarily on Ethereum on Polkadot.
Yuki：Teacher Tong also said a lot just now that Karura is equivalent to the pathfinder of our entire technology, and has made many pioneering achievements in exploring this ecology. Each project technology of our Polkadot ecosystem is mutual help. From the interaction on Twitter, we can see that during the slot auction period of the parachain, at each deployment stage, if you find any bugs, or step on the Any pitfalls will be shared with friends who are also in the deployment period in a timely manner. I think the Polkadot ecology is very loving.
The composability in the Kusama ecosystem matches the Moonbeam Network's own characteristics very well. At the same time, it is compatible with two major ecosystems of the blockchain, one is Polkadot, and the other is a public chain ecology compatible with EVM, such as Ethereum, BSC, etc. We can find that Polkadot is not compatible with EVM itself, which can be understood as , one is the iOS system and the other is the windows system. Moonbeam Network is equivalent to making a compatible platform on both platforms. It is based on Substrate, and now it can be deployed and developed on Moonbeam Network at the same time. As Boss Tong said just now, there are many projects on Ethereum, which have produced synergistic advantages through the combination of each other. Deploying to Polkadot can guarantee their existing DeFi advantages while enjoying the security and interoperability brought by the relay chain. Sex, including the advantages of Substrate for developers to develop and deploy. Let me show you the data, how does the external Ethereum project support the Polkadot ecosystem? From the perspective of Moonbeam Network alone, there are now more than 150 projects, and there are about 10 subdivided fields. These projects have been announced to be deployed in the Moonbeam Network ecosystem. There are DeFi-type applications, AMMs, and NFTs that everyone is very familiar with. There are also some API visualization tools, as well as cross-chain services, etc., which have passed the test on our test network and will be displayed on Moonriver first. There is also a category of tools that developers need, and they will be gradually deployed to the Moonbeam ecosystem after Moonriver is launched, so that existing developers and Polkadot developers can meet and create more miracles of synergistic advantages.
For Moonbeam and Moonriver, we hope to use our own strength to bring more activity to the Polkadot ecology, as well as small partners such as Karura and Bifrost who are very powerful in the Polkadot ecology. Combining the advantages with the Ethereum ecological project will generate more sparks and new traffic. From the perspective of Moonbeam, this is the support for composability.
yuzhu：We only have KSD, KSM and other asset transactions now, and when assets such as Moonbeam Network and Phala Network are opened for transfer, they can come and trade. This is a combination. After their assets are evaluated, they also have the opportunity to support pledges, which is the composability of the two foundations. Just now Bette also introduced that we have EVM+, and I believe that there will be many new products that will be composable on Karura in the future.
Regarding composability, if you want to better explain this state, I think it is "connectivity". Personally, I have always felt that Polkadot belongs to a piece of land, and each parachain is like a house. Everyone can continue to build buildings on the house, and there are many ways to interact between each house. The composability on Ethereum may be that the building gets taller and taller, and it may fall down. But between parachains and parachains, each parachain can build a house and do a lot of work on its own chain. Even if there is a problem with one of the parachains, other parachains may be affected, but not will be fatally affected. The composability brought by Polkadot, I think it is more about connectability.
Lurpis：The bosses just spoke very well. In fact, it is equivalent to the first batch of projects that have obtained the parachain. They have stepped on a lot of pitfalls before they successfully launched the agreement. Therefore, we also think that, like Karura, it must have done a lot in the early stage. More preparations are required to allow Swap, including lending, to go online. There are a lot of technical and economic model designs, and there are some parts that need to be adjusted. After all, it is the first time for everyone to do this. But I think the composability of Polkadot ecology is not at the same level as that of Ethereum. The composability between ethers mainly refers to the mutual calls between contracts. Now it is difficult to have composability between layer2 and layer1, including between layer2 and layer2, and the combinatorial expansion is limited. Every parachain of Polkadot is a layer1, between layer1 and layer1, not only asset cross-chain, but also complete interoperability can be achieved through XCM, so from the perspective of composability, it is actually layer1 Composability, there are many ways to play this. Including what Bette mentioned just now, there is EVM+ behind it, which is not only fully compatible with Ethereum and EVM, but also can do some things that EVM cannot do. In the future, at the layer1 level, everyone will have a better programming environment and more Computational complexity can carry a stronger ecology. What combinatorial gameplay does Bifrost currently have? The first is assets. We are now doing some cross-chain asset coordination with Karura. For example, Karura’s current DEX can support BNC, or Moonbeam’s Token. On the second level, we will make derivatives more horizontally, supporting Ethereum 2.0 including other heterogeneous chains, such as solana, and other networks with relatively large volumes. Bifrost will use the POS network of these heterogeneous chains through derivatives These derivatives can empower the entire Polkadot ecosystem. Of course, when derivative assets come over, users will naturally come over, and developers will also come over. Therefore, in this process, we believe that composability is equivalent to the Bifrost protocol providing more assets, asset types, categories, and users for the composability of other ecologies.
So in the future, derivatives on Bifrost can be loaned out of stablecoins on Karura, including expanding some privacy with Phala Network at the privacy level, and playing slot auctions. We have also imagined before that our derivatives protocol is combined with Phala Network , can turn the public give way auction into a gaming slot auction game where everyone does not know the bid, including smart contracts and EVM virtual machine levels can be used for asset support. Like derivative assets, it is more about the additional attributes on the original assets, which can be used for interest and asset hedging, so these assets can get some applications in smart contracts. At present, there is no problem in cross-chaining assets through XCM. The next step is interoperability. There are many functions, and every public can be called, which will create many new ways of playing that did not exist before. With the improvement of XCM, the improvement of cross-chain interoperability, and the improvement of assets, the entire PolkaDot ecology will have more and richer things coming in.
sms：I will make some additions based on the situation of Astar. Just now Yuki and others also talked about some composable implementations, we added a layer, Ethereum is mainly based on EVM Solidity smart contracts can call each other, so as to realize the composability between EVM-based smart contracts. Through the implementation of X-VM, Astar supports both EVM and WASM-based smart contracts. Both EVM-based Solidity smart contracts and WebAssembly-based smart contracts from Ethereum can be deployed on Astar and can call each other, realizing a broader composability among various smart contracts. Astar has previously locked more than 150,000 pieces of Ethereum, and now about a quarter of the Ethereum has not been unlocked. In the future, it is also considering using the Bifrost protocol to help Ethereum’s ETH assets stay in the Kusama ecosystem. It is also one of the applications of inter-chain composability.
Auction on Parachains of Polkadot Mainnet
Bi Tongtong (host of the round table):Regarding the Polkadot mainnet auction, Kusama, as the leading network, is only a phased victory. In the long run, the greater significance of this round of auctions lies in testing and paving the way for Polkadot’s main battlefield. With the increasingly stable operation of the Kusama network,Are you already considering preparing for Polkadot’s mainnet parachain auction? Regarding the selection of slots and crowdfunding schemes, is there any information and rules that can be disclosed?I think this topic is also of great concern to audience friends today.
sms：Because the final longest time period is uncertain, we will also bid on this longest time period. We plan to use 22%-30% of the Astar main network tokens to give back to users, because the specific Polkadot auction time still needs to wait for the official final confirmation, so there are many things we can’t make a final confirmation now. There is probably only so much information that can be disclosed. For more information, you can follow our official announcement.
yuzhu：Just now Bette also said that Polkadot will be more cautious in doing things, but once they are ready, they will start very quickly, that is to say, they will wait for a confirmation slogan and they will start immediately. So we are already preparing for Polkadot and the auction, and we have been paying attention to this matter. Like Astar, we will pay attention to it no matter how long the slot is. I remember someone in the community asked before that the recommender and the referee will each get an additional 5% reward. We should continue to use this reward mechanism, but the specific details will be subject to our official article when the time comes. Post so much.
Yuki：Just now the two bosses spoke in great detail, and the answer we got here is the same. In fact, it still depends on when the Polkadot official will give us a signal, and we will rush together and follow the development of the Polkadot network together. The Moonbeam Foundation released some major announcements two days ago, including the subsequent upgrade of the network's native incentives and the distribution ratio for community building. I can say that more than half of the underlying network Tokens are used for community building, including in the recent official introduction of the Moonbeam Foundation. It is not difficult to find that there is a "sailing" community activity, which will also be used to support the follow-up Polkadot Parachain auction. Looking at the introduction on the website, 17% will be used in PolkaDot’s parachain auction as a reserve fund. If you want to see a more detailed introduction, there are several ways. One is to follow the official website of the Moonbeam Foundation, and the other is to follow the official account of the Moonbeam Network or Twitter, where you can get more timely information.
Lurpis：Tong Lin:
Tong Lin:I noticed a detail. Just now when Lurpis said that he would provide more rewards, a smile was forced from the corner of his mouth. I can understand this, and I can't represent others, but as far as Phala is concerned, it is still in the PTSD (post-traumatic disorder) stage. The residual temperature of this wave of Kusama auctions has not yet passed. I personally expect that before October, Kusama will finish the auction of the first ten card slots, and then Polkadot can start, probably around October to November. It is unlikely at the end of November, because the end of November means that this event will be extended to Christmas, and it is estimated to be unlikely.
According to the auction amount of the five card slots mentioned by Lurpis just now, the lowest bidding amount is us, but we also have more than 130,000 KSM mortgaged for one year, and the current market value is between 25-30 million US dollars. Assuming that the proportion of numbers on Polkadot has not changed, it should be 200-300 million US dollars / card slot. According to our previous five rounds of auctions, the ideal APY ratio acceptable to the user end is about 30%, because if you are below 30%, you will not win, and everyone will not be willing to support you. We are also paying attention to public opinion. After the real APY of users reaches this level, the public opinion in the community will reach a relatively good state. They will think that the project is very conscientious and everyone will be very satisfied. But if this number is not reached, everyone will be under a lot of pressure, so in an ideal state, APY may (reach) 30%. Polkadot will take two years, how much is 200 million × 2 years × 30%? The interest money will probably be more than 150 million U.S. dollars, so first of all, this is a screening period. It will be more difficult for projects with less strength. For our five parachains on Kusama, or the sixth to tenth behind The parachain proves that it can operate and can use the mechanism of the parachain to generate real value. I think it is more beneficial to participate in the auction.
In fact, for some of the more powerful projects that you imagine, for Polkadot and card slots, relatively speaking, there will be more wait-and-see attitudes. Phala is quite special. There is a Token price before the auction. Many projects do not have it. They are less sensitive to annualization or returns, but in fact, the user side still has expectations, and it will push back to the project party itself to determine the value of the project for itself. expected.
I am also looking forward to the Polkadot auction, and I don’t think that Kusama’s early auction items will be very aggressive in buying Polkadot’s first few card slots, because this will indeed bring a lot of pressure. For Phala, we will still try our best. The reason is that although we don't have a Kusama version of the token and a Polkadot version of the token, we have two chains but only one token. For Phala, it is still very important to verify the economic model on Kusama. If the verification is almost done, Polkadot will start auctioning at that time, and it will be motivated to fully launch the overall function. This is also to share with you.
Bi Tongtong (host of the round table):Thank you Boss Tong, I feel your wallet is crying, but users will still be very happy in the future. Thanks to the five guests for their wonderful sharing. We are also looking forward to the prosperity of the entire Kusama DeFi ecosystem, and we are also looking forward to the auction of Polkadot’s main network card slot in October or November. Thank you again, and this concludes our roundtable discussion.
