Ethereum defi project
users in the defi ecosystem have complete control over the assets and participate in the defi with the help of P2P network and DAPP
advantages of defi
the popularity of defi is inseparable from its unique advantages. Defi mainly includes:
1. Open loan agreement
compared with the traditional credit structure, open and decentralized loans have many advantages, including integration of digital asset lending, digital asset mortgage, real-time transaction settlement and novel secured loan methods, no credit check, standardization and interoperability. The purpose of secured lending using open protocols such as maker and Dharma is to rece the risk of counterparties without intermediation by relying on the minimum amount of collateral provided by Ethereum
2. Issuance platform and investment
famous securities issuance platforms such as polymath and harbor provide the framework, tools and resources for issuers to issue marked securities on the blockchain. They have prepared their own standardized token contracts for securities (i.e. st-20 and r-token), which are unique in terms of automatic compliance and customizable transaction parameters and can meet regulatory requirements. Similarly, they are integrated with service providers (e.g., broker dealers, custodians, legal entities, etc.) to assist issuers in issuing
3. Decentralized forecasting market
decentralized forecasting market is one of the most attractive components of open finance, which is highly complex but has great potential. August launched the anti censorship forecast market last year, and other platforms like gnosis began to follow suit. Forecasting market has long been a popular financial tool for avoiding risks and speculating on world events, and decentralized forecasting market can also do this
4 exchanges and open markets
exchanges in open finance mainly consider decentralized exchange (DEX) protocol and P2P market. First of all, DEX is a P2P asset exchange between two parties on Ethereum, in which no third party acts as an intermediary, such as coinbase or other centralized exchanges. DEX also uses some highly innovative methods to exchange tokens, such as atomic exchange and other unmanaged methods, to exchange one asset for another with minimal settlement time or risk. The most popular DAPP in Ethereum is the decentralized exchange IDEX. Although many "DEX" claim that they are indeed decentralized or unmanaged, be careful before using them. The P2P market on Ethereum has great long-term potential, and may eventually cover the market of local digital assets and marked real-world assets
5. Stable currency
stable currency is booming in the digital asset market by issuing warrants, auditing its reserves and managing its price linked new model. Stable currency is just a token issued by the blockchain, which aims to keep a stable link with external assets (mainly US dollars, gold or other assets). The stable currency of encrypted mortgage includes Maker & # 39; S Dai, where the underlying asset (e.g., ETH) is over mortgaged relative to the borrowing asset (DAI) according to the current mortgage rate. So far, stable currencies backed by legal tender are the most popular because of regulatory compliance and no audit risk, such as tether, usdc and Gemini dollars
disadvantages of defi
on the one hand, the development of defi is restricted by the performance of the underlying public chain. The current defi project is mainly built on the Ethereum network. At present, the performance bottleneck of Ethereum is relatively prominent, and there is still a long way to go to break through the bottleneck. Under such a situation, those projects with high performance requirements will be in an embarrassing situation. On the other hand, compared with traditional financial procts, decentralized financial projects are much more difficult to use and have higher cognitive requirements for users, which will also greatly affect the development speed of defi. In addition, the roller coaster like ups and downs of defi projects (sushi, yam, yfii, etc.) also make people wary of its security. How to continuously accumulate user trust is also the focus of attention in the future.
With the expansion of the imagination boundary of the combination of blockchain technology and finance, the emergence of decentralized Finance (referred to as "defi") may bring some enlightenment. According to the latest data of the graph, a blockchain data index company, the number of defi monthly queries exceeded 1 billion in June. In the previous few months, the daily query volume of the graph hosting service was 20 million to 30 million, but in June, the daily query volume reached 40 million to 60 million
according to the report of dapppreview, the information and analysis platform of dapps based on blockchain, in the second quarter of 2020, the total transaction volume of Ethereum profi increased by 403% compared with the same period last year, and the market value of several Ethereum profi projects more than doubled in the second quarter. Under the frenzied pursuit of capital, it needs cold thinking to treat defi
defi
defi is still in its infancy, facing three major challenges:
first of all, code loopholes. Programmable finance represents the power of science and technology, but the loopholes after code stacking are always difficult to avoid
the second is the systemic risk. Whether it is traditional finance or programmable finance, we must consider the systemic risk, such as whether the defi ecosystem can carry it in the face of extreme market fluctuations
the third is the asset on the chain. The complexity and uncertainty of the asset on the chain is a great challenge for the whole defi instry, which needs to be tried by the pioneers
the defi application faces the risk of hacker attack. According to media reports, only from February to march in 2020, there were six security incidents in the field of defi, with a loss of more than $1.5 million
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The total number of atomic coins issued was 100 billion, and the total number of atomic coins was 1; 10 mapping
token is a tool to measure the transmission and transformation of value. As the parties participating in the construction of the system, token is the qualification basis for the distribution of rights and interests. Atomic chain will issue endogenous currency, which we call ATOS. In the initial stage of the system, it will be released based on erc20. In the medium-term stage, the 1:1 smooth migration to the main network of the atomic chain. Erc20 is a standard protocol on Ethereum network. It uses the protocol interface to create a token, which is used as the basis of warrant and qualification of each role. ATOS is the basic circulation value of the whole ecosystem. Through ATOS, users can realize transaction, value transfer, enjoy value preservation and increase, and vote. Atos is also the basic reward condition for each role to participate in. Through the reward, the enthusiasm among the roles can be stimulated, and the virtuous cycle of the ecosystem can be promoted. In order to fight against inflation and maintain and increase the value of contracts, we will issue a fixed number of ATOS. Through ecological operation, ATOS will maintain a certain minimum value. We use push in the ecosystem to push the ecological event report according to a certain period< ATOS is divided into circulation pool and lock pool. Under the condition of constant total amount, the total amount of market circulation and lock pool will maintain a certain proportion, so as to achieve the balance point within the pool
active work: w = GH weight multiplied by inclined plane vertical height
additional work: w = w total - w = FS GH
friction: additional work is the work done to overcome friction, that is: w = FS GH = FS, f is friction, s is inclined plane length
simplify: F = f GH / s
More and more people want to steal money by attacking smart contracts. They are taking advantage of the loopholes when smart contracts are combined
in 2020, the total amount of embezzlement or theft in the attack on defi has reached 36 million US dollars. But because dforce attackers returned the stolen $25 million, the actual amount was about $11 million
compared with the early days of Ethereum, the average loss value of each hacker attack has decreased significantly. Eight of the 10 attacks in 2020 are worth less than $1 million
defi
in the early days of Ethereum, most attacks were based on finding indivial vulnerabilities, which enabled attackers to freeze or exhaust smart contracts. This was the case with the notorious Dao hacking incident in 2016, in which $160 million eth was stolen and Ethereum finally forked out. Similarly, the multi signature attack of parity in 2017 caused hackers to steal $30 million, and $150 million in parity's wallet was frozen, all of which were the consequences of such vulnerabilities
the loopholes of such smart contracts are still exploited from time to time. Recently, an attacker succeeded in stealing all Veth from token contracts, making a profit of $900000 just by exhausting the veth-eth uniswap pool. But this is a simple mistake caused by Veth, because there is a logical error in the way Veth modifies the erc20 token standard
generally speaking, the security has been improved, especially for the projects with high attention. Their security improvement is driven by the user's expectation of audit and the improvement of testing tools. Recently, the biggest security problem in defi is that dforce's $25 million digital assets have been stolen from the lending market. However, the funds were withdrawn because the attacker's IP address was found and shared with the Singapore police
the Xueshuo innovation blockchain Technology Workstation of Lianqiao ecation online is the only approved "blockchain Technology Specialty" pilot workstation of "smart learning workshop 2020 Xueshuo innovation workstation" launched by the school planning, construction and development center of the Ministry of ecation of China. Based on providing diversified growth paths for students, the professional station promotes the reform of the training mode of the combination of professional degree research, proction, learning and research, and constructs the applied and compound talent training system
Defi is the abbreviation of decentralized finance, which refers to rebuilding the ecosystem of protocols, platforms, applications and tools of traditional financial procts outside the traditional financial system
the defi solution is not provided by banks, but is built using open source software and non censored networks. As a result, the defi proct is essentially transparent and open to anyone who can connect to the Internet. Defi procts enable the world to participate in financial activities (such as consumption, borrowing, lending, gambling and trading) in a point-to-point manner without relying on intermediaries such as banks and governments
the value of growth in the field of defi is more than 675 million US dollars, which is locked in the defi agreement. In the past 12 months, many people have been closely following the development of this field. Defi is becoming a parallel financial system with the traditional central bank, Santander bank, Deutsche Bank and pension funds
almost all the defi solutions are built on Ethereum, which is an open blockchain platform and the best in terms of development and active users
the defi solution is supported by blockchain technology, using the most powerful features of the technology: programmable digital assets, such as bitcoin (BTC) and Ethereum (ETH). These digital assets have monetary value, mainly because of the value storage characteristics. Because these assets are programmable, we can lock them into smart contracts as collateral (similar to home mortgages)