However, the rise of emerging lending projects is also amazing. The top ten projects in TVL include Anchor on Terra (US$3.12 billion), Benqi oethereum burnn the avalanche agreement (US$1.23 billion), and Qubit (US$400 million) on BSC. Unlike the big three lending giants that originated in Ethereum, these fast-growing lending forces all come from Ethereum’s competitors, which is the hottest narrative at the moment-the new public chain.
This summer, Axie Infinity achieved explosive growth, and many people were also very excited about Yield Guild, which in turn promoted the flourishing of "play while earning" games. Afbitcoin news banter this craze, traditional game giants and cryptocurrency thought leaders have also begun to pay attention to "play while earning" games-under this strong tailwind, what other projects will be built in the future is very worthy of attention. For investors exploring the field of "playing and earning" games, now is of course a very "fun" moment, but from a broader perspective, it also marks the occurrence of our views on labor, leisure and value Changes-therefore, the "play and earn" game is definitely an important trend we must pay attention to.If you say which one is the most brilliant chain in the second half of this year, there is no doubt that solana is worthy of its name. SOL was founded by former Qualcomm, Intel and Dropbox engineers at the end of 2017. Solana is high-performance, fast, generous and rich in the project, and the team has SBF. Blessing, these distinctive features have enabled solana's defi to be launched one after another since May, and reached a blowout level. This is mainly due to the continuous development of the market and ecology of solana, and three consecutive hackathons were held within a year. Most of the projects have been effectively incubated. Obviously, Solana's reputation has overtaken polkadot and become a new public chain giant.
The specific situation is actually very simple. The ecological project parrot conducts IDO. According to official regulations, users can receive tokens when IDO is completed, and then they can trade at the same time. On the one hand, the enthusiasm for participation is high and the user base is large. Most people wanted to sell at a high price for the first time, which caused congestion on the chain and data overflow and collapse of most nodes. In the end, the network was paralyzed for more than ten hours. It can be said that similar incidents are almost hard to come across.On the one hand, the enthusiasm of users is indeed too high. On the other hand, the high-performance public chain also faces the risk of being questioned. Fortunately, after the official team released the new version of the program, the solana network returned to normal and everyone can continue to play.However, this incident has given many people a thought as to what kind of public chain we need in the future.On the one hand, POW-type mining public chains such as Bitcoin face the problem of low TPS and cannot carry the high-demand transactions of the existing DEFI. On the other hand, chains such as Solana, fantom, and polygon are facing a tendency to become more centralized. When there is a peak, the network becomes unstable, and even this kind of network is paralyzed. However, it seems that there is still no good solution to get the advantages of both at the same time.Why is the high TPS public chain unstable?
Many people may have heard of the "Impossible Triangle" in the currency circle, that is, high performance, security and decentralization are not available at the same time. Security is one of the main directions at present, so high performance and decentralization It becomes the opposite, and solana mainly improves the transmission rate, that is, performance, so there are naturally certain shortcomings in decentralization.However, this situation does not hurt a lot in the bull market. The rise of DEFI in the bull market is still based on practicality. Solana is obviously more practical, so this does not prevent capital from paying attention to it.However, you can also see that the L2 Fees website has also made some notes for Arbitrum. Arbitrum One, which is in the Beta stage, is currently artificially restricted. The opening of this restriction on the official mainnet in the future may further reduce transaction costs.
We also asked the Arbitrum team about this topic. They said, "In the short term, we are working hard to reduce the basic cost of each transaction, that is, the cost allocated to each transaction in the batch release transaction. We will soon see Transaction costs have fallen.”However, in the long run, the Arbitrum One solution requires that each transaction be stored on the Ethereum mainnet through calldata. As long as the capacity of Ethereum remains unchanged, there is still an upper limit. Therefore, the long-term expansion possibility of Arbitrum One still needs to rely on the data sharding technology of Ethereum 2.0.The Arbitrum team stated, "ETH 2.0 data sharding will greatly reduce the cost of publishing data to Ethereum, which is crucial to Rollup's expansion technology. ETH 2.0 data sharding means cheaper calldata, and we are very happy to become Ethereum "Rollup as the center" part of the road map."Are there more expansion plans for Arbitrum?
The upper limit of Arbitrum One is restricted by Ethereum. Is it possible for other types of expansion technologies to open the ceiling of Rollup?Teams have already begun to explore more efficient expansion solutions than Rollup. Although a little security may be sacrificed, the results obtained are quite significant. For example, StarkWare's StarkEx solution, through cooperation with dYdX, provides a perpetual contract transaction experience without paying for Gas in the second-tier network. Matter Labs will also introduce zkPorter technology in zkSync 2.0 to reduce data availability, but the cost can be reduced even more.
Matter Labs' zkPorter off-chain data solutionIn this regard, the Optimistic Rollup camp has not disclosed more different expansion technologies, and the advantages of removing data availability may be similar to Plasma technology. However, Arbitrum has already admitted that there will be more expansion plans, which will later coexist with Arbitrum One.The Arbitrum team stated, “Arbitrum One is our flagship Optimistic Rollup solution, but in fact we have other solutions that will coexist with Arbitrum One. According to our earliest published academic paper, Arbitrum is the first to explore the expansion solution of the mixed data model. We will continue to explore how these ideas coexist with Arbitrum One, so stay tuned.”Can the sequencer review transactions?
In the L2 network, there is a role similar to a "miner" in the first-level network, which will be responsible for processing the order of transactions and is called a sequencer. For the early L2 networks, there is currently only one Sequencer, which is the node operated by the team itself.Therefore, the Ethereum community is also very concerned about whether this single Sequencer may have centralization or transaction review issues, for example, it can selectively confirm transactions. Regarding this issue, the team stated that although there is only one Sequencer responsible for transaction sequencing in the current version of Arbitrum One mainnet, Sequencer cannot review transactions, "because users can choose to bypass Sequencer and publish them directly on the blockchain. In this way, the transaction is forced to be written into the blockchain.”In addition, in the official Arbitrum documentation (https://developer.offchainlabs.com/docs/inside_arbitrum), the team stated that it has not yet added a mechanism to punish Sequencer, because this node is officially maintained and will not perform malicious actions, but in the future Arbitrum One Will switch to a decentralized fair sorting service.In addition to the Sequencer, the network also needs more validators (Validators) to review each transaction in real time, making the security of the network more reliable. They said, "Although there is only one Sequencer, we hope to have more verifications. To ensure the correctness of the agreement, so we will announce in the short term the well-known institutions that will participate in this verification process.”
If ZK Rollup is a longer-term solution, how will Arbitrum stay competitive in the long-term?Many people in the Ethereum community believe that ZK Rollup is a longer-term trend. Although it is extremely difficult, Hermez acquired by StarkWare, Matter Labs, Aztec, and Polygon are all focused on programmable zero-knowledge proof breakthroughs in this field. Including the Ethereum Foundation also formed a team to develop zkEVM technology.
In this regard, the Arbitrum team said, "Today Arbitrum is the most advanced, user- and developer-friendly expansion platform. Arbitrum will continue to absorb the most advanced technology and actively promote the development of the expansion field."Interviewee: Offchain Labs (Arbitrum) CEO Steven Goldfeder and founding team
About #raceway scanningThis research report belongs to Mint Ventures's #赛道scan series. Compared with the #深研报 series for comprehensive analysis of individual projects, the focus of the #race scan series is to pay attention to the development trend of the track and find the The representative projects are compared horizontally to grasp the dynamics and potential projects of each track in the encryption business.About #raceway scanningThis issue of #赛道scan focuses on the lending track, especially the development and gaming trends of lending projects between the new public chain camp and the ethereum camp.Lending projects are one of the oldest and most important sectors in the Defi field, among which a large number of white horse-level projects have emerged, such as Aave, Compound, and MakerDAO. Most of the early leading lending projects were born in Ethereum, but with the rapid development of various new public chains in the past six months, many lending projects deployed in new public chains and multi-chains have emerged in large numbers.In addition to the differentiation of the deployment of public chains, the business types of lending projects have also evolved from basic lending and stable currency lending to new businesses such as leveraged mining lending with targeted scenarios. In addition, credit lending mainly to institutional-level customers, risk grading agreements derived from existing lending agreements, and interest rate derivatives are also gradually growing.
Although many lending projects already have relatively mature business models and abundant cash flow income, there is still huge room for innovation in this industry, and it is still possible to give birth to new giants such as Aave. It is precisely because of this that lending projects are still one of the key directions of the DeFi entrepreneurial team.After scanning the newly born projects in the past 2 months, we selected 4 more representative lending projects for key analysis. They either exploded rapidly in business or have unique mechanism innovations. Through this research Report, we try to answer the following questions:
What is the actual business situation of these projects?What are their product positioning, mechanism or token design innovations?
For those fast-growing projects, what are the sources of growth and how sustainable are they?Like the trading platform, the lending project is also the basic liquidity layer of the crypto world. It plays the role of a bank in the crypto world. Its essence is to coordinate the supply and demand of funds from multiple parties and match liquidity across periods. The business ceiling of this track will expand simultaneously with the expansion of the scale of the encryption business.
On the other hand, the demand for matching funds is long-term, and there is no doubt about the sustainability of this track. Although the current funding needs for encrypted lending mainly come from investment leverage, arbitrage, and short-term capital turnover, with the progress of compliance, the channel between the traditional world and encrypted finance will eventually be opened, and the real-world collateral ( The introduction of lending platforms such as real estate and corporate credits, and issuing loans to non-crypto players through stablecoins are all things that are gradually happening, which will bring more room for development to the industry.Whether as entrepreneurs, investors or ordinary users in this industry, the track of crypto lending is far from the final form. There are still a large number of new products and rich investment opportunities worth looking forward to.As of September 16, 2021, Defi's total TVL has hit a new high since May, reaching 180 billion US dollars. Although the proportion of borrowed TVL has declined, it still occupies the bulk, with a TVL of approximately US$50 billion.The top 15 lending agreements of TVL (not including Makerdao, Liquity), data source: DefiLlama
In terms of outstanding borrowings, the current outstanding borrowing amount of all loan agreements is about 30 billion U.S. dollars.The total amount of loans in the loan agreement, data source: Debank
In terms of business volume, the established projects Aave, Compound and MakerDAO still firmly occupy the top three positions, and their TVL accounts for more than 70% of the entire lending market.However, the rise of emerging lending projects is also amazing. The top ten projects in TVL include Anchor on Terra (US$3.12 billion), Benqi on the avalanche agreement (US$1.23 billion), and Qubit (US$400 million) on BSC. Unlike the big three lending giants that originated in Ethereum, these fast-growing lending forces all come from Ethereum’s competitors, which is the hottest narrative at the moment-the new public chain.
What's more surprising is that in addition to the earlier launch time of Anchor (in March this year), the official launch time of the other two projects is only less than one month.In terms of the type of lending business, whether it is the number of projects or the amount of funds, basic lending projects account for a higher proportion, followed by leveraged mining lending projects, and other relatively new ones such as risk-graded interest rate products. The business volume is currently relatively small.
This research report will focus on newly born lending projects in the past 1-2 months with rapid business growth (TVL has entered the top 15 lending category), and Euler, a project with many innovative combinations in mechanism.The following is a detailed analysis and analysis of each item.In the combing and analysis part, the author will present and analyze the product positioning, project characteristics, business conditions, token model and risk control of the four projects, in order to analyze these four emerging lending projects as a whole as possible.Basic lending platform
Project StatusProduct launch time: August 24, 2021
Qubit is a decentralized currency market that uses a mainstream borrowing capital pool model. Qubit's development and operation team is the team behind Pancakebunny-Mound, which was first deployed on BSC, and there are plans for multi-chain expansion in the future.Project Features
The main features of Qubit compared to other basic lending projects are:Its token QBT can increase the rate of return of deposit users after lock-up, which is called "Boost" function