By Fishery, Dillon, DeFi Teddy
Edit: Crush
*This article is about 2500 words. The estimated reading time is 5 minutes
01
New Trend
The communication layer of Web3.0 - Chainlink 2.0
The crypto industry has focused on Singapore's Token 2049 this week. At the same time in New York, a Web3 developer conference hosted by Chainlink - SmartCon 2022 was held.
Most users see Chainlink as an oracle. Indeed, Chainlink has the largest number of customers among DeFi Protocols. Chainlink's oracle service has always been the most trusted by users and project parties.
However, the planning behind Chainlink goes far beyond just feeding the price. According to this week’s SmartCon conference, the Chainlink team presented the world with a grand blueprint.
- Link staking
Since its inception, LINK has been criticized for not getting any share of the protocol’s revenue for token holders. This situation will change with the launch of the LINK staking feature in December.
With the launch of the first version of the staking pool V0.1, $LINK staking users will receive an annual interest rate of about 4-5% of the $LINK reward, depending on the different nodes of the staking.
The staking pool of version V0.1 will initially have an upper limit of 25 million LINK. It will expand the upper limit to 75 million LINK in the next few months. After the official V1 version of the staking pool is released in the future, the rewards will be distributed according to the protocol revenue and the time users lock $LINK.
Nodes with more $LINK staked will receive more rewards than nodes with less $LINK staked, i.e. the size of the staking pool directly affects the node simultaneously, which can promote the competition between nodes.
In this way, it can be expected that to bring more income to nodes, Chainlink node operators will be incentivised to buy more LINK to surpass competitors, or deposit their LINK rewards into their staking pool to attract more LINK token holders.
However, it should be noted that this will weaken decentralization and reduce security to a certain extent.
- DTCC and SWIFT confirm partnership with Chainlink
SWIFT is an information platform for international inter-bank clearing. It consists of more than 11,000 banks around the world. The international wire transfer business we use daily is completed by SWIFT, handling about 1,250 trillion US dollars annually.
DTCC (Depository Central Depository and Clearing Corporation) automates and standardizes the processing of financial transactions for thousands of institutions worldwide. It is the premier trading market infrastructure in the global financial services industry, processing approximately $2,400 trillion transactions annually.
There may be some friends who do not know much about the importance of these two financial organizations. It is no exaggeration to say that if one of them is paralyzed for one day, the world financial market will also be paralyzed for one day.
This week, both SWIFT and DTCC confirmed their partnership with Chainlink, which will attempt to provide on-chain interaction channels for these traditional financial infrastructures.
For example, the Cross-Chain Interoperability Protocol (CCIP) enables SWIFT messages to instruct the transfer of tokens on the chain, helping the SWIFT system to realize token interaction in the blockchain environment.
Therefore, Chainlink is expected to become an information intermediary facility in the traditional financial giant and Web3 industry.
- Fair sequencing services - FSS
This SmartCon also revealed the prototype version of Fair Sequencing Services (FSS). At present, the transaction order of Ethereum has problems with public transaction information and centralized mempool ordering.
The FSS service launched by Chainlink this time can solve the above problems. The client process is:
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The user interacts with the FSS-compatible DEX (fss.js is used in the front end of the DEX), and the metamask pops up the signature instead of the transaction confirmation;
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The encrypted signature information is transmitted to the Chainlink FSS back-end service, and multiple groups of transactions are formed into Batch according to the time sequence;
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The Executor.sol contract on the chain accepts the Batch, verifies the ordering, and finally executes the transaction. This way, FSS frees the Ethereum mainnet and L2 from sandwich attacks.
DECO - a privacy-preserving oracle
DECO is a technological breakthrough. It uses zero-knowledge proof technology to provide credit information for on-chain lending and borrowing without revealing personal privacy to anyone, including the oracle. DECO makes uncollateral borrowing becomes possible.
The above is just an application of DECO in the field of DeFi, and its broader future lies in the DID track of Web3.
Thanks to the close connection between Chainlink and the traditional financial industry mentioned in the previous section, DECO will become a rare project in this track that can link the data of physical financial accounts.
In the alpha-beta version, DECO has currently been used for off-chain bank account balances through zero-knowledge proof technology.
It can be seen that while Chainlink provides better oracle services for DeFi, it is also using its industry status and solid development team to build a bridge between Web3 and Web2, which contribute to the development of the web3 industry.
02
Risk reminder
Be cautious about on-chain OTC transactions
Recently, a MAYC user was defrauded of 15ETH worth of MAYC with a fake MAYC and 0.5ETH during the OTC process.
First, the scammer contacted the deceived person through a private message on the social platform, expressing that he wanted to use another MAYC plus some ETH to exchange the MAYC in the deceived person's wallet. After bargaining, the two parties reached a consensus.
The scammer chooses to trade in the Sudoswap V1 market. The Sudoswap V1 market is a protocol specially created for OTC. One side of the transaction types the rules and confirms the transaction. The counterparty confirms the transaction after receiving the transaction link. The corresponding assets of both parties will be swapped automatically after that.
The problem lies in the confirmation step of the deceived person. Since the front end of the Sudo platform does not visually display the NFT contract code, only the image content of the NFT is displayed.
This NFT is not from the real MAYC contract. It is a fake MAYC NFT made by the scammer using the same pictures. The deceived person did not check the authenticity of the NFT contract, so he suffered a loss of nearly 15ETH.
For OTC transactions, Biteye recommends:
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Be careful of the counterparty who DM you. It is best to choose acquaintances for OTC transactions;
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In the OTC transaction link, be sure to see the details of the transaction targets of both parties. For the OTC contract on the chain, you can use Trenderly to simulate the transaction.
03
NFT
A free mint project from Azra Games which has strong backers
Project basic information
Total: 5555
Mint price: free
Current floor price: 0.34 ETH
Type: Game
reveal picture immediately after Mint is complete
Team information
CEO Mark Otero founded the game company in 2008 and was later acquired by EA. Since 2012, he has participated in several EA games, including the famous Star Wars series. This time the game development and art design are also from EA.
COO Sonny Mayugba is a serial entrepreneur with much experience in company management, financing and marketing.
CTO Travis Boudreaux has a software engineer background of more than 10 years and is familiar with blockchain.
Investors
Azra Games raised $15M in seed funding led by A16Z and NFX, with additional investors including Coinbase Ventures, PLAY Ventures and individual investments from Twitch, YGG, Dapper Labs.
Summarize
The team has a rich background in game production, a strong lineup of investors, and a large amount of financing, and it is Freemint. These factors make the project a hot spot in the bear market.
However, the game has not yet been launched, the future gameplay of tokens and NFTs is not yet clear, and the long-term risk is still very high.
(https://twitter.com/AzraGames)
Early Project - KPRVERSEKPRVERSE
Co-founder End was previously the product director of Treasure DAO, and several other founders came from the CloneXAlpha community, which is a CloneX holder.
The art designer Laffy has worked for IBM and Nintendo, and the game's official website is very delicate. It is a PFP type NFT.
Risk Warning: Investing in NFT has high risks. The above project information does not make investment advice, and Biteye has no commercial relationship with the above projects.
04
Interactive work
Ethereum Mainnet:
Blur
Blur is an NFT trading market backed by Paradigm. It is characterized by being aimed at professional NFT players. The experience of sweep is indeed easier to use than gem.
This is the beta phase, and there are clear rewards for participating in the beta. The cheapest way to participate is to buy POTHEADZ from Satoshi's Mom (about 12U floor).
Join discord, post your wallet at #blur-support-for-the-gang, and wait for the final notification.
zkSync 2.0 testnet:
PerpDEX
Perpetual contracts on zkSync, features:
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Order book and vAMM combined;
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Change AMM rates according to price fluctuations;
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The liquidation price is determined by the vAMM price, reducing the risk of oracle attacks. The beta version is currently available. Both zkSync and the Arbitrium testnet are fine.
zkSync 2.0 will be launched in 30 days, and zkSync has a token plan. Now you can participate in the project deployed on the zkSync 2.0 testnet.
The following items are also worth experiencing interactively:
- Primex Finance
A trading platform that allows you to use margin to earn profits
- 1KX Protocol
Exchange, borrow and leverage trading
- MES Protocol
zkRollup-based order book exchange
END
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