0xe706
August 15th, 2022

About OFR Insight Sharing

OFR Insight Sharing is a new weekly program session presented by Old Fashion Research, joined by other crypto practitioners of multiple notable institutions and media presses. Every week, researchers of OFR Fund will share their research results in the crypto industry for the past week. Recaps take a look back at the sharing sessions and expose a larger audience to the most discussed topics recently.

This week, we are pleased to feature two guests from Mercurius Crypto, Orlando Telles & Rafael Castaneada, who shared their insights on understanding how the main bottlenecks in the crypto market came to be, and how they can be solved from the perspective of smart contract platforms. 

[Orlando Telles](https://Twitter: https://twitter.com/orlandoincrypto) is the Research Director at Mercurius Crypto, Brazil's leading crypto-analysis firm.

0xe706
August 12th, 2022

Co-authors: Gui (Investment principal of Old Fashion Research) & Otto (Analyst of OFR) Advisor: JX (Partner of OFR)

Introduction

Since the launch of Axie Infinity our view of what GameFi and metaverse really is has been changing. We could quote Vitalik and say that “it’s far too early to know what people actually want” and we tend to agree with this. However, as Web3 venture capitalists our pursuit is to find those projects that will bring about significant adoption of blockchain technology and we firmly believe that Move2Earn combined with RPG is a trend that is being well captured by Genopets, a project we invested back in 2021.

According to Degame and playtoearn.online the overall trading volume in blockchain gaming was $6.322B in Q1 2022, of which Harmony accounted for 48.58%, Ronin 26.85%, and BSC 14.25%. What we see is that the playability of the gaming title is the main driver to chain usage as the number of players remained steady around 1.2 million. Their 2022 Q1 GameFi Industry Report also points out that 20-30% of new tokens listed are related to GameFi projects where average trading volumes is $100,000.

0xe706
August 10th, 2022

8月7日,OFRTalk #10 以 Web3 安全为主题,围绕着近期发生的 Nomad 跨链桥安全事故,及 Solana 钱包的大规模泄露事件,从用户教育的角度出发,与嘉宾展开了一系列讨论。活动中精彩发言不断,此文为活动的文字盘复盘总结

—————————————————————————————————————————

主持人:区块链中经常会上演每天上一当,当当不重样的剧本。常见的资产损失包括了助记词泄露,rug pull,合约攻击(闪电贷,MEV,授权)等。可以简单科普一下这几类的丢钱方式吗?可以先从最近的 Solana 钱包大规模被盗事件开始。

0xe706
August 8th, 2022

About OFR Insight Sharing

OFR Insight Sharing is a new weekly program session presented by Old Fashion Research, joined by other crypto practitioners of multiple notable institutions and media presses. Every week, researchers of OFR Fund will share their research results in the crypto industry for the past week. Recaps take a look back at the sharing sessions and expose a larger audience to the most discussed topics recently.

This week, we are pleased to feature Felipe Montes, PhD, Co-founder & CEO at Kravata, who shared his insights on the accelerated adoption of web3 in the LATAM region. Kravata is a crypto-as-a-service infrastructure company that enables businesses in LATAM to offer crypto solutions in their own platform with a few lines of code.

0xe706
July 26th, 2022

作者: Otto (OFR分析师)

顾问: Gui (OFR投资执行董事)

2021年,萨尔瓦多总统纳伊布·布克勒(Nayib Bukele)宣布,比特币与美元一起成为该国法定货币,这也是全球第一个将比特币合法化的国家。这一事件将萨尔瓦多推向各个经济报纸的头条,同时也引起了国际货币基金组织(IMF)的担忧和全球比特币玩家的欢呼。如今一年已过,随着比特币价格大幅下跌,这一大胆举措带来的后果也初露端倪。

0xe706
July 26th, 2022

About OFR Insight Sharing

OFR Insight Sharing is a new weekly program session presented by Old Fashion Research, joined by other crypto practitioners of multiple notable institutions and media presses. Every week, researchers of OFR Fund will share their research results in the crypto industry for the past week. Recaps take a look back at the sharing sessions and expose a larger audience to the most discussed topics recently.

This week, we are pleased to feature ​​Luiz, the Founder and CEO of Dux, who shared his insights on Guilds, GameFi, and Web 3.0.

0xe706
July 17th, 2022

About OFR Insight Sharing

OFR Insight Sharing is a new weekly program session presented by Old Fashion Research, joined by other crypto practitioners of multiple notable institutions and media presses. Every week, researchers of OFR Fund will share their research results in the crypto industry for the past week. Recaps take a look back at the sharing sessions and expose a larger audience to the most discussed topics recently.

The following content refers to OFR Investment Principal Guillherme’s research: Inside Latin America: Web 3 Investment Opportunities 

0xe706
July 15th, 2022

Author: Otto (Analyst of OFR)

Advisor: Gui (Investment principal of Old Fashion Research)

In 2021, the president of El Salvador, Nayib Bukele, made the cryptocurrency bitcoin the legal tender of the country beside the US-Dollar, which was the first move of this kind in the world. This event put El Salvador on the headlines of every economic newspaper and raised both concerns by the IMF and cheers around the world from crypto advocates. Now, after one year and a sharp decrease in the price of bitcoin, consequences of the bold move are starting to show.

0xe706
July 11th, 2022

Author: JX,Partner of Old Fashion Research

1/ Don’t buy tickets to the main venue

The main venue was extremely disorganized:

There was no conference agenda on the site or on the official website, so it’s unknown that what the order of the speeches would be and what the background of the speakers was. No one checked the tickets at the main venue and buying $1,000+ tickets was a waste. There were so many speakers that a lot of speeches were of low-quality and inefficient, the Panel guests were not familiar with each other, and there was no rehearsal for the script beforehand. In short, don't go to the main venue.

0xe706
July 2nd, 2022

About OFR Insight Sharing

OFR Insight Sharing is a new weekly program session presented by Old Fashion Research, joined by other crypto practitioners of multiple notable institutions and media presses. Every week, researchers of OFR Fund will share their research results in the crypto industry for the past week. Recaps take a look back at the sharing sessions and expose a larger audience to the most discussed topics recently.

The following content refers to Nicole’s research: Gateway to unlock capital efficiency — a closer look into NFT Collateralized Lending & Borrowing Protocol

Shared by Nicole,   OFR Investment Manager, Twitter @nicole_czy
Shared by Nicole,   OFR Investment Manager, Twitter @nicole_czy
0xe706
June 27th, 2022

作者: GuiOld Fashion Research 投资负责人

Dux Blockchain Games 是在2021年第四季度 GameFi 赛道火热时推出,是 Old Fashion Research(OFR)在拉丁美洲市场领导的第一个投资,也是和 Animoca Brands 共同投资的项目。Dux 是继 Bit2Me 投资成功后的第二个参与投资的项目,也是西班牙第一个受监管的加密货币交易所。这一里程碑标志着普通用户可以通过项目 IEO 进而进行从2022年上币的加密公司的投资,所有过程都符合欧洲法律的准则。

6个月之前,投资 GameFi 项目似乎是一个糟糕的决定,至少从风投的角度来看。因为当时市场中共有10,000多个游戏公会且每周还有不断推出的游戏项目。但是出于 OFR 对拉美地区Web3 加密市场潜力的判断,我们认为投资 Dux 是一个合适的决定,这也符合 OFR 放眼全球的"Global South" 投资理念,其中就包括非洲、印度和东南亚国家等新兴市场。

高通胀、贫富差距和不平等的阶级收入是横跨拉美洲所有33个国家共同存在的问题,尽管如此,每个国家之间也存在着巨大的差异。打个比方,巴西的最低工资约为250美元,而委内瑞拉的最低月工资只有28美元,尽管委内瑞拉的总统 Nicolas Maduro 在去年4月要求将法定最低月薪提高了18倍(过去约为2美元) 。 当你把2800万失业人口加入这个等式时,我们可以开始理解 Web3 及其价值分享主张将会给当地经济带来的深远影响,特别是任何额外的工资和收入都可以极大地改善生活质量。

0xe706
June 27th, 2022

Anchor: Gui, Investment principal of Old Fashion Research

Dux Blockchain Games was the first investment case led by Old Fashion Research (OFR) within Latin America and co-led by Animoca Brands back when GameFi was drawing all the attention in Q4 2021. The project successfully finished an European launchpad at Bit2Me, the very first regulated cryptocurrency exchange in Spain.. This prerogative marks a milestone allowing retail users to join big VC funds during the fundraising process of a project that is yet to be listed in 2022 once initial vesting period expires, all in accordance with European guidelines. 

Fast forward 6 months and investing in a GameFi project may seem like a hopeless exercise, at least from a venture capital standpoint with 10,000+ guilds and multiple games launched every week. We feel like it is time to properly place Dux and our view of Latam Web3 potential within our broader "Global South" thesis at OFR, which also includes Africa, India and SEA countries as target markets.

High inflation, wealth disparity and income inequality are issues that span across all 33 countries in Latam, however, huge discrepancies exist from country to country. While the minimum wage in Brazil is approximately $250, it may go as low as $28 in Venezuela, following a decision by President Nicolas Maduro last April that increased the monthly minimum wage 18-fold (it used to be around $2). When you add a 28 million unemployed population to this equation we start to understand the profound impact that Web3 and its value-share proposition can have upon the local economy where any extra wage can drastically improve quality of life.

0xe706
June 13th, 2022

6月12日,OFRTalk #9 以Crypto时光机的设想出发,回到一年前的2021年6月,与嘉宾进行了关于这一年来的心得分享大会。如果时光流转,回到去年夏天,你会对当时的自己说些什么?活动中精彩发言不断,此文为活动的文字盘复盘总结。

🎙录音回放 https://twitter.com/i/spaces/1zqJVBlDadAJB?s=20

请关注我们的推特

0xe706
June 12th, 2022

Author: Alastair (Researcher of OFR)

Over the past year, the NFT space has gained traction, with more innovative initiatives coming to fruition and the NFT community expanding even more. We have witnessed the number of active NFT collections exceed over 3,000 collections by the end of 2021, the highest number yet, up from 193 at the beginning of March 2021. Over the course of the year, NFT marketplaces such as OpenSea, LooksRare, and X2Y2 have experienced record volumes of transactions and trade activity. However, as the market grew and matured, we began to see more creative initiatives, such as NFT OTC trading platforms, emerge and revolutionise the way collectors exchange and trade their assets.

NFT Over-the-Counter (OTC) trading has been gaining popularity amongst NFT collectors in the space. With collectors brokering private deals on platforms like SudoSwap, trader.xyz and X2Y2 to trade various NFTs for other NFTs or simply sell their NFT for little to no fees.

Along with NFT OTC Trading, other NFT Finance protocols (staking, lending, renting, etc.) are gaining popularity. According to an article by NFTfi.com, NFT finance is the "Web3 vertical comprising the infrastructure and set of markets for NFT-based financial products and services." The interaction of these financial markets with the underlying NFT economies creates value for the NFT area. NFT Finance has the potential to enable wider participation in the NFT space. The extent of this integration, acceptability, and value production is unparalleled since the whole market infrastructure is based on the blockchain.

0xe706
June 9th, 2022

6月7日,OFRTalk #8围绕着Optimism的治理代币 $OP 与到会嘉宾进行了一系列。活动中精彩发言不断,此文为活动的文字盘复盘总结。

🎙录音回放 https://twitter.com/ofr_intern/status/1534141708644290560

请关注我们的推特

0xe706
June 4th, 2022

Author: Nicole Cheng (Investment Manager of OFR)

Advisor: JX (Partner of OFR)

In the past year, we witnessed tremendous growth in the NFT space, but yet we have realised one unignorable fact: the more non-fungible tokens we collect, the less liquid our portfolio becomes. As the proliferation of NFT technology brings more novel applications, there is also a growing need for NFT financialization to unlock optimal capital efficiency.

In fact, NFT is a low-velocity asset very similar to real estate, while in the traditional world, properties are often pledged as security for loans. Think of an NFT-backed loan as a home mortgage, where users are able to lend or borrow money by using these low-velocity assets as the collateral of the loans made. The intermedium that facilitates this process is called the NFT collateralised lending and borrowing protocol. In this report, we will focus on research around such protocols, including the pricing mechanisms and different types of approaches based on the counterparties.

0xe706
May 30th, 2022

Author: Otto Verstl (Analyst of OFR)

Moonbirds is a new 10K PFP-collection which currently sits at a floor-price of 26 ETH and  generated in the first two days after the mint more volume than the Bored Ape Yacht Club in the  last 30 days. But how does a brand-new collection reach such astronomical levels?

Moonbirds is part of a bigger ecosystem, the PROOF-Collective. It all started as a podcast in 2020,  where they have interviewed creators and crypto-influencers and tried to give their audience  more than just regular “alpha”. Most discords at the time focused on just finding and flipping the  next blue-chip NFTs and make quick money. PROOF focused on a quite different timespan, 10-15  years. The goal was to talk about long-lasting collections and trends in the web-3 world and what  collections could still be at the forefront of innovation in the next decade.

PROOF-Collective Artwork 
PROOF-Collective Artwork 
0xe706
May 26th, 2022

May 26, 2022 — Old Fashion Research (OFR), www.ofr.asia, a multi-strategy blockchain investment fund, has completed its first close with the support from notable limited partners.

OFR Group was founded in late 2021 by former Binance senior executives. Largely operating in stealth mode, OFR invested in over 50 blockchain projects, building a diversified portfolio across blockchain ecosystems and geographic markets. It has backed projects such as WOO Network, a trading platform featuring deep liquidity and trading execution at low costs; Genopets, the first move-to-earn NFT game; Metaverse Magna (MVM), Africa’s largest gaming community;  MetaDerby, the first free-to-play-and-earn game on Avalanche; and ZetaChain, the first blockchain and smart contract platform built for omnichain interoperability. 

OFR’s founders include Ling Zhang, who was previously the Vice President of M&A and Investments at Binance. While there, Zhang led some of the most successful acquisitions and strategic investments, including FTX, WazirX, Swipe.io, Multicoin Capital, Tokocrypto, Chiliz, CertiK and others. 

Wayne Fu, former Head of Corporate Development at Binance, also leads OFR as the Founding Managing Partner to bring his extensive experience in exchange and ecosystem partnerships. 

0xe706
May 23rd, 2022

Author: Otto Verstl (Analyst of OFR)

The Ethereum Name Service (ENS) recorded over 2.800 ETH in daily volume in the beginning of May. Floor-prices exploded for three-and four-digit ENS-domains and also the accompanying governance-token almost doubled in this timespan to a market capitalization of 450 million USD. Why did ENS take off recently and what is behind it?

What is ENS?

0xe706
May 17th, 2022

Author: Otto Verstl (Analyst of OFR)

0n1 Force launched in August 2021 and was one of the most hyped collections from the start, shooting for a floor-price of 7 to 8 ETH. But poor decisions by the team led to supporters abandoning the project and thus a slow decrease in price and volume. 

All-time development of sales by 0n1 Force, Opensea
All-time development of sales by 0n1 Force, Opensea

On1 Force is an anime-inspired collection, featuring 7,777 unique avatars in the form of side-profile pictures with 100 hand-drawn attributes created by IMCMPLX. It’s a project initially set to develop a new generation of cross-platform IP. The project’s main mission is to enable the co-creation of the 0N1VERSE and set up a community that combines narrative and gaming. The philosophy behind the project is built on three cornerstones: Building strength in community, elevating style in both Metaverse and reality, and driven by the spirit of imagination.

0xe706
March 3rd, 2022

Author: Mstone (Analyst of OFR), Nicole Cheng (Investment Manager of OFR)

Advisor & Editor: JX (Partner of OFR)

At the start of the year, Ryan Selkis wrote in his Messari 2022 Crypto Theses, “Of the various components in the Web3 hardware stack, decentralised storage is arguably the most robust.” Compared to the short-term services offered by IPFS and Sia, the report acknowledges Arweave as a key player in the long-term blockchain storage sector. So how exactly does Arweave come to carry the weight on the decentralised storage space?

0xe706
March 3rd, 2022

作者:Nicole Cheng (Investment Manager of OFR), Mstone (Analyst of OFR)

Advisor: JX (Partner of OFR)

新年伊始,Ryan Selkis 在Messari 2022 论文中写道:”在 Web3 硬件堆栈的各种组件中,去中心化存储可以说是最强大的。”与 IPFS 和 Sia 提供的短期服务相比,该报告承认 Arweave 是长期区块链存储的关键参与者。那么Arweave究竟如何来扛起存储板块的重任呢?

0xe706
January 27th, 2022

作者:Nicole Cheng (Analyst of OFR)

Advisor: JX (Partner of OFR)

赛道现状

随着多链生态的爆发,近半年来桥接以太的跨链协议上TVL也呈现出不断攀升的状态。然而,由于不同区块链系统之间存在不同通信协议、身份管理、共识机制及其他差异,跨链互通依旧面临着与经典的不可能三角相似的问题——即扩展性,安全性和去中心化程度。以下将根据这三个维度来衡量目前市面上的跨链桥,并探讨未来跨链桥的发展空间和可能性。

0xe706
December 12th, 2021

Author: @bigfatpenguinQ (Analyst of OFR)

Advisor & Editor: JX (Partner of OFR), Alex (Investor at OFR)

Key takeaway:

  1. Unlike Axie Infinity and its clones, Thetan Arena added more internal scenarios for the consumption of its native reward token-$THC to hedge the inflation generated as rewards to users.
  2. Thetan Arena attracts people not only by its P2E model but the intense gameplay which will trap users inside the ecosystem. The more players it gets the more value the $THG token will capture since the whole ecosystem's profit rely on the number of active users by its tax levying model preset.
  3. GameFi projects like Thetan Arena that combine high-quality game production with a deep understanding of crypto will pave the way for a new era of gaming.
0xe706
November 15th, 2021

在 11 月初 AR 价格暴涨之前,该协议的收入自 9 月第一周以来增长了 1200% 以上,这主要由在 Solana 链上铸造 NFT 的需求激增所致。

需要强调的是,随着去年 12 月 SOLAR 桥的建立,Solana 的区块链数据将无缝存储在 Arweave 上,而不再依赖复制器(replicators)。从图中我们也可以清楚地看到 SOL 与 AR 之间的价格相关性也增加了。

0xe706
November 15th, 2021

Before the AR's huge price pump in early Nov, the protocol's revenue saw a 1200%+ increase since the first week of Sep which was mainly contributed by the surging demand of minting NFTs on the Solana blockchain.

It is worth strengthening that with the SOLAR Bridge built last December, Solana‘s blockchain data would be stored on the Arweave seamlessly instead of relying on replicators. From the graph, we can also clearly see the correlation between the price of Sol and AR also increased.

Moreover, Metaplex, a tool launched in June to facilitate the NFT issuance with Arweave as the default storage layer, scooped up AR in the NFT summer, tightening the price correlation as a result.

0xe706
November 15th, 2021

Tons of articles have discussed the Axie Infinity fever, but few have dug deeper enough in a scientific manner. Thus I wrote the first report about Axie covering its in-game economic system from a data-driven perspective. Any feedback is appreciated.

The Axie's economic flywheel is currently driven by two core gameplays: Battle and Breeding. The value chain formed a closed-loop from inflow to outflow.