Mars investment research 2021-06-19 00:31:39 阅读数:561
writing | Mars research Song Qinghua
Based on Yao Qian's understanding of China DCEP The position of integration with Ethereum world , and V God is right Layer2、 The etheric fang 2.0 The plot and the confidence of , Mars research believes that we are going to A brand new 、 Multiple 、 A thriving crypto economic ecosystem , And the opportunity of value investment is also waving to us .
however , From the investors' attitude towards these two projects , We were disappointed to find that , The market has no user base for value investment , We can even understand the Chinese government 、 It's not easy for think tanks and the central media to make difficult decisions on Governance and propaganda attitude —— They should actively embrace blockchain technology 、 Dealing with the opportunities and challenges of cryptocurrency , But also because of speculative thunder 、 The financial order and even social instability caused by crowdfunding fraud .
The loan is DeFi The most important cornerstone of Ecology , But derivatives are DeFi Ecology is the most valuable space , Decentralized derivatives agreements abound DeFi The structure of basic financial products in the world , Based on these protocols , More standardized investment and financial products are constantly bringing forth new ones , To meet the ever-changing investment needs of users .
however , The derivatives market is just beginning . No matter from the past 24 Months of performance ,Aave and Compound The dominant lending growth has shifted the total value of locked collateral from 1 Billion dollars to 150 Billion More than $ , This is far greater than the growth of the derivatives market ; Compared with the traditional capital market derivatives market , In the traditional financial world , The trading volume of derivatives is higher than that of the spot market , Take the foreign exchange market as an example , The turnover of derivatives is spot 3 times , But cryptocurrency derivatives trading volume is still less than half of the spot market ; In the spot market , The performance of decentralized exchanges is remarkable , For example, by AMM Driven Uniswap、Sushiswap and Curve etc. , But in derivatives , Decentralized exchanges are still in the exploratory stage .
Early projects face opportunities , There are challenges .
1、 The order book model is time-consuming and laborious . Now Ethereum Layer 1 It's not enough to support the order book model , There are some well-known agreements based directly on Layer2（ Such as dYdX） Development , Or directly built on the application layer dedicated blockchain , such as dTrade（ be based on Polkadot） and Vega Protocol（ be based on Tendermint） etc. . These products value development , It takes more time from innovative ideas to being ready to enter the market .
2、AMM The mode still needs to be optimized . about AMM, Although we found a lot of trial products and interesting pattern design , For the current design, it still needs a lot of trial and error and continuous product iteration . such as , The most out of the circle AMM Derivatives DEX Perpetual Protocol Experienced 4 month 18 No , Ethereum perpetual contract price 900 dollar . But others of the same kind DEX The prices on the Internet are not lower than 2000 dollar .
3、 Derivatives design is complicated . Derivatives trading is more challenging than the spot market , Need to design sophisticated risk management and control 、 Margin trading 、 Liquidation mechanism 、 Price prediction mechanism, etc . therefore , It will take more time to develop a complete derivatives trading model .
Let's introduce Vega, be based on Tendermint Build a proof of interest blockchain , Derivatives can be traded on a decentralized network , And has similar experience with centralized exchanges .Vega My mission is to develop a software , So that everyone can have fair access to the high-quality derivatives market . Design Vega The purpose of the project is to make all participants get equal benefits from competitive costs , And the return is proportional to the added value .
· Atomic margin calculation ：Vega The trading engine uses industry standard risk models , The model optimizes the margin requirement of the market according to the expected volatility of the market and the open position contract . Every time a new block is created , The Internet recalculates the margin level , To ensure that traders get the most competitive leverage , Without compromising the security of the market .
· Built in liquidity incentives ：Vega A new mining mechanism with fluidity has been implemented , Liquidity providers （LP） Set the transaction cost of each market by bidding . This will lead to lower fees in a highly competitive market , And fully encourage liquidity in new markets with small trading volume .
· Low latency and high throughput ：Vega Blockchain is optimized for design . It runs with a blocking time of about a second , And can handle thousands of transactions per second . establish , There is no charge for cancelling or modifying orders . In its place , A trader pays only if his order matches both sides of the transaction , Or, for example, deposits and withdrawals from the Ethereum bridge smart contract .
· Protective auctions and price monitoring ：Vega The network has built-in triggers , To ensure that the transaction is conducted in a safe range . For highly leveraged traders , A large price change may result in insufficient margin to cover its open position . The network implements price monitoring , Trigger an auction when prices fluctuate falsely , To protect market participants from the risk of losses due to manipulation or black swan Events .
· Build a market without permission ：Vega The Internet allows users to propose for any asset they want to trade with each other without seeking permission , Modify and approve the market . By adjusting liquidity providers , The interests of traders and token holders ,Vega Will be able to quickly create new markets and release a lot of new opportunities on decentralized networks .
· Anonymous trading and Governance ：Vega Transactions and Governance on are performed by anonymous users . Traders don't need to know each other's identities to trade together in a secure environment . Mature incentive mechanism and strong agreement governance ensure that the market serves the best interests of all traders equally at all times .
· Rich and user friendly API： The network through the modern , User friendly API Open market data and trading authority . Can pass REST,RPC and GraphQL To enter the market . Developers can use HTTP Establish synchronous interaction , Or by using Web Socket to build complex real-time applications .
Vega Our founding team and the design of this set of products have won the favor of professional investment institutions ,Vega The seed wheel of 2019 A total of 550 Million dollars , from Pantera Capital Lead investment , And got it. KR1,Ripple Of Xpring,Rockaway,Eden Block And so on ;2020 year 11 month ,Vega from VC Institutions and traditional trading platforms raised 550 $10000 financing , Investment institutions include Arrington Capital、 Coinbase Ventures and Cumberland DRW And other strategic supporters .
But in crowdfunding , Partly due to market sentiment , Mass investors were lukewarm . question 、 harvest 、 The pessimism of breaking hair pervades Coinlist chinese #04 【Vega】 In the community .
In sharp contrast to this is ,AIR Air currency was issued to ridicule the madness of the cryptocurrency market , But it's very popular in the market .
bought AIR After air money , Nothing but air . This is an air coin project called air coin . The project sponsor may just want to It's a joke , But it's clear that community players are serious . Money users A few days time The sky broke through quickly 2 ten thousand , Community users at home and abroad have made rapid breakthroughs 3 ten thousand , The valid holding address continues to exceed 30% The rate of growth .
It's just an accident , It brings a kind of irrational community activity ; As for using blockchain 、 The concept of cryptocurrency frauds “ master ” Under the layout , And ten times or even higher leverage contract gambler type wealth temptation in front of , It's even harder for mass investors to support themselves .
Write about it here . To reiterate our position , We have to support 、 Trust and rely on Government Governance of cryptocurrency , Only by encrypting ecology can we develop better . Mars investment research focuses on the investment and financing opportunities of early blockchain projects , Focus on the investment logic of encryption economy and value creation after investment . But we don't recommend projects , Therefore, all the description of the project in this paper is not recommended as the basis for investment decision . Mars investment research has launched the fortune cryptosystem , Real time exchange of investment and research information in the encrypted world , Welcome interested friends to add wechat daqihezip, Code “ Mars research ”.
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