In -depth analysis of ONDO Finance: Web3 Investment Bank’s US debt chain practice

summary

ONDO Finance is a financial agreement focusing on the RWA track. At this stage, its main business is to achieve the currency of high -quality assets such as US Treasury bonds and currency market funds within the compliance framework so that users’ investment and transactions on the blockchain can be.
ONDO Finance is located in the RWA U.S. debt circuit has increased by 6 times in the past year. It is the main promotion force of the RWA industry. ONDO Finance ranks third in TVL in the track, and has certain preliminary advantages.
On the one hand, the future growth point of ONDO Finance lies in the expansion of existing products, and on the other hand, it is also to launch other types of RWA products. Its development goal is to become an important bridge on the connection chain and under the chain.
The main risk of ONDO Finance is fierce market competition. The RWA industry is huge and is currently in its infancy. Many strong institutions are scrambling to enter the market.
The $ ONDO token was unlocked in January 2024, and it rose greatly after listing. However, there was no other practical cases in addition to DAO governance, and the future use scenario was unclear.
At present, about 80% of the $ ONDO tokens are still in the hands of the project party, and the distribution mechanism is still unclear, and there is a large centralized risk.

ONDO FinanceIt is a decentralized institutional-level financial agreement (Institutional-Grade Finance), which is committed to using blockchain technology to provide institutional-level financial products and services to create an open, no license, decentralized investment bank.

The current core business of ONDO is to introduce non -/low risk, stable life, and large -scale fund products (such as US Treasury bonds, currency market funds, etc.) into the blockchain, providing investors on the chain with a choice of alternative stable currency.And make the holder, not the issuer earn the benefits of most of the underlying assets.

At the beginning of the establishment of ONDO Finance, it focused on the DEFI track. From the end of 2022 to the beginning of 2023, the development route was changed to the RWA track, and it achieved good results within 2023.The important time point for the development of the project is as follows:

(1) March 2021: The company was founded, focusing on DEFI

Former Goldman Sachs, Nathan Allman and Pinku Surana co -founded ONDO Finance Inc.. At the beginning of the founding, the company’s positioning was to introduce structural assets with better yields for the DEFI field.

ONDO launched the first product ONDO VAULTS in August 2021 -a structured financial agreement running on Ethereum.This product enables investors to choose “improvement” or “downlink protection” when providing liquidity to Uniswap and other out -of -central exchanges.

(2) August 2021: Seed wheel financing

Pantera Capital led, Genesis, Digital Currency Group, CMS Holdings, Coinfund, DIVERGENCERSURS, Stani Kulechov, Richard Ma, Christy Choi and others.This round of financing is $ 4 million, and the price of tokens is 1 ONDO = 0.0057 USD.

At this stage, ONDO described itself as “the agreement aims to allow Defi traders to hedge and use risks according to their wishes.”ONDO allows users to initiate risk isolation and fixed income loans supported by digital assets.Both lenders and borrowers inject funds into the “VAULT” of ONDO’s smart contracts, and the vault provides two options: “fixed income” and “variable income” that reduce risks and maximize returns.

(3) In the second half of 2021: LaaS service is launched

Liquidity-As-A-Service (LaaS) can help token issuers to improve the liquidity of decentralized exchanges.It paired DAO with the underwriter (stabilized coin issuer) to guide high -current AMM transactions.DAO provides governance tokens, the underwriter provides stable coins, and ONDO assists to establish a liquidity pool.The ultimate goal is to help DAO build its own liquidity without relying on liquidity mining or making a city company.

More than 10 DAOs including Near, Synapse and UMA, as well as underwriters such as Fei, FRAX, Terra, and Reflexer participated in the plan.ONDO provides a total liquidity (TLP) between community and Laas Vault.

(4) April 2022: Series A financing

Pantera Capital, Founders Fund, and Wintermute, Tiger Global Management, Steel Perlot, Goldentree Asset Management, Flow Traders, CoinBase Ventures and others.This round of financing is 20 million US dollars, and the price of token is 1 ONDO = 0.0285 USD.

At this stage, ONDO describes its own description that “the agreement provides structural investment products based on decentralized exchanges.”In addition to the “vault” investment mentioned in the seedling financing in August 2021, the ONDO at this stage also provided LaaS to DAO.

(5) May 2022: ICO financing

ONDO completed ICO financing on the CoinList platform.Sell 3 million ONDO at a price of $ 0.03, the lock -up period is 1 year, and the linear release within 18 months after unlocked; the price of $ 0.055 is sold for 17 million ONDO, the lock -up period is 1 year.EssenceThis round of financing is US $ 10.25 million, for most public investors: 1 ONDO = 0.055 USD.

At this stage, ONDO described its description of “providing services and connections to various stakeholders in the emerging DEFI ecosystem -including DAO, institution and individual”.At that time, the project roadmap published by the ONDO team was as follows:

(6) January to February 2023: Give up Vaults and LaaS, transform the RWA track

With the compression of Defi yields in 2022, the ONDO team decided to eliminate Vaults and LaaS (collectively referred to as “ONDO V1”), focusing on the development of the next -generation agreement.ONDO V2 contains ONDO FUNDS and Flux Finance when launching.

ONDO’s itself has been modified to “build the next -generation financial infrastructure to improve market efficiency, transparency and accessibility”, and successively launched two token financial products of USDY and OUSG, transformed into one member of the RWA track.

(7) January 2024: ONDO token unlock circulation

After voting on the chain community, the ONDO token was unlocked and circulated on January 18, 2024. After unlocking, the price increased significantly, and the price once exceeded 0.3U.Coinbase also announced that ONDO is included in the Shangbon route map.

ONDO Finance includes two major departments: Asset Management Division, which is responsible for the creation and management of tokens and the second department responsible for the development of decentralized financial agreements.

Investors can invest in products launched by ONDO by connecting digital wallets.ONDO currently launched token-based financial products include the Stable Stable Coin ONDO US DOLLARD token ($ USDY) and the tokened US debt fund SHORT-TERM US Government Treasuries ($ OUSG), and is planning to launch the tokensONDO US MONEY Markets ($ OMMF).Kyc certification is required to purchase the above products.

USDY is a tokenized bill guaranteed by short -term U.S. Treasury bonds and current bank deposits, which can be purchased for non -American individuals and institutional investors.After investors are funded, they will receive token proofs and receive USDY in 40-50 days. After receiving USDY, investors can be transferred on the chain for free.In terms of legal structure, USDY is distributed by bankruptcy isolation company ONDO USDY LLC. To a certain extent, it can isolate ONDO’s own operating risk.

As of January 23, 2024, USDY’s total lock value (TVL) was about $ 71.22 million.

(1) Y return and expenses

The annualized yield (APY) provided by USDY is adjusted by ONDO monthly according to the actual situation.As of January 23, 2024, USDY’s APY was 5.10%.The APY of the underlying assets (that is, the investment portfolio of US Treasury and bank deposits) is about 5.27%, and the cost of ONDO is 0.17%.

In addition to charging costs through the above spreads, ONDO will also charge 0.2% of the redemption behavior.In addition, for investment or redemption of less than $ 100,000, if it is a bank telegram, investors will also need to bear the electricity exchange/currency transmission fee (these costs are collected by the service provider instead of ONDO).But for investment or redemption of more than $ 100,000, ONDO will pay investors to pay these fees.

In addition, ONDO also reminds investors that the USDY setting structure allows investors to not trigger US federal income tax obligations.

(2) tokens price

The price of the USDY token is calculated based on the token price of the first working day of the month and the tokens yield of the month.For example: If the price of USDY is 100.00000000 US dollars on June 1 and the APY in June is 4.00000000%, the price of USDY on June 3 will be:

As of January 25, 2024, the price of USDY was $ 1.0242.

(3) The mortgage guarantee mechanism

USDY is issued by an independent legal entity ONDO USDY LLC, and is managed by an independent board of directors. It has an independent book and account, and isolated assets from ONDO Finance, Inc..

As a preferred debt of banks’ current deposits and short -term U.S. Treasury guarantees, ONDO has extended mortgages and provided 3% of the first loss position to absorb short -term fluctuations in US Treasury bond prices.In other words, each USDY worth $ 100, at least $ 103 of bank deposits and US Treasury bonds as guarantees.In addition, Ankura Trust, as a guarantee agent, also provides daily transparency reports, including detailed asset holdings.

As of January 23, 2024, USDY’s total locking value (TVL) was about $ 71.22 million, mortgage value was about $ 75.55 million, excess mortgage amount was 3.83 million US dollars, and the excess mortgage rate was 5.38%.

(4) Investment and hosting

In terms of investment, ONDO said that for USDY’s mortgage, its goal is to maintain 65% of bank deposits and 35% of short -term national debt allocation. In addition, it does not invest in any other assets.

In terms of custody, U.S. Treasury bonds will be stored in Morgan Stanley and StoneX, and these US Treasury bonds will not be mortgaged; bank deposits are stored in Morgan Stanley and FIRST CITIZENS Bank.ONDO also regularly publicizes its mortgage composition on its official website.

(5) Comparison of USDY and stable coins

USDY is essentially not a traditional “stable currency”, but a tokenized guarantee bill.The specific contrast between USDY and traditional stablecoin is as follows:

OUSG is a tokens -based U.S. Treasury Fund, which is the purpose of providing a liquidity of buying a short -term US Treasury Bond ETF.Global investors can use USDC or US dollars to purchase OUSG, with a minimum investment amount of 100,000 USDC.In terms of legal structure, OUSG is issued by ONDO I LP. The partnership is registered in Tellawa, USA to follow the standard fund structure.

As of January 23, 2024, OUSG’s total lock value (TVL) was about $ 117 million.

(1) Investment and hosting

Most of the investment portfolios will invest in Berlaide’s Ishares Short -term Treasury Bond ETF (Nasdaq’s stock code: SHV), and hold a small part of USDC and the US dollar to maintain liquidity.

ONDO I GP is an ordinary partner (GP) of ONDO I LP; ONDO Capital Management acts as an investment manager to assist GP to provide management services; ONDO Finance provides technical services to the fund token;People are responsible for executing fund trading instructions (that is, buy and sell ETFs); Coinbase is cryptocurrency custodians and brokerage companies holding assets (USDC).

The relationship between the above subject can refer to the figure below:

(2) Rate and expenses

As of January 23, 2024, OUSG provided an annualized yield (APY) of 4.73%.

For the underlying ETF assets, based on the data updated on January 19, 2024: The worst estimation yield (YTW) is 5.03%, the 30 -day SEC yield is 5.15%, the total asset size is 18.34 billion US dollars, and the daily turnoverIt was $ 235 million.

In terms of expenses: ONDO charges 0.15% of management fees; service providers such as NAV Consulting and other service providers charge up to more than 0.15% of service fees (this proportion will decrease as TVL rises); ETF management fee is 0.15%.

Since OUSG was issued in February 2023, with the income price, the price continued to rise, and the current price is 1 OUSG = 104.70 US dollars.

The upcoming OMMF is a tokens -based currency market fund, which the purpose is to provide a liquidity open for purchasing the US currency market fund.Similar to OUSG, global investors can use USDC or US dollars to purchase OMMF, and the minimum investment amount is also 100,000 USDC.

(1) Investment portfolio

Most of the investment portfolios will invest in the Monetary Market Fund (MMF), and hold a small part of USDC and the US dollar to maintain liquidity.

(2) Rate and expenses

OMMF has not yet been released, and its official website is 4.73%.

In the future, the income will be invested to the token holders per day in the form of a new token, and the OMMF token will always be purchased and redeemed at a price of $ 1.

ONDO has not yet been announced for the underlying MMF asset category.

The main differences between USDY, OUSG, and OMMF include::

OUSG and OMMF represent the equity/share of holding government bonds and currency market funds, and USDY is a interest notice.
OUSG and USDY are general return tools: any interest on basic asset payment will be reinvested, so that the value of these tokens usually appreciates over time.Any interest paid in OMMF will be paid to investors regularly in the form of additional OMMF token, so that the value of OMMF is always around $ 1.
OUSG and OMMF are suitable for qualified investors in the world; USDY is only suitable for investors in regional areas, but it does not require investor certification.
OUSG and OMMF can be traded in the secondary market at any time; USDY has a lock -up period, but it can be traded freely after the lock -up period.

The form of the specific contrast is as follows:

Due to regulatory compliance reasons, some of ONDO products can only be used to KYC to license customers.Therefore, ONDO cooperates with the back -end DEFI protocol Flux Finance to provide a stable currency mortgage borrowing business for tokens such as OUSG and other OUSG, and realize that the back -end of the protocol will be involved.

Flux Finance is a decentralized lending agreement based on Compoundv2. The agreement is basically similar to the compound.The protocol allows users to borrow and borrow stable coins supported by high -quality mortgage products such as OUSG.At present, ONDO has sold the agreement to ONDO FOUNDATION (once used by Neptune Foundation).

The interaction between ONDO and FLUX ecosystems can be referred to the figure below:

ONDO Finance is currently an important member of the RWA track.

RWA (Real World ASSETS, Real World Assets) refers to the real -world assets. By chaining the real -world assets, token holders have the ownership of the corresponding assets in the real world, and they can make loans on the chain, Rental, trading and other transactions.

The RWA coverage is very broad, including sovereign currency, bonds, stocks, real estate, commodities (such as gold) and other types of assets.As a high -quality asset with excellent credit and excellent liquidity, U.S. Treasury bonds has become the main promoter to lead the RWA track expansion in recent years.

According to RWA.XYZ data, the total market value of RWA U.S. Treasury bonds was only $ 114 million on January 1, 2023, and on January 25, 2024, it has reached 855 million US dollars.(And the above amount has not been calculated that MakerDao uses more than $ 200 billion in US debt as a $ DAI mortgage).

Among them, the market size of ONDO in RWA US debt reached US $ 128 million, ranking third in the market, second only to Franklin Templeton Benji Investments (US $ 336 million) and Mountain Protocol ($ 151 million).

Under the context of the poor credit of U.S. bonds and good yields, especially in the context of 2023, the Federal Reserve raised interest rates several times, many investors choose to buy US debt to get better risk -free income.But a big pain point for investing in US debt is that investment is high.

Even American citizens, the tedious KYC and account opening process are enough to reject most people, rather than American citizens.Therefore, how to introduce US debt into blockchain and reduce investment thresholds under compliance is the most concerned issue for many RWA agreements.

ONDO is currently a more successful point that it has initially solved the compliance problem of US debt chain in the US existing legal framework.All parties) can agree with the operating rules of USDY and OUSG, and have participated in it.

It can be said that ONDO has seized the opportunity in the RWA US debt market.In the future, ONDO can use this advantage to continue to expand the tokenization path of other asset categories.

The main competitors of the ONDO Finance in the RWA industry include Franklin Templeton, Mountain Protocol, etc. The brief introduction of each competitor is as follows:

(1) Franklin Templeton

Franklin Templeton (Franklin Dunpon Fund Group) is the world’s leading asset management company. It has a history of more than 70 years and has managed more than trillions of assets.As a giant in the traditional financial field, Franklin Templeton has always been very actively participating in the cryptocurrency industry, and the spot Bitcoin ETF (EZBC) applied for its spot was also approved by the US SEC in January this year.

As early as April 2021, Franklin Templeton had launched the government currency market fund Franklin Onchain U.S. Government Money Fund (FOBXX) on the Stellar chain.FOBXX is the first US registration common fund to use public chain for transaction processing and record shares ownership. It is regulated by the United States’ “1940 Investment Company Law”. From the perspective of its registration, management and disclosure, this product is the market.One of the most compliant RWA products.FOBXX is also the largest product of RWA US debt track.

According to the official website of FOBXX, more than 99% of the total assets invest in securities in full mortgage by the US government, and the asset credit is excellent.The share of the FOBXX Fund was stated by the “Benji” token. Benji’s price is stable at $ 1, mainly for American investors, institutions and retail users can participate.FOBXX has allocated the revenue of US Treasury bonds to Benji holders through its application of Benji Investments App.

At present, the total assets of FOBXX exceeded $ 300 million, and the annualized yield (APY) is about 5.28%.From the perspective of institutional strength, product scale, starting time, compliance, etc., Franklin Templeton is a well -deserved leader in the RWA US debt track.

(2) Mountain Protocol

Mountain Protocol is an income stable currency protocol. Its main business is to issue a stable currency USDM based on U.S. Treasury bonds as mortgages, so that users can enjoy the benefits of US Treasury bonds while using USDM.

USDM was issued by Mountain Protocol Limited, and its mortgage was short -term US Treasury bonds.The company has obtained a digital asset business license issued by the Bermudan Financial Administration (BMA) to ensure its compliance.Users cast/exchange USDM stabilized coins with $ 1 and are used in various DEFI ecosystems.Mountain Protocol adjusts the total supply of USDM based on the yield of US Treasury bonds, so that users hold the USDM balance.

Using Mountain Protocol needs to pass KYC certification, and because it is necessary to comply with relevant laws, the agreement does not provide services to domestic users. At present, only open casting and redemption channels for institutional investors can only be purchased in the secondary market.

At present, the total asset size of USDM is about $ 150 million, and the annualized return rate (APY) is about 5%.As a kind of stable currency, the USDM of the Mountain Protocol currently challenges the status of traditional stable currency such as USDT and USDC, but its essence, as a RWA asset, has great development potential.

(3) MatrixDock

MatrixDock is a digital asset platform under Matrixport. Its development goal is to provide RWA tokenization solutions.MatrixDock’s current products are STBT, which is a tokens that are guaranteed by U.S. Treasury bonds and US Treasury bonds mortgage.

Similar to USDM, STBT’s way of life is also that the project party is assigned to STBT holders every day according to the underlying asset yield, increasing the holdings of STBT in their account.Unlike USDM, there is no need to permit on the USDM chain transaction, but MatrixDock restricts that STBT can only be transferred between MatrixDock’s authorized accounts through the contract whitening mechanism.In addition, STBT’s casting uses USDC or USDT, which is more in line with the user’s usage habits.

In addition, STBT’s distribution also uses a special purpose company to achieve complete bankruptcy protection (not affected by the MatrixPort).MatrixDock also uses the chainLink’s reserve proof (POR) to increase the transparency of STBT.

At present, the total assets of STBT are about $ 95 million, and the annualized yield (APY) is 5.10%.Matrixdock’s official website has also left the location of other types of RWA assets, but it has not yet announced details.As the current RWA U.S. debt issuer ranked 4th in TVL, if Matrixdock wants to overtake the curve, it will introduce a more novel underlying assets into the chain, and maybe there is a chance to win.

ONDO’s roadmap in the next two years includes three main stages:

The first stage: focusing on integrating token cash equivalent, such as USDY, OUSG, and OMMF.Including establishing partnerships with different blockchain, adding white-label tokens (White-Label Token) to other chains, and creating different token versions for different applications (Author Note: It can be briefly understood as a good token based on specific standards, and is customized to a certain degree according to the requirements of the project party and sold “OEM”, similar to the concept of “shell”).

Innovative technologies such as ONDO Bridge and ONDO Converter are designed to promote the transmission and conversion of tokens to integrate these tools to provide seamless user experience.

The second stage: focuses on the tokenization of public securities.ONDO is preparing to announce the redefining measures of tokenization of public securities to solve the main obstacles of currently restricting public chain token securities, such as liquidity and infrastructure issues (authors note: stocks, companies that can trade in the open market, companiesFinancial derivatives such as bonds, REITs, and even options, and futures belong to the category of “public securities”).

The third stage (the specific details have not been disclosed): Explore the application of blockchain in various traditional financial functions, while using centralized and decentralized mechanisms to maintain ONDO’s mechanism -level quality standards.

In these stages, ONDO will work closely with partners, including various block blue, OTC counters, market business, exchanges, and DEFI agreements to ensure the wide distribution, integration and liquidity of the product.

ONDO’s smart contract has been audited by many well -known institutions in industry, which specifically includes:

Code4rena audit in January 2023
In April 2023 Nethermind Audit
August 2023 ZOKYO Audit
Code4rena audit in September 2023

As of January 25, 2024, the basic information of the $ ONDO token is as follows:

As of now, $ ONDO has no other practical cases for ONDO DAO’s governance tokens.The related products using ONDO Finance also have no incentive measures for the $ ONDO tokens.

According to the description of ONDO FOUNDATION:

ONDO DAO gives the $ ONDO holder, the following specific rights related to Flux Finance, which is currently under the jurisdiction of ONDO DAO:

Launched a new FTOKEN market (that is, support new assets as mortgages and/or borrowed in the FLUX protocol)
Paralysis FTOKEN Market
Update the interest rate model of each market
Update the prediction machine address
Reserve for extracting the FTOKEN market

ONDO DAO has the following additional rights:

Choose a new administrator
Managed asset library
Control $ ONDO release to effectively increase the use of ONDO DAO products
Call any function

As of January 25, 2024, there were nine proposals on ONDO DAO, 8 of which were approved and 1 canceled voting.

Because the $ ONDO tokens are not yet related to RWA products, the market speculates that ONDO may use $ ONDO as an incentive method for usDY and other tokens.

If the $ ONDO token can be combined with RWA products, and the $ ONDO token is used as the incentive of the RWA product chain, it may push RWA products into the vision of Volkswagen encryption investors.

According to the proposal on December 27, 2023, the $ ONDO intends to allocate as follows:

Community sales: 198,884,411 (~ 2.0%)
Ecological growth: 5,210,869,545 (~ 52.1%)
Protocol development: 3,300,000 (33.0%)
Private equity sales: 1,290,246,044 (~ 12.9%)

As of now, nearly 80% of the $ ONDO tokens still deposit in the project party wallet and have not yet been distributed.

According to the ONDO Foundation proposal, more than 85% of the $ ONDO tokens will be locked, and the locked token will be unlocked 12, 24, 36, 48 and 60 after the initial tokens are unlocked.Among them, private equity investors and project teams will be locked for at least 12 months and unlock in the next 4 years.Investors participating in ICO through CoinList were unlocked on January 18, 2024.

It is worth mentioning that in the past few days, the address of the ONDO project party has been transferred to the $ ONDO token to the exchange address many times (the $ ONDO in the current project party’s wallet is less than 80%of the total circulation), which may be the projectFang borrowed tokens for market.

Community investors’ $ ONDO was unlocked on January 18, 2024, and has traded in the secondary market for only 7 days.Its historical trend is as follows:

In addition, the price of $ ONDO before unlocking is as follows:

August 2021 Seed Wheel financing:

1 ONDO = 0.0057 USD
In April 2022, Series A financing:

1 ONDO = 0.0285 USD
ICO financing in May 2022:

1 ONDO = 0.055 USD

According to CoinMarketcap data, the main trading venues of $ ONDO are Bybit, HTX, and Gate.io. The specific distribution is as follows:

In summary, the main highlights of ONDO Finance are as follows:

The RWA US debt tracks located on ONDO Finance have increased 6 times that of TVL in the past year. It is the main promotion force of the RWA industry, and the industry prospects are very broad.
ONDO Finance ranks third in TVL’s TVL on the RWA US debt track. On the track, it has verified the feasibility of its business model and has a certain first -mover advantage.
ONDO Finance has planned RWA products with other types of assets. If it can first launch products that are easy to be accepted by the market in the future, it will further expand the leading advantage and become an important bridge on the connection chain and under the chain.
ONDO Finance strictly abides by relevant US laws and regulations with the leading companies in industries such as Morgan Stanley and Coinbase (Coinbase at the same time), and it is easier to gain the trust of investors.
The founders and core teams of ONDO Finance have worked for companies such as Goldman Sachs, Morgan Stanley, Tether, Bitfinex, Circle and other companies, which are conducive to further in -depth cooperation with the above -mentioned companies.

The main risks of ONDO Finance are as follows:

Soon after the RWA track began, many strong leading agencies also scrambled to enter the field. The ONDO Finance will face very fierce market competition in the future.
The $ ONDO tokens have no other practical cases except for the ONDO DAO’s governance tokens.The related products of ONDO Finance are not strongly connected with $ ONDO.In the future, the use of $ ONDO is doubtful.
At present, about 80% of the $ ONDO tokens are still in the hands of the project party, and the distribution mechanism is still unclear, and there is a large centralized risk.

Reference information

[1] https://docs.ondo.finance/

[2] https://blog.ondo.Foundation/unlocking-ondo-A-PROPOSAL-FROM-the-ONDO-FOUNDATION/

[3] https://coinlist.co/ondo

[4] https://www.theblock.co/post/114786/Former-goldman-Sachs-Employees-Lunch-Defi-Protocol-SEED-FUNDING

[5] https://www.theblock.co/post/143769/ondo-finance-raises-funding-peter-Thiel-founders-fund

[6] https://www.reflexivityresearch.com/paid- reports/ondo-finance-Overview

[7] https://cryptorisks.substack.com/p/asset-lisk-ssessment-ndo-flux?utm_source=%2FSEARCH2FONDO&AMP ;UTM_Medium=reader222

statement

This report is an original work under the guidance of @Longyeyouxin, @Gryphsisacademy, and under the guidance of @cryptoscott_eth and @zou_block.The author is responsible for all the content. This content does not necessarily reflect the view of Gryphsis Academy, nor does it necessarily reflect the view of the organization who entrusted the report.Edit content and decision -making are not affected by readers.Please know that the author may have cryptocurrencies mentioned in this report.This document is for information reference only, and should not be used as a basis for investment decisions.It is strongly recommended that you conduct your own research and consult the neutral financial, tax or legal consultant before investing in investment decisions.Remember that the past performance of any asset does not guarantee future returns.