jakiro
Author: green onion Fred Source: X: @Dacongfred)
1. Project division: Financial School VS Web2 combined faction
After ETH ETF passed, the entire market had a sharp decline in the market, which was exactly the same as the trend after the previous BTC ETF passed.
According to ETF’s impact on the market, you can summarize the US ETF mode:It was expected to be full before the launch, and it rose sharply; after the launch, it was favorable and began to fall. After that, due to the favorable end of the ETF passed, it gradually rose slowly.
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However, reviewing this cycle, although there are narratives of AI, DEPIN, and RESTAKING, there is no such thing as a DEFI SUMMER in the previous cycle. The NFT boom changes the avatar, Stepn has caused the national movement to participate in this type of explosion track and this type.project.This also makes many investors and Builder confused about this cycle.What kind of appearance will this bull market meet us?
Everyone has made different choices. Whether choosing to choose BUILD, DEPIN/AI circuit built, or full -time coin speculation in the BTC ecology, everyone has bet based on their beliefs.
Overall, the current project exploration can be roughly divided into two genres.One is the finance school. It is believed that the development of web3 must be closely related to finance. Whether it is DEFI, NFT, or BTC ecology, it is essentially to make articles around financial gameplay and asset attributes;(DEPIN), AI, etc., I hope to combine Web2 track with blockchain/cryptocurrency to explore new scenes.
In the previous research reports and analysis articles, I have discussed the development status and challenges of the combination of AI+Web3, and the development status of the BTC ecosystem.Today I will talk to you about the representative track of the Financial School.
2. Why can DEFI burst -the exploration of the pioneers
Defi is an old -fashioned track. Whether it is the most representative UNISWAP in DEX, or DYDX in the derivative track, DEFI plays a very important role in a public chain and even the entire Web3 industry.
Before the birth of DEX, the transaction of people’s cryptocurrencies was carried out through a centralized exchange. The advantages of the centralized exchange just the same as web2, fast speed and simple operation; howeverThe collapse of a CEX giant that appeared also shattered the hearts of many people, especially for users of Web3, asset ownership, security, and transparency are placed in a very important position.
In 2018, UNISWAP V1 realized the decentralized exchange by using automated as a market business model (AMM) to allow users to directly trade with smart contracts instead of traditional buyers and seller markets.Born leading a new track; then, then V2 and V3 have new functions such as built -in price prophecy, supporting centralized liquidity, and multi -layer rates. It has continuously optimized the user’s experience of using DEX. Uniswap has since been born at the beginning of its birthDragon one of the DEX track firmly.
On the other hand, as a pioneer of DEFI derivatives, DYDX chooses to use the order book mode to provide leverage and contract transaction services, which is closer to the traditional financial model in terms of operation.It occupies a high market share on the derivative track and leads the DEFI Summer’s grand occasion with UNISWAP.
Third, DEFI’s challengers andfuture
Later, in the development of DEFI, the development of DEX and derivatives had two obvious different routes.
1) DEX binding chain mode:From the perspective of DEX’s TVL, the development of DEX is basically inseparable from the binding of a chain.Whether it is Uniswap and Ethereum, or Pancake binds BSC, raydium is bound to Solana, and then the later Velodrome on the Optimism, Aerodrome on the base chain,DEX, as a necessity of the public chain, is similar in essence. It is essentially binding or not in essence with the chain. The performance of the TVL is often highly correlated with the status of the chain.
2) Derivatives innovation mode:On the other hand, the intergenerational change of derivatives is more innovation in gameplay.For example, GMX did not go online in 2021, and defeated the previous leader DydX.
Next, let’s further analyze why GMX can emerge before. Compared with DydX’s GMX innovation point, I think there are two core innovation points:
1. The mode of using LP to provide the capital pool:GMX uses the LP to provide the model of the fund pool, combined with the quotation of the prophet, so that users can keep the low point at the same time as fast trading;——Baid users
2. Innovation of the division mechanism:70%of the income is divided into liquidity providers (GLP holders), and 30%are distributed to GMX operating token holders.——Baid liquidity provider
These two innovation points have accurately grasped the two ends of the transaction:Users and liquidity providers can later become a new derivative leader.
After GMX, some interesting derivatives projects also appeared eagerly.For example, Synfutures on the Blast chain has recently reached a record high on the current chain.
1. The wealth effect of Blast chain:From Blur to BLAST, the Blast chain has a wealth effect since its birth. Synfutures choosing to deploy to the Blast chain is a very smart choice.——The user
2. OAMM concentration liquidity:Similar to the concentrated liquidity strategy of Uniswap, the OAMM of Synfutures allows LP to add liquidity to the specified price range, thereby improving the depth of liquidity and efficiency of capital utilization;——Baid liquidity provides
3. OAMM does not need to be licensed to the currency:In addition, OAMM, like other spot AMM, supports upper currency without permission, so anyone can create transactions to sustainable contracts, making the currency range unlimited -good liquidity providers
In addition, I think the most interesting point of Synfutures is to combine AMM+order books, and then analyze this innovation point in detail.
As mentioned in the above characteristics 2, OAMM allows LP to concentrate liquidity in a price range, and the price interval can be divided into multiple price orders, so the liquidity provider can in the form of a limited price bill on the chain on the synFutures.To provide liquidity.
And the liquidity provision of this similar order book enables many centralized exchanges to be more familiar with and more convenient to participate.In essence, the price limit single model of the centralized exchange is not much different, which further improves the liquidity of the pool.After favorable liquidity providers, deeper ponds will also attract more users to come in, thereby forming positive circulation.
At present, the daily transaction volume of Synfutures exceeds 1.3 billion US dollars, surpassing 1.8 billion (not in the top ten) of the old star project DYDX and GMX. It performed very strong in terms of transaction volume.vitality.
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In general, whether it is the financial group and the combination of web2, it is very much looking forward to more native and interesting projects. Involve more people and money to join, and in the short termThe detonation point has been penetrated into the traditional world in the long run, and more Mass Adoption is born.
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