SUTERUSU officially announced on the 5.16th to start the auction model of XSUTER’s new token, compared with the previously officially announced XSUTER economic model. Frima wrote an in -depth research report on Suterusu before, “Comprehensive interpretation of Sutreusu: Is it a dark horse in a privacy track or a disruption? “, Mentioned the XSUTER auction plan, but the latest auction model has changed greatly. After reading the new auction method and economic model, Friman believes that it has improved compared to the original solution. Today, this article undertakes the previous research report to dig out the highlights and possible issues of XSuter.
1. SUTER govern tokens
Let’s look back at the native token economy model of SUTERUSU. It has been mentioned in the article that the total amount of tokens of Suterusu is 10 billion pieces. According to CoinmakeTCAP data, the current survey is about 3.86 billion pieces. All unlocked this year. In addition, Suterusu launched a single currency trading mining (supporting BNB and BUSD) targeting TTV on the official website. The BSC chain single block currently releases about 190 tokens. Therefore About 400 million pieces were increased, and the number of cursor token in the short -term SUTERUSU was about 4.5 billion. (Recently, SUTERUSU has obtained a strategic investment of investment institutions in many well -known currency circle, but the investment amount and number have not been disclosed)
The picture above is the token distribution map of SUTERUSU. Compared with many other similar types of projects, about 4.5 billion pieces of circulation SUTER actually has no pledge at present, resulting in a relatively large throwing pressure. Before the mining of mining this year, the SUTER tokens can still pass the pledge of pledge this year. Nodes and other methods to enjoy inflation benefits, but after the mining is opened, the lack of SUTER single currency pledge mining pool still has not solved this problem. The introduction of XSUTER is expected to solve this problem. By locking the SUTER token by auction, it is exchanged for XSUTER to enjoy the dividend income.
How to run XSuter?
For more detailed documents, please refer to the official instructions on the XSUTER auction rules: https://xsuteer.suterterusu.io/.
Here, briefly talk about how XSUTER runs. This auction uses Dutch auction. Now there are many blockchain projects adopting this IDO method. Generally speaking, the project issuer will set the total amount of the token issuance. In the set period After the purchase of funds, after the IDO is over, the total amount of tokens obtained by a single user is the total amount of purchase funds/purchase pools invested by the user. Generally speaking, if the number of people participating and the corresponding increase in the amount of the purchase pool, the tokens obtained by a single user will actually decrease, which means that the unit price will increase. XSUTER is an income -based tokens, not equity tokens, and does not need users to invest in real gold and silver to buy. Instead, it is converted into a pledge computing power through the time of user pledge SUTER to allocate tokens.
The total number of XSUTER auction is 19,000, and the auction time is 48 hours. The user pledged the SUTER 3 gears, 1/3/6 months, corresponding to the pledge right bonus coefficient of 1.0/1.2/1.5 respectively. After the auction time is over, the number of XSUTER obtained by a single user is the pledge force of the user SUTER/the pledge force of the entire pool*19000.
XSUTER’s hard top is 32,000, with a total auction of 19,000, and 1,000 airdrops. After the auction is over, all the circulating XSUTER can participate in dividends. The income characteristics of XSUTER are mainly reflected in the fees reward that holds the tokens that can capture the Suterusu protocol. In the mining activities of the past 2 months, Suterusu has accumulated a total About 250W fees, and these fees will be divided into XSuter to hold users after the auction, which means that a XSUTER can immediately obtain a basket of value of $ 125 (BNB, BusD, Cake and Bake To.
In addition, one of the innovations that need to be mentioned is to pledge the SUTER for the auction to meet two conditions in order to solve the pledge:
Sutr locking at the shot ends
The corresponding quantity of XSUTER that needs to be stored in the auction can be unlocked successfully, and it takes 15 days to store the XSUTER for unlocking.
Third, XSUTER’s innovation and existing problems
After clarifying the above XSUTER introduction, you will find that the economic model of XSuter is more complicated. Here I have about 4 categories based on the common economic models in the market.
The first category is the original XSUTER model: the production of XSUTER also adopts Dutch auction, but XSuter’s acquisition needs to pay the corresponding Sutr token. After the auction The black hole address was destroyed, which caused the SUTER’s economic model to formed.
The second type of model is: not issuing XSUTER tokens, all handling fees directly purchase SUTER and destroy at DEX such as Pancake (DAO voting) and other DEX.
The third type of model is: not issuing XSUTER tokens, all the fees dividend are regularly distributed to SUTER pledged users.
The fourth type of model is: not issuing XSUTER tokens, all handling fees directly purchase DEX such as DEX such as Pancake (DAO voting), as a pledge reward.
Next, I briefly analyzed the new model of this auction with the above 4 models.
1. Compared with the original auction model
In the original auction model, the XSUTER production also adopts Dutch auction, but XSuter’s acquisition needs to pay the corresponding SUTER tokens. After the auction, the project party puts all the SUTER token obtained by XSUTER into the black hole address. As a result, the SUTER’s economic model formed a shrinkage.
So what are the highlights of the change of new models? In fact, although the SUTER tokens in the original model are shrinking, the cost of SUTER shrinking is the addition of XSUTER as a SUTERUSU value capture. In essence, the SUTERUSU tokens are not shrank, because the value of the entire agreement will be subjected to the SUTER and XSuter at this time. Come to capture together; and the new model uses lock Suter to obtain XSUTER. Unlock the SUTER also requires the same number of XSuter, which means that at any time, there is only one between XSuter and the corresponding number of SUTER, which is essentially “” Loyal User “” sacrifice the liquidity of the SUTER to obtain the right to use XSuter instead of ownership. Compared with the original model, in the new model, the user obtains the “right to use”, not “ownership”, so it will not be easily sold (if you want to unlock the SUTER, you also need to buy it), which limits the liquidity of XSuter and is more clear. XSUTER is an income -type holding tokens. Real liquidity and governance value should be captured by the native currency SUTER.
2. Compared with “Type 2 Model”
The second model is actually a common economic model of many mainstream DEX, that is, a part of the transaction fee is used to burn tokens, such as Spirit Swap on the Fantom chain. However, there is a problem with this type of model that repurchase and shrinking is a dividend of all currency users, which means that it is impossible to distinguish “loyal users” (willing to hold tokens for a long time and lock the pledged tokens) and “speculative users” Short -term holding, unwilling to bet on behalf of the currency to get rewards). Therefore, the new auction model is introduced into the pledge power, which is better than the second type of model at this point.
3. Compared with “third model”
In essence, the new model of XSuter is the same as the “third model”, and it can even be regarded as the specific practice of the “third model”. Because of the specific pledge contribution and the uneven growth of the dividend pool, new tokens need to be introduced as intermediate variables, so as to more accurately calculate the pledge contribution and dividend income of each user.
4. Compared with the “Fourth Model”
From my personal point of view, I think the “fourth model” is better than the current new model of XSuter. As mentioned earlier, this user obtains the “use right” of XSUTER rather than “ownership”, so it is also XSuter. The valuation of XSuter in the new model should be less than the valuation of the XSUTER in the original model, and it can even be simpler. Calculated in the ground, the use value of the new model XSUTER = the first dividend fee income (the cash flow that can be obtained during use)+ the dividend fee income in the future (should be relatively small). The first single XSUTER dividend handling fee income is almost 175U, so I think the “reasonable use value” of a single XSUTER should be around 200U. In other words, the SUTERUSU generates value by transferring the dividend of the dividend of the future terminal fees to the dividend equity. The reward of “200*20000 = 400W” U, and then attracts the pledge of hundreds of millions of mighty circulation Suter.
Fourth, my thinking
The new model is a complicated innovation in my opinion. I think it is better than the “original model” and the second and third model mentioned earlier, but it is slightly inferior to the fourth type of model.
“Okham Razor Law”: If unnecessary, do not increase the entity. In the new model, because the XSUTER tokens are added, and the XSUTER and SUTER tokens are the lock mode of “Two Two”. If the user returns XSuter after the pledge period is over, XSuter returns the public contract pool? So how do these XSuter circulate next time? The auction mechanism of the entire XSUTER is only the first step. In the future, the first -level re -circulation mechanism of the XSUTER (XSUTER repaid) and the secondary circulation mechanism (transaction on the DEX) Sex will increase significantly. In addition, the 1,000 XSUTER of this airdrop does not require the Suter pledge, that is, it is not locking the corresponding SUTER tokens. So can the XSuter of this part of the corresponding Sutr of the unprepared Sutr be locked or destroyed? In fact, these 1,000 XSuter are “slightly increasing” to the entire agreement tokens. In addition, the new model has a small defect that is not flexible for pledges. XSUTER’s auction time is fixed, and it is not allowed to allow users to participate in the pledge at any time. For example, I have a lot of SUTER tokens in mining activities. At present, it is a lock -up state, and this auction pledge will be missed. In the near future, there is no new auction activity. Then the newly -included users (including mining users) have no pledge where they are pledged. If it is the “fourth model” I mentioned, by creating a VaultSUter pool, users can pledge at any time and extracted at any time. The flexibility will be greatly increased, but the same lock effect can be achieved.
After the first edition of the auction model came out, I actually proposed feedback in the community because the value of SUTER as a native token is not reflected. At present, it is not governed by the community. In the future, the SUTER tokens can reduce the transfer fee, etc., and have not yet landed. Therefore, from the current stage, the largest cash flow value of the Suterusu protocol is the dividend income of handling fees, and this income is given to XSuter in the early stage of the agreement, and Suterusu is only a project with two years of entrepreneurship. The value capture is not clear. It is difficult to make a reasonable valuation of XSuter, so I am worried that XSUTER has divided the “cake” of Suter, and I don’t know how big the cake is. However, the new model has been improved at this point. SUTER is not destroyed, but in exchange for the right to use the pledge rights of SUTER. The value of the currency is reasonably divided.
The new model has improved compared to the first version of the auction model, but it is only compared with the first version of the model. The introduction of new tokens is to think about the entire economic model (I hope that someone in the team has a coordinated thinking). In the economic model, the setting of any parameter may produce a butterfly effect, so I have always admired the simple simplicity With the natural model, there is no need to think too much. Suterusu has introduced the concept of “computing power” in both mining activities and this auction. In fact, these weight parameters will inevitably cause friction costs. In addition, I learned in the first edition of the first edition of the auction model that the purpose of introducing XSuter is that it can be able to lock more Suters than the simple handling fee repurchase, but can the second version of the model achieve this effect? I actually doubt it. Back to the front, the first version of the model, the user obtains the ownership of the XSuter, the premium will definitely be higher than the use of the new model XSuter. Initially, I estimate that the value of the use of XSUTER will only be slightly higher than the first. Dividends one handling fee.
Here I also want to add, my idea of the “Fourth Category”. I think the fourth type of model is a lot simpler and clear than the XSuter model, and the handling fee repurchase SUTER to somely reward the pledged users and some combustion tokens. A lot of innovation has been made above, which has formed an invisible support pressure on the price of the tokens, but also brings certain shrinkage expectations to the entire economic model. For example, Sushi’s XSUSHI, CURVE’s VECRV, and AC recently proposed Vetoken concepts. I think the essence is similar.