It is strongly recommended that Mr. Liu Yi wrote an in -depth investment research report on the Avi Agreement (https://www.chainnews.com/articles/124011762292.htm).

What is Awei?

Avi’s main storage concept is to achieve permanent storage. The mining mechanism adopted is the POC (Power of Capacity). The project was established in April 2017. The main network was launched in June 2018. The issued token AR issued is similar to Filecoin. The model is also a incentive application in the IPFS protocol. It is a new type of storage based on blockchain and cryptocurrency technology. AR’s vision is to solve the problem of centralization and system fragility in traditional Internet storage and systems. It has the characteristics of globalization, permanentness, low cost, and tampering.

Avi’s technology

After reading Avi’s yellow paper and introduction of various Chinese communities, I found that Avi is very different from many blockchain projects. Many of its technical feelings are the reconstruction of many popular blockchain projects. On its body, you can’t see the words expansion, cryptographic innovation, DEFI support, value capture and other words, but have established a set of technical systems around your own “permanent storage” concept: including application layer Permaweb (forever network), logic logic, logic Layer Smartweave and the storage layer Ardrive. After reading the yellow book, you even think that this is a full-stack web-3 protocol. The overall innovation and the system are even more magnificent than the Ethereum. The scarcity of tokens can even be compared with Bitcoin in the future.

Permanent storage

Let’s talk about what is “contract -based storage”? Filecoin’s economic model reflects the economic model of centralized cloud providers: contract -based storage. Contract -based storage can be easier to be considered a model of payable payment. The user pays a node network. The node stores the X -byte data of X bytes in the Y time period and ensures that the Z can be retrieved. STORJ, SIA, and SAFE use the same mode.

Unlike blockchain storage projects such as Fil and Storj, the main storage concept of Avi is permanent storage. Ordinary people were a little surprised for the first time. Can I really achieve a payment in this world? Because this is contrary to our intuitive thinking, but after strict mathematical computing, the future storage costs will decline, so you can pay for it once, permanent storage, and see the yellow book. The project party has been calculated rigorous. The most conservative situation, the storage period should be able to maintain 200 years, even in optimism, even 1600 years.

It should be noted that another fact that contrary to our intuitive thinking is that under the same GB content, Avi’s permanent storage cost is far less than FIL -based storage, although FIL’s storage time is shorter. This is because Avi’s permanent storage mechanism is easier and clever than the storage mechanism of FIL. In order to achieve decentralization and accurate contract storage, FIL is extremely complicated. In terms of storage, calculating these logic takes a lot of cost. Avi is actually a pierced path. Avi agreed to design the mechanism to encourage miners to save as much data as possible, and preferentially stored scarce data with less copies. As for how much each miner is saved and what is stored, it is a matter of the miners themselves, neither proves nor check. Avi’s “View Certificate” (POA) is a simple expansion of POW. Each round of POW puzzles is related to a past block (memory block). Only miners who have stored memory blocks are eligible to participate in POW quiz. Because the memory block is randomly determined, it cannot be predicted in advance. Therefore, the more blocks stored in miners, the greater the chance of participating in POW quiz, and the higher the possibility of getting a reward for blocking. If the miners’ storage space is limited and the history of the whole block cannot be preserved, he will preferentially preserve blocks with a small number of copies in the network. Because the probability of each block is equal to the memory block, when a scarce block is selected as a memory block, only a few miners are eligible to participate in the POW competition, so storing scarce blocks are more beneficial to miners. Therefore, the storage model of the Avi protocol is simpler, so it reduces a large amount of calculation process, and the cost is relatively cheap.

PERMAWEB (Yongzai.com)

Living in the world of web2.0, we browse a variety of web pages on the Internet every day, watch videos of different times, and experience the fun in the current blockchain world that is difficult to achieve, but One day we will suddenly pop up 404 when we browse the web, which means that the information of this webpage may disappear permanently, either removed from the centralized server, or it is filtered by a strong review mechanism, and forever on the Internet on the Internet The launch is to solve this data loss and anti -review mechanism. This is the homepage of Yong on the net. You can go in and see (https://bitsear.ch/). In fact, the Google index similar to the decentralized field, Arweave feels like it has completely opened the world of another blockchain, is The current Internet world’s mapping in blockchain technology.

Smartweave smart contract

Smartweave is similar to smart contracts in the Ethereum world, but Smartweave is different from the current mainstream blockchain smart contract technology. Smartweave smart contract is a program developed by JavaScript, which is stored on the Avi network, so it is invariant. Submitted to the network with the contract code, as well as the creation of the contract. Unlike the intelligent contracts of Ethereum (and other public chains), Smartweave is not performed by miner nodes, but the computer execution of the contract calling person is downloaded. The execution process is from the state of the contract of the contract, perform all the transactions in the history of contract history in the history of the contract, and finally execute the transaction of the contract caller. After the completion, the contract caller submits the input and execution contract status of his transaction to the Avi network to enter permanent storage. The subsequent contract calls repeat the above process.

The above process means that Smartweave can be verified through a node, because its calculation process is gradually executed from the first transaction of history to the latest state, so it is also a credible calculation result. The index level of the index will slow down, and the operation speed of smart contracts will slow down. In his article (the first section link), Teacher Liu Yi can mention that the execution results of the trusted nodes can be made in the next transaction to the next transaction. There is no need to start calculation through the first heavy head of history.

Economic model

Among them, the team locks for 5 years, releases 20%each year, retains for five years, and releases 20%each year. The current market value is about 1 million US dollars, but the specific circulation is unknown, and the team needs to consult the team. Arweave obtained $ 8.7 million through ICO in 2018, and received 5 million US dollars from A16Z, USV and Multicoin Capital in 19 years. In March 2020, A16Z, USV and Coinbase’s $ 8.3 million funds.

Review of the project

Compared with Filecoin’s 2 billion yuan in supply, AR’s permanent supply is 66 million, and the current circulation rate has reached 50%. When I was concerned about this project, the price was 4.7U, and it has reached 6.1U, diluted. The post -valuation was $ 400 million, and I think the project is still undervalued.

First, the scarcity of AR will gradually increase in the future. AR’s coin -coin mechanism is even more scarce than Bitcoin. There are only about 1.98 million left AR, and the mining rate is 3%. In contrast, there are currently about 2.55 million BTCs that have not been adopted, and the mining rate is 12%. In addition to scarcity, what are the functions of AR? As the tokens of the Avi Agreement, AR can be used as a payment currency for purchasing permanent storage space. At present, the AR ecosystem has launched a profit sharing tokens (PST). AR can also be used to exchange PST Token earnings.

The second is that in the blockchain project in the storage field, Awei is the only blockchain agreement that proposes the concept of permanent storage. It also has certain scarcity in conceptual and technical. In addition, the investors of the Avi Agreement are basically the top investment institutions in the currency circle. A16Z and USV have led investment and follow -up for two consecutive times, indicating that Avi’s technology, team and business model are recognized.

1. What is DAO?

“Company” The invention of this organizational structure has greatly promoted the flow of capital and production factors. It is a bit bigger, which can be said to promote the germination, development and prosperity of capitalism. In the future of the web 3.0 era, the company deviates from the openness of the openness of the blockchain due to its own centralized decision -making, bloated institution, and bureaucracy. In this background, in 2016, a German startup launched the launch The well -known “The DAO”, which has more than 11,000 enthusiastic members of the project participating in the project, raised $ 150 million, but it was stolen due to contract problems, which caused huge losses. In the end Development is far from being as great as before.

In March of this year, the U.S. Wyoming DAO Act has voted for the State Senate. In essence, the bill allows DAO to be frank and recognized by the state government. They will be able to form a limited liability company, and term DAO, Lao or DAO LLC will appear in the official registration agency. This foreign news quickly triggered the discussion and enthusiasm of DAO in foreign cryptocurrency investment institutions, and many DAO communities also rubbed their fists in this year’s bull market.

The DAO discussed in this article is the full name of the Decentralized Autonomous Organization (decentralized autonomous organization), which is generally managed and operated by the organizational constitution into smart contracts. DAO is a group around the task organization. The task is coordinated by a set of sharing rules implemented on the blockchain. Due to the outbreak of DEFI and the new token distribution method of liquidity mining, it indirectly triggered the currency of the Defi governance token. Looking back at the current emerging DEFI project, community governance tokens seem to be the standard for all DEFI projects. On the one hand, we have seen that more and more DEFI projects are combined with the governance of DAO. DAO is gradually becoming the core composition structure of the DEFI project in the world today; on the other hand, not all projects have the energy to develop and maintain special development and maintenance A DAO governance platform, with the continued development of the industry, the rising demand for governance in the industry will inevitably give birth to a large number of demand for governance tool platforms.

Compared with centralized companies and limited partnerships, DAO (decentralized autonomous organization) mainly has the following benefits:

Coordinate resources when not all members know each other (or cannot understand each other to build trust)
The contribution of a large number of stakeholders is consistent with the common goals
Operate the organization in a way of resisting censorship
Tracking and verifying the participation and contribution of projects
Provide convenience for the contribution of various levels
Allows people and physical companies to contribute work without taking into account jurisdiction, regardless of the rules of the actual location
Especially compared to the traditional organizational structure, it has a flexible structure
2. The originator of DAO: ANT (FDV: $ 506 million; MC: $ 506 million)

First of all, it must be understood that Aragon is a DAO providing tools for DAO organizations. The core is to create and use DAO to provide rich and easy -to -use DAO tools. Aragon was founded in November 2016 and officially launched in November 2018.

So far, Aragon has become the largest DAO infrastructure. At present, 1753 DAO organizations have been created on Aragon, with 58 active organizations in 30 days. At first, Aragon’s slogan was “the next -generation company running Aragon”. When upgraded in the first half of last year, the “company” was changed to “community”. In the world of web3, the form of the community may be the company’s next -generation organization form.

Aragon’s main product is Aragon Network. Aragon Network is the most important basic service provided by ARagon, that is, organize the foundation network of creation and DAO. Aragon Network provides easy -to -use DAO creation tools, and creating a DAO only requires 0.1ETH and a few minutes of data filling time. Aragon has 6 types of templates. Different template focuses differently. Organizations can choose templates that meet their needs as needed.

Before 2019, Aragon can be said to be the only DAO target, so the market value in recent years has also risen steadily. Last year, Aragon’s management team had some negative news, but this year’s DAO track enthusiasm was ignited ignited this year. The price of ANT has also risen from 3U at the beginning of the year to 12U, which has increased in a short term.

3. Dao Haus and Dao Square: Dao community adhering to the spirit of Moloch

Moloch appeared on February 14, 2019. This is a donated DAO fund, which is essentially different from The DAO. The DAO can be defined as a “risk fund”. Moloch is a donation fund for Ethereum ecological development. It is mainly a public product that supports the Ethereum ecological development. At that time, many Ethereum bosses such as Vitalik, EF, Cinsensys joined the Moloch organization, including the earliest members of the DAO. Vitalik Buterin commented on Moloch Dao’s efforts to maintain, develop and improve the atmosphere of the Ethereum community.

From the figure above, we can see the difference between Moloch and Aragon. Moloch pays more attention to the spiritual level. The free and open spirit of blockchain continues, and it will be very friendly to the newcomers who have just started; The interface can be seen that the functions are very rich. Basically, you can complete all the processes currently needed through the company, including project management, salary, and financing. And ARAGON’s most powerful feature is that it can build an application based on the tool of Aragon.

Daohaus, which has recently completed CCO (community tokens), is a set of DAO systems based on the MOLOCH code. The toolpage and organization are very simple. As the earlier and high -quality DAO project, HAUS has gradually become a DAO project. Trend of the faucet. In my opinion, Daohaus is similar to a SaaS tool of a community autonomous organization. As a user, it can create similar companies, funds, communities, GRANT and other organizations. The distribution and governance mechanism of tokens run through Hus to ensure freely opening and decentralization. Compared with ANT, HAUS’s pages are more concise, token distribution and economic models are more community. Class structure, the person who initiated DAO is called “Summoner”. The summoner is only to maintain the growing DAO enthusiast community. For core contributors, different circles have established clear goals (products, media, DAO/ token design design Wait).

At present, HAUS has completed CCO issuance on the XDAI protocol. Friends who are interested in HAUS token and buy can refer to the Tibetan Golden Pavilion’s tutorial (https://www.chainnews.com/articleS/098340133842.htm) Daohaus official website participated in the launch of a DAO community. According to COINGEKO, as of April 9, the price of HAUS tokens was about 45U, the total amount of token issuance was 1 million, with 400,000 circulation, MC 17 million US dollars, and US $ 45 million.

In addition, there is a Chinese community that is closely related to Daohaus in China: Daosquare. At the beginning of March this year, Daosquare completed the seed wheel financing, valued at $ 15 million. Investment institutions include Youbi, SNZ, iOSG Ventures, GBV, Metacartel Ventures China, Mask Network, Brapital, and other individual investors such as DODO co -founders. It also participated in this round of investment.

Daosquare was born in the Ethereum community MetAcartel, which is committed to the construction of the web3 era incubator. Its goal is to become the Y Combinator of the Web3 era. Daosquare is planned to be set up in the core of the incubator in April this year. Global Incubation Program.

Since the beginning of this year, Frima has been in the Daosquare community. On the whole, the team value and concept of Daosquare have matched HAUS. He firmly believes that the value of DAO has recently introduced many well -known Ethereum community KOL as senior consultants. But it should be noted that the first thing is that Daosquare’s recent financing adopts the fund private equity model, which is very different from the community issuance adopted by Daohaus. The growth dividend of Daosquare has not given community members; the second is that the specific products of Daosquare are actually not online. There is no molding model.

3. DORA FACTORY: Pokka Ecological DAO Infrastructure

Dora Factory is a multi-chain DAO, a service infrastructure (DAO-As-A-Service) based on Pokka. The product has actual user data, the community participation is high, and the back is backed by Dorahacks. In the early stages of the founding, there is a certain user base. , Similar competitors who are ahead of Boca Ecology. The overall route of the project is clear and belongs to the early project of Pokka ecology, and has the advantage of the first development. This project is based on the open and programmable chain governance protocol platform based on Substrate. It provides a new generation of decentralized organizations and developers with secondary voting, curve auction, Bounty incentives, cross -chain asset management and other insertable governance functions Essence At the same time, developers can submit new governance modules to this DAO, as the service platform, and get continuous incentives.

Dora Factory is composed of Polkadot Factory, Ethereum Factory, and a virtual bridge. Each DAO organization has a vault to keep its digital assets. StakeHolders can deposit, withdrawn and manage assets in the organization. See the underlying function and module of Dora:

In addition, the team behind Dora is Dorahacks. Dorahacks has a certain influence in the geek community around the world. Through early community operations, a considerable part of the hackers and developers.

DORA is currently launched on the second -line mainstream exchanges, Gate and matcha. Currently, FDV is US $ 445 million, MC is US $ 66 million, and the total issuance of tokens is 10 million. Regarding Dora, the first -class warehouse has published a more detailed research report. For details, please refer to: https://www.chainnews.com/articleS/827082166196.htm.

The conclusion of quoting the first -class warehouse: “Dora Factory belongs to DAO on the Boba. Although the industry is still in a very early stage, DAO itself has huge development potential. The support of the activity and the HackerLink platform incentive plan, which has already ahead of similar competitions on Boka in the start, but how to convert its own advantages into a victory in the later period, to form a moat for its own ecology. Dress with highlights “.

4. Metis: Layer2+DAC, committed to becoming the DAPP infrastructure of the web3 world

The Metis project was relatively popular at the end of March this year, mainly for two reasons. One was that the project opened private equity in the community in China. Star project. Behind the hot, the second -level technology behind Metis and the DAC concept proposed cannot be ignored, because in March, Frima also participated in the community investment of Metis Dao, so he also knows the project more well.

1. Metis uses Optimistic Rollup to upgrade DAO into DAC

As we all know, this summer, many Layer 2 -layer solutions will appear on Ethereum one by one. At present, the mainstream second -layer solutions that are more optimistic are mainly 2 categories, one is Optimistic Rollup (OR), and the other is the other is the other is the other. ZK-ROLL up. Because OR has the advantages of built -in virtual machines, supporting universal smart contracts, and extremely friendly to developers, it is adopted by DEFI projects such as Uniswap and Synthetix. These advantages are just matching Metis’s needs.

In Metis’s vision, it hopes that all web2 applications (such as e -commerce, social, search) and a variety of communities can quickly build DAPP (decentralized applications including DEFI and NFT (decentralized applications including DEFI and NFT ), Use blockchain -based tools to manage the collaboration of community and data computing layers, and establish an efficient distributed autonomous company (DAC).

In addition, risk reminder: All the articles written by Friman have subjective opinions, not any financial suggestion. It may be partially related to the project. It is very risky and it is not recommended to participate in investment without in -depth understanding and research. Dyor!

Regarding Sienna, I comprehensively interpreted Suterusu in the public account: Is it a dark horse in a privacy track or a disabled? It is probably mentioned that this project is a two -layer protocol project on the Secret chain (token SCRT), which is https://sienna.network/. I started to pay attention to this project in March, because its model and concept are very similar to Sutertusu, and the development team’s strength looks good. The positioning is the Layer2 protocol. It is also through the second -level protocol framework. The privacy chain of the Tee node is committed to providing privacy protection for the DEFI project. The following products mainly include Pirvate Swap (this is similar to the Manta Network on Boka). In addition, investment institutions seem more well -known, but they are mainly some second -tier exchanges and domestic investment institutions.

In terms of token issuance, in the early stage, Sienna has IDO through Polkastarter and Dao Maker. The total amount of tokens is 10 million, private offer 5U, DAOMAKER IDO price is 6U, which has been traded on UNI. The recent price has been calling back. At present, about 20u, FDV 200 million U.S. knives. It should be noted that WSIENNA is traded on UNI, because the main network tokens are on the SCRT. According to the roadmap, the ETH bridge, BSC bridge, and Boka Bridge will be created later. In fact, this is similar to Suterusu Bridge. If the overall valuation is concerned, I personally feel a little higher, but from the relative valuation (relative to IDO issuance), there is still a certain space in the future.

In terms of roadmaps and white paper, according to the team’s roadmap and white paper, the current products planned are mainly 3 categories, one is bridge, one is SWAP, and the other is Lend.

Bridge: In fact, the bridge technology here is not so difficult. A mapping contract made by the project party is a special type of Bridge, which is the bridge that is only for its Sienna tokens.
Swap: It is expected to be realized this quarter, but I have a little doubt whether this SWAP can achieve privacy? Or even if you realize privacy, there is a problem with scalability? First of all, Sienna did not use ZK-SNARK technology. The privacy implementation of the bottom layer was mainly achieved through the SNIP-20s of the underlying public chain (maybe the underlying SCRT public chain token with privacy function). I think this DEX comes out. Privacy protection may be limited to SNIP-20 token, and it cannot effectively expand to other public chains.
Lend: According to Sienna’s plan, it is expected to be realized in the third quarter. LEND actually requires privacy protection functions. Large households’ asset -liability structures are extremely privacy in real life.

This note is sorted out while watching the project. It is only used as his own research records and does not make any investment advice. If you are interested in privacy protection, you can read my previous article about Suterusu. On the whole, I think that from technical strength, roadmap, and track mode, Sienna is inferior to Suterusu.

Let’s talk about the problems encountered by NFT. Everyone knows that the NFT on Ethereum has 2 standards, one is ERC721, and the other is ERC1115S currency. The homogeneous tokens are well understood. Similar stocks can be traded at any time and have good liquidity, but NFT is like artworks. Each NFT is non -homogeneous or limited homogeneous. For example It may be orphan, or it may be like a series of treasure stamps, but overall, it is limited, irregularly divided, valuable tokens. Unpacking, high -value NFT therefore also encounter the problem of insufficient liquidity. If the NFT market wants to move towards the sea of ​​stars, instead of being limited to the small world of art, encrypted ashes and collectors, then one The fragmented NFT protocol will be an important infrastructure for future NFT popularization.

The NFT fragmentation project headed by Unicly is doing this. By creating homogeneous Token by using the inseparable NFT fragmentation, thereby bringing liquidity.

In response to the fragmented solution in the market, Unicly pointed out two problems that still exist: the first is fragmented a single NFT instead of fragmented NFT series; the second is that Unicly believes that fragmented NFT is just the first step The auction mechanism and arbitrage mechanism after fragmented NFT, maintaining UTOKEN price rationality is the focus. UNICLE has the explanation protocol on the official website’s DOCS: It is that Unicly can fragment the NFT of ERC-721 and ERC11155s, and according to the pledged NFT series, UTOKENS can be issued. All investors holding UTOKENS can share the NFT series equalize Dividends of value improvement. Here I give an example. Suppose a well -known art institution initiated a gallery, and put it in a collection of famous paintings in advance, and distributed token with this gallery artwork. It will continue to buy famous paintings on the market for gallery exhibitions. The benefits of all artworks are performed by the Token holders. Then you can understand that the gallery’s rights and interests are fragmented.

The white paper on the official website gives an example to explain the whole scene.

Suppose Friman has two NFT worth 5 ETH, then pledge these two NFTs and create a UFReeman token token with a total of 1,000 copies. And Friman set a vote to unlock the NFT ratio, 50%, as long as more than 50%of the voting, then you can unlock the NFT and return to UFReeman.
Frima retains 200 UFREEMAN and offers 8 ETH and 800 UFReeman as the initial liquidity pool.
Suppose Xiaohong and Xiaolu have purchased 200 UFReeman and 400 UFReeman with 2 ETH and 6.67 ETHs, respectively. Because it is AMM model, the purchase price of the first person Xiaohong is 0.01 ETH, while the purchase price of the second person Xiao Green will rise to 0.0167 ETH.
At this time, there are 16.67 ETH and 200 UFREEMAN in the liquidity pool. At this time, the unit price of Ufreeman becomes 0.083 ETH, and the value of the entire NFT rises to 83 ETH, which is 10 ETH compared with the initial valuation, an increase of 8.3, an increase of 8.3, an increase of 8.3 Note.
It should be noted that the mortgage behind this pool value is NFT artwork. Assuming that there is a fool to bid NFT at this time, the bid for each NFT is 45 ETH, so the total price of the total pool NFT is 90 ETH is higher than the current valuation (83 ETH). Then there is a chance of arbitrage. Little Hong, Little Green, and Friman will vote to return UFReeman, so as to unlock the two NFT behind them and sell them to Dasha. The overall arbitrage (90-83 = 7) ETH.
If Dasha is smart at this time and is willing to bid 35 ETHs for each NFT, then the total auction price is 70 ETH. The price behind the little red and Xiao Lu is not cost -effective, because the FDV (total value) of Ufreeman is 83 ETH, which is obviously higher than the mortgage value behind it, and you will choose to sell UFREEMAN. Of course, there is a certain risk of doing so, that is, the NFT auction market behind it can be understood as the first -level market, and the secondary market itself has a certain premium. Then the judgment standard of this premium ratio is different. However, if the premium is too high, some investors will choose to sell second -level Token and choose to directly auction NFT.
Another scene is to end the fragmentation of Ufreeman. As the sponsors of this Token, Frima may be satisfied with the bid of 70 ETH of Dasha. Therefore, using the token on his hand to vote together with Xiaohong and Little Green, the voting ratio exceeds 50%. Then the pool will be unlocked automatically, and all the NFT will be handed over to Dasha. 70 ETH pays paid by Dasha will be paid to Friman, Xiaohong and Xiaolu in the ratio of Token.

After speaking of this example, in fact, everyone should have a general understanding of Unicly’s mechanism. In fact, I have experienced some other NFT fragmentation protocols, such as Niftex. The investor behind this protocol is 1kx (1kx is an Opensea seed wheel investor). On the whole, I think many NFT fragmentation agreements only pay attention to fragmentation, but the secondary flow and exit mechanism are not clear. Of course, there are many products of NFT fragmentation track innovation. For example, DODO is also working on NFT fragmentation. The DODO model has been respected by black pineapple before, but I have not studied in -depth research.

I like the current Unicly model. I think it is a great innovation in AMM, because all Token has a real value mortgage behind it. Compared to Uniswap, UNI and other AMM issuances are unlimited. The token behind it can be a bubble or a valuable team, but there is actually a problem, because the blockchain world itself does not restrict the restrictions. Many teams may issue many tokens in the same time, such as many projects across one other public chain and issue a tokens. This is unimaginable in the traditional world. I think it is a disguise to some extent. The capture cannot be mentioned at all, because many tokens issued on the Uni are mapping in the reality team and project. If the team turns to another field, or the newly issued token (it is not uncommon in the current currency circle), then it is actually the original to the original The tokens are greatly damaged, and the UNI mechanism cannot be guaranteed at present (after all is Permissions). On the contrary, UNICLE’s UTOKENS represents the value of the NFT behind, which can be locked on the chain. If you look at it, NFT is now not only representing art, but also expands more financial attributes in the future, such as the LP NFT of Uni V3.

In short, after reading the Unicly model, I think it is a very important innovation, and it may also grow into an important infrastructure in the NFT world in the future. In addition, by the way, Unicly intends to carry out Fair Launch tomorrow, the founder of the project is 0xleia, a very passionate and artistic imagination.

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.

Two articles in Friman have written the SUTERUSU project before, “Comprehensive interpretation of Suterusu: Is it a dark horse in a privacy track or a disabled? “And” Interpretation of XSUTER: Some Thinking about SUTERUSU’s New Economic Model “. What needs to be explained here is that in the second article about the economic model of the Suterusu, it is mentioned that the XSUTER and SUTER tokens are the lock mode of “two to one”. XSUTER must be returned to the public contract pool after the pledge is over. This sentence is actually wrong. After communicating with the official personnel later, the XSUTER pledge is actually locked for 15 days after the end of the pledged pledge can be returned to the user. In my opinion, XSUTER tokens actually dilute some of the value of the native SUTER tokens, because the value of the SUTERUSU protocol in the future is captured by 10 billion SUTER and 32,000 XSUTER. The comparison of the auction model has been analyzed in previous articles, and this article will not be repeated.

1. The potential impact of XSUTER tokens auction on SUTER

After clarifying fresh auction models, we can estimate the number of locking Sutr pledge based on the current XSUTER value, so as to draw a better support for the second-level market currency price of the SUTER secondary market in the next 2-3 months “. in conclusion.

At present, the CMC on XSUTER shows about 500U, but it is actually futures prices, and the circulation is very small. At present, there are 2225 BNB, 918312 BUSD, 430 CAKE and 15 BAKE in the first round of dividend pools. According to the current price of about 200WU, the number of XSUTERs participating in the dividend for the first time is 2W, which means The value is 100U, and the individual expects that the price of XSUTER in the current market environment is about 150U-200U. In any case, assuming the price of XSUTER in the next week is stable at 200U, 19,000 auctions in the first round, and the total value of the auction is $ 380W, which means that the pledge reward of the Suter The value of $ 380 is expected to have a cash value of $ 200W, and 1.8 million US dollars is the value of future dividends.

So how many SUTER tokens can be locked in the $ 3.8 million reward? According to the BSC SCAN browser, the current SUTER tokens on the BSC are 1.7 billion pieces, and the cloid volume of SUTER is expected to be around 3.8 billion. Because this auction only allows the Bep20 format to participate in the BEP20 format, considering that some BEP20 SUTER participates in TTV mining and Pancake’s LP mining activity, we can optimistic assumptions. This round of auction is expected to be 12-15 billion pieces. Participation, the average locking on average 3 months (3 grades, 1/3/June), and at the current price of 0.008U, then the total value of the total pledge value is $ 12 million, which means that 3 tokens of the $ 12 million tokens pledge 3 pledges 3 pledges 3 pledge Month can get a pledge reward of 3.8 million US dollars, and the annualized yield APR can reach 125%. In addition, the pledge reward will be redeem $ 2 million at the beginning of the period, and at the end of the period, 1.8 million US dollars.

If there are 1.5 billion circulating SUTER pledged, it means that the remaining 2.3 billion are still circulating (mainly ERC20 token). However, the 2.3 billion middle teams, foundations and institutional investors should occupy most of them, and they should also be locked. In addition, the early TTV mining from nearly 380 million Suter will not be released until July 30, and the new circulation will not be very large. It is expected that the subsequent pressure will be greatly reduced in the next 2 months. Essence

2. Comparison of SUTER and AZTEC/TORNADO privacy technology

All this content comes from Dr. Lin Huang, the project CTO, and shared the records here.

Comparison with the technical characteristics of Aztec: below:

Aztec’s current solution is still based on ZK-SNARK, which requires Trusted Setup, but Suterusu’s core technology ZK-Consnark does not need to be trusted initialization, so security is undoubtedly higher.
The current AZTEC solution only supports Confidential Transfer, which cannot ensure the anonymity and incompetent of trading users. The SUTERUSU’s solution not only guarantees the confidentiality of the payment amount, but also has anonymity and irreversible trading user identity.
Aztec’s Gas Fee decreases as the user operation wait time becomes long. This is because the Rollup solution based on the Batch Proof needs to wait for the system to have enough transaction to batch. For example, our Tech VP Jingjing used their Rollup to wait for two days and still didn’t find a lot of transaction to BATCH, so the DEPOSIT Transaction initiated the day before yesterday has not yet succeeded. This idea of ​​the SUTER project has also been considered before, but this idea that requires users to wait a long time to generate Batch Proof obviously will obviously reduce user experience, so this idea is not used for the time being. In fact, our solution can also be adopted in the same way, but we think that in most cases, users still hope to complete the transfer operation as soon as possible, rather than just for a long time to reduce the cost of use. Secondly, there is a very important reason for Aztec’s Gas Fee. Their solution only guarantees the privacy of the transfer amount. Therefore, their zero -knowledge proof proves that the statement needs to prove is simpler, so relatively less GAS Fee consumed. Finally, the solution they use is ZK-SNARK, so the security of their solution is much worse than our ZK-Consnark.
Among them, the risk of Batch Proof is that once the certification that cannot be verified in the Batch Proof, it is difficult to determine which certificate is bad, and it may need to prove a proof to verify the past. Still did not decrease.
In addition, their Rollup requires a Rollup Provider to do the work of Batch Proof. In addition to the risk of centralized being attacked by a single point, such a Rollup Provider architecture is not supported by all public chains, so their protocol is outside Ethereum outside Ethereum. There may be some difficulty in public chain deployment. Suterusu is a second -layer protocol that can be connected with almost all smart contract platforms. Therefore, we have great advantages on the Commission and Interoperability of the protocol. So this is why we can deploy in many chains such as Ethereum, Binance Smart Chain, Smartbch, TheTA, etc. in many now. Aztec has just been launched, and there are no users at present, but Suterusu has 4600+ users, and the transaction value has exceeded $ 250 million.

Comparison with the technical characteristics of tornado.cash: below: below:

Tornado.cash is completely focused on the Ethereum ecology, so it obtains the support of some of the early users of the Ethereum community. The TVL and the transaction value have a certain first -mover advantage. It does not support the protection of transaction amounts. Relatively speaking, Suter Shield can both provide anonymous protection of transaction accounts, but also provides transaction amount protection, and more functionality of privacy protection;
Sutershield can also provide privacy transfer functions, that is, under the premise of protecting the transaction account and the transaction amount, a transfer of any transfer between different accounts is less than the account balance. In contrast, Tornado.Cash can only allow users For example, 1.10.100, then if you want to do a 589 transfer, you only need to complete it once in the SUTER network. In TORNADO.CASH, you need 9 times 1, a total of 22 operations, how trouble is this, and each operation consumes GAS Fee, you do so many operations on Ethereum, you think about how much Gas Fee consumes, so in terms of usability The plan is a huge leap. The reason why Tornado.cash did so is that their solution does not provide the protection of the amount of conversion. They can only provide a certain degree of confidentiality through this very stupid method.
The reason for the amount of user transfer in reality is that the amount of integers listed above is rarely the above -mentioned integer. Value, and SUTER only needs to be done once, users are lower than Tornado.cash even if they need to do two operations of SUTER. In this way, even if TORNADO.CASH consumes a single GAS Fee slightly lower, the average GAS Fee of the SUTER is still much lower than the GAS Fee of Tornado.cash. In addition, TORNADO.CASH’s single GAS FEE is slightly lower because they are large because the solution they use is ZK-SNARK, and their security is far less than our ZK-Consnark. And our solution has a leap in terms of the occupied space and proof of the processing and verification efficiency compared to the similarization of the same type. We are also working with the German engineering school KIT and the Code Scholar of the French Academy of Sciences to continue to improve the efficiency of the password scheme itself, thereby continuing to reduce the GAS Fee. In addition, we are considering reducing GAS Fee through the cooperation of MATIC in the Ethereum ecosystem, such as MATIC.
The other point is that in Tornado.cash, if you want to transfer money to your friends, you can generate Notes after you save it, because this notes can take your money away if you just get it, so you can transfer this money for your friends to use encryption Methods to this Notes, and you only need to know your friend’s Suter account when using Suter Shield. The SUTER account is actually the user’s public key. Your friend can make the public key on which website. Just copy it, you don’t even need to interact in advance between you and your friends. Because ordinary users are not necessarily familiar with how to encrypt up a message, this is also a great improvement in availability.
Tornado.cash’s technical architecture determines that his service target can only be Ethereum, and Suter Shield is a kind of open architecture that can open up the ecology of various chains such as Ethereum, BTC, and BSC. The deployment work has been unfolding, and it will be deployed on Avalanche, Polkadot and other deployment, which will provide privacy protection functions for many DEFI and other scenarios. This will definitely make the public chain deploying our agreement more advantageous when ecological construction.
Third, some thinking

Regarding XSUTER’s new auction economy model, I actually don’t think it is good enough. If the XSUTER secondary transaction price is less than the cash value (100U), is it right for this Trade-OFF (slightly diluted SUTER value and absorbing more SUTER pledge) Is it right? After the first edition of the XSUTER auction economy model, I think that the team has not had enough communication with the community in this regard. I hope that after the team structure is improved, there will be more community voices and team communication.

Regarding the discussion of privacy technology, in fact, in the previous articles, SUTERUSU has been compared with many Layer2 track rivals. As far as I know, the current SUTERUSU SUTER Shield products are currently in V1 version, and the V2 version is being constructed. V2 version will make some improvements in reducing GAS consumption and improving privacy performance. In addition, the recent SUTERUSU’s layout on many public chains has also accelerated. At present, it has successfully deployed public chains such as ETH/BSC/Smart BCH. Suterusu is indeed one of the few progress in the privacy protection track and the product landing project. It is expected that Suterusu can integrate more DEFI in addition to creating the advantage of the moat.