OKEx Intelligence Bureau: 100 million people hold encrypted assets, KSM slot auction is ahead of Polkadot, over 100 million UNI was airdropped
The OKEx Intelligence Bureau Industry Weekly Report will take you to quickly review industry trends and clarify industry trends.
Table of contents:
Market overview
cryptocurrency market
Polkadot ecology
Table of contents:
industry voice
Polkadot ecology
Regulatory dynamics
Market overview
DeFi ecology
Regulatory dynamics
1. Cryptocurrency market
Market overview
According to CoinGecko data, as of 15:00 on September 25, 2020, the total market value of the cryptocurrency market was 339.7 billion U.S. dollars, a decrease of 7% in the 7th day. The market panic and greed index is 46, and the level is panic; USDT premium rate is -0.45%, and the average OTC price is ¥6.79.
According to OKEx spot, as of 15:00 on September 18, BTC temporarily reported $10,650, with a maximum fluctuation of -7.7% on the 7th, and OKB temporarily reported $6.2, with a large fluctuation of +8.6% on the 7th. The long-short position ratio of the OKEx BTC contract is 0.77, and the short side of the market is dominant; the total contract position is 817 million USDT, a decrease of 9.4% from last week.
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1. Cryptocurrency market
1. Report: More than 100 million people around the world hold cryptocurrencies
According to Cryptonews news on September 24, a new study released by the Cambridge Alternative Finance Center shows that the number of encrypted users is growing exponentially, and more than 100 million people around the world are currently using encrypted assets. That's a huge increase from the 35 million found in just two years of research. The authors of the paper, Blandin et al., argue that reducing anonymity helps researchers easily identify crypto users.
[Interpretation] In addition to the increase in individual investors, institutional investors are also increasing rapidly. For example, in September, the cryptocurrency insurance company Evertas conducted a survey of institutional investors in the United States and the United Kingdom. The survey results showed that 90% of the respondents % of institutional investors looking to increase their cryptocurrency investments.
2. CCTV2 Finance and Economics column: The acceptance of decentralized finance continues to increase, boosting the recovery of cryptocurrency
CCTV2 Tianxia Finance and Economics column reported on September 25 that since the beginning of this year, the world’s major cryptocurrencies have risen by nearly 70%, while gold’s rise has only been 20%. commodity market. From the perspective of return on investment alone, cryptocurrency can be said to be one of the best performing investment assets this year. The best performers among cryptocurrencies are likely to be ethereum, which is up 169.4% this year, and bitcoin, which is up 49.48%. The main reason for the rise of cryptocurrencies is, on the one hand, DeFi, the so-called decentralized finance. Decentralized finance is gaining acceptance, and cryptocurrencies are a major tool in this regard. On the other hand, due to the epidemic, the introduction of huge stimulus may stimulate inflation and weaken the dollar. Supporters believe that major cryptocurrencies such as Bitcoin provide an option for preservation of value.
[Interpretation] Decentralized finance (DeFi) is rapidly "out of the circle". With its rapid development and influence, it is recognized and favored by more and more people. Cryptocurrency is an indispensable basic asset of decentralized finance, and the relationship between the two is subtle and interesting.
3. The data scale of the full node of the Bitcoin blockchain has exceeded 300GB
According to Blockchain.com data, the data size of the full node of the Bitcoin blockchain has exceeded 300GB in late September. This is the data size of the complete Bitcoin transaction history over the past 10 years. This is also the amount of information that a full mining node needs to download and save on hard drive after syncing with the Bitcoin network. In contrast, the full node data size of the Ethereum blockchain has exceeded 5TB, and continues to grow rapidly as the block size increases, although the node after pruning is only 165GB.
[Interpretation] The larger the number of full nodes, the higher the degree of decentralization of the project, and the larger the amount of node data, it means that those devices or people with insufficient storage space are blocked from the door, which will also lead to the number of full nodes As a result, the degree of decentralization of the project is reduced.
[Interpretation] The value storage function of Bitcoin is being recognized by more and more investors.
2. Polkadot Ecology
5. Report: The United States is still the country with the most blockchain patents
According to news from Cointelegraph on September 21, a report recently released by the intellectual property consulting firm KISSPatent pointed out that the United States is still the country with the most blockchain patents. The data shows that the United States has 2,112 patents; followed by the Cayman Islands with 350 patents; Canada has 118 patents. The rest of the top six countries are Japan with 108 patents, South Korea with 87 patents and China with 77 patents. The Cayman Islands ranked second, as most of Alibaba’s blockchain patent filings were made on the island.
[Interpretation] In the blockchain world, although patents cannot be used to measure the strength of industry development, for example, although Bitcoin and Ethereum have not applied for patents, it does not mean that the two projects are not strong enough, but the number of patents can be determined from The side reflects the economy's recognition of blockchain technology.
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2. Polkadot Ecology
1. Polkadot has established a decentralized platform Polkadot Treasury
According to Cryptopotato's news on September 18, a few months after the main network was launched, Polkadot established a new decentralized platform to provide funds for the project. The platform, called Polkadot Treasury, will be governed by council members elected by the community. Currently, several teams have submitted proposals to the Polkadot Treasury.
[Interpretation] According to official news, on September 18, the first batch of projects submitting proposals to the Polkadot Treasury Fund was announced. Development, including Redspot aimed at simplifying the testing and interaction of on-chain smart contracts, supply chain finance blockchain project Centrifuge and Go Substrate RPC client (GSRPC), Polkascan browser and its necessary infrastructure deployment project and self-sovereign identity system Encointer.
Additionally, anyone holding DOT can submit a proposal to be funded by the Polkadot Treasury, which will be approved based on their ability to “generate traction on the network,” officials said. Advice may relate to infrastructure deployment, cybersecurity operations, ecosystem provisioning, software development, marketing activities, and community and outreach activities. Proposals must be submitted on the Polkadot blockchain, however, to minimize on-chain storage, they will not contain any contextual information. To avoid submitting low-quality or spam proposals, a deposit of 100 DOT or 5% of the total submission is required for each proposal submission. If their proposal is approved, the deposit will be returned to the user; if rejected, the deposit will be destroyed.
2. Polkadot Weekly Report: The referendum on increasing the number of validators failed, and the network has been upgraded to runtime v23
On September 20, Polkadot’s official community PolkaWorld released Polkadot’s weekly report. The main contents are:
1) The Polkadot 2 referendum, which will increase the number of validators from 197 to 236, failed.
2) The Polkadot network has been upgraded to runtime v23 on September 17. If there is a problem with Ledger, it is probably due to an upgrade, and the official is currently fixing related problems.
3) The first batch of teams applying for Polkadot Finance include Patract Labs, Centrifuge, Polkascan and Encointer."Yearn Finance Polkadot"4) Before validators were oversubscribed, the maximum number of nominators on Polkadot was increased to 256, and Kusama was 128. This change upgrade will be seen in the next runtime.
5) Polkadot version 0.8.24 was released on September 18th. This release provides native support for the upcoming runtime v24.
3. Polkadot reminds community members to pay attention to related scams
On September 21, Polkadot tweeted to remind users to be aware of scams, and impostors often use the Polkadot brand to deceive community members. Never give out your seed phrase or send funds without verifying the source.
[Interpretation] On September 22, there was an incident of posing as a Polkadot ecological project. Polkadot officially tweeted on the evening of September 22, saying, please note: YFDOT does not belong to Polkadot, nor is it built on Polkadot, nor is it Part of the Polkadot ecosystem. Their
According to official sources, on September 23, some community members asked when the Polkadot parachain slot auction will start? Polkadot founder Gavin Wood replied today that the Kusama parachain auction will be held before the Polkadot parachain auction. It doesn’t make sense to start doing auctions until we’re ready to actually host parachains on Kusama/Polkadot. There are several blocking factors as follows:
1) Parachain code needs to be upgraded from Rococo v0 to v1. This work is currently underway and may take a few more weeks. The v1 release is the basis for some important future features including usability and availability, XCMP and parathreading, etc.
2) Cumulus needs to be upgraded to match parachains v1 and xcmp-lite and stabilized (this is also an important stability testing site for Rococo).
3) The ultimate security of parachains (through usability and validity) needs to be fully implemented and (for Polkadot) audited.
4) The auction module also needs to be audited (for Polkadot) (this will take 1-2 weeks, but is unlikely to be a bottleneck).
So regarding the slot auction, there is no fixed date yet, because it doesn't make sense to start an auction before the technical groundwork is done. However, we will continue to update progress whenever important milestones are achieved.
2) Cumulus needs to be upgraded to match parachains v1 and xcmp-lite and stabilized (this is also an important stability testing site for Rococo).
3) The ultimate security of parachains (through usability and validity) needs to be fully implemented and (for Polkadot) audited.
4) The auction module also needs to be audited (for Polkadot) (this will take 1-2 weeks, but is unlikely to be a bottleneck).
So regarding the slot auction, there is no fixed date yet, because it doesn't make sense to start an auction before the technical groundwork is done. However, we will continue to update progress whenever important milestones are achieved.
[Interpretation] The parachain slot auction is a major event in the Polkadot ecology for the next period of time. Although the time has not been determined, the next development work will basically focus on this.
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3. DeFi ecology
1. Yam Finance will launch on-chain governance, hoping to establish a richer reward mechanism in the future
According to news from Cointelegraph on September 23, although Yam Finance has carried out the first rebase for YAM V3, the official said that its protocol has not been fully optimized, and the protocol still needs governance, liquidity incentives, and the basic process of re-establishing the supporting protocol. Improvements are made. The official also stated that adjustments should be performed more frequently in the future to reduce the impact of official financial purchases of tokens on the market. Yam developers hope to launch on-chain analytics in the near future, and on-chain governance is expected to be live in the next few days.
[Interpretation] Only one day after the launch of YAM on August 11, the protocol loopholes were exposed, and the community participated in the rescue of YAM on a large scale. On September 19, YAM v3 returned, and Yam Finance, which had been suspended for more than a month, started mining again. At present, only the YAM/yUSD Uniswap LP pool has been opened, and users can continue to mine "sweet potatoes" by mortgaging relevant market-making certificates. According to the official introduction, there are a total of about 925,000 YAM rewards in the YAM/yUSD Uniswap LP pool. In the first week, 92,500 YAM will be distributed, and thereafter will be reduced by 10% every week. Although the official said that the project has passed the security audit, but now that the market heat is over-dispersed and new projects are emerging one after another, the attention of YAM is no longer what it used to be. It may be difficult for YAM to become the original king after returning from a broken halberd.
2. The founder of yearn revealed that he will launch a new yearn system, integrating multiple functions and running on L1/L2
On September 24, yearn.finance founder Andre Cronje tweeted that the new Yearn system may be the most complex system to date. It contains synthetix, Aave, Chainlink, and yearn.finance. At the same time the new system will run on L1 and L2. In this regard, he also launched a vote on Twitter to decide whether to write a white paper before the release, or directly release it to surprise.
[Interpretation] On September 17, Uniswap announced the issuance of tokens and launched an airdrop plan. As long as the Ethereum address that has interacted with the Uniswap smart contract before September 1, after actively claiming, they can get 400 UNI airdrops. This wave of airdrops has brought huge profits to nearly 200,000 investors in the currency circle. Some people made hundreds of thousands of dollars overnight, while others envied and hated them.
4. Industry voice
4. Blue Fox: Uniswap V3 may involve ZK-Rollup expansion scheme
According to deep chain financial news, Blue Fox Notes founder Blue Fox said on September 24 that Uniswap's V3 may involve: 1. Limit order mode; 2. ZK-Rollup expansion plan; 3. Integration of ZK-SNARk and prevention of Front-running transactions; 4. Fee distribution for UNI token holders.[Interpretation] Uniswap is a decentralized trading platform with leading liquidity and trading volume. It was established in November 2018 and released the first version of Uniswap v1. In May 2020, it launched Uniswap v2. It is planned to launch Uniswap v3 at the end of 2020. This version will eventually introduce the Rollup expansion solution, mainly to solve the current congestion on the Ethereum chain.
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4. Industry voice
1. OKEx CEO: It is expected to release the OKT airdrop and mining plan after the National Day
On September 24, the CEO of OKEx posted a Weibo response to netizens saying that the airdrop and mining plan for OKT is expected to be released after the National Day holiday.
[Interpretation] On September 13, OKEx's own public chain OKChain has been officially renamed "OKEx Exchange Chain" (OEC). Any individual or community organization can build their own blockchain application based on OEC. OEC will focus on five ecological directions: issuing digital assets, running smart contracts, cross-chain, independently building decentralized exchanges, and releasing DeFi applications. After the OKEx transaction chain goes online, not only will the OKB holders be mapped to the OKT airdrop, but the mining plan may also be launched. The official plan is expected to be announced after the National Day holiday. Please pay attention to the announcement and Jay Weibo. The OKEx Intelligence Bureau will make a detailed interpretation at that time.
2. Cryptocurrency analyst: Bitcoin will soon decouple from traditional markets
Cryptocurrency analyst Willy Woo recently tweeted that, judging from the recent chain reaction, the correction in the crypto market has caught most spot investors off guard. Correlation with equities drags down bitcoin's one-week bull run. Willy Woo predicts that Bitcoin will soon decouple from traditional markets, but it will be driven by internal adoption of the S-curve rather than a change in the perception of traditional investors as a hedge. User base adoption has broken all-time highs.
【Interpretation】Recently, demand from platforms including Grayscale, Bakkt, and LMAX Digital has increased. MircoStrategy increased its holdings of Bitcoin by $175 million in September. In addition, data monitoring on the Tokenview chain on September 24 showed that the net inflow of Bitcoin on the exchange continued to rise, up 44.73% from the previous day. Is a Crypto Bull Run Coming?
Forbes columnist Christopher Brookins said in an article on September 25 that the strong growth of DeFi and NFT has always been the "double-edged sword" of Ethereum, constantly blocking the network and greatly increasing transaction costs. Higher transaction costs and slower processing speeds could act as barriers to new entrants into DeFi or NFTs, dampening new demand for Ethereum. The lack of fresh demand in the Ethereum market, combined with macro uncertainty around the election, appears to be weighing on prices. In the long run, the emerging ecosystem built on top of Ethereum looks promising, especially once ETH 2.0 solves the current capacity issues. In the short term, however, prices could see further weakness and volatility before the next leg up.
[Interpretation] Scalability has always been criticized by Ethereum. Ethereum 2.0 and the lively DeFi supported the bull market in the first half of 2020. However, the real functional Ethereum may take effect after 2 years , Ethereum’s positive benefits are limited in duration, and the DeFi boom has highlighted problems such as Ethereum’s congestion and high handling fees, which may temporarily drag down the development of Ethereum for a long time.
4. V God: xDai can only be used as a temporary solution, long-term development needs to be migrated to rollup
On September 24, Vitalik tweeted that xDai is only acceptable as a temporary solution. In the long run, it is still a PoA chain. It's basically just a private federated chain (and enterprise apps that like federations will want to have their own federation), so it needs to be migrated to a rollup. The best way is of course xDai itself to migrate to rollup!
[Interpretation] xDai Chain is a US dollar stablecoin blockchain jointly launched by the MakerDAO Foundation and POA Network. It is also a sidechain compatible with Ethereum. It uses the stablecoin xDai as the basic token for transactions and payment of gas fees , and through the STAKE token, with the help of the unique POS DAO equity proof algorithm for bookkeeping and governance. Rollup is a Layer-2 scalability solution similar to Plasma (according to how to ensure the correctness of state transitions, there are two Rollup methods: ZK Rollup and Optimistic Rollup), a single Rollup block can bundle thousands of transactions together, It is estimated that the throughput can be increased by 100 times. Rollup has been repeatedly recognized by V God as its favorite Layer 2 scalability solution.
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5. Blockchain industry empowerment
In a recent webinar held on YouTube by the Brazilian Ministry of Justice and Public Security, Elmo Raposo Oliveira, system development coordinator at the country’s Ministry of Health, said that Brazil now plans to use a blockchain-based system, the “National Health Data Network,” to Track COVID-19 vaccinations.
2. The U.S. Bureau of Financial Services studies the use of blockchain for grant payments
According to The Block on September 23, according to a statement on Monday, the U.S. Bureau of Financial Services will continue to conduct research on blockchain technology in a new project called "Blockchain for Grants." The agency began researching decentralized ledger technology three years ago, when it launched a blockchain pilot project to track physical office tools such as computers and cell phones. It also promises to explore other use cases for blockchain at the same time. Blockchain for grant payments is "a continuation of work that began in 2017," the bureau said, specifically looking at how grant recipients could leverage blockchain for tokenization and payment methods for transactions. The new program will run for six months and focus on the legal implications of grant payments on the blockchain.
3. Visa is researching offline digital currency payment technology
According to Forbes on September 23, Cuy Sheffield, head of Visa cryptocurrency, said that the company is currently researching offline digital currency payment technology. When it comes to central bank digital currencies, Sheffield said that Visa is actively cooperating with central banks in this regard. He said that if central banks were to issue CBDCs, they would need to consider many of the same issues faced by stablecoins issued by private companies, and that one of the barriers to adopting CBDCs is that they cannot operate without electricity and internet connections, which limits its applicability.
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6. Regulatory trends
1. The European Commission officially launched a regulatory framework for encrypted assets and stablecoins
According to Cointelegraph, on September 24, the European Commission officially adopted a new digital finance package, including digital finance and retail payment strategies, as well as legislative proposals on encrypted assets. The European Commission said the new package is the first time the agency has proposed new legislation on crypto assets.
As part of the new legislative proposals, the EC is paying particular attention to stablecoins — cryptocurrencies whose value is pegged to an external reference such as the U.S. dollar. Specifically, the proposal aims to introduce stricter requirements for stablecoin issuers in terms of capital, investor rights, and regulation. Among them, if the stable issuance exceeds 5 million euros (5.8 million US dollars), the European Community requires the stable issuer to complete the authorization of the national competent authority. In addition, the agency also hopes that issuers of encrypted assets will issue white papers and impose mandatory requirements for information disclosure. Small and medium-sized enterprises offering crypto assets totaling no more than 1 million euros ($1.1 million) within a 12-month period will be exempt from publishing the white paper.
2. The European Commission will launch a blockchain regulatory sandbox in 2022
According to cointelegraph, according to an update on the official website of the European Commission's digital innovation and blockchain team on September 23, the European Commission will work with the European Blockchain Partnership (EBP) to test the European Blockchain Service Infrastructure (EBSI) in the sandbox. ), and will launch a blockchain regulatory sandbox in 2022. EBSI is a joint initiative of the European Commission and EBP to use blockchain technology to provide cross-border digital public services across the EU. According to reports, this comes just a week after the European Union plans to establish a regulatory framework by 2024 to promote the adoption of blockchain and digital assets in the financial sector.
