The 2020 Blockchain Twitter Bible: DeFi
Editor's Note: This article comes fromWebX Labs Daily (ID: gh_3bc595acebaf), reprinted by Odaily with authorization.
DeFi 2020 from the perspective of Twitter:
Editor's Note: This article comes from
WebX Labs Daily (ID: gh_3bc595acebaf) DeFi 2020 from the perspective of Twitter: @Joseph Young In 2019, Twitter replaced Reddit, Telegram, and BitcoinTalk as the main communication platform for the blockchain industry in the United States. Great gods such as V God and Nic Carter, as well as the most active projects and developers in the DeFi field, will use Twitter in 2020 without exception. Communicate and communicate with the outside world. This popularity is inseparable from Twitter CEO Jack Dorsey. As a long-term advocate of Bitcoin, he has created a loose circle on Twitter for blockchain and DeFi in 2020. This time we follow the trajectory of DeFi on Twitter and review 2020 Crazy this summer. The beginning: "2020, more stories" #On January 1, 2020, DeFi locked 680.9 million $# @Garlinghouse "Two big things in 2020, one is CBDC and the other is DeFi" On the last day of 2019, when the well-known analyst Joseph Young predicted the story of the cryptocurrency market in 2020, he only mentioned two points, one of which is DeFi, which will enter the public's perspective in 2020. @AAVE secondary title January On January 21, Ripple CEO Brad Garlinghouse tweeted after participating in the Davos meeting, saying how our work can contribute to a larger group in the face of current world challenges. What we do matters more than ever, and we have the opportunity to create a more inclusive financial system. It hints that DeFi will go out of the circle in 2020. “We have introduced a short-term lending feature of a ‘decentralized lending pool’.” @KAVA On January 9th, Aave announced the launch of the Ethereum mainnet, along with a series of new functions, including the famous flash loan function in the future. On January 18, the first flash loan arbitrage transaction was completed, which was an arbitrage operation between Dai and Sai designed by ArbitrageDAO. On January 31, according to data from DeFi Pulse, the total value of DeFi locked positions reached 882 million US dollars, a record high. In the past month, the locked-up amount of DeFi rose from $6.52 to $882 million, an increase of about 35%, and the growth rate was significantly higher. @bZx secondary title February #Dangerous, giants and innovations are sprouting# @Alex Krüger "Cosmos' first DeFi project testnet launched" On February 5th, Kava announced that the CDP testnet will be officially launched at 10:00 pm on February 5th, which is the first DeFi project in Cosmos. In fact, it wasn't until 8 months later that the popularity of cross-chain DeFi was really revealed. As Ethereum broke through the $200 mark yesterday, the locked value of the DeFi market reached $1 billion on February 8. On February 10, the Aragon Court (Aragon Court) was officially launched. For Aragon, this is a key step towards its grand decentralized organizational governance model, and at the same time, an important experiment in decentralized governance, a new beginning for The DAO in 2020. At the same time, FCoin, the originator of the liquidity mining model, announced the permanent destruction of all FT held by the FCoin Team (about 720 million pieces). @Nexus Mutual "We shut down the Fulcrum trading platform due to a flash loan attack" February 15. After bZx was attacked by the first flash loan, it tweeted to suspend its Fulcrum trading platform. This is the first flash loan attack. DeFi observer Chris Blec commented: "Early unconfirmed theories believe that this is not a smart contract hack, but someone used oracle (possibly using quick loans) to conduct some kind of aggressive market manipulation." Almost perfect prediction It prevented the later wave of flash loan attacks and oracle machine vulnerabilities. On February 13, Opyn reached a cooperation with the "DeFi bank" Compound and launched its first put option insurance agreement, which means that users can still get back the principal and interest when the Compound contract is attacked. The concept of DeFi insurance became popular only after the DeFi market encountered flash loan attacks many times in the later period. "How to be like a boss? Borrow for free, trade and pay back" February 16. Decentralized insurance protocol Nexus Mutual announced the details of six claim assessments on Twitter, and paid the first claim on February 19. @V God "The Uniswap v2 oracle is designed to resist flash loan attacks." @Andre Cronje On February 19, after bZx was attacked repeatedly, discussions about "oracle machine", "flash loan" and "key management" have become more and more, and the DeFi ecology is going through a short period of pain. In this regard, Ethereum co-founder Vitalik Buterin had to stand up on Twitter to maintain stability, saying: "Uniswap v2 oracle machine design can resist flash loan attacks." #Preheating Before Crazy# DeFi Pulse data shows that after experiencing Black Thursday, on March 13, the lowest point of DeFi locked value was close to 250 million US dollars. According to statistics from DeBank, a total of $23.45 million was liquidated on March 12. At the same time, from March 25th to March 30th, in six days, Tether issued a total of 4 USDT transactions, each USD 120 million, totaling USD 480 million. Change the previous practice of issuing up to 60 million U.S. dollars each time. @Balancer “Banlancer is Live” "I can be wrong too" @Larry Cermak On March 5th, with the success of yearn.finance and the skyrocketing price of YFI, more and more funds poured into YFI. Andre Cronje worried that participants would bet all bets on YFI because of FOMO sentiment, which would cause him Therefore, Twitter reminded users to be cautious. And so far this tweet is still pinned on his personal homepage. #Unremarkable rapid growth# On April 1, the decentralized exchange Balancer was officially launched. @Nate Geier "Non-custodial exchanges are growing rapidly" On April 24, Larry Cermak, research director of The Block, released a data on Twitter, showing that compared with CEX, although the trading volume of non-custodial exchanges is very small, it has grown extremely rapidly. From January 2019 to the present, the trading volume accounted for The volume ratio of CEX has increased by 6 times. @Samson Mow secondary title "NFT will play an important role in DeFi" On May 2, Nate Geier, the founder of Mintbase, launched a round of voting on Twitter on the role and status of NFT in DeFi, of which 80% absolutely agreed. "No one is going to build any secure financial system on Ethereum" @Balancer May 19. Blockstream COO Miao Yongquan (SamsonMow) once commented on Twitter: "No one will build any security (such as financial) systems on the Ethereum platform. If you want tokens, you can issue them on the Liquid network, and you can thank me later. " secondary title @Compound June #Liquid mining frenzy pulls the trigger# Under the upsurge of liquidity mining, the demand for stablecoins has greatly increased. On June 29, as USDT was issued an additional USD 300 million in the Ethereum network, the market value of USDT exceeded USD 10 billion for the first time. "The liquidity mining token mechanism will be officially implemented on June 1" On June 1, the decentralized exchange Blancer announced that it will introduce a proposal for the community governance token BAL, and announced on June 1 that it will officially implement the "liquidity mining" token mechanism, trying to use its token BAL Injection provides economic incentives for early adopters of the Balancer protocol to promote more liquidity providers to join and participate in community governance. "COMP starts distributing" @DeFi Pulse On June 14, the official Twitter of the decentralized lending protocol Compound announced that the previously submitted governance proposal 007 has been unanimously passed, and the governance token COMP will be distributed on June 15, marking the official start of the liquidity mining boom. On June 29, according to DeFimarketcap data, the market value of Compound was 2.394 billion US dollars, ranking first in the market value of DeFi. Compared with the 450 million US dollars of the second place MakerDAO, Compound has a clear lead. Some people think that this distribution is very similar to the transaction mining of Fcoin back then. However, it is worth mentioning that all trading users of Fcoin cannot verify whether it is true or false. Whether the distribution of COMP can be successful depends on whether it can effectively guide the market to continuously provide liquidity and use the Compound platform, rather than simply encouraging some who do not Economically meaningful activities such as swiping. @Robert Leshner @V God "EIP-1559 will greatly reduce the current overall fee rate of Ethereum""Yield farming"On June 14, in the face of the rising transaction fee rate of Ethereum, its founder V God explained on Twitter that if the EIP-1559 proposal is deployed and launched, it will optimize the overall fee structure of Ethereum, which is expected to be reduced in the short term. transaction cost. "Compound is now the No. 1 DeFi locked position" On June 20th, DeFi Pulse tweeted the current ranking of the protocols for locked positions in the DeFi market. In a very short period of time, Compound surpassed MakerDAO to become the number one protocol for locked positions in the DeFi market. The power produced by the mine. extremely dangerous. @V God "Rollup will become the best expansion solution before the official realization of ETH 2.0" On June 30, the founder of Ethereum expressed his views on Twitter, saying that before the official launch of ETH 2.0, Rollup will become the core expansion solution in recent years, helping Ethereum transition from 1.0 to 2.0. secondary title July @Stani Kulechov #DeFi's popularity, Ethereum's hidden worries# According to data released by Dune Analytics, as of July 6, the total number of DeFi users was 240,000, an increase of more than 20% over the past month, and the total capital value locked in DeFi protocols has now exceeded $2 billion. As of July 27, 2020, the total value locked in DeFi is $4 billion ($4.06B). MakerDAO becomes the first DeFi protocol with a lock-up volume of 1 billion US dollars @SBF @V God "In the long run, the interest rate of DeFi will never be higher than the highest level of traditional finance by more than one percentage point" On July 1, the founder of Ethereum shared his views on the hottest DeFi on Twitter. He believes that the current excitement brought by DeFi to the market is short-term. In the long run, the interest rate of DeFi will definitely not That's more than a percentage point higher than the highest level in traditional finance. Many of the most valuable parts of DeFi can be the most boring parts. Giving everyone in the world a cryptocurrency with an interest rate that matches inflation would already be a huge boon to many. "AAVE to launch unsecured credit feature" On July 7th, the decentralized lending platform AAVE launched "black technology". Aave CEO Stani Kulechov explained AAVE's upcoming unsecured credit function through Twitter, which allows users to provide peer-to-peer loans without collateral requirements. This has great significance for the large-scale expansion of DeFi, but it will also introduce new risks. "DeFi is in the midst of a bubble death threat" @YFII On July 20, Sam Bankman Fried, the founder and CEO of the encrypted derivatives trading platform FTX, published a long article on Twitter, expounding some of his views and concerns about the current "hotness" of DeFi. He believes that the DeFi industry is currently in a bubble. The so-called rapid increase in transaction volume is actually just another decentralized trading platform. This situation is very dangerous and will push DeFi into a life-and-death situation. How to let the bubble land slowly and solve the problem is what people need to worry about at present. @V God "Transaction fees are already close to 50% of the block reward, which will reduce the security of Ethereum" @Shitcoin minimalist On July 21, facing the surge in Ethereum network transaction fees, Vitalik Buterin expressed his concern: "Transaction fee income is now approaching half of block rewards, which will actually reduce the security of Ethereum. And fees Market reforms such as EIP 1559 could address this, which is another reason why this EIP is important. Since May, the average daily Gas fee of Ethereum has continued to rise. On July 27, it once exceeded 90Gwei, which is nearly 20 times higher than that at the beginning of the year. Not long after the incident, Balancer officially apologized for this and re-launched the page: Timur Badretdinov, Balancer front-end development director, publicly stated that it was his own operational errors that caused the YFII pool to be blocked, and the flow of YFII has now been reopened Sex-mining page, he apologizes for the repercussions. "The first phase of AMPL has been unlocked 34 hours ago" On July 29, a screenshot of Twitter was circulated in the AMPL community. Subsequently, the price of AMPL fell all the way, with a drop of 60% in one day. Some people worry that if the price of AMPL falls below $1, it will enter a deflationary "death spiral". Finally, on July 30, the price of AMPL fell below $0.95, and once fell to $0.612. The daily trading volume of AMPL reached more than $80 million, and a large number of chips were thrown below $1. @Andre Cronje Next, two questions lie ahead: 1) Can AMPL survive? 2) When to come alive. But no one expected that at the end of 2020, AMPL would return to the front line of the market as an algorithmic stable currency. secondary title @CryptoPheus August @Belmore #Fork, Fork I, Fork II# On August 24, DeBank data showed that the total value of locked assets in the Ethereum DeFi protocol exceeded $8.3 billion. And after only 7 days, this number became 10 billion. @BM “Such innovation is amazing” On August 1, YFI founder Andre Cronje took the initiative to forward the meme of the YFI fork project YFII on Tiwtter. It is worth noting that after the fork, the YFII community quickly established preliminary governance, resulting in 11 keyholders. YFI and the KOL of the YFII community also seemed to have a pleasant communication, and even proposed in the YFI community to distribute the income of yearn.finance to other community forked coins including YFII, and stated that if the proposal is passed, YFII will People will have the same governance rights as YFI holders in the yearn.finance community. @Jordan Lyall "I've seen a lot of forks since liquidity mining rewards ended" "Sorry I failed" @Arthur Hayes “1YFI = 1BTC” On August 13, after 36 hours of skyrocketing and crashing, the core developer belmore said frankly on Twitter: "I'm sorry, everyone. I failed. Thank you for your great support today. I am so sad." These 36 Within hours, YAM has fallen from a high-profile DeFi project with an annual mining rate of 14049% to a jaw-dropping air. On August 13, 2020, YAM, a well-known Ethereum DeFi project, officially tweeted that it found a loophole in the contract, and the price plummeted by 99% within 24 hours. @Long Vuong "EOS was born for DeFi" On August 15, EOS founder Daniel Larimer (BM) stated on Twitter that EOS was designed for DeFi. "I created the first DeFi platform in 2014. DeFi is a necessary condition to stimulate DPOS, TAPOS and high-performance database and account structure. EOS is designed for DeFi." But soon after, the EOS platform broke out that the DeFi project ran away vicious event. As the DeFi market is getting hotter and hotter, other public chains have gradually become overwhelmed and expressed their intention to enter DeFi. "5 minutes, a DeFi" @Andre Cronje On August 15, ConsenSys developer Jordan Lyall mocked the DeFi gold rush on his Twitter: "It takes only 5 minutes to create a DeFi project." On August 18, the boss of bitmex directly shouted on Twitter that 1 YFI = 1 BTC. @Hayden Adams "Who will win? The community or the VC?" On August 22, the founder of Tomochain voted on Twitter whether VC or community capital would win, and community capital won with 62.7% of the votes. The side reflects the situation of decentralization and centralization confrontation. @Chef Nomi “Can you guess the Reason？” Recall the recent DeFi movement. At the beginning, it was decentralization against centralization. Now this confrontation has come to an end. DEX has an average daily trading volume of 800 million, and DeFi lock-ups exceed 10 billion US dollars. All data have shown that this DeFi movement has Not a small achievement. The current DeFi movement is divided into two factions, VC coins and community coins. The iconic difference between the two factions is whether the tokens are fully distributed. "Such a vote is pointless" On August 23, in response to the event that Curve founder and CEO Michael Egorov obtained 71% of the voting rights of the platform DAO, Andre Cronje expressed his opinion that such a governance vote is meaningless. This has also raised great doubts about the so-called "decentralization" of DeFi. “Uniswap Surpasses Coinbase” On August 30, Uniswap founder Hayden Adams shared a set of Uniswap transaction data on Twitter. Uniswap’s 24-hour transaction volume exceeded $426 million, and Coinbase Pro’s 24-hour transaction volume exceeded $348 million. For the first time higher than Coinbase. @V God “Personally I would avoid the YFI space entirely until it achieves a more sustainable development.” @Chef Nomi On August 31, Buterin expressed his views on yield farming on Twitter: The current situation is too serious. In order to pay liquidity providers 50-100% of the income, it is necessary to continuously print a large amount of cryptocurrency. Those major national central banks are nothing compared to yield farming. He said he would personally avoid the field entirely until it was sustainable. Earlier this month, Buterin warned investors not to get involved in new projects like yield farming unless you really understand the project. secondary title September #头厨的气男 Quotes, blood-sucking fever, UNI# "I clear because I care" "I clear positions, I arbitrage, but I have principles" "Hope you're better off without me" On September 5, Chef Nomi, the anonymous founder and chief developer of SushiSwap, said on Twitter that he had exchanged some of the sushi tokens allocated to the development of the SushiSwap ecosystem into 17,971 ETH, which was worth about $6.3 million at the time. Chef Nomi claims that after converting sushi tokens to ETH, he can stop caring about the price and focus on the migration. At the same time he defended on Twitter: "People questioned if I ran away, I didn't, I am still here, I will continue to participate in discussions, I will help with the technical part of the work, to ensure that we will have a successful migration, I It was because I cared about the Sushi community that I chose to clear the position, because in this way I can focus on the technology without being disturbed by the price.” At that time, Nomi was not yet multi-signed in Sushiswap. When Nomi personally had the control of the contract, he suddenly transferred about 5 million SUSHI tokens from the agreement and cashed out profits. Therefore, no matter how Nomi explained, it was obvious to the outside world With the rhythm of running, the market will naturally lose confidence in the development of Sushi, and the price will immediately usher in a sharp drop. FTX founder and CEO Sam Bankman Fried (SBF) sent 16 consecutive tweets, annoyed that Nomi is "a piece of shit". Under heavy pressure, Nomi decided to go along with the flow and transfer control of the contract to SBF. At the same time, I apologized to the community and returned arbitrage income worth 14 million US dollars. On September 6, SBF tweeted to follow up on the process of SushiSwap control transfer, as follows: @Sasha Ivanov vs Andre Cronje 1. Now that Sushi's keys have been transferred, it's time to transfer control to a multisig. 2. The old migration was bound to Nomi's key, so it was cancelled. Now replace it with an identical key that I am bound to. Now everyone can vote: if a majority votes against this migration within the next 12 hours, we will cancel it. 3. Transfer control to a multi-signature. If you would like to become a member, please leave a comment under the tweet: "I want to be a Sushi multi-signature keyholder". We will select the top 20 based on the number of likes the corresponding comment gets, and vote as appropriate. After Nomi announced the transfer of the private key to SBF, SUSHI began to rebound due to the news, with the highest rebound reaching around $2.9, and the decline narrowed to within double digits. Then Nomi continued to tweet, hoping that SushiSwap can do well without me. @Andre Cronje But for Nomi's decision, yearn.finance founder Andre Cronje responded on Twitter: What does "without me" mean? Are you leaving the project? If yes, will you return the development funds? So far, all you have done so far is hand over a Uniswap Protocol based token. Aren't these funds used to further develop the project? Are you not that developer? " "AMM is not the best solution, it can be better" @bZx “$8M” On September 13, the founder of Wave and Andre Cronje, the founder of YFI, had a debate on the market maker plan on Twitter. Sasha Ivano believes that although a considerable part of the DeFi industry thinks that automated market makers are a good solution, he insists that better solutions will emerge, and AMM is not a real solution. He explained: "Automated market makers are not like The liquidity pool mechanism is so groundbreaking, in my opinion, the liquidity pool is really good, but the automated market maker has not reached this level, no matter how high the trading volume is now.” @Uniswap “UNI is live now！” "AMM is not the best solution, it can be better" @Andre Cronje On the same day, before severely criticizing automated market makers, Sasha Ivanov also recommended some projects that he considered truly groundbreaking, such as Aave, Curve, etc., but YFI was not mentioned. So YFI founder Andre Cronje gave an "indirect response" to Sasha Ivanov's remarks, explaining why the decentralized financial industry needs automated market makers: "The liquidity in the decentralized financial market is becoming extremely fragmented. Liquidity providers must make a lot of judgments and choices between asset pairings. The higher the degree of fragmentation, the higher the cost (slippage + gas fee), so we must now have an automated market maker. By expanding 1 …n fund pool liquidity, providing investors with single asset exposure and more affordable exchange transactions.” On September 14, bZx was hacked again due to code loopholes. According to the current currency price, the cumulative loss reached 8 million US dollars. According to bZx co-founder Kyle Kistner initially mentioned: "This seems to be an oracle machine manipulation attack." The vulnerability of the oracle machine has once again been pushed to the forefront of public opinion. On September 17, Uniswap announced the official issuance of the governance token UNI, which became the most sensational event in the circle. @CryptoFinally "I like it, poisoned my milk" secondary title November October #Flash loan attack peak# @Uniswap "Evacuate the Harvest" On October 26, Harvest Finance, a DeFi project with a locked-in amount of more than US$1 billion, was exposed to a hacker attack, causing a loss of about US$24 million. Many participants claimed to have lost more than 15% of their funds. Affected by this news, Harvest’s governance The token FARM once plummeted by more than 70%. A well-known KOL tweeted to remind users to evacuate Harvest. @Andre Cronje November “Ending liquidity mining rewards will help Uniswap enter a new phase” On November 10, when Uniswap was considering stopping liquidity mining, user Tetranode believed that for Uniswap tokens, stopping the liquidity mining plan was the best choice. And then Uniswap officially stopped liquidity mining, marking that the craziest and most creative craze of DeFi in 2020 has gradually withdrawn from the stage. @YFI + Sushi “YFI ＆ Sushi” "Tweet and pull the disk" @Coinbase pro “AAVE、BNT＆SNX are now available” On November 24th, YFI founder Andre Cronje announced on his personal Twitter that YFI had reached a cooperation with Pickle, and then the price of Pickle skyrocketed, and the AC on Twitter almost became the vane of DeFi speculators. @1inch.exchange “1INCH is LIVE！” secondary title @Grab.finance “take care of your shit” December #Really, missed a hundred million# On December 1, the DeFi aggregator project YFI announced on Twitter that it would merge with the Uniswap fork project Sushiswap. This is Yearn's fifth merger following the merger with Pickle Finance, Cream Finance, Cover Protocol and Akropolis On December 15th, Coinbase’s official Twitter announced that it would list Aave, Bancor and Synthetix, all of which were ICO projects in 2017, which represented a major change in the attitude of Coinbase and regulators towards these ICO assets. On December 25th, Christmas Day, the decentralized exchange aggregation platform 1inch officially released the governance and utility token 1inch. What attracted the attention of the outside world was 1INCH's huge airdrop red envelope. The most DeFi trader received tokens worth about 20 million US dollars in the airdrop, which is equivalent to about 150 million yuan. On December 28, the DeFi insurance protocol Cover suffered two additional attacks, and the price of its tokens plummeted from more than $700 to a minimum of $9 under the influence of the attack. When everyone was desperate, the hacker destroyed the unlimited additional issuance. Tokens, and returned the more than 4,000 ETH it sold to the Cover team, and posted a passage on Twitter: "take care of your shit" A crazy summer of DeFi: In 2020, the number of DeFi active wallets increased by 466%, exceeding 200,000., reprinted by Odaily with authorization.
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