The Euler protocol is aimed at Compound and AAVE, looking wildly at the trillion-dollar encrypted asset market
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Pepper Blockchain (ID: XLJBC888) has no interest relationship with the enterprises and project parties mentioned in the article. Humans are a species that make mistakes. Pepper Blockchain cannot 100% guarantee the authenticity of the quoted materials and the correctness of the analysis. Please participate in the market according to your own ability and cognition.
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This morning, when I checked Moments, I was stunned by the results of an old man’s airdrop.
A few months ago, this old man casually filled the InverseDAO whitelist, and the project rewarded 80 INV. At that time, my brother didn't take it seriously, what should I do, what's the point of dozens of empty candies?
However, recently the INV token was listed on DEX, and the price directly rushed to 1904U/token. The value of the tokens in my brother's hands has also skyrocketed, with a total value of about 1 million RMB! What a wind blowing money. A 2021 version of Tesla MODEL X is in hand, a batch of envy~~
Moreover, the fat man discovered in the Chili Pepper Death Squad group that more than one brother had shorted INV tokens.
As a bystander, Fatty felt very sour: Fuck, they are both old leeks, and they also hang out in groups every day, why didn't this kind of opportunity come across?
In the final analysis, it is the fat man who underestimates free prostitution and airdrops ideologically, thinking that they are not popular and lack technical content. In fact, the way of money is as simple as it is, and prostitution for free is also a great cause. A white cat is a black cat, the one who gets the money is the old cat.
Not much to brag about, but introduce the first project, Euler Protocol (Chinese translation of Euler Protocol), a permissionless lending protocol founded by Oxford University researcher Michael Bentley.
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Hackathon Award
Seeing the word Euler, it is estimated that the first reaction of many brothers is, isn't Euler a very good mathematician in European history?
Indeed, from the perspective of the project background, there is still a little relationship, using some mathematical knowledge. From the mathematical symbol XYZ on the logo, you can feel the full tribute.
However, at present, Euler is rarely known in the domestic blockchain circle, but overseas, especially in the circle of university blockchain developers, the project is well-known. Because Euler won the "Sparks University Hackathon" award organized by Encode Club, and it was also the first place.
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The projects and companies that participate in the sponsorship of the Huohua University Hackathon are basically top-notch in the industry
Encode Club is a completely online blockchain university community. All activities and events are carried out through video. It mainly cooperates with the academic research circles of universities such as Oxford, Cambridge, Zurich, Cape Town, Singapore, and Washington. The younger brother level The school basically does not bring play.
In terms of projects, they are really doing it. So far, more than 600 teams and more than 4,000 people have participated; more than 10% are at the doctoral level, more than 40% are at the graduate level, and more than 50% of the projects shortlisted for the finals are doctoral students, and there are a group of beasts leading the team. In other words, undergraduates and children can only watch and fight, and cannot get on the stage.
In short, it is not so simple to get the only first place in the hackathon held by Encode Club. Dr. Michael Bentley, the founder of Euler, emphasized in the project introduction: "We beat more than 100 university teams around the world to get the first place." Seeing the doctor's hairline gradually drifting away from the forehead, the fat man can almost understand Which flavor.
It is worth mentioning that Lemniscap, the leading investment institution, started investing in early blockchain projects in 2014. It is powerful and has participated in well-known projects in the industry. There are too many projects, Fatty will not write, just look at the pictures by yourself, and those who are interested can go to the website to have a look. URL:https://lemniscap.com/
Portfolio displayed on Lemniscap official website
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Reshaping the Lending Market
When discussing this project with the old buddies in the group, one old guy said: Now that the DEFI lending agreement is running all over the street, and the competition is so fierce, is the Oxford University Ph.D. project sure to be popular? Maybe not as good as a dog?
Fatty is not sure whether Euler will be popular in the market in the future, but what is certain is that the project is innovative, and it will be several streets away.
Similar to Uniswap, Euler can also realize the free entry of long-tail assets into the lending market. What does that mean?
At present, about 5.3 billion US dollars are locked in the Compound lending agreement, and there are only 9 assets for users to choose from. And AAVE, which also locks up billions of assets, allows users to choose a little more assets, but there are only 24 assets.
But the cryptocurrency market is far more than that big. According to the data on Coinmarketcap, the market value of the entire cryptocurrency market is about 1.57 trillion US dollars, and there are more than 6,300 cryptocurrencies. This also means that users who hold a large number of long-tail cryptocurrencies cannot enjoy lending services, and the lending market still has great potential for development.
In the face of a huge market, Euler has three innovations that are different from other lending protocols:
First, any asset can enter Euler's lending market. Driven by Uniswap's decentralized time-weighted average price oracle, Euler allows any user to create their own lending market. Now for other lending agreements, it is mainly up to the community to vote to decide whether to list a certain asset.
Second, risk minimization. Euler adjusts the user's borrowing ability through the risk profile established by the assets that the user wants to borrow and pledge.
Third, reactive interest rates. An interest rate model backed by control theory ensures that money markets on Euler adapt to fluctuating market conditions in real time without governance intervention.
The following is a comparison chart of the interest rate model between the traditional lending agreement and the Euler agreement given by Dr. Michael Bentley. The fat man looked a little confused.
AAVE/Compound interest rate model:
Euler's interest rate model:
The project has not yet released a white paper, and some more specific designs are not known yet. Fatty will actively follow up, and any news will be released in the mustard circle. At that time, brothers and sisters, pay attention.
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The first version is coming soon
According to Dr.'s introduction article, the Euler V1 version is planned to be launched in the Q1 quarter of 2021, that is, this month, as long as the code audit and community feedback are completed. Now Click Euler's official website is basically empty, and there is no entry for application functions.
However, the doctor showed several UI interface diagrams in the introduction article, which can give us a glimpse of Euler's functional appearance. The first one is the main interface. As Euler expands the cryptocurrency lending market, users need to search for the cryptocurrency they want to pledge and borrow.
The second is the lending and supply interface for specific cryptocurrencies. You can see the annualization of the supply, the annualization of the loan, and the EUL coefficient of the Euler protocol token.
The third picture is the wallet interface, where you can see the loan health score, annualization, EUL distribution income, loan value, loan capacity, pledge value, account balance and other parameters.
In terms of governance, the Euler protocol is governed by the governance token EUL holders through EulerDAO voting. In addition to voting, EUL also has the function of obtaining the fees generated by the agreement. More detailed token supply and distribution will be released at an appropriate time. However, the doctor said that the community ambassadors who participated in the product experience in advance will be rewarded with EUL tokens.
In terms of the core team, there are a total of 4 people including doctors. Among them, Euler XYZ was founded by Dr. Michael Bentley (who was engaged in postdoctoral research in mathematical biology at Oxford University), Jack Leon Prior (an experienced full-stack developer) and Doug Hoyte (an experienced entity developer). The advisor is Mick de Graaf from PieDAO.
From left to right: Dr Michael Bentley, Jack Leon Prior, Doug Hoyte and advisor Mick de Graaf
On January 28, the Euler team added a community manager, Nike, to help build the community. On February 4, a marketing manager was added. The project base is in London.
Currently Euler has 1349 Twitter followers, 802 Discord followers, and 820 Telegram subscriptions.
Overall, it is still a very early project waiting to break ground. The biggest imagination of the project is the free creation of the long-tail cryptocurrency lending market, which allows anyone to create any ERC20 standard token assets. On the one hand, this move has expanded the market, and on the other hand, it has also expanded the risks brought by non-performing assets to the market.
