Compared with the current licensing system adopted by mainstream lending platforms, the introduction of assets on the Euler platform doebitcoin data files not require a license, as long as the asset has a WETH trading pair on Uniswap V3. Of course, in order to protect users from low liquidity and the risk of violent fluctuations in long-tail assets, Euler divides assets into three categories based on the risk of assets:
8. Expand cultural tourism and leisure consumption. Accelerate the intelligent upgrading of cultural, tourism and sports venues, create a number of cultural facilities gathering areas with international influence, and build a number of high-level e-sports venues. Accelerate the development of the performing arts industry and form the world’s largest and most dense theater group. Cultivate animation industry clusters, and support a group of leading Shanghai local original animation and game enterprises with international competitiveness. Build an important art trading center in the world, establish an online art exhibition space and trading platform, and give full play to the role of the Shanghai International Art Bonded Service Center to attract international art gatherings. Cultivate national culture and tourism consumption pilot cities and demonstration cities. Build a multi-level and diversified flower market circulation system. (The Municipal Bureau of Culture and Tourism, the Municipal Press and Publication Bureau, the Municipal Sports Bureau, the Municipal Commission of Commerce, and the relevant district governments are responsible)bitcoin forum indonesia9. Promote and enrich sports consumption. Create a multi-level fitness and leisure consumption scene, expand the supply of high-quality national sports events, and optimize supporting services for watching games. Vigorously develop the "three big balls", road running and other sports with consumption-leading characteristics. Encourage social forces to set up various institutions such as sports, physical fitness testing and sports rehabilitation. Develop the sports training market and cultivate sports brands. Promote the full coverage of urban sports centers in all districts to create a sports consumption complex. Carry out the construction of national sports consumption pilot cities, and vigorously develop the economy of holidays and night events, and the sports economy. (The Municipal Sports Bureau and the district governments are responsible)
10. Develop and increase consumption of healthy and elderly care. Create a health industry cluster and a batch of internationally competitive health service projects. Develop customized health check-ups, private health management and other health services, expand online health consumption, and promote the integrated development of medical care, health care, and elderly care. Develop international health tourism consumption, promote global international medical tourism pilot projects, and cultivate a number of internationally competitive medical service brands and projects. Develop tourism products with the health characteristics of Chinese medicine, and build a batch of Chinese medicine health tourism demonstration bases. Encourage social forces to revitalize existing resources and focus on the development of popular elderly care services. Promote the development of the old-age rehabilitation assistive device industry. (Civil Affairs Bureau, Municipal Health Commission, Municipal Development and Reform Commission, and relevant district governments are responsible)(3) Create a new highland leading the global consumer trend11. Create a global launch site for new products. Deepen the construction of the "Shanghai Global New Product First Launch Demonstration Zone", support the research and formulation of policies and measures to promote the economic development of the first launch in all districts, and create an ecological chain integrating new product release, display and trading. Support leading e-commerce platforms to build global new product network launch platforms. Support the creation of a landmark high-end commercial complex with international influence, and attract the first stores, flagship stores, and concept stores of high-energy brands. Amplify the spillover effect of the CIIE, create a "global new product launch season", and support international brands, local brands and fashion brands to launch new product launches, debuts, first exhibitions and other activities in Shanghai. "Shanghai Fashion Week", "International Beauty Festival" and "Shanghai Auto Show" will be built into professional new product release platforms. Carry out the overall image promotion of Shanghai's global new product launch site. (The Municipal Commission of Commerce and the district governments are responsible)12. Accelerate the digital transformation of business. Create a demonstration zone for commercial digital transformation. Promote all-round digital transformation of large-scale chain commercial enterprises, and build a batch of smart shopping demonstration scenarios. Cultivate a batch of tens of billions of billions of e-commerce benchmark enterprises. Encourage in-depth cooperation between online platforms and physical businesses to create intelligent, customized, and experiential new business formats and new models. Gather a group of live e-commerce platforms that lead the development of the industry. Cultivate a batch of live events with international influence. Encourage brands to set up "live broadcast flagship stores." Build a batch of live broadcast e-commerce bases. Attract a group of MCN institutions with cross-border e-commerce service capabilities. Optimize cross-border payment and settlement services. (The Municipal Commission of Commerce and the relevant district government are responsible)13. Innovate and upgrade information consumption. Expand the field of 5G applications and cultivate new products, new models, and new business formats for information consumption. Promote the upgraded consumption of new information products such as smart terminals, wearable devices, and smart homes, and expand information services such as online literature and Internet games. Accelerate the development of online audio-visual, and cultivate new high-tech video formats under 5G conditions with higher-tech formats, updated application scenarios, and more beautiful audio-visual experience. Promote the large-scale application of 5G+4K ultra-high-definition video and edge computing networks, and vigorously promote the wide application of technologies such as smart TV operating systems with independent intellectual property rights, ultra-high-definition video codec standards, and digital content copyright protection. (The Municipal Economic Information Commission and the Municipal Culture and Tourism Bureau are responsible)
14. Light up the city's night economy. Accelerate the overall layout of the "1+15+X" night economy, develop the riverside night economic vitality belt and the urban night economic core vitality circle, and create 15 landmark nightlife gathering areas and a batch of night economic characteristic demonstration projects. Encourage tourist attractions, museums, art galleries, sports venues, parks and other public venues to launch night events at specific times. Launched the festival brand of "Sixty-six Nightlife Festival". Establish a night economic advisory committee to study the night economic evaluation index system and improve the market autonomy management mechanism. Carry out the construction of night-time economic refined management demonstration zone, and coordinately optimize the city's comprehensive facilities such as night parking, traffic, lighting, and public security. Deepen the system of night district chiefs and chief executive officers of all districts at night, and coordinate the development of the night economy. (The Municipal Commission of Commerce, the Municipal Bureau of Culture and Tourism, the Municipal Sports Bureau, the Municipal Public Security Bureau, the Municipal Transportation Commission, the Municipal Greening and City Appearance Bureau, and the district governments are responsible)(4) Building a landmark business district with global influenceProject Features
In response to the many shortcomings of existing lending projects, Euler has carried out quite a wealth of product mechanism innovations. Due to space limitations, only the key parts are introduced:License-free listing mechanism: Provide a lending platform for long-tail assetsCompared with the current licensing system adopted by mainstream lending platforms, the introduction of assets on the Euler platform does not require a license, as long as the asset has a WETH trading pair on Uniswap V3. Of course, in order to protect users from low liquidity and the risk of violent fluctuations in long-tail assets, Euler divides assets into three categories based on the risk of assets:Isolation layer assets: Users can deposit or lend assets, but they cannot use the isolation layer assets as collateral. In addition, if you want to borrow different isolation layer assets, users need to use different accounts on Euler to isolate different assets Between the risks.
Cross-layer assets: It can be used for ordinary lending and cannot be used as collateral, but it is possible to borrow multiple cross-layer assets with one account.Mortgage layer assets: The assets of this layer are similar to those of most mainstream lending platforms. They can be used for ordinary lending, cross-borrowing, or as collateral. Cross-borrowing means that users mortgage assets in one account to borrow multiple mortgage-level assets.
By isolating assets with different risk levels, Euler tries to increase the supported asset classes on the one hand, and on the other hand to ensure that high-risk assets do not affect the security of mainstream assets.Adopt dynamic interest rate model: improve the sensitivity and accuracy of interest rate pricingThis model is similar to the "dynamic interest rate model" designed by Delphi Digital for the Mars Protocol, the lending agreement of the Terra ecology. On the one hand, it improves the sensitivity and accuracy of interest rate pricing, and at the same time, it can obtain higher interest income for depositors and the agreement itself.The simulation of the mutual influence between the capital utilization rate and the borrowing rate in the Euler agreement, source: euler blog
To put it simply, the interest rate model is adjusted on the basis of mainstream lending agreements such as Aave. By adjusting the fund utilization formula, the interest rate can be more sensitively adapted to the real capital supply and demand situation of the market in real time, instead of the existing mainstream interest rate. The linear method of the model increases the interest rate. This can prevent the occurrence of a loan agreement that can only watch users use low-cost loans on their own platforms and then deposit them on other platforms to obtain high mining revenues for arbitrage. This will cause borrowers to have no incentive to provide loans, and lenders are unwilling The condition of repaying the loan as soon as possible eventually led to the exhaustion of the liquidity of the loan agreement. The dynamic interest rate model is dedicated to solving such problems.For details of the Euler interest rate dynamic model, please refer to "Introducing Euler" in the reference material.A large number of improvements in the liquidation mechanism: optimization of the liquidation threshold, anti-MEV, internal multi-collateral pool1. Combine mortgage rate and borrowing rate to customize the threshold of asset liquidation
Like mainstream lending agreements, Euler requires users to ensure over-collateralization, that is, the value of assets is greater than the value of liabilities. When the value of liabilities exceeds a certain ratio of the collateral, it will allow the liquidator to liquidate the mortgagor's assets and repay the debt. But in the calculation of debt value, Euler also introduced the concept of borrowing factor. The liquidation threshold of each borrower is tailored to the specific risk profile associated with the assets they borrow and use as collateral. In other words, when the value of the borrower's risk-adjusted liabilities exceeds the value of the collateral, it may be liquidated. Specifically, compared to the original lending mechanism, Euler's mechanism also adds a multi-dimensional risk assessment of liabilities, which further improves the safety margin of liquidation.At present, the main liquidation incentive model adopted by mainstream lending agreements such as Compound is: the liquidator can purchase the mortgagor's assets with a fixed percentage discount. Under this mechanism, all liquidators face the same liquidation opportunity, and their potential profit percentages are the same, so they can only compete for liquidation opportunities by increasing Gas, where the high MEV value (Gas cost) becomes the liquidator’s The additional cost also increases the risk of the system. On the other hand, for mortgagors, the fixed asset discount auction rate also allows them to lose the opportunity to lose a lower liquidation penalty.
In response to this problem, Euler’s plan is to use Dutch auctions in liquidation, which can ease the joint bid of liquidators and may also obtain lower asset liquidation losses for mortgagors. At the same time, Euler also provides a discount acceleration mechanism for the collateral provider, so that he is eligible to conduct self-liquidation before the liquidator conducts the Dutch auction and reduce the mortgagor's loss. The above two measures are to restrict miners from grabbing excessive MEV fees in the liquidation, so as to improve the overall security of the system in the liquidation storm.In order to further reduce the transaction cost of liquidators in liquidation, Euler also borrowed the stable pool model pioneered by the Liquity protocol and expanded it into a multi-collateral stable pool form, allowing lenders to provide liquidity to the stable pool of each loan market. Support liquidation.
Liquidity providers in the stable pool earn liquidation collateral rewards by depositing eToken (a deposit certificate of the Euler protocol, similar to Compound's cToken). When the liquidation is in progress, the liquidator directly uses the liquidity from the stable pool to repay the debts of the borrower, and will proportionally reward the liquidation collateral obtained to the stable pool, that is, the lender can eventually replace it during the liquidation period. The currency is passively converted into liquidation mortgage assets.For example: Euler provides a stable pool for the USDT that lends assets. The lender who is willing to participate in the stable pool can deposit their own USDT deposit certificate eUSDT into the stable pool as the counterparty of the liquidator, so that the liquidator is auctioning After obtaining the mortgaged assets, the mortgaged assets are replaced with the deposit users of the stable pool at a discounted price (after deducting their own income), which is equivalent to that the users of the stable pool purchase the collateral at a discounted price.Compared with Liquity which only supports the LUSD stable pool, Euler's multi-token stable pool contains specific types of tokens that have not been disclosed, but it is believed that it will still be based on stable currencies or mainstream currencies.The advantage of adopting this mechanism is that the agreement believes that when the borrower reaches the liquidation threshold, the liquidator can use the internal liquidity source to immediately liquidate, without the need to exchange assets from a third-party trading platform, which greatly eases the liquidator When the market fluctuates sharply, the internal clearing price is inconsistent with the external platform price, and the high transaction slippage causes the liquidator to lose or fail.In addition, Euler does not intend to use an external oracle, but uses the time-weighted average price (TWAP) of assets on Uni V3 and WETH to measure the ratio of assets to liabilities.In the information that Euler has released, it has not disclosed the total amount of its governance token Euler, the distribution method, and the unlocking time. But it has made a preliminary outline of the functions and scenarios of its tokens. Euler will follow Compound's governance paradigm, and its governance functions include the ability to determine the level of assets, important parameters of the agreement, and the framework of governance itself. In addition, Euler also has a Vault mechanism, which can ensure the security of the agreement through staking.
Since the product has not yet been launched, the risk parameters of project assets and other information have not yet been disclosed. In terms of contracts, Euler has officially disclosed three contract security partners, including Certora, Halborn, Solidified, and ZK Labs (the two jointly issued reports), and they have obtained two contract audit reports. Since Euler has introduced more innovative mechanisms, the amount of native code is also large. The issue of contract security is the top priority, and the team still attaches great importance to it.other
Euler is committed to becoming a Uniswap in the lending field, providing lending liquidity and composability for more long-tail assets, and has a strong investor background. The agreement has introduced many innovative mechanisms to address the shortcomings of the current lending agreement, but since the agreement has not yet been launched, the practical effects of these innovations remain to be seen. The project is still not onlineBeta Finance is a decentralized permissionless lending platform incubated by Alpha Finance. Its feature is that users can spontaneously establish currency asset pools, focus on the long-tail asset market, and focus on scenarios where assets are short-selling.
Beta Finance received a strategic investment in July this year. Investors include Spartan Group, ParaFi Capital, Multicoin Capital, DeFiance Capital and Delphi Digital. Generally speaking, the investors have a pretty good background.Last week, I became a consultant for Sushi.com. In the past year, we have gone through a crazy journey, from launching the income farm to migrating more than one billion US dollars from Uniswap to Sushiswap in "Vampire Attack".
When Chef Nomi decided to cash in on the road, he was experimenting with human greed. Many community members not only believed in the initial value from the first day of the project, but also decided to continue to invest in construction desperately. They fell into the abyss and then stood up again.We now have more than 20 core contributors, able to integrate all UI into one, and launch another two protocols Kashi and Miso, which are deployed on more than 10 EVM compatible chains (Polygon, Arbitrum, Fantom, Harmony, xDai, Avalanche, Moonriver and many more). We are trying a new NFT project (http://shoyunft.com/88). Trident has opened the source code a few days ago. I feel confident that the current team can pursue and develop this without me. project.I will change from day-to-day operations to a consultant role to help cultivate the next generation of teams built on Sushi, support from the side, and help the wider DeFi ecosystem, no matter where they are deployed, it doesn’t matter. I still believe in the Ethereum community, especially after Layer 2 goes live. The most exciting experiments all appeared in Ethereum first. Of course, such exciting attempts are being made elsewhere.I have been working hard to make Sushi a leaderless organization. My role is a contributor. I don't want anyone to recommend any member to the throne and become the so-called "leader" of Sushi. I will encourage decentralization as much as possible. Some things are crucial, such as on-chain governance, recommendation programs for various products (Kashi and Trident!), oSushi guides emissions in a transparent manner, and so on.
The liquidity providers of Sushi and ETH, as well as the holders of xSushi, have the best team in the DeFi world to serve them and should be fully utilized.I want to stay in the vault multi-signature group, but if the community does not want this, I will also withdraw after the snapshot vote.
I hope the community will not forget:All double reward programs
New agreementSushi is not Maki, and Maki is not Sushi either
MOVR liquid mining project, community members will be responsible for how to operate the funds (0.25% of the supply! Nearly 10 million US dollars at current prices)Support Avalanche Rush Incentives – Polygon – xDai – Celo (our LP's transaction volume exceeds 75 million US dollars)All funds that join the community believe in this vision of DeFiAmazing items were first launched on Sushi, and will likely continue to be launched here!
Expand this team from 1-2 people to 24 peopleKeep Sushi's fun, open, "Degen", and radically different!
The future of France has never been so bright!On a personal level, I put Sushi before physical and mental health, relationships, family and friends. In the next month or two, I will slow down. It must be interesting to build on top of Sushi. Unfortunately, I will not post spam on Twitter. Maybe I will de-anonymize it a bit? Write an in-depth book...Who doesn't want a Hollywood-produced Sushi/DeFi version of "Social Network"? Ha ha. I might divide my BAYC ape into several parts for fun, and then airdrop it to everyone in this community.
After all... We are 0xMaki in some ways, and we have no intention of leaving this space. I have joined the community for a long time, and I am ready to come back when the community needs it. I am a lifetime asset of you.The "two giants" in the game field