Transitioning Parity Ethereum to OpenEthereum DAO Parity ...

Saturn Network

Saturn Network is a decentralized exchange for trading Ethereum, Ethereum Classic, ERC20 and ERC223 tokens. An open exchange protocol designed to be truly decentralized with every operation running on chain featuring wallet to wallet one transaction trading, Atomic Orders, free automated token self listing, trade mining and more. Developed with cross chain compatibility in mind and plan to release our products onto any EVM smart contract blockchain such as TRON, TomoChain, Cardano, or Ubiq.

Support page for Kraken Digital Assets Exchange

Support page for Kraken Digital Assets Exchange

Kraken Exchange

A place to discuss the Kraken Digital Assets Exchange

Embarassing post by, six days ago: No DAO funds at risk following the Ethereum smart contract ‘recursive call’ bug discovery — Blog

Embarassing post by, six days ago: No DAO funds at risk following the Ethereum smart contract ‘recursive call’ bug discovery — Blog submitted by Geldeintreiber to btc [link] [comments]

DAOs, DACs, DAs and More: An Incomplete Terminology Guide - Ethereum Blog

DAOs, DACs, DAs and More: An Incomplete Terminology Guide - Ethereum Blog submitted by Anen-o-me to GoldandBlack [link] [comments]

ethereum blog | Secret Sharing DAOs: The Other Crypto 2.0

ethereum blog | Secret Sharing DAOs: The Other Crypto 2.0 submitted by simenfd to ethereum [link] [comments]

Looking at the DAO address distribution: Part 1 — The Bitcoin Podcast Blog • /r/ethereum

Looking at the DAO address distribution: Part 1 — The Bitcoin Podcast Blog • /ethereum submitted by PettyHoe to TheDao [link] [comments]

Part 2 of Vitalik Buterin's article 'DAOs Are Not Scary: Reducing Barriers' on the Ethereum Blog

Part 2 of Vitalik Buterin's article 'DAOs Are Not Scary: Reducing Barriers' on the Ethereum Blog submitted by Ursium to ethereum [link] [comments]

Embarassing post by, six days ago: No DAO funds at risk following the Ethereum smart contract recursive call bug discovery Blog

Embarassing post by, six days ago: No DAO funds at risk following the Ethereum smart contract recursive call bug discovery Blog submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Dragonchain Great Reddit Scaling Bake-Off Public Proposal

Dragonchain Great Reddit Scaling Bake-Off Public Proposal

Dragonchain Public Proposal TL;DR:

Dragonchain has demonstrated twice Reddit’s entire total daily volume (votes, comments, and posts per Reddit 2019 Year in Review) in a 24-hour demo on an operational network. Every single transaction on Dragonchain is decentralized immediately through 5 levels of Dragon Net, and then secured with combined proof on Bitcoin, Ethereum, Ethereum Classic, and Binance Chain, via Interchain. At the time, in January 2020, the entire cost of the demo was approximately $25K on a single system (transaction fees locked at $0.0001/txn). With current fees (lowest fee $0.0000025/txn), this would cost as little as $625.
Watch Joe walk through the entire proposal and answer questions on YouTube.
This proposal is also available on the Dragonchain blog.

Hello Reddit and Ethereum community!

I’m Joe Roets, Founder & CEO of Dragonchain. When the team and I first heard about The Great Reddit Scaling Bake-Off we were intrigued. We believe we have the solutions Reddit seeks for its community points system and we have them at scale.
For your consideration, we have submitted our proposal below. The team at Dragonchain and I welcome and look forward to your technical questions, philosophical feedback, and fair criticism, to build a scaling solution for Reddit that will empower its users. Because our architecture is unlike other blockchain platforms out there today, we expect to receive many questions while people try to grasp our project. I will answer all questions here in this thread on Reddit, and I've answered some questions in the stream on YouTube.
We have seen good discussions so far in the competition. We hope that Reddit’s scaling solution will emerge from The Great Reddit Scaling Bake-Off and that Reddit will have great success with the implementation.

Executive summary

Dragonchain is a robust open source hybrid blockchain platform that has proven to withstand the passing of time since our inception in 2014. We have continued to evolve to harness the scalability of private nodes, yet take full advantage of the security of public decentralized networks, like Ethereum. We have a live, operational, and fully functional Interchain network integrating Bitcoin, Ethereum, Ethereum Classic, and ~700 independent Dragonchain nodes. Every transaction is secured to Ethereum, Bitcoin, and Ethereum Classic. Transactions are immediately usable on chain, and the first decentralization is seen within 20 seconds on Dragon Net. Security increases further to public networks ETH, BTC, and ETC within 10 minutes to 2 hours. Smart contracts can be written in any executable language, offering full freedom to existing developers. We invite any developer to watch the demo, play with our SDK’s, review open source code, and to help us move forward. Dragonchain specializes in scalable loyalty & rewards solutions and has built a decentralized social network on chain, with very affordable transaction costs. This experience can be combined with the insights Reddit and the Ethereum community have gained in the past couple of months to roll out the solution at a rapid pace.

Response and PoC

In The Great Reddit Scaling Bake-Off post, Reddit has asked for a series of demonstrations, requirements, and other considerations. In this section, we will attempt to answer all of these requests.

Live Demo

A live proof of concept showing hundreds of thousands of transactions
On Jan 7, 2020, Dragonchain hosted a 24-hour live demonstration during which a quarter of a billion (250 million+) transactions executed fully on an operational network. Every single transaction on Dragonchain is decentralized immediately through 5 levels of Dragon Net, and then secured with combined proof on Bitcoin, Ethereum, Ethereum Classic, and Binance Chain, via Interchain. This means that every single transaction is secured by, and traceable to these networks. An attack on this system would require a simultaneous attack on all of the Interchained networks.
24 hours in 4 minutes (YouTube):
24 hours in 4 minutes
The demonstration was of a single business system, and any user is able to scale this further, by running multiple systems simultaneously. Our goals for the event were to demonstrate a consistent capacity greater than that of Visa over an extended time period.
Tooling to reproduce our demo is available here:

Source Code

Source code (for on & off-chain components as well tooling used for the PoC). The source code does not have to be shared publicly, but if Reddit decides to use a particular solution it will need to be shared with Reddit at some point.


How it works & scales

Architectural Scaling

Dragonchain’s architecture attacks the scalability issue from multiple angles. Dragonchain is a hybrid blockchain platform, wherein every transaction is protected on a business node to the requirements of that business or purpose. A business node may be held completely private or may be exposed or replicated to any level of exposure desired.
Every node has its own blockchain and is independently scalable. Dragonchain established Context Based Verification as its consensus model. Every transaction is immediately usable on a trust basis, and in time is provable to an increasing level of decentralized consensus. A transaction will have a level of decentralization to independently owned and deployed Dragonchain nodes (~700 nodes) within seconds, and full decentralization to BTC and ETH within minutes or hours. Level 5 nodes (Interchain nodes) function to secure all transactions to public or otherwise external chains such as Bitcoin and Ethereum. These nodes scale the system by aggregating multiple blocks into a single Interchain transaction on a cadence. This timing is configurable based upon average fees for each respective chain. For detailed information about Dragonchain’s architecture, and Context Based Verification, please refer to the Dragonchain Architecture Document.

Economic Scaling

An interesting feature of Dragonchain’s network consensus is its economics and scarcity model. Since Dragon Net nodes (L2-L4) are independent staking nodes, deployment to cloud platforms would allow any of these nodes to scale to take on a large percentage of the verification work. This is great for scalability, but not good for the economy, because there is no scarcity, and pricing would develop a downward spiral and result in fewer verification nodes. For this reason, Dragonchain uses TIME as scarcity.
TIME is calculated as the number of Dragons held, multiplied by the number of days held. TIME influences the user’s access to features within the Dragonchain ecosystem. It takes into account both the Dragon balance and length of time each Dragon is held. TIME is staked by users against every verification node and dictates how much of the transaction fees are awarded to each participating node for every block.
TIME also dictates the transaction fee itself for the business node. TIME is staked against a business node to set a deterministic transaction fee level (see transaction fee table below in Cost section). This is very interesting in a discussion about scaling because it guarantees independence for business implementation. No matter how much traffic appears on the entire network, a business is guaranteed to not see an increased transaction fee rate.

Scaled Deployment

Dragonchain uses Docker and Kubernetes to allow the use of best practices traditional system scaling. Dragonchain offers managed nodes with an easy to use web based console interface. The user may also deploy a Dragonchain node within their own datacenter or favorite cloud platform. Users have deployed Dragonchain nodes on-prem on Amazon AWS, Google Cloud, MS Azure, and other hosting platforms around the world. Any executable code, anything you can write, can be written into a smart contract. This flexibility is what allows us to say that developers with no blockchain experience can use any code language to access the benefits of blockchain. Customers have used NodeJS, Python, Java, and even BASH shell script to write smart contracts on Dragonchain.
With Docker containers, we achieve better separation of concerns, faster deployment, higher reliability, and lower response times.
We chose Kubernetes for its self-healing features, ability to run multiple services on one server, and its large and thriving development community. It is resilient, scalable, and automated. OpenFaaS allows us to package smart contracts as Docker images for easy deployment.
Contract deployment time is now bounded only by the size of the Docker image being deployed but remains fast even for reasonably large images. We also take advantage of Docker’s flexibility and its ability to support any language that can run on x86 architecture. Any image, public or private, can be run as a smart contract using Dragonchain.

Flexibility in Scaling

Dragonchain’s architecture considers interoperability and integration as key features. From inception, we had a goal to increase adoption via integration with real business use cases and traditional systems.
We envision the ability for Reddit, in the future, to be able to integrate alternate content storage platforms or other financial services along with the token.
  • LBRY - To allow users to deploy content natively to LBRY
  • MakerDAO to allow users to lend small amounts backed by their Reddit community points.
  • STORJ/SIA to allow decentralized on chain storage of portions of content. These integrations or any other are relatively easy to integrate on Dragonchain with an Interchain implementation.


Cost estimates (on-chain and off-chain) For the purpose of this proposal, we assume that all transactions are on chain (posts, replies, and votes).
On the Dragonchain network, transaction costs are deterministic/predictable. By staking TIME on the business node (as described above) Reddit can reduce transaction costs to as low as $0.0000025 per transaction.
Dragonchain Fees Table

Getting Started

How to run it
Building on Dragonchain is simple and requires no blockchain experience. Spin up a business node (L1) in our managed environment (AWS), run it in your own cloud environment, or on-prem in your own datacenter. Clear documentation will walk you through the steps of spinning up your first Dragonchain Level 1 Business node.
Getting started is easy...
  1. Download Dragonchain’s dctl
  2. Input three commands into a terminal
  3. Build an image
  4. Run it
More information can be found in our Get started documents.

Dragonchain is an open source hybrid platform. Through Dragon Net, each chain combines the power of a public blockchain (like Ethereum) with the privacy of a private blockchain.
Dragonchain organizes its network into five separate levels. A Level 1, or business node, is a totally private blockchain only accessible through the use of public/private keypairs. All business logic, including smart contracts, can be executed on this node directly and added to the chain.
After creating a block, the Level 1 business node broadcasts a version stripped of sensitive private data to Dragon Net. Three Level 2 Validating nodes validate the transaction based on guidelines determined from the business. A Level 3 Diversity node checks that the level 2 nodes are from a diverse array of locations. A Level 4 Notary node, hosted by a KYC partner, then signs the validation record received from the Level 3 node. The transaction hash is ledgered to the Level 5 public chain to take advantage of the hash power of massive public networks.
Dragon Net can be thought of as a “blockchain of blockchains”, where every level is a complete private blockchain. Because an L1 can send to multiple nodes on a single level, proof of existence is distributed among many places in the network. Eventually, proof of existence reaches level 5 and is published on a public network.

API Documentation

APIs (on chain & off)

SDK Source

Nobody’s Perfect

Known issues or tradeoffs
  • Dragonchain is open source and even though the platform is easy enough for developers to code in any language they are comfortable with, we do not have so large a developer community as Ethereum. We would like to see the Ethereum developer community (and any other communities) become familiar with our SDK’s, our solutions, and our platform, to unlock the full potential of our Ethereum Interchain. Long ago we decided to prioritize both Bitcoin and Ethereum Interchains. We envision an ecosystem that encompasses different projects to give developers the ability to take full advantage of all the opportunities blockchain offers to create decentralized solutions not only for Reddit but for all of our current platforms and systems. We believe that together we will take the adoption of blockchain further. We currently have additional Interchain with Ethereum Classic. We look forward to Interchain with other blockchains in the future. We invite all blockchains projects who believe in decentralization and security to Interchain with Dragonchain.
  • While we only have 700 nodes compared to 8,000 Ethereum and 10,000 Bitcoin nodes. We harness those 18,000 nodes to scale to extremely high levels of security. See Dragonchain metrics.
  • Some may consider the centralization of Dragonchain’s business nodes as an issue at first glance, however, the model is by design to protect business data. We do not consider this a drawback as these nodes can make any, none, or all data public. Depending upon the implementation, every subreddit could have control of its own business node, for potential business and enterprise offerings, bringing new alternative revenue streams to Reddit.

Costs and resources

Summary of cost & resource information for both on-chain & off-chain components used in the PoC, as well as cost & resource estimates for further scaling. If your PoC is not on mainnet, make note of any mainnet caveats (such as congestion issues).
Every transaction on the PoC system had a transaction fee of $0.0001 (one-hundredth of a cent USD). At 256MM transactions, the demo cost $25,600. With current operational fees, the same demonstration would cost $640 USD.
For the demonstration, to achieve throughput to mimic a worldwide payments network, we modeled several clients in AWS and 4-5 business nodes to handle the traffic. The business nodes were tuned to handle higher throughput by adjusting memory and machine footprint on AWS. This flexibility is valuable to implementing a system such as envisioned by Reddit. Given that Reddit’s daily traffic (posts, replies, and votes) is less than half that of our demo, we would expect that the entire Reddit system could be handled on 2-5 business nodes using right-sized containers on AWS or similar environments.
Verification was accomplished on the operational Dragon Net network with over 700 independently owned verification nodes running around the world at no cost to the business other than paid transaction fees.



This PoC should scale to the numbers below with minimal costs (both on & off-chain). There should also be a clear path to supporting hundreds of millions of users.
Over a 5 day period, your scaling PoC should be able to handle:
*100,000 point claims (minting & distributing points) *25,000 subscriptions *75,000 one-off points burning *100,000 transfers
During Dragonchain’s 24 hour demo, the above required numbers were reached within the first few minutes.
Reddit’s total activity is 9000% more than Ethereum’s total transaction level. Even if you do not include votes, it is still 700% more than Ethereum’s current volume. Dragonchain has demonstrated that it can handle 250 million transactions a day, and it’s architecture allows for multiple systems to work at that level simultaneously. In our PoC, we demonstrate double the full capacity of Reddit, and every transaction was proven all the way to Bitcoin and Ethereum.
Reddit Scaling on Ethereum


Solutions should not depend on any single third-party provider. We prefer solutions that do not depend on specific entities such as Reddit or another provider, and solutions with no single point of control or failure in off-chain components but recognize there are numerous trade-offs to consider
Dragonchain’s architecture calls for a hybrid approach. Private business nodes hold the sensitive data while the validation and verification of transactions for the business are decentralized within seconds and secured to public blockchains within 10 minutes to 2 hours. Nodes could potentially be controlled by owners of individual subreddits for more organic decentralization.
  • Billing is currently centralized - there is a path to federation and decentralization of a scaled billing solution.
  • Operational multi-cloud
  • Operational on-premises capabilities
  • Operational deployment to any datacenter
  • Over 700 independent Community Verification Nodes with proof of ownership
  • Operational Interchain (Interoperable to Bitcoin, Ethereum, and Ethereum Classic, open to more)

Usability Scaling solutions should have a simple end user experience.

Users shouldn't have to maintain any extra state/proofs, regularly monitor activity, keep track of extra keys, or sign anything other than their normal transactions
Dragonchain and its customers have demonstrated extraordinary usability as a feature in many applications, where users do not need to know that the system is backed by a live blockchain. Lyceum is one of these examples, where the progress of academy courses is being tracked, and successful completion of courses is rewarded with certificates on chain. Our @Save_The_Tweet bot is popular on Twitter. When used with one of the following hashtags - #please, #blockchain, #ThankYou, or #eternalize the tweet is saved through Eternal to multiple blockchains. A proof report is available for future reference. Other examples in use are DEN, our decentralized social media platform, and our console, where users can track their node rewards, view their TIME, and operate a business node.

Transactions complete in a reasonable amount of time (seconds or minutes, not hours or days)
All transactions are immediately usable on chain by the system. A transaction begins the path to decentralization at the conclusion of a 5-second block when it gets distributed across 5 separate community run nodes. Full decentralization occurs within 10 minutes to 2 hours depending on which interchain (Bitcoin, Ethereum, or Ethereum Classic) the transaction hits first. Within approximately 2 hours, the combined hash power of all interchained blockchains secures the transaction.

Free to use for end users (no gas fees, or fixed/minimal fees that Reddit can pay on their behalf)
With transaction pricing as low as $0.0000025 per transaction, it may be considered reasonable for Reddit to cover transaction fees for users.
All of Reddit's Transactions on Blockchain (month)
Community points can be earned by users and distributed directly to their Reddit account in batch (as per Reddit minting plan), and allow users to withdraw rewards to their Ethereum wallet whenever they wish. Withdrawal fees can be paid by either user or Reddit. This model has been operating inside the Dragonchain system since 2018, and many security and financial compliance features can be optionally added. We feel that this capability greatly enhances user experience because it is seamless to a regular user without cryptocurrency experience, yet flexible to a tech savvy user. With regard to currency or token transactions, these would occur on the Reddit network, verified to BTC and ETH. These transactions would incur the $0.0000025 transaction fee. To estimate this fee we use the monthly active Reddit users statista with a 60% adoption rate and an estimated 10 transactions per month average resulting in an approximate $720 cost across the system. Reddit could feasibly incur all associated internal network charges (mining/minting, transfer, burn) as these are very low and controllable fees.
Reddit Internal Token Transaction Fees

Reddit Ethereum Token Transaction Fees
When we consider further the Ethereum fees that might be incurred, we have a few choices for a solution.
  1. Offload all Ethereum transaction fees (user withdrawals) to interested users as they wish to withdraw tokens for external use or sale.
  2. Cover Ethereum transaction fees by aggregating them on a timed schedule. Users would request withdrawal (from Reddit or individual subreddits), and they would be transacted on the Ethereum network every hour (or some other schedule).
  3. In a combination of the above, customers could cover aggregated fees.
  4. Integrate with alternate Ethereum roll up solutions or other proposals to aggregate minting and distribution transactions onto Ethereum.

Bonus Points

Users should be able to view their balances & transactions via a blockchain explorer-style interface
From interfaces for users who have no knowledge of blockchain technology to users who are well versed in blockchain terms such as those present in a typical block explorer, a system powered by Dragonchain has flexibility on how to provide balances and transaction data to users. Transactions can be made viewable in an Eternal Proof Report, which displays raw data along with TIME staking information and traceability all the way to Bitcoin, Ethereum, and every other Interchained network. The report shows fields such as transaction ID, timestamp, block ID, multiple verifications, and Interchain proof. See example here.
Node payouts within the Dragonchain console are listed in chronological order and can be further seen in either Dragons or USD. See example here.
In our social media platform, Dragon Den, users can see, in real-time, their NRG and MTR balances. See example here.
A new influencer app powered by Dragonchain, Raiinmaker, breaks down data into a user friendly interface that shows coin portfolio, redeemed rewards, and social scores per campaign. See example here.

Exiting is fast & simple
Withdrawing funds on Dragonchain’s console requires three clicks, however, withdrawal scenarios with more enhanced security features per Reddit’s discretion are obtainable.

Interoperability Compatibility with third party apps (wallets/contracts/etc) is necessary.
Proven interoperability at scale that surpasses the required specifications. Our entire platform consists of interoperable blockchains connected to each other and traditional systems. APIs are well documented. Third party permissions are possible with a simple smart contract without the end user being aware. No need to learn any specialized proprietary language. Any code base (not subsets) is usable within a Docker container. Interoperable with any blockchain or traditional APIs. We’ve witnessed relatively complex systems built by engineers with no blockchain or cryptocurrency experience. We’ve also demonstrated the creation of smart contracts within minutes built with BASH shell and Node.js. Please see our source code and API documentation.

Scaling solutions should be extensible and allow third parties to build on top of it Open source and extensible
APIs should be well documented and stable

Documentation should be clear and complete
For full documentation, explore our docs, SDK’s, Github repo’s, architecture documents, original Disney documentation, and other links or resources provided in this proposal.

Third-party permissionless integrations should be possible & straightforward Smart contracts are Docker based, can be written in any language, use full language (not subsets), and can therefore be integrated with any system including traditional system APIs. Simple is better. Learning an uncommon or proprietary language should not be necessary.
Advanced knowledge of mathematics, cryptography, or L2 scaling should not be required. Compatibility with common utilities & toolchains is expected.
Dragonchain business nodes and smart contracts leverage Docker to allow the use of literally any language or executable code. No proprietary language is necessary. We’ve witnessed relatively complex systems built by engineers with no blockchain or cryptocurrency experience. We’ve also demonstrated the creation of smart contracts within minutes built with BASH shell and Node.js.


Bonus Points: Show us how it works. Do you have an idea for a cool new use case for Community Points? Build it!


Community points could be awarded to Reddit users based upon TIME too, whereas the longer someone is part of a subreddit, the more community points someone naturally gained, even if not actively commenting or sharing new posts. A daily login could be required for these community points to be credited. This grants awards to readers too and incentivizes readers to create an account on Reddit if they browse the website often. This concept could also be leveraged to provide some level of reputation based upon duration and consistency of contribution to a community subreddit.

Dragon Den

Dragonchain has already built a social media platform that harnesses community involvement. Dragon Den is a decentralized community built on the Dragonchain blockchain platform. Dragon Den is Dragonchain’s answer to fake news, trolling, and censorship. It incentivizes the creation and evaluation of quality content within communities. It could be described as being a shareholder of a subreddit or Reddit in its entirety. The more your subreddit is thriving, the more rewarding it will be. Den is currently in a public beta and in active development, though the real token economy is not live yet. There are different tokens for various purposes. Two tokens are Lair Ownership Rights (LOR) and Lair Ownership Tokens (LOT). LOT is a non-fungible token for ownership of a specific Lair. LOT will only be created and converted from LOR.
Energy (NRG) and Matter (MTR) work jointly. Your MTR determines how much NRG you receive in a 24-hour period. Providing quality content, or evaluating content will earn MTR.

Security. Users have full ownership & control of their points.
All community points awarded based upon any type of activity or gift, are secured and provable to all Interchain networks (currently BTC, ETH, ETC). Users are free to spend and withdraw their points as they please, depending on the features Reddit wants to bring into production.

Balances and transactions cannot be forged, manipulated, or blocked by Reddit or anyone else
Users can withdraw their balance to their ERC20 wallet, directly through Reddit. Reddit can cover the fees on their behalf, or the user covers this with a portion of their balance.

Users should own their points and be able to get on-chain ERC20 tokens without permission from anyone else
Through our console users can withdraw their ERC20 rewards. This can be achieved on Reddit too. Here is a walkthrough of our console, though this does not show the quick withdrawal functionality, a user can withdraw at any time.

Points should be recoverable to on-chain ERC20 tokens even if all third-parties involved go offline
If necessary, signed transactions from the Reddit system (e.g. Reddit + Subreddit) can be sent to the Ethereum smart contract for minting.

A public, third-party review attesting to the soundness of the design should be available
To our knowledge, at least two large corporations, including a top 3 accounting firm, have conducted positive reviews. These reviews have never been made public, as Dragonchain did not pay or contract for these studies to be released.

Bonus points
Public, third-party implementation review available or in progress
See above

Compatibility with HSMs & hardware wallets
For the purpose of this proposal, all tokenization would be on the Ethereum network using standard token contracts and as such, would be able to leverage all hardware wallet and Ethereum ecosystem services.

Other Considerations

Minting/distributing tokens is not performed by Reddit directly
This operation can be automated by smart contract on Ethereum. Subreddits can if desired have a role to play.

One off point burning, as well as recurring, non-interactive point burning (for subreddit memberships) should be possible and scalable
This is possible and scalable with interaction between Dragonchain Reddit system and Ethereum token contract(s).

Fully open-source solutions are strongly preferred
Dragonchain is fully open source (see section on Disney release after conclusion).


Whether it is today, or in the future, we would like to work together to bring secure flexibility to the highest standards. It is our hope to be considered by Ethereum, Reddit, and other integrative solutions so we may further discuss the possibilities of implementation. In our public demonstration, 256 million transactions were handled in our operational network on chain in 24 hours, for the low cost of $25K, which if run today would cost $625. Dragonchain’s interoperable foundation provides the atmosphere necessary to implement a frictionless community points system. Thank you for your consideration of our proposal. We look forward to working with the community to make something great!

Disney Releases Blockchain Platform as Open Source

The team at Disney created the Disney Private Blockchain Platform. The system was a hybrid interoperable blockchain platform for ledgering and smart contract development geared toward solving problems with blockchain adoption and usability. All objective evaluation would consider the team’s output a success. We released a list of use cases that we explored in some capacity at Disney, and our input on blockchain standardization as part of our participation in the W3C Blockchain Community Group.

Open Source

In 2016, Roets proposed to release the platform as open source to spread the technology outside of Disney, as others within the W3C group were interested in the solutions that had been created inside of Disney.
Following a long process, step by step, the team met requirements for release. Among the requirements, the team had to:
  • Obtain VP support and approval for the release
  • Verify ownership of the software to be released
  • Verify that no proprietary content would be released
  • Convince the organization that there was a value to the open source community
  • Convince the organization that there was a value to Disney
  • Offer the plan for ongoing maintenance of the project outside of Disney
  • Itemize competing projects
  • Verify no conflict of interest
  • Preferred license
  • Change the project name to not use the name Disney, any Disney character, or any other associated IP - proposed Dragonchain - approved
  • Obtain legal approval
  • Approval from corporate, parks, and other business units
  • Approval from multiple Disney patent groups Copyright holder defined by Disney (Disney Connected and Advanced Technologies)
  • Trademark searches conducted for the selected name Dragonchain
  • Obtain IT security approval
  • Manual review of OSS components conducted
  • OWASP Dependency and Vulnerability Check Conducted
  • Obtain technical (software) approval
  • Offer management, process, and financial plans for the maintenance of the project.
  • Meet list of items to be addressed before release
  • Remove all Disney project references and scripts
  • Create a public distribution list for email communications
  • Remove Roets’ direct and internal contact information
  • Create public Slack channel and move from Disney slack channels
  • Create proper labels for issue tracking
  • Rename internal private Github repository
  • Add informative description to Github page
  • Expand with more specific information
  • Add information beyond current “Blockchains are Magic”
  • Add getting started sections and info on cloning/forking the project
  • Add installation details
  • Add uninstall process
  • Add unit, functional, and integration test information
  • Detail how to contribute and get involved
  • Describe the git workflow that the project will use
  • Move to public, non-Disney git repository (Github or Bitbucket)
  • Obtain Disney Open Source Committee approval for release
On top of meeting the above criteria, as part of the process, the maintainer of the project had to receive the codebase on their own personal email and create accounts for maintenance (e.g. Github) with non-Disney accounts. Given the fact that the project spanned multiple business units, Roets was individually responsible for its ongoing maintenance. Because of this, he proposed in the open source application to create a non-profit organization to hold the IP and maintain the project. This was approved by Disney.
The Disney Open Source Committee approved the application known as OSSRELEASE-10, and the code was released on October 2, 2016. Disney decided to not issue a press release.
Original OSSRELASE-10 document

Dragonchain Foundation

The Dragonchain Foundation was created on January 17, 2017.
submitted by j0j0r0 to ethereum [link] [comments]


#yieldfarming #DAO #Volcano #MMORG #NFTs #Cryptokitties #Launch $KTY $ETH #ethereum #RINKEBY #DeFi #Uniswap
submitted by DT7890 to kittiefight [link] [comments]

Weekly Wrap: This Week In Chainlink September 20 - September 27

Weekly Wrap: This Week In Chainlink September 20 - September 27

Announcements and Integrations 🎉

Decentralized VPN network @OrchidProtocol launched an additional Chainlink oracle live on mainnet to aggregate bandwidth pricing from Orchid providers. This allows users to easily estimate the cost of network services, ensuring they pay a fair market price.

Given their successful testnet implementation of the Chainlink-powered ELA/USD price feed, blockchain platform @ElastosInfo integrates additional Chainlink price feeds on its ETH sidechain to power an upcoming money market dApp.

Cross-chain DeFi platform @ReefDeFi will use Chainlink's ETH and DOT denominated Price Reference Data to power their smart asset management tools, such as automated portfolio rebalancing and yield farm optimization based on changes in asset prices.

DeFi-powered NFT project @aavegotchi is integrating Chainlink VRF as its source of provably fair randomness. Chainlink VRF will help determine an Aavegotchi’s unique characteristics, generate unpredictable game scenarios, randomly select DAO jurors & more.

@Theta_Network & Chainlink collaborate to solve click fraud w/ universally connected smart contracts. Proving user activity wasn't adversarial bots prevent theft of funds & correctly sends payments for better content to publishers that deserve to be paid.

We're excited to help support the larger blockchain community's open-source development by contributing financial resources to @gitcoin's Grants Round #7. Chainlink strongly believes in supporting the open-source ecosystem that we are all building together.

Featured Videos & Educational Pieces 🎥

Learn how Chainlink provides developers with a variety of live oracle solutions that can be easily integrated, including decentralized price feeds, provably fair random numbers, & access to any API. Learn how to enhance your smart contract today with these features.

Join us for a live Q&A with COO, Eric Anziani. We will be speaking about's recent integration of Chainlink and their use of decentralized oracles to bring CeFi closer to DeFi.

Decentralized Finance continues to grow, and increasingly solutions are needed that can scale, incorporate outside data, ensure privacy, and promote financial sovereignty. Learn how Chainlink and Oasis are joining forces to bring oracles to the Oasis Network and learn more about how adding confidentiality and scalability to DeFi applications of today can enable an entirely new and more accessible class of DeFi applications, including the ability to Tokenize Data itself, on the Oasis Network.

Ecosystem & Community Celebrations 👏

Upcoming Events 📅

Are you interested in hosting your own meetup? Apply to become a Chainlink Community Advocate today:

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submitted by linkedkeenan to Chainlink [link] [comments]

August 2020 Updates

August 2020 Updates
August has been a rewarding month for the Swipe team as it successfully launched and introduce multiple programs, partnerships, and new product announcements. These updates made the Swipe, and even the crypto community, to look forward to the upcoming plans that the team has in store.
Swipe Staking & DeFi
With the launch of the Swipe Network testnet, Swipe users can now use the Swipe Faucet to grab testnet-SXP to use on the decentralized finance application. Users will be able to bond SXP to the Swipe Network smart contract as collateral to ensure the guarantee of conversions for these exchanges.
A reserve system in place to lock SXP and guarantee that the merchant and payment networks receive the exact fiat amount is in place as Swipe facilitates real-time conversions on-demand. Users will receive up 12% APY on their staked SXP within the Swipe Network off-chain and a variable rate for on-chain.
Also, as Swipe prepares to launch the Swipe Network Staking mainnet, the Swipe Wallet application will support SXP staking. Users will enjoy staking rewards based on their SXP balances held on the Swipe Wallet beginning last August 23rd.
Details of the staking can be viewed at
At the same time, Swipe announced its plans to launch a Decentralized Finance Lending/Earn application on Binance Smart Chain. Called SwipeFi, it will enable Binance Chain tokens to be used to earn interest on their supply of collateral to the protocol and borrow against their collateral directly on the Binance blockchain.
Swipe x WBTC
Swipe has partnered with WBTC Network and is now officially a merchant for WBTC minting through the WBTC Network’s DAO Governance process. Swipe has also listed $WBTC on the Swipe Wallet platform and Swipe Visa Card to enable users to buy, sell, exchange, and spend WBTC at over 60 million merchants worldwide.
SXP Listings
Swipe Token ($SXP), the native token of Swipe, is now listed on its second Indian Exchange, CoinDCX. Trading for $SXP token is now live for CoinDCX users who wish to trade SXP/BTC and SXP/USDT.
SXP is also added to Korea’s top exchanges Coinone and Upbit. Traders using these platforms can now exchange with $SXP/KRW pairs for Coineone and $SXP/BTC pairs for Upbit.
The Swipe Product Manual
Swipe released its new redefined whitepaper titled Swipe Product Manual. It was designed with simplicity in mind for easy and coherent descriptions of the Swipe ecosystem of products. This will describe all of Swipe’s current and future products that the team has planned.
The Swipe Product Manual can be viewed by clicking here or by going to or downloading to your desktop.
0% Fees
Swipe users can now enjoy 0% fees on crypto purchases, selling, and conversion to and from fiat currencies, as Swipe announced the removal of its 1% fee. On top of this announcement, Swipe cardholders will also enjoy waived membership fees and free card shipping.
Swipe AMA
For Swipe’s second AMA event, Swipe CEO Joselito Lizarondo answered the questions from the Reddit community regarding Swipe’s activities and plans for the future. In his first blog post, Lizarondo talked about the new partnership programs of Swipe, its newly released “Product Manual,” and the new roadmap, which will be kept in stealth “to focus on bringing maximum value to these announcements and products.”
Read the whole transcript of Joselito Lizarondo’s AMA here:
Swipe, Kava Partnership
Swipe has formed a strategic partnership with Kava Labs to further grow the USDX DeFi Ecosystem as Swipe prepares to bring decentralized finance applications to the Binance Smart Chain. Swipe has also listed $KAVA and $USDX on the Swipe Wallet platform where users can buy and sell both of these coins with a linked bank account or credit/debit card, enabling it to be converted and spent at over 60 million merchants worldwide with the Swipe Visa Card.
Swipe’s Chainlink Based Price Oracles Now Live
Swipe has collaborated with Chainlink to launch a live SXP-USD price oracle on the Ethereum mainnet. Users will receive stronger guarantees around trust and transparency in the payments process, as critical price feeds for the network are now completely decentralized and available to monitor on the blockchain by switching to Chainlink.
This ensures that reward issuances and token burns only take place based on accurate, highly available, and tamper-proof on-chain prices that have no single point of failure or absolute truth. Users can independently verify the current price, how price updates occur, which nodes are providing data to the network, and more.
Swipe Lists & Partners with Band Protocol
Swipe has recently formed a strategic partnership with Band Protocol for the implementation of Band Protocol’s secure and scalable oracles on the launch of SwipeFi, the money market protocol coming soon to Binance Smart Chain.
Both teams have been working to integrate a custom oracle script on BandChain for a more cost-effective and refined SXP-USD price oracle that will improve the existing oracle design that only updates once every 24 hours or per 1% price deviation. By using BandChain, SwipeFi developers can create fine-tuned custom decentralized oracles that specify any external data source to connect to, aggregation methods and update parameters. This means that SwipeFi will no longer be limited to by predetermined datasets or delayed data arising from the limitations of particular blockchain networks such as congestion that stalled Ethereum-based oracle feeds for almost six hours.
Swipe has also listed $BAND on the Swipe Wallet and Swipe Visa card platform so users can buy, sell, convert and spend BAND at over 60 million merchants worldwide.
Swipe Mobile App Updates
The Swipe team has released two updates for its mobile application. On version v1.506 of the application, the team has updated the credit/debit purchase module and 3ds, iOS live chat, card order results failover module, and the iOS 14.0 compatibility version. The team has also fixed the All button issue, card rewards and percentage issue, and crash issues. The fees in exchange and credit/debit purchases were also removed in this update.
The team later has also released the v1.507 update to fix SMS issues on registration and server upgrade.
All New Swipe Cards
Swipe released a new addition to its existing card lineup last August. Adding to the list of Swipe cards are the Swipe Sky and Swipe Steel.
Swipe Sky, a blue-colored Visa card, offers 2% cashback on all purchases, dual-Interface NFC/EMV card, ATM cash access, 300 SXP stake required for six months, and rewards & benefits program. Swipe Steel, on the other hand, offers 4% cashback on all purchases, dual-interface NFC/EMV card, ATM cash access, 3,000 SXP stake required for six months, rewards & benefits program, and no foreign transaction fees.
Alongside with these new cards, Swipe also announced that Visa card orders are now completely free to their users. This means free card orders, shipping, and also no annual/monthly fees and transaction fees.
Order Swipe Card here:
Swipe Widget Beta Program
Swipe is calling all developers who want to integrate a seamless non-custodial crypto on-ramp service for their clients. With Swipe Widget Beta Program, customers can seamlessly verify, pay, and receive coins within five minutes without leaving the platform. It can also easily enable over 30 cryptocurrencies to be purchased with bank accounts, credit cards, and more.
Email: [email protected] to join the beta today
Swipe Now in the USA
The Swipe Wallet app is now open to all United Stated users except for New York State residents. Verified USA users can now buy & sell over 30 Cryptocurrencies commission-free today.
As Swipe enters the US market, it also announced its partnership with Evolve Bank & Trust for its crypto-funded USD checking accounts and debit cards.
Swipe will be introducing US Dollar Checking Accounts for users within the United States that will be held at Evolve Bank & Trust and accessible via the Swipe Wallet Mobile Application.
Users will be able to deposit their direct deposit paychecks into this account and access it via the mobile app. The accounts provided by Evolve Bank & Trust will include FDIC insurance up to applicable limits. Users will be able to use these accounts to purchase and sell supported cryptocurrency on-demand with access to ACH and wire payment networks.
Swipe Integrates On-demand Gift Card
Swipe announced the integration of on-demand gift cards powered by over 30 cryptocurrencies. Users will be able to buy gift cards from over 100 global retailers directly in the Swipe Wallet app with up to 10% cashback.
Stay up-to-date with all the latest news from Swipe
Telegram: &
submitted by SwipeWallet to Swipe_io [link] [comments]

Swerve (SWRV) is now on DeFi Swap

Swerve (SWRV) is now on DeFi Swap

Swerve (SWRV) is now available on DeFi Swap. Users can swap SWRV, be SWRV Liquidity Providers to earn fees and boost their yield by up to 20x when staking CRO.
Swerve (SWRV) is the native token of Swerve, a fork that's 100% community-owned and governed. It’s a fair launched liquidity pool on Ethereum designed for extremely efficient stablecoin trading, low risk, and supplemental fee income for liquidity providers. Any holders provide liquidity to Swerve, will get ySWRV tokens, which can be staked in the Swerve DAO to earn $SWRV.
SWRV joins a growing list of tokens on DeFi Swap, such as Harvest Finance (FARM), Uniswap (UNI), Wrapped Bitcoin (WBTC), Yearn Finance (YFI), (Wrapped) Ether (WETH), Tether (USDT), USD Coin (USDC), Dai (DAI), Chainlink (LINK), Compound (COMP) and Coin (CRO).
Start swapping, farming and staking now.
Please see the blog for more details about DeFi Swap.
submitted by BryanM_Crypto to Crypto_com [link] [comments]

Forward Thinking Friday - Contrarian Messaging - 31 July 2020

Forward Thinking Friday - Contrarian Messaging - 31 July 2020
Welcome to Forward Thinking Friday, a regular venue to discuss ideas, concepts and designs that push Decred further, bigger and better. Topics raised can be anything ranging from:
  • Technological improvements or enhancements
  • Unique opportunities well serviced by the Decred protocol
  • Responses to competing protocol designs and features
  • Integrations and Infrastructure
  • Marketing and Project Messaging

Focus Topic: Contrarian Messaging

There is a lot of hype for cryptocurrency markets and it is time for Decred to partake in it. Decred is Different in that it builds technology designed to outlast by aligning incentives, avoiding rent extraction and targeting decentralisation and resiliency at all costs.
Decred's strength is in it's remarkable ability to take the contrarian bet against literally everything. This message is a key differentiator and deserves to be amplified. This week, I posit two potential areas for a Decred marketing campaign to rally around, and seek community input on defining the message and executing on social channels.

1. Decred is Ready

For the past 4.5years, Decred has been building. Until now, it has been difficult to pitch the protocol as 'sufficiently different' to its peers Bitcoin, ZCash, Monero et al. simply because many of the features were under development and not tangible enough.
With Decrediton v1.6 and the DEX release, this changes.
Decred will soon have average user access to:
  • CoinShuffle++ Privacy Mixer with huge volume, cheap cost, rotating user-base due to pseudo random votes
  • Lightning Network Main-net enabling scalable payments, ease of tipping micro-transactions etc
  • Steps towards decentralising the Treasury creating the first truly decentralised L1 DAO
  • DCRDEX enabling trustless exchange without reliance on centralised entities
  • Politeia enabling community governance decisions and dispute resolution
Decred is ready for the challenges that face cryptocurrency projects. Security attacks, governance failure, code calcification, KYC/AML and chainalysis, funding wells drying up, regulator pressure on centralised actors etc. As a DAO, it will command more on-chain funds than any L1 protocol and this is truly unique.
#BuildToOutlast #DecredIsReady #DecredDAO

2. Own the Name, Decentralised Credits, in the face of 'De'Fi

'De'Fi as it appears on Ethereum is founded on principles of Debt, Leverage and usually centralised capital funding. The tokenomics, generally speaking, have incentivised an accumulation of cross-contract debt instruments that few in the ecosystem understand (let alone able to price in the risks). 100%+ APY is most definitely a junk bond of the highest order and these rates are simply unsustainable (as Vitalik himself notes). The way such returns can exist is that the silent 90% are paying for it in dilution, lost trades and increasingly scams, whilst the talking heads, crypto funds and backers quietly take their profits.
As JYP covered in the latest Decred blog, incentivised leverage and debt is a core contributor to the fundamental problem within modern finance. Decred operates on entirely full reserve sound money, aka Decentralised Credits.
Account Credit is the perfect counterpoint to Account Debt.
Decred has an opportunity to express the value of its decentralised financial stack by owning the fact that the 'De' is actually decentralised, and the 'Fi' is coming to fruition (Decred is Ready). 6.7% APY paid in scarce, sound money DCR, without taking on debt and minimising code/smart contract risk highlights our path towards solving the problem, not perpetuating it. An example of this is shown below to demonstrate the ROI in DCR for a new ticket holder starting staking today.
Decred Finance Incentivises security, privacy mixing, governance, DAO decision making, self-sovereignty, trustless exchange, optimised and scalable payments and storing value, all using a scarce sound money Decentralised Credits (Not Decentralised Debt).
Decred staking ROI for holders of 1 to 5 tickets. Colour and ticket price RHS, Cumulative ROI LHS. Ticket price is estimated assuming all PoW issuance becomes tickets (has been the trend to date)
As always, look forward to your comments, discussion and forward thinking suggestions.
submitted by __checkmatey__ to decred [link] [comments]

Introducing UniLend Finance & Welcoming Every Token to DeFi

Introducing UniLend Finance & Welcoming Every Token to DeFi
The existing DeFi solutions have successfully demonstrated the demand for trading the time value of digital assets. However, current systems have left the majority of digital assets outside of the DeFi ecosystem. There are over 6000 tokens listed on coinmarketcap. However, the current platforms such as Compound, Aave, Maker DAO, and many more, support less than 30 assets.
Current DeFi platforms act as a gatekeeper in allowing which projects to be a part of the pool; thereby barring the majority of assets from participation in the DeFi ecosystem. Multi-asset pools also expose lenders to risk associated with all of the included assets with no control over the collaterals against which their funds can be lent; thereby exposing them to risks associated with all of the assets.
Peer-to-peer protocols that are looking to accommodate more tokens are asynchronous platforms with added costs and friction to the lenders and borrowers making them practically non-viable solutions in terms of gaining meaningful traction.

Huge Untapped Market
There is a huge market opportunity for a protocol that supports a larger number of assets in a decentralized and permission-less way. UniLend is designed to address this untapped market and fuel the blockchain ecosystem by opening up the DeFi space for all tokens.


The current issues that plagues the decentralized finance industry stem from its fragmentation. Some protocols offer lending and borrowing with a limited set of tokens while others offer the freedom to trade any ERC20 assets but neglect the lending and borrowing aspect.
UniLend is bridging that gap by combining the decentralization aspect of enabling any ERC20 to be utilized as collateral for lending & borrowing whilst providing the flexibility for users to also trade their assets in-platform. Ultimately, UniLend aims to unlock the full potential of digital assets for their owners.

What is UniLend?

UniLend is a permission-less decentralized protocol that combines spot trading services and money markets with lending and borrowing services through smart contracts. In the money markets the interest rates and collateralization ratio are based on supply, demand, and other market forces and borrowing limits are decided by liquidity in the trading pairs. The integrated smart contract for both features of the protocol allows both trading & DeFi capabilities to co-exist within the same protocol. This solves the liquidity and liquidation issue which was limiting the growth of DeFi adoption to a broader market.
UniLend’s protocol allows users to frictionlessly exchange the time value of Ethereum assets by creating a spot trading pair and separate money markets for each token. This allows ecosystem owners to create their own lending and risk management strategies.
Due to the permissionless nature of the protocol, users have the capability to list any Ethereum asset on UniLend. An asset listing on the UniLend protocol’s smart contract instantly creates and lists on markets for lending, borrowing, and spot trading.
The UniLend platform is designed to create separate money markets and trading markets for each token with multiple underlying benefits:
  • Enabling lenders to choose the acceptable collateralization assets and allowing them to implement their own lending strategy to maximize their returns. Existing lending protocols act like managed funds whereas UniLend is designed as a self-managed fund.
  • Creating an inclusive DeFi ecosystem where platforms do not act as gatekeepers and are able to tap into the complete token market as opposed to a limited array of tokens supported by existing platforms.
  • Enabling a fully decentralized protocol for automated liquidity provision on ethereum.
Rather than using highly inefficient and slow peer-to-peer lending and borrowing, UniLend utilizes dual asset pools for frictionless borrowing and lending of assets backed by liquidity available in their respective trading pools.

Key Features

We understand the problems of fragmentation and functionality which are limiting the growth of the DeFi sector. Unilend solves this by supporting and offering comprehensive functionality for a vast range of digital assets. Here are some of the key elements of UniLend Protocol:
  1. Permission-less listing: Any ERC20 token would be able to list without a centralized entity/ DAO controlling the process and we’re also exploring addition of cross-chain support in the future such as Binance Chain, Monero, etc..
  2. Lending & borrowing: Users have the capability to unlock their token’s functionality for lending to receive an interest rate and borrowing by paying an interest rate.
  3. Trading: A corresponding trading pair will operate on UniLend to include decentralized spot trading functionality.
  4. Liquidity: By providing liquidity, users are able to receive fees in proportion to their liquidity pool stake.
  5. Governance: The protocol will be governed by its token holders through proposals in order to ensure adjustments to the protocol are made with a majority consensus.
  6. Native Utility Token: The native utility token on UniLend will be UFT, UniLend Finance Token. The token will have multiple aspects for governance, value, and much more to be released in a later blog post.
  7. User Interface/ User Experience: An intuitive and user friendly interface designed to provide seamless trading and lending/borrowing experience.

Bridging the gap

Currently, only a selected few assets are allowed into the DeFi industry. These assets are currently listed on Compound, Aave and others: - DAI, USDC, ETH, WBTC, USDT, MKR, ZRX, REP, BAT, BUSD, ENJ, KNC, LINK, & SNX
This leaves over 6000 additional assets that are not integrated with higher marketcaps to further boost the efficiency of decentralized finance liquidity including: - CRO, BNB, HT, OKB, LEO, MATIC, and so much more.
Unlocking the True Potential of Decentralized Finance
In order to fully expand the infrastructure to reach a higher frontier, we need to expand support through permission-less integrations.


UniLend protocol is working to create a new niche in the market which has been neglected and untapped by current solutions in the DeFi space. We believe our efforts will create a level playing field in the market by enabling every token to be a part of the growing DeFi ecosystem.
Do you agree, that every token should be a part of DeFi? Share your thoughts in the comments.
For any Queries/Suggestions, Please reach out to us on Twitter , engage in our Telegram Community, & Join our Reddit to say Hi 👋
submitted by Michael-Huynh to UniLend [link] [comments]

Dove Wallet lists 7 new DeFi tokens

Dove Wallet lists 7 new DeFi tokens
Dear Dove Wallet customers, Dove Wallet lists 7 new ERC-20 tokens to support the growth of DeFi market.
Now, you can deposit as well as trade the token against major markets like BTC, ETH, USDT and more. Dove Wallet will strive to provide a more attractive trading environment for Dove Wallet users around the world.
Thank you. Super happy!
Uniswap(UNI) Dominating current DEX market with massive trading volume, Uniswap is a fully decentralized protocol for automated liquidity built on Ethereum. Homepage: Twitter: Github:
Chainlink(LINK) Chainlink is a decentralized blockchain oracles services. Acting as a secure blockchain middleware & oracle networks, it provides inputs and outputs for smart contracts. ERC20 standard token LINK is to pay Chainlink node for their work, facilitated the use of contracts that connect to applications, payment systems, transactions. Homepage: Twitter: Github:
SushiSwap(SUSHI) A hard fork of Uniswap, SushiSwap is a decentralized protocols built on Ethereum for automated liquidity provisions. SushiSwap’s token SUSHI provides governance rights and a portion of the fees paid to the protocol. Homepage: Twitter: Github:
Yearn.Finance(YFI) Yearn/ Finance is a decentralized finance protocol, profit switching lender by moving between various DeFi protocols to increase yield on fund providers. YFI is the governance token, can be earned by contributing to liquidity pool. Homepage: Twitter: Github:
Aave(LEND) Aave is an open source and non-custodial protocol to earn interest on deposits and borrow assets. Its token, LEND provides holders discounted fees on the platform and serves as a governance token. Homepage: Twitter: Github:
MakerDAO(DAI) MakerDAO is a decentralized application running on the Ethereum blockchain and its stablecoin, DAI’s value is pegged to $1 USD. Maker DAO operates by issuing over-collateralized loans against digital assets such as Ether. Homepage: Twitter: Github: A fork of, is a DeFI platform to build products on aggregated liquidity provision, leverage trading and more. provides a profit optimizing service for lending providers. YFII is the native utility token token of Homepage: Twitter: Github:
submitted by DoveWallet to u/DoveWallet [link] [comments]

Swipe Bi-Weekly Update #6

Swipe Bi-Weekly Update #6
Swipe opened the month of August with the launch of its Swipe Network Staking and its announcement to run a Decentralized Finance Lending/Earn application on Binance Smart Chain. This was also followed by the plan to release product updates, events, listings, or partnerships every week until the end of 2020.
Bringing their promise and commitment true to the public, here are the activities that Swipe has released for the past two weeks:
Swipe Launches Staking/DeFi
Swipe has recently launched its test network for Swipe Network Testnet Staking and, at the same time, announced its plans to launch a Decentralized Finance Lending/Earn application on Binance Smart Chain.
With the launch of the Swipe Network testnet, users can use the Swipe Faucet to grab testnet-SXP to use on the decentralized finance application. Users will be able to bond SXP to the Swipe Network smart contract as collateral to ensure the guarantee of conversions for these exchanges. A reserve system in place to lock SXP and guarantee that the merchant and payment networks receive the exact fiat amount is in place as Swipe facilitates real-time conversions on-demand.
Users will receive up 12% APY on their staked SXP within the Swipe Network off-chain and a variable rate for on-chain. Swipe plans to enable staked SXP to earn the processing fees it charges in the future as well on top of the collateral rewards from staking.
Also, Swipe revealed its plans to launch a DeFi App on Binance Chain called SwipeFi, which will enable Binance Chain tokens to be used to earn interest on their supply of collateral to the protocol and borrow against their collateral directly on the Binance blockchain.
Swipe (SXP) Trading Competition
Last August 5 to 12, Swipe and Binance team have both committed a total of 100,000 SXP and 50,000 USDT in prizes to thank its users worldwide for their continued support and to also celebrate the Swipe acquisition and SXP/USDT listing in Futures, Margin and Spot markets. The contest was divided into three categories: a new user exclusive rewards, a trading competition, and the Lucky 99, which awarded users ranked 99th, 199th, 299th, 399th, and so forth until the 9999th place of the top 10,000 SXP traders based on their trading volume.
Swipe x WBTC
Swipe has partnered with WBTC Network and has officially been approved as a merchant for WBTC minting through the WBTC Network’s DAO Governance process. Swipe Wallet users will be able to benefit from instantly wrapping Bitcoin BTC to Wrapped Bitcoin (WBTC) and vice versa with just a few clicks. Swipe has also listed WBTC on the Swipe Wallet platform and Swipe Visa Card to enable users to buy, sell, exchange, and spend WBTC at over 60 million merchants worldwide.
SXP on CoinDCX
SXP, the native token of Swipe, is now listed and live on its second Indian Exchange CoinDCX. Trading for $SXP token is now live for CoinDCX users who wish to trade SXP/BTC and SXP/USDT.
CoinDCX trading links for SXP: &
Wazirx AMA Session
Swipe Chief Executive Officer (CEO) Joselito Lizarondo, held an AMA session with the Telegram community of Wazirx, a bitcoin exchange in India, last August 7. In the AMA session, Lizarondo answered questions about Swipe, Swipe Card, its new partnership with Binance, and the recent projects that the company has announced. The community also asked if Swipe is planning to bring its card services to India as it is one of the biggest crypto market countries at present.
To read the whole summary of the AMA visit:
New Swipe Product Manual
Swipe has released a new “redefined” white paper under the title: Swipe Product Manual. The Swipe Product Manual was designed with simplicity in mind for easy and coherent descriptions of the Swipe ecosystem of products. This will describe all of Swipe’s current and future products that the team has planned. Technical descriptions and documentation will be made available, as required, per protocol, as some will have API access for developers.
The Swipe Product Manual can be viewed by clicking here or by going to or downloading to your desktop.
Swipe 0% Fees
Starting Monday, August 17, Swipe Wallet and Swipe Card users will no longer have to pay any fees to buy, sell, and pay with crypto. Users can now purchase, sell, and convert cryptocurrencies to and from fiat currencies without the previous 1% fee. Swipe cardholders will also enjoy waived membership fees and free card shipping.
Swipe Staking
As Swipe prepares to launch the Swipe Network Staking mainnet, the Swipe Wallet application will support SXP staking. Users will enjoy staking rewards based on their SXP balances that are held on the Swipe Wallet beginning on August 23, 00:00 UTC.
More details of the staking can be viewed at:
Swipe Reddit AMA
In his first blog post on Medium, Swipe CEO Joselito Lizarondo answered the questions that the Reddit community asked regarding Swipe’s activities and plans for the future. He talked about the new partnership programs of Swipe, its newly released “Product Manual,” and the new roadmap, which will be kept in stealth “to focus on bringing maximum value to these announcements and products.”
Read the whole transcript of Joselito Lizarondo’s AMA here:
Swipe and Kava Partnership
Swipe has formed a strategic partnership with Kava Labs to further grow the USDX DeFi Ecosystem as Swipe prepares to bring decentralized finance applications to the Binance Smart Chain. Swipe has also listed KAVA and USDX on the Swipe Wallet platform where users can buy and sell KAVA and USDX with a linked bank account or credit/debit card as well as enabled it to be converted and spent at over 60 million merchants worldwide with the Swipe Visa Card.
$16M+ Ecosystem Rewards Program for BNB Holders on Binance
Swipe is launching a 12-week-period $16,000,000 Ecosystem Rewards Program for BNB holders, starting August 17. This program aims to continue to promote the usage of Swipe products, including the Swipe Network Staking and Governance within a strong community. With Swipe’s partnership with Binance, a weekly distribution of 333,333.33 SXP will run to BNB holders on
Know more about the Rewards Program here:
Swipe’s Chainlink Based Price Oracles Now Live
Swipe has collaborated with Chainlink, the market-leading decentralized oracle network, to launch a live SXP-USD price oracle on the Ethereum mainnet. By switching to Chainlink, users receive stronger guarantees around trust and transparency in the payments process, as critical price feeds for the network are now completely decentralized and available to monitor on the blockchain.
This decentralized infrastructure ensures that reward issuances and token burns only take place based on accurate, highly available, and tamper-proof on-chain prices that have no single point of failure or absolute truth. Users can independently verify the current price, how price updates occur, which nodes are providing data to the network, and more. This means users no longer need to rely on Swipe to produce fair conversion rates.
Stay up-to-date with all the latest news from Swipe
Telegram: &
submitted by SwipeWallet to Swipe_io [link] [comments]

All you need to know about Yield Farming - The rocket fuel for Defi

All you need to know about Yield Farming - The rocket fuel for Defi
It’s effectively July 2017 in the world of decentralized finance (DeFi), and as in the heady days of the initial coin offering (ICO) boom, the numbers are only trending up.
According to DeFi Pulse, there is $1.9 billion in crypto assets locked in DeFi right now. According to the CoinDesk ICO Tracker, the ICO market started chugging past $1 billion in July 2017, just a few months before token sales started getting talked about on TV.
Debate juxtaposing these numbers if you like, but what no one can question is this: Crypto users are putting more and more value to work in DeFi applications, driven largely by the introduction of a whole new yield-generating pasture, Compound’s COMP governance token.
Governance tokens enable users to vote on the future of decentralized protocols, sure, but they also present fresh ways for DeFi founders to entice assets onto their platforms.
That said, it’s the crypto liquidity providers who are the stars of the present moment. They even have a meme-worthy name: yield farmers.

Where it started

Ethereum-based credit market Compound started distributing its governance token, COMP, to the protocol’s users this past June 15. Demand for the token (heightened by the way its automatic distribution was structured) kicked off the present craze and moved Compound into the leading position in DeFi.
The hot new term in crypto is “yield farming,” a shorthand for clever strategies where putting crypto temporarily at the disposal of some startup’s application earns its owner more cryptocurrency.
Another term floating about is “liquidity mining.”
The buzz around these concepts has evolved into a low rumble as more and more people get interested.
The casual crypto observer who only pops into the market when activity heats up might be starting to get faint vibes that something is happening right now. Take our word for it: Yield farming is the source of those vibes.
But if all these terms (“DeFi,” “liquidity mining,” “yield farming”) are so much Greek to you, fear not. We’re here to catch you up. We’ll get into all of them.
We’re going to go from very basic to more advanced, so feel free to skip ahead.

What are tokens?

Most CoinDesk readers probably know this, but just in case: Tokens are like the money video-game players earn while fighting monsters, money they can use to buy gear or weapons in the universe of their favorite game.
But with blockchains, tokens aren’t limited to only one massively multiplayer online money game. They can be earned in one and used in lots of others. They usually represent either ownership in something (like a piece of a Uniswap liquidity pool, which we will get into later) or access to some service. For example, in the Brave browser, ads can only be bought using basic attention token (BAT).
If tokens are worth money, then you can bank with them or at least do things that look very much like banking. Thus: decentralized finance.
Tokens proved to be the big use case for Ethereum, the second-biggest blockchain in the world. The term of art here is “ERC-20 tokens,” which refers to a software standard that allows token creators to write rules for them. Tokens can be used a few ways. Often, they are used as a form of money within a set of applications. So the idea for Kin was to create a token that web users could spend with each other at such tiny amounts that it would almost feel like they weren’t spending anything; that is, money for the internet.
Governance tokens are different. They are not like a token at a video-game arcade, as so many tokens were described in the past. They work more like certificates to serve in an ever-changing legislature in that they give holders the right to vote on changes to a protocol.
So on the platform that proved DeFi could fly, MakerDAO, holders of its governance token, MKR, vote almost every week on small changes to parameters that govern how much it costs to borrow and how much savers earn, and so on.
Read more: Why DeFi’s Billion-Dollar Milestone Matters
One thing all crypto tokens have in common, though, is they are tradable and they have a price. So, if tokens are worth money, then you can bank with them or at least do things that look very much like banking. Thus: decentralized finance.

What is DeFi?

Fair question. For folks who tuned out for a bit in 2018, we used to call this “open finance.” That construction seems to have faded, though, and “DeFi” is the new lingo.
In case that doesn’t jog your memory, DeFi is all the things that let you play with money, and the only identification you need is a crypto wallet.
On the normal web, you can’t buy a blender without giving the site owner enough data to learn your whole life history. In DeFi, you can borrow money without anyone even asking for your name.
I can explain this but nothing really brings it home like trying one of these applications. If you have an Ethereum wallet that has even $20 worth of crypto in it, go do something on one of these products. Pop over to Uniswap and buy yourself some FUN (a token for gambling apps) or WBTC (wrapped bitcoin). Go to MakerDAO and create $5 worth of DAI (a stablecoin that tends to be worth $1) out of the digital ether. Go to Compound and borrow $10 in USDC.
(Notice the very small amounts I’m suggesting. The old crypto saying “don’t put in more than you can afford to lose” goes double for DeFi. This stuff is uber-complex and a lot can go wrong. These may be “savings” products but they’re not for your retirement savings.)
Immature and experimental though it may be, the technology’s implications are staggering. On the normal web, you can’t buy a blender without giving the site owner enough data to learn your whole life history. In DeFi, you can borrow money without anyone even asking for your name.
DeFi applications don’t worry about trusting you because they have the collateral you put up to back your debt (on Compound, for instance, a $10 debt will require around $20 in collateral).
Read more: There Are More DAI on Compound Now Than There Are DAI in the World
If you do take this advice and try something, note that you can swap all these things back as soon as you’ve taken them out. Open the loan and close it 10 minutes later. It’s fine. Fair warning: It might cost you a tiny bit in fees, and the cost of using Ethereum itself right now is much higher than usual, in part due to this fresh new activity. But it’s nothing that should ruin a crypto user.
So what’s the point of borrowing for people who already have the money? Most people do it for some kind of trade. The most obvious example, to short a token (the act of profiting if its price falls). It’s also good for someone who wants to hold onto a token but still play the market.

Doesn’t running a bank take a lot of money up front?

It does, and in DeFi that money is largely provided by strangers on the internet. That’s why the startups behind these decentralized banking applications come up with clever ways to attract HODLers with idle assets.
Liquidity is the chief concern of all these different products. That is: How much money do they have locked in their smart contracts?
“In some types of products, the product experience gets much better if you have liquidity. Instead of borrowing from VCs or debt investors, you borrow from your users,” said Electric Capital managing partner Avichal Garg.
Let’s take Uniswap as an example. Uniswap is an “automated market maker,” or AMM (another DeFi term of art). This means Uniswap is a robot on the internet that is always willing to buy and it’s also always willing to sell any cryptocurrency for which it has a market.
On Uniswap, there is at least one market pair for almost any token on Ethereum. Behind the scenes, this means Uniswap can make it look like it is making a direct trade for any two tokens, which makes it easy for users, but it’s all built around pools of two tokens. And all these market pairs work better with bigger pools.

Why do I keep hearing about ‘pools’?

To illustrate why more money helps, let’s break down how Uniswap works.
Let’s say there was a market for USDC and DAI. These are two tokens (both stablecoins but with different mechanisms for retaining their value) that are meant to be worth $1 each all the time, and that generally tends to be true for both.
The price Uniswap shows for each token in any pooled market pair is based on the balance of each in the pool. So, simplifying this a lot for illustration’s sake, if someone were to set up a USDC/DAI pool, they should deposit equal amounts of both. In a pool with only 2 USDC and 2 DAI it would offer a price of 1 USDC for 1 DAI. But then imagine that someone put in 1 DAI and took out 1 USDC. Then the pool would have 1 USDC and 3 DAI. The pool would be very out of whack. A savvy investor could make an easy $0.50 profit by putting in 1 USDC and receiving 1.5 DAI. That’s a 50% arbitrage profit, and that’s the problem with limited liquidity.
(Incidentally, this is why Uniswap’s prices tend to be accurate, because traders watch it for small discrepancies from the wider market and trade them away for arbitrage profits very quickly.)
Read more: Uniswap V2 Launches With More Token-Swap Pairs, Oracle Service, Flash Loans
However, if there were 500,000 USDC and 500,000 DAI in the pool, a trade of 1 DAI for 1 USDC would have a negligible impact on the relative price. That’s why liquidity is helpful.
You can stick your assets on Compound and earn a little yield. But that’s not very creative. Users who look for angles to maximize that yield: those are the yield farmers.
Similar effects hold across DeFi, so markets want more liquidity. Uniswap solves this by charging a tiny fee on every trade. It does this by shaving off a little bit from each trade and leaving that in the pool (so one DAI would actually trade for 0.997 USDC, after the fee, growing the overall pool by 0.003 USDC). This benefits liquidity providers because when someone puts liquidity in the pool they own a share of the pool. If there has been lots of trading in that pool, it has earned a lot of fees, and the value of each share will grow.
And this brings us back to tokens.
Liquidity added to Uniswap is represented by a token, not an account. So there’s no ledger saying, “Bob owns 0.000000678% of the DAI/USDC pool.” Bob just has a token in his wallet. And Bob doesn’t have to keep that token. He could sell it. Or use it in another product. We’ll circle back to this, but it helps to explain why people like to talk about DeFi products as “money Legos.”

So how much money do people make by putting money into these products?

It can be a lot more lucrative than putting money in a traditional bank, and that’s before startups started handing out governance tokens.
Compound is the current darling of this space, so let’s use it as an illustration. As of this writing, a person can put USDC into Compound and earn 2.72% on it. They can put tether (USDT) into it and earn 2.11%. Most U.S. bank accounts earn less than 0.1% these days, which is close enough to nothing.
However, there are some caveats. First, there’s a reason the interest rates are so much juicier: DeFi is a far riskier place to park your money. There’s no Federal Deposit Insurance Corporation (FDIC) protecting these funds. If there were a run on Compound, users could find themselves unable to withdraw their funds when they wanted.
Plus, the interest is quite variable. You don’t know what you’ll earn over the course of a year. USDC’s rate is high right now. It was low last week. Usually, it hovers somewhere in the 1% range.
Similarly, a user might get tempted by assets with more lucrative yields like USDT, which typically has a much higher interest rate than USDC. (Monday morning, the reverse was true, for unclear reasons; this is crypto, remember.) The trade-off here is USDT’s transparency about the real-world dollars it’s supposed to hold in a real-world bank is not nearly up to par with USDC’s. A difference in interest rates is often the market’s way of telling you the one instrument is viewed as dicier than another.
Users making big bets on these products turn to companies Opyn and Nexus Mutual to insure their positions because there’s no government protections in this nascent space – more on the ample risks later on.
So users can stick their assets in Compound or Uniswap and earn a little yield. But that’s not very creative. Users who look for angles to maximize that yield: those are the yield farmers.

OK, I already knew all of that. What is yield farming?

Broadly, yield farming is any effort to put crypto assets to work and generate the most returns possible on those assets.
At the simplest level, a yield farmer might move assets around within Compound, constantly chasing whichever pool is offering the best APY from week to week. This might mean moving into riskier pools from time to time, but a yield farmer can handle risk.
“Farming opens up new price arbs [arbitrage] that can spill over to other protocols whose tokens are in the pool,” said Maya Zehavi, a blockchain consultant.
Because these positions are tokenized, though, they can go further.
This was a brand-new kind of yield on a deposit. In fact, it was a way to earn a yield on a loan. Who has ever heard of a borrower earning a return on a debt from their lender?
In a simple example, a yield farmer might put 100,000 USDT into Compound. They will get a token back for that stake, called cUSDT. Let’s say they get 100,000 cUSDT back (the formula on Compound is crazy so it’s not 1:1 like that but it doesn’t matter for our purposes here).
They can then take that cUSDT and put it into a liquidity pool that takes cUSDT on Balancer, an AMM that allows users to set up self-rebalancing crypto index funds. In normal times, this could earn a small amount more in transaction fees. This is the basic idea of yield farming. The user looks for edge cases in the system to eke out as much yield as they can across as many products as it will work on.
Right now, however, things are not normal, and they probably won’t be for a while.

Why is yield farming so hot right now?

Because of liquidity mining. Liquidity mining supercharges yield farming.
Liquidity mining is when a yield farmer gets a new token as well as the usual return (that’s the “mining” part) in exchange for the farmer’s liquidity.
“The idea is that stimulating usage of the platform increases the value of the token, thereby creating a positive usage loop to attract users,” said Richard Ma of smart-contract auditor Quantstamp.
The yield farming examples above are only farming yield off the normal operations of different platforms. Supply liquidity to Compound or Uniswap and get a little cut of the business that runs over the protocols – very vanilla.
But Compound announced earlier this year it wanted to truly decentralize the product and it wanted to give a good amount of ownership to the people who made it popular by using it. That ownership would take the form of the COMP token.
Lest this sound too altruistic, keep in mind that the people who created it (the team and the investors) owned more than half of the equity. By giving away a healthy proportion to users, that was very likely to make it a much more popular place for lending. In turn, that would make everyone’s stake worth much more.
So, Compound announced this four-year period where the protocol would give out COMP tokens to users, a fixed amount every day until it was gone. These COMP tokens control the protocol, just as shareholders ultimately control publicly traded companies.
Every day, the Compound protocol looks at everyone who had lent money to the application and who had borrowed from it and gives them COMP proportional to their share of the day’s total business.
The results were very surprising, even to Compound’s biggest promoters.
COMP’s value will likely go down, and that’s why some investors are rushing to earn as much of it as they can right now.
This was a brand-new kind of yield on a deposit into Compound. In fact, it was a way to earn a yield on a loan, as well, which is very weird: Who has ever heard of a borrower earning a return on a debt from their lender?
COMP’s value has consistently been well over $200 since it started distributing on June 15. We did the math elsewhere but long story short: investors with fairly deep pockets can make a strong gain maximizing their daily returns in COMP. It is, in a way, free money.
It’s possible to lend to Compound, borrow from it, deposit what you borrowed and so on. This can be done multiple times and DeFi startup Instadapp even built a tool to make it as capital-efficient as possible.
“Yield farmers are extremely creative. They find ways to ‘stack’ yields and even earn multiple governance tokens at once,” said Spencer Noon of DTC Capital.
COMP’s value spike is a temporary situation. The COMP distribution will only last four years and then there won’t be any more. Further, most people agree that the high price now is driven by the low float (that is, how much COMP is actually free to trade on the market – it will never be this low again). So the value will probably gradually go down, and that’s why savvy investors are trying to earn as much as they can now.
Appealing to the speculative instincts of diehard crypto traders has proven to be a great way to increase liquidity on Compound. This fattens some pockets but also improves the user experience for all kinds of Compound users, including those who would use it whether they were going to earn COMP or not.
As usual in crypto, when entrepreneurs see something successful, they imitate it. Balancer was the next protocol to start distributing a governance token, BAL, to liquidity providers. Flash loan provider bZx has announced a plan. Ren, Curve and Synthetix also teamed up to promote a liquidity pool on Curve.
It is a fair bet many of the more well-known DeFi projects will announce some kind of coin that can be mined by providing liquidity.
The case to watch here is Uniswap versus Balancer. Balancer can do the same thing Uniswap does, but most users who want to do a quick token trade through their wallet use Uniswap. It will be interesting to see if Balancer’s BAL token convinces Uniswap’s liquidity providers to defect.
So far, though, more liquidity has gone into Uniswap since the BAL announcement, according to its data site. That said, even more has gone into Balancer.

Did liquidity mining start with COMP?

No, but it was the most-used protocol with the most carefully designed liquidity mining scheme.
This point is debated but the origins of liquidity mining probably date back to Fcoin, a Chinese exchange that created a token in 2018 that rewarded people for making trades. You won’t believe what happened next! Just kidding, you will: People just started running bots to do pointless trades with themselves to earn the token.
Similarly, EOS is a blockchain where transactions are basically free, but since nothing is really free the absence of friction was an invitation for spam. Some malicious hacker who didn’t like EOS created a token called EIDOS on the network in late 2019. It rewarded people for tons of pointless transactions and somehow got an exchange listing.
These initiatives illustrated how quickly crypto users respond to incentives.
Read more: Compound Changes COMP Distribution Rules Following ‘Yield Farming’ Frenzy
Fcoin aside, liquidity mining as we now know it first showed up on Ethereum when the marketplace for synthetic tokens, Synthetix, announced in July 2019 an award in its SNX token for users who helped add liquidity to the sETH/ETH pool on Uniswap. By October, that was one of Uniswap’s biggest pools.
When Compound Labs, the company that launched the Compound protocol, decided to create COMP, the governance token, the firm took months designing just what kind of behavior it wanted and how to incentivize it. Even still, Compound Labs was surprised by the response. It led to unintended consequences such as crowding into a previously unpopular market (lending and borrowing BAT) in order to mine as much COMP as possible.
Just last week, 115 different COMP wallet addresses – senators in Compound’s ever-changing legislature – voted to change the distribution mechanism in hopes of spreading liquidity out across the markets again.

Is there DeFi for bitcoin?

Yes, on Ethereum.
Nothing has beaten bitcoin over time for returns, but there’s one thing bitcoin can’t do on its own: create more bitcoin.
A smart trader can get in and out of bitcoin and dollars in a way that will earn them more bitcoin, but this is tedious and risky. It takes a certain kind of person.
DeFi, however, offers ways to grow one’s bitcoin holdings – though somewhat indirectly.
A long HODLer is happy to gain fresh BTC off their counterparty’s short-term win. That’s the game.
For example, a user can create a simulated bitcoin on Ethereum using BitGo’s WBTC system. They put BTC in and get the same amount back out in freshly minted WBTC. WBTC can be traded back for BTC at any time, so it tends to be worth the same as BTC.
Then the user can take that WBTC, stake it on Compound and earn a few percent each year in yield on their BTC. Odds are, the people who borrow that WBTC are probably doing it to short BTC (that is, they will sell it immediately, buy it back when the price goes down, close the loan and keep the difference).
A long HODLer is happy to gain fresh BTC off their counterparty’s short-term win. That’s the game.

How risky is it?

“DeFi, with the combination of an assortment of digital funds, automation of key processes, and more complex incentive structures that work across protocols – each with their own rapidly changing tech and governance practices – make for new types of security risks,” said Liz Steininger of Least Authority, a crypto security auditor. “Yet, despite these risks, the high yields are undeniably attractive to draw more users.”
We’ve seen big failures in DeFi products. MakerDAO had one so bad this year it’s called “Black Thursday.” There was also the exploit against flash loan provider bZx. These things do break and when they do money gets taken.
As this sector gets more robust, we could see token holders greenlighting more ways for investors to profit from DeFi niches.
Right now, the deal is too good for certain funds to resist, so they are moving a lot of money into these protocols to liquidity mine all the new governance tokens they can. But the funds – entities that pool the resources of typically well-to-do crypto investors – are also hedging. Nexus Mutual, a DeFi insurance provider of sorts, told CoinDesk it has maxed out its available coverage on these liquidity applications. Opyn, the trustless derivatives maker, created a way to short COMP, just in case this game comes to naught.
And weird things have arisen. For example, there’s currently more DAI on Compound than have been minted in the world. This makes sense once unpacked but it still feels dicey to everyone.
That said, distributing governance tokens might make things a lot less risky for startups, at least with regard to the money cops.
“Protocols distributing their tokens to the public, meaning that there’s a new secondary listing for SAFT tokens, [gives] plausible deniability from any security accusation,” Zehavi wrote. (The Simple Agreement for Future Tokens was a legal structure favored by many token issuers during the ICO craze.)
Whether a cryptocurrency is adequately decentralized has been a key feature of ICO settlements with the U.S. Securities and Exchange Commission (SEC).

What’s next for yield farming? (A prediction)

COMP turned out to be a bit of a surprise to the DeFi world, in technical ways and others. It has inspired a wave of new thinking.
“Other projects are working on similar things,” said Nexus Mutual founder Hugh Karp. In fact, informed sources tell CoinDesk brand-new projects will launch with these models.
We might soon see more prosaic yield farming applications. For example, forms of profit-sharing that reward certain kinds of behavior.
Imagine if COMP holders decided, for example, that the protocol needed more people to put money in and leave it there longer. The community could create a proposal that shaved off a little of each token’s yield and paid that portion out only to the tokens that were older than six months. It probably wouldn’t be much, but an investor with the right time horizon and risk profile might take it into consideration before making a withdrawal.
(There are precedents for this in traditional finance: A 10-year Treasury bond normally yields more than a one-month T-bill even though they’re both backed by the full faith and credit of Uncle Sam, a 12-month certificate of deposit pays higher interest than a checking account at the same bank, and so on.)
As this sector gets more robust, its architects will come up with ever more robust ways to optimize liquidity incentives in increasingly refined ways. We could see token holders greenlighting more ways for investors to profit from DeFi niches.
Questions abound for this nascent industry: What will MakerDAO do to restore its spot as the king of DeFi? Will Uniswap join the liquidity mining trend? Will anyone stick all these governance tokens into a decentralized autonomous organization (DAO)? Or would that be a yield farmers co-op?
Whatever happens, crypto’s yield farmers will keep moving fast. Some fresh fields may open and some may soon bear much less luscious fruit.
But that’s the nice thing about farming in DeFi: It is very easy to switch fields.
submitted by pascalbernoulli to Yield_Farming [link] [comments]

DeFi: como escapar del peso (y de la AFIP). Capítulo 3

DeFi: como escapar del peso (y de la AFIP). Capítulo 3
Capítulos anteriores:
Introducción Lending
Capítulo 3: Derivados
Aplica mismo disclaimer que el capítulo 1
En esta oportunidad vamos a analizar oportunidades de inversión en activos físicos a través de tokens en Ethereum.
Synthetix es un protocolo que permite comprar y vender "activos sintéticos" o dicho de otra manera, lograr exposición a activos del "mundo real" mediante el trading de Synths. Todo on-chain, sin intermediarios o terceros que controlen las operaciones.
Los Synths son tokens basados en Ethereum que proveen exposición a activos como el oro, plata, monedas (USD, GBP), commodities, índices de stock markets y próximamente incluso a acciones individuales. Estos tokens cotizan como el activo que representan y van siguiendo el precio según el mercado real de ese activo. Aunque lejos esta de ser lo mismo, sería como un ETF tipo GLD que "sigue" el precio del oro físico. Algunos de los Synths que hoy están disponibles son:
  • sBTC/ETH/BNB y otros, que siguen la cotización de esas y otras cryptos
  • sXAU representa una onza de oro
  • sXAG lo mismo pero de plata
  • sUSD/EUJPY/GBP y otras, para las monedas fiat
  • sNIKKEI el índice Nikkei 225 de Japón
  • sFTSE el índice FTSE 100 de UK
y ya están anunciados el lanzamiento de commodities como el barril de petróleo Brent (sBZ) o acciones individuales (sAAPL, sTSLA, etc.)
De esta manera uno puede, con sus USDC o DAI, comprar por ejemplo sXAU y de esa manera tener un criptoactivo que representa una onza de oro, generando exposición a su fluctuación de precio. O diversificarse en varias monedas y armar una cartera con Euros, Libras y Francos Suizos para no estar únicamente expuesto al Dólar. Siempre con la posibilidad de hacerlo en fracciones (0.045 sXAU) y sin restricciones, reglamentaciones, trabas, burocracia y todo el listado que venimos repitiendo en estas guías.
La cotización de sXAU con respecto al dólar (sUSD) en el último mes
En poco tiempo, a medida que se vayan lanzando nuevos synths, uno podría armarse una cartera de inversiones de la misma manera que lo hace en un broker tradicional con acciones de diferentes empresas o ETFs compuestos de mercados enteros como el S&P500.
Para empezar a usar Synthetix no hace falta nada más que un wallet y tener disponibles sUSD, que puede comprarse en varios exchanges o en la misma plataforma de Synthetix. Luego ingresar al exchange e intercambiar por el Synth que se quiera. Ese Synth se puede vender en cualquier momento en el mismo exchange por sUSD, que luego podrá ser intercambiado por la crypto que se quiera (o mantener en sUSD que representa al dólar, al igual que USDC o DAI).
Hoy cada Synth sigue al precio de su activo mediante un Oracle, que es un servicio centralizado que informa el precio. Ese es hoy el "punto débil" del sistema, ya que ese Oracle podría ser hackeado o intervenido, pero ya se está trabajando en utilizar ChainLink (otra blockchain descentralizada) para informar los precios y poder deshacerse de los Oracles. El proyecto y todos los synths están garantizados por el token SNX que es guardado como collateral, aportado por gente que por bloquear ("staking") sus SNX en la plataforma recibe a cambio ingresos por los trading fees del exchange. Hoy el proyecto está sobrecolateralizado en un 820%.
Synthetix es uno de los proyectos más innovadores en el espacio y el segundo en volumen de operación después de Maker DAO (donde se crean los DAI). Hoy todavía es limitado en la diversidad de Activos o Synths que se pueden comprar, pero de a poco van agregando más cantidad y variedad (acciones, commodities, forex). La promesa de la plataforma es llegar a un momento donde una persona pueda invertir on-chain y de manera descentralizada con exactamente las mismas posibilidades y oportunidades que en un broker tradicional.
Leer más: AMA con el fundador de Synthetix, Kain Warwick y su CTO Justin Moses (en inglés)
Otro proyecto interesante para participar de la economía real vía blockchain es RealT. Antes que nada es importante aclarar la diferencia con Synthetix: esta plataforma tiene un nivel de centralización muchísimo mayor, depende de un administrador central que gestiona la inversión mediante diferentes vehículos legales en USA, consiste en la inversión en activos físicos y varias cuestiones más que la convierten en un híbrido que igualmente me parece que es interesante evaluar.
RealT permite participar de manera fraccionada de un negocio inmobiliario real en USA (por ahora, en Detroit), a través de tokens en Ethereum. Está apuntado a pequeños inversores internacionales, permitiendo de una manera muy sencilla y con poca inversión ser parte de la compra de una propiedad y luego de sus ingresos por el alquiler. Sería algo asi como una réplica digital de invertir en un REIT en el mercado tradicional (como siempre aclaro, con sus obvias diferencias).
RealT ofrece distintas propiedades fraccionadas en partes de aproximadamente 0.1% de su valor. Hoy por ejemplo se puede comprar por $53.13 un token de una propiedad de $74.389, que va a generar $5.88 por año de ingresos por el alquiler (después de fees), rindiendo un 11.06%. Se pueden comprar cuantas tokens se deseen, y se puede participar de varias propiedades para diversificar. Lo interesante de todo esto es que la participación implica la compra de un token en Ethereum (RealToken), y a partir de ahi quien tenga ese token recibirá los dividendos en forma diaria en DAI. Esto quiere decir que también existe un mercado secundario, ya que los RealTokens pueden luego transferirse y venderse, ya sea a través de su sitio o en Uniswap. Para participar en una compra es necesario registrarse en el sitio y pasar por el proceso KYC presentando documentación, y las direcciones ETH adonde se transfiere el token deben ser whitelisteadas con la comprobación de identidad (los puristas de la descentralización se están arrancando los ojos al leer esto)
Es posible ver la actividad de cada propiedad en el blockchain (ejemplo), con sus transferencias, pagos, etc. Desde el lado legal, para cada propiedad se crea una LLC, donde los dueños son los tenedores del token, y estas LLC son independientes de la quien las administra (RealT). Sin dudas es el proyecto más riesgoso de los que venimos comentando por su alto nivel de centralización, pero por otro lado ofrece un rendimiento anual muy alto y la posibilidad de diversificar en un negocio distinto y atado a la economía real.
Próximo capítulo: robots de inversión
submitted by jreddredd to merval [link] [comments]

Ethereum's Growth Since the All-Time High

In January 2018 Ether hit its all time high of ~$1400 USD.
Back then Single Collateral DAI (SAI) was only a month old (1). There was hardly any backed stable coins on the net. Today there is 7.3 billion USD of stable USD tokens on Ethereum, including 114 million of multi collateral DIA. (2)
The most famous DAPP was Cryptokitties.
The biggest DEX was EtherDelta with a fully onchain order book. Today, Uniswap has 7 million dollars of transactions each day (3). Loopring is scaling up to handle as many transactions as a centralized exchange by using onchain proof of off chain computation up to ~2000 trades/sec. (4) It currently is operational but only has 8 million USD on the DEX.
Back then the only known DAO was TheDAO. Today, Aragon actually works. I encourage you to take it for a spin on the Testnet.
Today, marriage licences are being certified and emailed. (6)
The biggest change in usability is that mobile wallets like Argent and Gnosis Safe can abstract away the need to carry ether in externally owned accounts to pay for gas. This can significantly simplify the user experience for onboarding.
If you liked Ethereum at $1400, it has much more utility today, despite being $240.
(3) (counting V1 and V2)
submitted by pandoras_sphere to ethtrader [link] [comments]

Weekly Wrap: This Week In Chainlink July 27 - August 2

Weekly Wrap: This Week In Chainlink July 27 - August 2

Announcements and Integrations 🎉

SmartCon will feature the top minds and builders of smart contracts and celebrate our incredible community, thriving ecosystem & cutting-edge research. Experience a mix of keynotes, panel discussions, live demos, developer workshops, and networking with the community. We made registration complimentary so everyone can participate.

We’re thrilled to launch the Chainlink Community Grant Program. As we enter the next stage of rapid growth in usage, network size and community, we want to support all the great teams helping build Chainlink. Apply Here.

Chainlink is proud to collaborate with the Colorado Lottery to launch the GameJam Hackathon from July 31-Aug 9! This is the Lottery's first-ever public-private partnership & hackathon. Build Web3 games for potential use by the Lottery using verified randomness w/ ChainlinkVRF.

WOM Protocol, a Web3 digital marketing solution, is using Chainlink’s WOM/USD Price Reference feed live on mainnet to denominate rewards in USD. WOM is also working on a framework to bring authentication data about content creators on-chain via Chainlink.

Blockchain platform NEAR Protocol has integrated Chainlink live on testnet. NEAR developers can now use Chainlink's large collection of secure nodes, external adapters for premium APIs, Price Reference Data and more to build universally connected dApps.

Blockchain development team Consensus Cell network is live on mainnet, using Chainlink's ETH/USD Price Reference Data to settle its prediction market. It's the first step in a larger integration of Chainlink oracles in their upcoming decentralized lending platform.

Crypto lending platform Sandbank is live on mainnet using Chainlink Price Reference Data to power more transparent operations. They use Chainlink to calculate interest rates, check collateralization ratios and update exchange rates for instant coin swaps.

Decentralized computation platform GamerHash is live, using Chainlink BTC/USD Price Reference Data to calculate the profitability of providing computer resources. It's the first step in a larger goal of seeding NFT adoption in the gaming community.

Award-winning medieval strategy game Blocklords is integrating Chainlink VRF to power its incentivization rewards system. Users will be able to earn randomly distributed in-game rewards based on their performance, effectively monetizing players' time.

Featured Videos & Educational Pieces 🎥

A secure and reliable oracle network that provides high-quality data in all market conditions is a key building block for the continued growth of DeFi. This blog highlights some of the considerations that DeFi smart contract devs should keep in mind about price data.

Chainlink Developer Advocate, [email protected] launches new a Chainlink Engineering Tutorials Series aimed at teaching developers how to build with Chainlink. His first video is a quick intro on Ethereum and how the blockchain works. This video is great for new devs just getting started in solidity.

Join us for a video Q&A with Stefan Ionescu, the CEO of Reflexer Labs. The discussion will be centered on decentralized oracles meeting the needs of DeFi, and the novel architecture of Reflexer Labs which allows the system to pay automatically for oracle calls.

Join the team and Chainlink for a video Q&A is with Xiaohan Zhu is the CEO of Decentralized Finance Labs, the creator of Meter, a fully decentralized, low-volatility cryptocurrency with an oracle, and no counterparty, or regulatory risks. The discussion will be centered on Meter's integration with Chainlink and a deep-dive into Meter's protocol.

Join the Kyber Network team and Chainlink for a video Q&A is with Sunny Jain and Shane Hong of Kyber Network, Discussion will be centered on decentralized oracles meeting the needs of DeFi, new product updates from Kyber Network including Katalyst and KyberDAO.

Ecosystem & Community Celebrations 👏

Upcoming Events 📅

Are you interested in hosting your own meetup? Apply to become a Chainlink Community Advocate today:

SmartContract is hiring to build Chainlink’s network: Check out these open roles 👩‍💼

View all open roles at
Are there other community content and celebrations that we missed? Post them in the comments below! ⤵️
submitted by linkedkeenan to Chainlink [link] [comments]

The best all-round exchange to trade $ETH (DeversiFi)

Note from a moderator: I reached out to the DeversiFi team because I want to promote decentralized exchanges on eth and to the entire Ethereum communtity. I hope you guys enjoy using their platform for your trading needs.
There are many ways to trade ETH on both centralised (CEX) or decentralised (DEX) platforms. Each comes with positives and negatives. CEX platforms typically offer high-speeds, low-fees, the best liquidity (i.e. best price // minimal slippage), privacy, optimised API access and better features like order-types, charting tools, order-books etc.
What they don't offer is the advantages of self-custody — control over assets, no KYC or account requirements, withdrawal-time-certainty (removing your funds from a DEX cannot be intercepted) and finally they help protect you against the real exposure of centralised platforms, where hacks are all to common.
Despite these advantages, DEXs have suffered due to lack of liquidity, slow speeds, prohibitive GAS-costs etc. They haven’t been able to reflect the experience of a CEX and most traders are weighing up their options and choosing a CEX.
DeversiFi partnered with StarkWare to launch version 2.0 of its platform, built on Ethereum Layer 2, bridging this gap and bringing the CEX experience to DeFi for the first time. In short, traders have the closest thing to the best of both worlds:
Self-custodial access to aggregated liquidity (such as shared order-books with Bitfinex). You can trade small or large volumes at the best rates without giving up custody. E.g. DeversiFi's ETH/USD & BTC/USD markets are mapped 1:1 with Bitfinex's.
GAS-free trading. You only pay GAS when entering and leaving DeversiFi, so you can avoid losing money on prohibitive GAS costs.
Trading fees are maximum 0.2% and as low as 0%, depending on volume, and $NEC holdings.
High-speed trading with a tested 9,000+ transactions per second
Comprehensive charting tools and order-types, reflecting a professional exchange
Privacy-by-default. Due to 'Validium' L2 roll-ups, trades cannot be monitored or intercepted by prying eyes.
Withdrawals are batched and occur like clockwork = reliable withdrawal-time-certainty
Smart-contracts are insured with 1001 ETH using Nexus mutual
Optimised API access for programmatic traders
Trustless OTC function, allowing anyone to broadcast an OTC trade
Governed by Nectar DAO using the native $NEC utility token (also providing fee discounts)
And more 👇
Website: www.deversifi.comDapp: app.deversifi.comBlog:
DeversiFi is always improving its platform, adding more tokens, features and utilities. Your feedback is always welcome. Let them know what you think and what they should add to make it the platform you want to trade on.
submitted by Cryptostormz to eth [link] [comments]

Maker Relay Episode 8

Whether you hold Maker (MKR) or DAI, own a vault, or want to get more involved in MakerDAO governance, this is your one-stop-shop for updates on the MakerDAO ecosystem.


Executive Votes

Weekly Polls Summary

Open Signal Requests

MIPs Updates

The Maker Improvement Proposal (MIPs) Framework provides a clear process for Maker governance to change the Protocol as needed.
Proposals that are in the Request-For-Comments phase include:
Learn more about Maker Improvement Proposals (MIPs) in the Maker Forum

Current Events

Vault Compensation

Liquidations System 1.2 Upgrade

The proposed change lets Maker Governance control to some extent the amount of simultaneous auctions that can occur at once.
Mariano Conti clarifies,
Liquidations System 1.2 Upgrade (Timeline)
“According to the largest ETH-A vault has 37m Dai debt, second largest has 30m. If any of these 2 vaults were to be liquidated (they’re pretty safe right now) we’d see an immediate liquidity crunch, as keepers try to bid on an extremely large amount of auctions. I believe the risk to the system would be high, since in case of the first vault, 290,000 ETH would be auctioned, in up to 2900 different and simultaneous auctions.”

SourceCred Trial Update

This update marks Week 10 of the trial of SourceCred trial. 2500 Dai were distributed in the preceding week and July’s payouts have been distributed.
SourceCred provides a system that allows users of the Forum to build credibility & create value through interactions.
That thread includes details about the algorithm being updated as well as the UI, actual numbers from the trial, and how to opt-in yourself!

Should Voting Costs Be Reimbursed?

@ElProgreso notes:
Should the Maker Community Reimburse MKR Voters for the ETH Transaction Fees Incurred when Polling and Executive voting?
This week it will cost anywhere from $20 to $50 to Poll on the current nine (9) open polls. And perhaps this is the reason why we have had such a low, low, turnout. More than likely—it is.

Annualized Earnings Hit Zero

@RyanWatkins_ published a tweet commenting on Maker’s earnings, citing the following graphic from Messari:
"While Dai’s supply is going parabolic, Maker’s annualized earnings effectively just hit zero.
Interest rates can’t get up and MKR holders aren’t being compensated at all for their crucial role in managing and backstopping the MakerDAO system."
Messari Analysis

State of the Peg 08-17-2020

Dai Supply
Collateralization Ratios
Liquidation Walls
WBTC Vault |


Articles and Thought Pieces

“There has always been speculation about the coin limit of Ethereum, and recently, it has been stimulated again with the release of a script by MakerDao developer Marc-André Dumas. The script in question projects the size of the issuance of the second largest cryptocurrency via capitalisation.”
A resource for all types of projects that involve Dai, and explanations of some of the interesting things that can/have been done with it.
“Every day, people all over the world derive value from generating Dai and, in doing so, provide value to the Maker ecosystem. The number of people that use Dai will only grow in the coming years, as more and more individuals, businesses, developers, and other parties grasp the advantages of decentralized crypto assets.”
The “Global DeFi Alliance” includes Huobi, MakerDAO, Compound, dYdX, and DeFi price oracle network Nest.

Videos and Podcasts

Maker Forum Deep Dai-ve

Adding Real World Assets (“RWA”) as DAI collateral is a critical step for Maker to stabilize the peg... and in doing so, we change the world
“Real world assets as collateral is a natural progression and a complement to the existing DAI collateral. In many ways, it is an evolved symbiotic relationship, as both truly need the other, even as neither realizes yet.”
@seth is looking for feedback from any and all users in relation to a media inquiry. The community-led Governance Communications (GovComms) team was given a list of questions and the decision was made to bring some of these to the rest of the community.

Meetings and Events

MakerDAO Open Calls

Community Call

Community Collateral Onboarding

Governance & Risk

Community Events


Reference Links

Discuss and debate Maker governance in the Forum and over Maker Chat
Propose technical changes, poll, and vote in the Governance Portal
Learn more about the Maker protocol in our Documentation

Have Feedback?

We value your input! Post in the forum, take our survey, or join us in the Community-Development channel to let us know what you want to see.
Disclaimer: This update is assembled by a group of contributing members in the MakerDAO community. This does and should not serve as financial advice or an inducement to vote in any specific way. This update is purely for informative and for communications purposes only.
submitted by mkrgov to MakerDAO [link] [comments]

VLOG: the DAO FREE ETHEREUM HACK SCRIPT - NEW WEBSITE ETH 2019 Hướng Dẫn Đào Bitcoin, Ethereum Trên Máy Tính Cá Nhân ... $60M Heist - The DAO Hack Ethereum vs Ethereum Classic (Why Did They Split) - YouTube

The Parity Ethereum codebase and maintenance will be transitioned to a DAO ownership and maintainer model. We hope this new model can provide the basis for cross-organization collaboration to ensure the codebase gets the attention it needs to realize its full potential. When Parity Technologies began back in 2015, it Back in 2016, the young Ethereum community was super hyped around a project called The DAO. It was one of the first attempts at a for-profit DAO which raised approx. $150M worth of Ether (ETH) at the time. Unfortunately, a hacker discovered a flaw in The DAO’s contract code which allowed them to steal a large portion of the held ETH inside. The DAO was the first indication of the severe insecurity of Ethereum that would have cost DAO investors $50 million (it would be billions in $ today) had not Vitalik Buterin as the creator and visible face of Ethereum reversed the hack by rolling back the blockchain, ending the immutability of Ethereum and forking off a new blockchain while ... A DAO is non-profit; though you can make money in a DAO, the way to do that is by participating in its ecosystem and not by providing investment into the DAO itself. Obviously, this distinction is a murky one; all DAOs contain internal capital that can be owned, and the value of that internal capital can easily go up as the DAO becomes more ... Overview. Thank you for your participation in Experiment #1 on Aragon, and all the feedback provided in our KyberDAO discussion group (which has grown to over 160 members — come join us)! For Experiment #2, we will be running a test DAO on DAOstack’s Alchemy platform. This is a continuation of our plans to find a suitable governance model for Kyber Network.

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VLOG: the DAO "Hack," Ethereum Blockchain & a Developing Global Community

So the Ethereum-fueled DAO (Decentralized Autonomous Organization) experiment was "hacked" and I couldn't refrain from posting something because I'm pretty into, considering it could help get ... We’ll start with an overview on Ethereum, it’s use of “smart contracts”, and The DAO (the compromised organization). Next we’ll dive deep into the actual code used by the attacker to ... Ethereum's killer defi crypto Maker can soar to $5,000 with growing enterprise adoption in the coming years beyond 2020. 👨‍🏫 TRADING BEGINNER COURSE https... However, taking into account Parity’s intention to transition Parity Ethereum to a DAO ownership and maintainer model, Geth could become the only well-maintained client in 2020, he said.“If ... Il famoso e discusso caso "The DAO" analizzato nelle cause e nella sua storia. Cerchiamo di capirne le conseguenze ed i dubbi lasciati. Questo evento ha creato un precedente storico nel mondo ...