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Golden Observation | DeFi dominates the road to breakout of exchanges



DeFi is in power, and DEX has ushered in a bright moment.

According to data from Dune Analytics, as of 13:00 on August 28, DEX completed a transaction volume of US$8.752 billion in August, an increase of 103% month-on-month. Among them, Uniswap and others occupy the leading position.

The explosive numbers mean that DEXs are rapidly taking share from their centralized exchange (CEX) competitors.

For this wave of traffic and popularity, CEXs are unwilling to lag behind, and are intensively listing coins, layouts, and publicity. CEX and DEX, which have not been debated for a long time, have a new point of contention.

In the early days of DeFi, CEXs seemed a little passive, and they were rhythmized by the trend of DEX. It is precisely because of this that in this popular track, there is a potential harvesting chain: miners>farmers>Dex>second and third-tier exchanges>head exchanges. Some players believe that the listing of DeFi tokens on exchanges is to dedicate their users to farmers, which is conducive to their harvesting. the

Jinse Finance mining data broadcast: ETH’s network computing power rose by 0.99% today: Jinse Finance reported that according to the data from the Spider Mine Pool:

The computing power of the BTC network is 150.364EH/s, the mining difficulty is 20.60T, the current block height is 665803, and the theoretical income is 0.00000719/T/day.

The computing power of the ETH network is 324.820TH/s, the mining difficulty is 4196.09T, the current block height is 11643793, and the theoretical income is 0.00621662/100MH/day.

The BSV network computing power is 0.809EH/s, the mining difficulty is 0.11T, the current block height is 669781, and the theoretical income is 0.00111217/T/day.

The computing power of the BCH network is 1.168EH/s, the mining difficulty is 0.23, the current block height is 670082, and the theoretical income is 0.00077052/T/day. [2021/1/13 16:02:20]

We can't help but think, in the decentralized DeFi world that does not require censorship and KYC certification, what is the significance of CEXs participating in DeFi listing their tokens?

Golden hot search-ethexc list: ETP tops the list: According to the data of Jine Finance and Economics ranking list, in the past 24 hours, the search-ethexc volume of ETP topped the list. The specific top five list is as follows: ETP, KCASH, LBA, DASH, XRP. [2020/11/15 20:53:15]

As one of the three major CEXs, OKEx has been actively deploying DeFi, and recently launched a DeFi currency area. CEO JayHao said that of course the top exchanges need to list DeFi tokens. For any market-oriented enterprise, if the market has demand, users If there is a call but not to do it, it will only be eliminated by the market in the end. This is not what companies are willing to do, but what companies must do under the market competition mechanism.

"For top exchanges, the key is to strictly control the listing review of DeFi currencies, which is also one of the advantages of top exchanges facing DEXs such as Uniswap. If the top exchanges do not strictly control the listing review, Casual listing of 'Dogcoin' and 'Aircoin' like Uniswap will not only damage the interests of users, but also affect the reputation of the exchange. In general, the current top exchanges are relatively weak in listing DeFi currencies. Restraint, the market performance of most listed DeFi currencies is relatively satisfactory.”

Golden Morning News | Hainan Provincial Department of Industry and Information Technology is building a blockchain pilot zone The American Venture Capital Association requires relaxation of token investment restrictions: 1. Hainan Provincial Department of Industry and Information Technology is building a blockchain pilot zone to support blockchain in prudent and inclusive supervision orderly development in an environment

2. The American Venture Capital Association requires the relaxation of token investment restrictions and treats cryptocurrencies as cash equivalents

3. Russia has set up a special committee to solve legal issues of the blockchain, and the producers are rotated

4. Taiwan Life cooperates with Kaohsiung Veterans General Hospital to establish a claims service blockchain platform

5. U.S. DTCC executives: Blockchain may endanger the current financial market security

6. Brazilian football team launches cryptocurrency

7. Jiang Zhuoer: BTU has not actually forked, and the listing of coins on exchanges is hype

8. Canaan and Ebang International’s IPO setbacks are not universal in the industry

9. American Lawyer: Encrypted companies that have raised funds through ICO are at risk of repayment [2018/12/17]

Gao Chao, head of operation of Huobi DeFi Lab, told Jinse Finance that the vision of decentralization is to build a brand new world without relying on centralized institutions. Most of the encrypted assets and encrypted finance are initiated by some technical geeks. It has promoted the development of technology and made great contributions to the industry. But we have also seen that if we want technology to benefit more people and allow global users to benefit from technology, we must need a bridge to connect the two worlds. Exchanges, wallets, asset management companies, financial institutions, etc. in the industry will propose a lot of solutions, and establish ties, eliminate community divisions, promote the upgrading of the traditional financial structure, find the best application scenarios, and jointly promote DeFi to become more popular The goal of benefiting and making finance better is to realize the vision of enabling hundreds of millions of people around the world to truly benefit from the development of DeFi.

Analysis| Golden Disk: BTC Futures Contract Positions: Golden Disk Comprehensive Analysis: According to OKEX data, OKEx’s BTC futures contracts hold a total of 100,121 BTC, with 54% of long accounts and 45% of short accounts; the average long position ratio of the main force is 21.52 %, the average short position ratio of the main force was 21.52%, the proportion of long accounts increased slightly, and the average long and short positions of the main force remained the same. As of press time, the OKEx spot price is 6512, and the BTC0824 price of the futures contract is 6480, with a discount of about 32 points. [2018/8/20]

Not only the head, but the second-tier exchanges that "the boat is small and easy to turn around" are more radical and flexible when participating in DeFi.

MXC Matcha has recently been called the "Huanggang" in the DeFi field due to the early exploration of multiple potential projects such as COMP, JST, AVA, and NEST. From the perspective of Matcha, the listing of DeFi tokens on the exchange can meet the needs of DeFi investors on the one hand, and promote the prosperity of the DeFi ecosystem on the other hand. Without the participation of the secondary market, DeFi will only be limited to a small number of people participating in it, and the exchange acts as a bridge between DeFi and more "external investors". More importantly, the current locked-up value (TVL) of DeFi has reached 7.238 billion U.S. dollars. The previous high point occurred on March 15 this year, which was only 1.265 billion U.S. dollars. In five and a half months, the TVL increase reached 472.17%, thanks to the improvement of DeFi infrastructure, which contributed to the current wave of DeFi.

Golden Finance live report Streamr announces cooperation with Nokia to allow monetization of mobile customer data and make purchases: Golden Finance live report, at the Coindesk 2018 Consensus Conference today, Henri Pihkala, CEO of the blockchain data platform Streamr, announced the partnership with Nokia and California Software The company, OSIsoft, will allow mobile customers to monetize user data and make purchases. Pihkala also said it launched a real-time data marketplace through which users can sell and subscribe to real-time data streams. Additionally, the company has launched a Streamr API to help facilitate adoption of its service. [2018/5/17]

With the huge influx of funds and traffic, for MXC Matcha, not only cannot avoid such a wave of DeFi, but also must seize market opportunities to lay out in advance and tap potential DeFi projects.

However, it is far from enough for CEX to participate in DeFi only by listing DeFi tokens.

"CEX should be more widely involved in the DeFi ecosystem. Taking OKEx as an example, in the future we will develop DeFi projects such as DEx, lending, and derivatives on OKChain, and strengthen business sectors such as listing coins, mining pools, and Yubibao Cooperation with its existing DeFi star projects." JayHao said.

However, the head effect of CEX has been highlighted, and its ability to mobilize and integrate resources is even better. DEX is still in a melee period, the competition pattern has not yet been determined, and new players with different characteristics continue to enter the market. Next, who will dominate this market?

DEX market

Jay Hao said that taking Uniswap as an example, the CFMM model it relies on is indeed a major innovation. It is a new trading paradigm: AMM (Automated Market Maker) based on blockchain smart contracts does not require an order book, market maker quotes or system matching, but uses the reserve pool Liquidity to complete asset transaction exchange. Most importantly, the transaction price of AMM is determined by the ratio of the two assets in the asset pool, so it is a new trading paradigm driven by liquidity, which has advantages in transaction simplicity and liquidity.

At the same time, we should also note that AMM shines in the market with its trading model that is rich in the beauty of mathematical simplicity, but it also creates its shortcomings. For example, on the issue of market prices, AMM-type DEXs cannot discover market prices, and have to introduce the important role of arbitrageurs: once the price on the AMM platform is different from the fair market price, there will be room for arbitrage and the price will be brought back on track .

"The core of the financial market trading system is to discover the price function. A trading system that cannot discover the price is doomed to fail to become the mainstream. Similarly, CFMM DEXs still face the problems of impermanent losses and insufficient trading depth; especially the problem of trading depth. This is not just relying on The problem can be solved by providing more liquidity, because the depth is also related to the CFMM model itself. This also means that DEX such as AMM is difficult to replace CEX, and will exist more in the form of a supplementary market in the future.”

Gao Chao, head of operations at the Huobi DeFi Lab, believes that CeFi is more convenient and DeFi is more secure, and there is no absolute advantage or disadvantage. strong service. "I have always said that the word D just adds a new option to the current world, but it is by no means a replacement. In the same way, DeFi also provides users with a choice of financial products that can keep their assets safe, but it is by no means to be completely Instead of CeFi (because it can’t be replaced). But they can have many combinations. On the one hand, DeFi needs to learn CeFi’s product experience, and on the other hand, CeFi can also build a security fortress of assets in its own way.”


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