Golden Hardcore | Understand the Curve fork project Swerve in one article.Who will be forked next?

Jine Finance recently launched the Hardcore column to provide readers with introductions or in-depth interpretations of popular projects.

YFI adopts no pre-mining, no investor/team allocation, and 100% community liquidity mining has profoundly changed DeFi. SushiSwap used YFI to fork Uniswap, witnessing the landing of DeFi tokens in the whole community. Bring the distinction of community currency Vs.VC currency in the field of DeFi.

Recently Curve was also forked by Swerve. This issue of Hardcore brings Pantera partner Paul Veradittakit's interpretation of Swerve and the implications of forks for DeFi. He said that in the near future, we will see more decentralized exchanges, decentralized stablecoins and decentralized lending protocols being forked. Authorized by Paul Veradittakit to compile Hardcore.

Jinse Finance mining data broadcast | ETH's network computing power rose by 1.72% today: Jinse Finance reported that according to the data of the spider mining pool:

The computing power of the BTC network is 131.257EH/s, the mining difficulty is 19.16T, the current block height is 659296, and the theoretical income is 0.00000682/T/day.

The computing power of the entire ETH network is 283.165TH/s, the mining difficulty is 3450.84T, the current block height is 11357367, and the theoretical income is 0.00553585/100MH/day.

The BSV network computing power is 1.147EH/s, the mining difficulty is 0.17T, the current block height is 663489, and the theoretical income is 0.00078437/T/day. [2020/11/30 22:33:50]

In less than 12 hours, $380 million flowed into a new DeFi project called Swerve. Swerve Finance is a fork of Curve Finance. Curve Finance is a decentralized exchange with a total locked market cap of over $1 billion and is known for low-slippage conversions between stablecoins.

Golden Evening News | List of important events on the evening of January 27: 12:00-21:00 Keywords: Supreme Court of India, Huobi, Argo Blockchain, Google Search, BTC halving

1. The Supreme Court of India will postpone the trial of the case concerning the regulation of cryptocurrency.

2. Huobi will donate 10 million yuan to support the prevention and control of the epidemic. The first batch of purchased protective masks has arrived in Huanggang City.

3. China has registered 714 blockchain companies in January, and a total of 26,089 blockchain companies are currently operating.

4. Argo Blockchain has installed 17,000 mining machines and currently has 15,730 mining machines in operation.

5. Google's "BTC halving" search-ethexc volume has doubled, which may become a potential catalyst for BTC's rise.

6. BTC is now at $8,742, up 3.58% in the past 24 hours, with a market value of $159.192 billion. [2020/1/27]

Curve just released the token CRV not long ago, and people have found some observations on it, such as:

Analysis| Golden disk: The list of rises and falls shows that the market is insufficient: Comprehensive analysis of the golden disk: According to the data in the figure, among the top 100 currencies with the highest market value today, only 5 of the 12 coins with the highest market value In the top 50, and most of them are in the lower half, only 5 of the decliners are from the top 50 in market value, which shows that the targets with large market value are relatively stable today, and the funds are mainly concentrated in the operation of small market value currencies, which also reflects from the side. Insufficient funds in the market. [2018/8/20]

Shareholders of the company will receive 30% of the token supply;

An anonymous farmer mines tokens without warning;

Teams own more than 70% of the voting power.

The developer behind Swerve, whose name is John Deere, said he wanted to improve on what Curve didn't do well by creating a product that was similar to Curve but 100% controlled by the community. The creation of Swerve is unique in that it can legally deploy contracts that Curve owns the copyright to.

Analysis | Golden disk: EOS is stimulated by the news and has a short-term sharp drop: Comprehensive analysis of the golden disk: After the news broke out that Huobi Global station suspended EOS withdrawals, the market responded quickly, and the price of EOS immediately fell again. At present, the adjustment is relatively deep. However, the technical bottom has not yet been formed, so it is not suitable to intervene. [2018/8/18]

YFI founder Andre Cronje, who has a legal background, explained it this way:

What Swerve does is add a proxy model that deploys contracts that Curve owns the copyright to, but the storage is on Swerve. This not only complies with the copyright, but also allows forking to realize all functions. From a legal and technical point of view, this is very clever.

Swerve's distribution is one of the fairest I've seen:

No premine (not assigned to anyone, neither investors nor team)

The only way to get tokens is to provide liquidity

Aside from a slight delay in the main page UI, no one knows when the project will start liquidity mining, everyone can provide liquidity at the same time fairly

SWRV tokens are distributed as follows:

In 12 hours, we saw 970 addresses deposited in the protocol's stablecoin pool Over $377 million, with a total locked value of $478 million currently.

1. From Swerve official website https://swerve.fi/  click Swerve Finance App

2. Click SWUSD at the top, then click "Deposit" at the top

3. Deposit one or a group of stablecoins from DAI, USDC, USDT and TUSD

4. After depositing, click DAO at the top

5. In the DAO at the top, you can choose to lock a part of tokens to obtain voting rights and increase rewards, the maximum is 2.5 times (equal to a certain reward multiplier, to calculate how many tokens can be rewarded, please click the CALC)

6. Finally, in the DAO at the top, you will be able to view the current APY (about 186%) and claim rewards

The amount of tokens held by a user is important because the amount of tokens has the ability to create proposals and vote on them. 2500 veSWRV are required to create a proposal. There are currently 5 proposals under discussion:

I think all 5 of these proposals make sense early in the project, as the released code has not yet been audited (be aware of the risks!), incentives/fees have not yet been determined, and it is unclear how developers will be funded for development.

Another strategy to prevent these smart contract projects from failing is to have multiple signers, Swerve is looking for 4 influential people to fill this role.

The beauty of blockchain is the transparency and automation it brings. Along with that, the code is open source and people can fork (take the code) and use it to create new use cases and economic models. We’ve seen projects like Sushi and Swerve that can source liquidity from established players Uniswap and Curve, but also have a token model that gives the community more distribution and control.

Whether the founders/developers are anonymous or public is up for debate. Sushi and Swerve opted for anonymity and then built trust through influencers, while Yam used some well-known people from the investment/startup circle.

In the early stages of the project, do not know how much governance rights should be given to the community? The success of a project requires a holistic and flexible vision of how the product should evolve. Will too much governance slow down innovation? What kind of things are handed over to community governance?

All I know is that the contracts of these new forks are unaudited at launch, so be careful, take the risk you can afford, and follow the techies who work on these contracts. It is best to vote for contracts to be audited shortly after project launch.

I also know that in the near future we will see more decentralized exchanges, decentralized stablecoins and decentralized lending protocols being forked.

Who will be the next to fork?

Tags：

NEAR