Golden Outpost | The founder of YFI will push the decentralized stablecoin lending protocol and DEX

The DeFi aggregator yearn.finance is undoubtedly one of the most innovative products in DeFi today. yearn.finance is now ready to improve stablecoins and AMMs.

Yearn.finance founder Andre Cronje announced on Medium on September 10 that yearn.finance will launch two new products: StableCredit protocol and DEX yswap.exchange.

What is the StableCredit Agreement? What is yswap.exchange? Why are they introduced? Andre Cronje gave an explanation, Golden Finance summarized as follows.

yswap.exchange unilateral AMM DEX

Jinse Finance mining data broadcast: ETH’s total network computing power dropped by 1.71% today: Jinse Finance reported that according to the data from the spider mining pool:

The computing power of the BTC network is 156.940EH/s, the mining difficulty is 21.45T, the current block height is 675244, and the theoretical income is 0.00000672/T/day.

The computing power of the entire ETH network is 442.529TH/s, the mining difficulty is 5621.29T, the current block height is 12066262, and the theoretical income is 0.00621647/100MH/day.

The BSV network computing power is 0.494EH/s, the mining difficulty is 0.07T, the current block height is 679042, and the theoretical income is 0.00182241/T/day.

The computing power of the BCH network is 1.227EH/s, the mining difficulty is 0.17, the current block height is 679316, and the theoretical income is 0.00073361/T/day. [2021/3/19 18:59:17]

In existing DEXs such as uniswap and other AMMs, users need at least two assets to provide liquidity, such as TokenA:ETH and ETH:TokenB. TokenA <> TokenB transactions can be described as TokenA-> ETH <> ETH-> TokenB. ETH can be regarded as a transfer token or mechanism, which does not need to have value in itself. the

Golden Evening News | List of important news on the evening of June 8: 12:00-21:00 Keywords: Shandong police, CardanoShelley, Russia, Grayscale GBTC premium, Polkadot

1. The Shandong police seized more than 27 million funds involved in the "Bitcoin" fraud.

2. The Shanxi Government Procurement Network announced a public chain project procurement with a project budget of 50 million yuan.

3. The CardanoShelley testnet will open for public testing tomorrow.

4. Polkadot will enter the next stage of NPoS on the main network as soon as this Wednesday or Thursday.

5. The Enterprise Ethereum Alliance released version 1.0 of the "Permissioned Blockchain Specification".

6. The blockchain pilot area of Hainan Ecological Software Park is under construction, and Baidu, Huobi, etc. have settled in and started construction.

7. Illegal crypto miners stole $6.6 million worth of electricity, Rosseti says

8. Kraken report: Bitcoin is on the verge of a multi-year breakthrough, or triggering a new round of bull market.

9. Co-founder of Glassnode: In 2020, the number of Ethereum large transaction addresses will increase significantly.

10. Analysis: Grayscale GBTC has a significant premium, which may promote a substantial increase in long-term hoarders. [2020/6/8]

However, ySwap only needs to provide one asset based on the StableCredit protocol, that is, unilateral liquidity. Users deposit any kind of asset in ySwap as collateral, and a certain amount of StableCredit USD will be generated based on the asset value. Then users can use the generated USD to directly borrow or swap any asset.

Golden Morning News | A list of important developments overnight on May 7: 21:00-7:00 Keywords: California, election, additional issuance, Libra

1. The new California law will assume that digital assets are not securities;

2. BTC broke through $9,300;

3. Bitcoin developers: The number of Bitcoin nodes fell to a 3-year low;

4. Ohio lawmaker proposes to use blockchain for election voting;

5. Libra Association appoints former U.S. Treasury Department official as CEO;

6. Tether issued an additional 80 million USDT on the TRON network; [2020/5/7]

yswap.exchange still has design flaws and is not yet usable.

StableCredit agreement

StableCredit is a decentralized lending protocol that integrates debt tokenized stablecoins, lending, and unilateral liquidity AMM market making.

Golden Evening News | A list of important developments on the evening of April 23: 12:00-22:00 Keywords: Ministry of Industry and Information Technology, Central Bank, DCEP, Brazil

1. Ministry of Industry and Information Technology: vigorously support technological innovation and industrial applications such as blockchain;

2. The Beijing News: The employees of the relevant units involved said they had received a notice from the central bank for the DCEP Xiongan pilot;

3. Xiao Sa: Central Bank Digital Currency Will Restructure the Practice of Financial Institutions

4. Grayscale Managing Director: Launching ETF is only a matter of time;

5. Lawyers of the Central Bank of Brazil propose to create a digital dollar MttP;

6. Lendf.me has updated its official website and will open the asset return system to the public in the near future;

7. WazirX CEO commented on FB's investment in Reliance Jio: Libra may become a reality in India;

8. HT has been officially approved by the Japan Financial Services Agency and will be listed on Huobi Japan in May;

9. The central bank's digital currency Xiongan pilot list has been released, with 19 companies including Starbucks on the list. [2020/4/23]

You can supply any asset and create tokenized credit called StableCredit USD (EUR, JPY, etc. can also be supported).

The StableCredit decentralized lending process is as follows:

1. Provide (x) amount of USDC

2. Use the USDC price oracle to determine the US dollar price of 1 USDC

3. Mint StableCredit USD of x * USD price

4. USDC and StableCredit USD are added to the 50:50 AMM

5. Calculate system utilization rate, up to 75%.

6. Mint StableCredit USD at the value of the USDC utilization provided (or a maximum of 75%)

At this point, StableCredit USD is your "loan line of credit". You can use it to buy other assets through the AMM, so if another user offers LINK as collateral, you can buy LINK by "selling" StableCredit USD. When you want to pay off your debts, you can "sell" LINK for StableCredit USD, pay off your debts and get USDC.

Andre Cronje tests StableCredit

Some introductory knowledge

Stablecoins (tokenized debt)

DAI is tokenized debt. You provide ETH to Maker Vault. This gives you an ETH credit in USD value. You can draw up to 75% of this credit in DAI (debt). When it's over, you'll be liquidated.

Borrowing is a further extension of debt. You provide Ethereum as collateral. This gives you an ETH credit in USD value. You can borrow other collateral provided by other users as debt.

To compare these two examples, user A provides 1000 DAI as collateral. User B provides 1 ETH as collateral and borrows 250 DAI. If User A uses Maker Vault, instead of borrowing DAI, he creates (mints) DAI.

Automated Market Maker (AMM)

Automated market makers (AMMs) like Uniswap create tension between the two assets. If you offer ETH & DAI, it tries to keep the ETH:DAI ratio at 50:50 (in USD value). If Ethereum becomes more expensive, traders will add DAI to the pool and withdraw ETH. Therefore, the pool has more DAI than ETH, which means ETH becomes more expensive. If there is 1 ETH: 1 DAI in the pool, and a trader adds 1 DAI and removes 0.5 ETH, then 0.5 ETH is now worth 2 DAI.

Utilization Ratios

AMMs can also be seen as decentralized utilization. If we consider the lender has 100 DAI. And lend 0 DAI. Then the utilization is 0% (the cost of borrowing 1 DAI is 1 DAI), which means there is no premium to borrow DAI. If 90 DAI is lent, the utilization rate is 90%, which will create a lending premium (the cost of borrowing 1 DAI is greater than 1 DAI).

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