Tokenize the portfolio of "leaders"

There is a strong community attribute in the encryption field. This is related to the fact that the encryption field is a complex field, which is related to many factors such as cryptography, computers, token economy, market games, valuation, emotions, and macroeconomic environment. Since most users cannot spend a long time digesting these complex information, professional crypto investors, KOL and other groups have more opportunities to study projects in depth, have more opportunities to remove market noise, and have more information to make judgments. From the perspective of long-term and probability, except for a few very talented or lucky users, professional crypto investors who have been immersed in it for a long time (such as first-class crypto fund managers, etc.) have a relatively higher probability of return. So, the question is, if other users can follow the portfolios of these professional crypto investors or KOLs, will there be demand? What impact will it have on the crypto investment market? With the explosive growth of projects in the encryption field, it is becoming more and more difficult to choose more cost-effective targets, which means that for ordinary users, following the operations of the "leaders" in the encryption market may make things easier Simpler. With the improvement of DeFi, there will be more and more projects on this track, and the Hord protocol is one of them. Hord is a "champion"-based dynamic ETF. Most of the "leading investors" in the encryption field (such as some fund managers or KOLs) have their own investment portfolios. Their portfolio reflects their awareness of developments in the crypto space. If their investment portfolios are tokenized, it is equivalent to constructing an ETF for professional investors (Note: In the traditional context, ETF refers to exchange-traded funds, index securitization, and investors buy a basket of Portfolio shares, which can be created or redeemed). Then, if there is a protocol that can help its fans follow the investment strategies of "leading investors" (such as some crypto fund managers or KOLs) in the market, and can complete the operation with one click, it will be very helpful for many ordinary users in the crypto market. , is attractive. National Development and Reform Commission: It is proposed to include "virtual currency 'mining' activities" into the eliminated industry: Jinse Finance reported that the National Development and Reform Commission publicly solicited opinions on revising the "Industrial Structure Adjustment Guidance Catalog (2019 Edition)". In order to promote the implementation of relevant work arrangements for rectifying virtual currency "mining" activities as soon as possible, it is recommended that the entry "virtual currency 'mining' activities" be included in the current "Catalogue (2019 Edition)" in the form of a supplement, and "National Development and Reform Commission Released in the form of the Decision on Amendments. After soliciting the opinions of the Operation Bureau of the National Development and Reform Commission, according to the requirements of the document No. 1283 [2021] of the National Development and Reform Commission, the name of the entry is "Virtual Currency 'Mining' Activities", which is included in the "Catalogue" elimination category, and it will be eliminated immediately on the date of implementation of the document. On September 3, with the approval of the State Council, the National Development and Reform Commission and the Central Propaganda Department and other 11 departments jointly issued the "Notice on Rectifying Virtual Currency "Mining" Activities" (Fa Gai Yun [2021] No. 1283), the relevant documents all proposed to " "Virtual currency 'mining' activities" were added to the "Industrial Structure Adjustment Guidance Catalog (2019 Edition)" "elimination category", which provided a policy basis for the addition of the "Catalogue". The main consideration for the addition of the "Catalogue" is that the virtual currency "mining" activity refers to the process of calculating and producing virtual currency through special "mining machines", which consumes a lot of energy and carbon emissions, and has a low contribution to the national economy. Progress and other driving effects are limited, coupled with the increasingly prominent risks derived from virtual currency production and trading links, its blind and disorderly development will have an adverse impact on promoting high-quality economic and social development and energy conservation and emission reduction. Rectifying virtual currency "mining" activities is of great significance to promote the optimization of my country's industrial structure, promote energy conservation and emission reduction, and achieve carbon peak and carbon neutral goals as scheduled. (Beijing Youth Daily) [2021/10/21 20:44:54] According to the description of the Hord protocol, there are two types of people at its core: "champions" in the encryption market and their followers. Dialogue on the Huobi "DeFi Prophet" project: The Just Foundation is considering introducing "liquidity mining" into the entire ecosystem: On August 25, the "DeFi Prophet" event on Huobi Global was officially launched, and four DeFi participants were invited to participate in the event Project online chat. During the conversation, Justin Sun, founder of Tron, said that the Just Foundation is considering introducing the recent DeFi hotspot "liquidity mining" into the entire ecosystem, using JST as the token for platform governance and mining revenue. Recent projects include: 1) JustStable Liquidity mining: when users participate in mortgages and loans to provide liquidity, they will receive CDP mining income; 2) JustSwap liquidity mining: users can obtain transaction fees in addition to transaction fees by providing funds to the JustSwap fund pool Additional mining income; the Just Foundation will introduce DeFi in more application scenarios in the future, involving not limited to loans, transactions, derivatives, etc. JST will be distributed to ecological contributors as mining income. [2020/8/25] The group of "champions" in the encryption market Some leading encryption investors, on the Hord protocol, they are called "champions". They are a group of leading investors in the crypto space who are willing to disclose their portfolio data. They may be fund managers, KOLs in the encryption field, celebrity individual investors, even market makers, well-known traders, etc. These "champions" need to have a solid track record. After they enter, the investment portfolio will be constructed on the "champion contract" and at the same time alluded to the "mirror contract". Followers Followers can follow the portfolios of these "champions" (leading crypto investors), generate tokens that can reflect these portfolios in real time by depositing funds, and become "mirror" tokens that reflect the original portfolio. dynamic value. Voice | U.S. Secretary of State Michael Pompeo opposes anonymous cryptocurrency transactions, saying it will "reduce global security": According to The Block, one of U.S. President Trump's advisers, U.S. Secretary of State Michael Pompeo said in an interview with CNBC on Tuesday that he hopes the world will Do not move in the direction of anonymous cryptocurrency transactions, as this will "reduce global security". "The risks of anonymous transactions are well known to us," Pompeo said. "We know it from 9/11 and the terror that happened in the previous 15 years, when we didn't have a good means of tracking, we didn't have the ability to understand the flow of money and who was moving it." …We need to maintain a global financial system to ensure security.” According to previous news, Pompeo said that cryptocurrencies such as Bitcoin and Facebook’s upcoming cryptocurrency Libra should be regulated like all other electronic financial transactions. The same requirements apply to transactions via SWIFT or US financial institutions. [2019/8/21] After these portfolio tokens ("mirror tokens") are generated, they can be traded on its DEX, and followers who have not directly generated these "mirror tokens" can trade on the secondary market to buy. These “mirror tokens,” which represent a portfolio, change in response to changes in the value of their underlying assets. Since these "mirror tokens" are backed by underlying assets, they can also be redeemed. From a contractual point of view, Hord is an agreement composed of a series of smart contracts, which connects leading crypto investors and their fans. In the Hord protocol, the "champion" contract serves leading crypto investor groups (such as KOL and crypto fund managers), while the "mirror contract" serves its fan base. Voice | Huang Yi, Vice President of CCB: If Libra succeeds, it will "subvert" the banking system: On July 1, the 2019 World Economic Forum New Leaders Annual Meeting (Summer Davos) was held in Dalian, Liaoning. In the first discussion on "shaping China's future financial industry", Huang Yi, vice president of China Construction Bank, said when talking about Libra, a stable currency issued by Facebook, that if Libra's model is successful, it will not be a "challenge" to the banking system. But "subversion". [2019/7/1] "Champions" can create and manage Hord Pool (including a basket of token investment portfolios) through the Hord protocol app, and then these investment portfolios can be tokenized. When the "champion" initiates the Hord Pool, followers can subscribe to the champion's data within a limited time frame by depositing their funds into the "mirror contract" to obtain a corresponding proportion of "mirror tokens" (similar to ETF share), so as to follow the "champion" investment strategy. In other words, first of all, the "champion contract" can disclose the investment portfolio of the leading investor to the "mirror contract". "Champions" can create multiple Hord Pool portfolios. For example, DeFi investment portfolio, NFT investment portfolio, mixed track investment portfolio, etc. Each Hord Pool has a fixed following (subscription) time, and cannot be generated after the limited time. If you want its Hord Pool tokens, you can only buy them in the secondary market. Fan groups can invest and subscribe for KOL or fund managers' positions and trading operations represented by the "mirror contract". When fan users deposit funds into Hord Pool to purchase the investment portfolio of "champion", they will get ERC20 tokens exclusive to this investment portfolio. That is to say, after the user injects funds into the mirror contract, it is equivalent to automatically generating his investment portfolio tokens. News | The Bitcoin Lightning Torch is about to "extinguish" with only about 10 passes remaining: The Bitcoin Lightning Torch appears to be "extinguishing" soon. So far, the Lightning Torch has covered 54 countries around the world. The lightning torch transaction amount cannot exceed $170 (4.29 million Satoshi). In addition, the number of bitcoins sent in the lightning network channel is limited. Therefore, from the current situation, users can only pass the torch a dozen times at most. Once the Lightning Torch payout hits the cap (probably set for security reasons), people can no longer continue passing the torch by adding ~$30 to it. The founder of the Lightning Torch "Hodlonaut" said that he actually launched the Lightning Torch event on a whim, and once the event is over, he does not intend to start a second Lightning Torch. According to Hodlonaut revealed on Twitter, there are only 10 passes left to complete the entire Lightning Torch pass, and he most hopes that the first core developer of Bitcoin "marttimalmi" will be the last person to relay the Lightning Torch. [2019/4/6] In addition, the dApp of the Hord protocol itself does not control any funds. "Champions" manage their own funds through the hord Pool agreement, and followers of Hord Pool deposit their funds into the "mirror contract" of Hord Pool, and "champions" cannot use any follower's funds. In essence, the "champions" just share the data of their investment portfolios, and these data become the corresponding ETF shares for user investment and subscription through the mirror contract. From this perspective, it is different from the model of depositing user funds into the KOL management contract. Followers are equivalent to taking a free ride on the "champion", so what do followers need to pay? The first is the redemption fee. When holders of Hord Pool tokens redeem their assets, they need to pay 15% of the net proceeds. 10% of which is paid to the Hord Pool "champion" as a reward, and 5% of the fee is paid to the Hord agreement. (If the user holds and uses HORD tokens to pay, there will be a 30% discount, that is, only 10.5% of the net income will be paid. In addition, holders of Hord Pool tokens (mirror tokens) trade their tokens , will generate transaction fees. 2/3 of these transaction fees will be allocated to the "champion" of the Hord Pool, and 1/3 will be allocated to the Hord protocol. Similarly, if the user uses HORD tokens to pay, then, there will be 30% From the above, the Hord protocol is essentially based on the "champion" ETF, and it is dynamic. The advantage of dynamic ETF is that it can adjust the investment portfolio in time according to market changes. Compared with static ETF, it is more Flexibility. But it also has the problem of high costs, because adjusting the ETF portfolio needs to redeploy the contract, and the cost is naturally indispensable. Hord's dynamic ETF can realize shared handling fees, which also makes dynamic ETF possible. "Champion" settled in Hord Motivation In the operation of the Hord protocol, the "champions" are leading crypto investors who contribute their portfolio operation data and bring benefits to followers, so what motivation do they have to do so? As mentioned above, following The winner needs to pay a corresponding proportion of remuneration to the champion; in addition, the champion also has the opportunity to obtain part of the transaction fee. The better the performance of its investment portfolio, the higher the remuneration; The more transaction fees you get. In addition, the "champion" also has the opportunity to receive HORD token rewards, of which HORD, which accounts for 15% of the total tokens, will be used to motivate these leading encryption investors. The operation of the Hord protocol The Hord protocol requires To operate, in addition to the above-mentioned smart contracts, a front-end App that interacts with users is also required, a trading market for "mirror tokens" is required, and governance is required to upgrade the protocol. Hord protocol dAPP is in Hord's plan, and it will also To develop dApp, the dApp based on its protocol will display the best-performing ETF ("mirror contract" token income), which is convenient for fans to check. It is expected that there will be real-time rankings of these "champions" in the future. Fan group selection and following. Of course, there will also be basic functions such as one-click participation of fans. HordSwap order book DEX needs to provide a large amount of liquidity and lock assets because of the AMM model DEX, which makes its asset efficiency somewhat lacking. In When the liquidity is not enough, slippage is also easy to occur. For the transaction of investment portfolio tokens (ETF tokens) in the Hord agreement, the DEX using the order book model is more suitable. Hord agreement governance The core of the Hord agreement development is its The rate of return of "mirror tokens". This is the key to attracting followers. Therefore, Hord needs to settle in more encrypted star investors with high rate of return performance. These can introduce more reliable "champions" through governance. At the same time, various parameters of the protocol can also be iterated according to the development of the market. The token economic mechanism of the Hord protocol HORD is the token of the Hord protocol. Its main purpose is to be used for ecological incentives and development, and it can also capture value to support its ecological incentives. Ecological Incentives The "champion" in the Hord protocol can not only get rewards from followers and transaction fees on DEX, but also have the opportunity to get incentives from HORD tokens.

Tags：

ETH