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Meng Yan: Uniswap V3 is the starting point for NFT to enter financial applications



If digital currency is programmable money, then financialized NFT is automated money and smart money. Original title: "One small step for Uniswap, one giant leap for DeFi x NFT" Author: Meng Yan Uniswap V3 brings NFT into mainstream financial applications. Every version upgrade of Uniswap drives the upgrade of the entire DeFi. Uniswap V3 has taken a key step in NFT financial applications. NFT has strong description ability and is suitable for expressing complex and changeable financial contracts. ERC721 is just a starting point for Financial NFT, and it will never be mainstream. Mainstream Financial NFT must have two specialties, one is descriptive, and the other is splittable. If digital currency is programmable money, then Financial NFT is automated money, smart money, and a general tool to help parties establish contracts and promote collaboration. Financial NFT gives users the power to create various financial instruments. With freedom comes innovation. Meng Yan: The goal of DeFi in the future is to transfer the real world to the blockchain world: Jinse Finance live report, July 6th, directed by the Yuhang District Government of Hangzhou City, Hangzhou Future Science and Technology City Management Committee, Babbitt sponsored the 2020 Hangzhou Blockchain International Week was held in Hangzhou. In the theme of "DeFi is roaring, what kind of new species will grow?" "At the round table, Meng Yan, vice president of the Digital Asset Research Institute and founder of the Token Thinking Lab, said that the goal of DeFi in the future is not to adapt the blockchain to the real world, but to allow the real world to transfer to the blockchain world. Put the core data of the enterprise on the chain, and under the premise of regulatory compliance, let the upstream and downstream of the enterprise and more people understand the development of the enterprise. At the same time, the block chain solves the problem of slow operation of the real industry and achieves the same frequency as the financial industry. [2020/7/6] There will be a batch of DeFi-specific Financial NFT projects. On May 5, Uniswap V3 was officially launched. Among the many new functions, the official is most proud of the ability to support liquidity providers (LP) to specify price ranges for market making (hereinafter referred to as "range market making") (Figure 1-3). This ability not only greatly improves the capital utilization rate of LP, but also reduces impermanent losses, which is indeed a major innovation in the AMM field. From this, people will see the great potential of NFT in financial applications. Figure 1. Meng Yan, deputy director of the Digital Asset Research Institute, designated to operate in the price range of $250-$12,000: Blockchain and privacy computing will definitely come to the fore: Jinse Finance live report, July 5th, by Babbitt × Computing Power At the theme meeting of "Privacy Computing: Let Data Flow Safely and Orderly" jointly sponsored by the think tank, Meng Yan, the vice president of the Digital Assets Research Institute and the founder of the Token Thinking Lab, made a theme of "Blockchain in the Era of Data Capitalization". Governance" speech. Meng Yan said that the current Internet platform buys out users' control over data production factors at the price of "free trial products". To solve this problem, it is necessary to make the allocation of data elements market-oriented, so that the value of data can be traded instead of being dominated by buyouts. In this regard, blockchain and privacy computing will surely come to the fore. [2020/7/5] Figure 2. Designated market-making in the price range of $0.960-$1.040 Figure 3. Comparison between V2 and V3 In November 2018, Uniswap V1 realized Vitalik's idea of an automatic market-making exchange, and transformed the entire DeFi from rigidity Get rid of the dogmatism of copying the CeFi model, and start to walk out of the independent route. In May 2020, V2 allowed free addition of trading pairs, which directly inspired the DeFi boom that continues to this day. What is the industry significance of this release of V3? I think it is to stimulate the application innovation of Financial NFT. Once NFT is widely used in financial applications, a huge new map will be opened. Voice | CSDN Vice President Meng Yan: The market value of Bitcoin will return to the application value: CSDN Vice President and freelance researcher Meng Yan said in an interview that the question of how high Bitcoin can rise, I think its market value It will return to the application value, and it will no longer have such a large speculative attribute. This is because buying coins in the past was actually doing long, and the market lacked derivatives and short-selling methods. Now various platforms are launching contract transactions one after another. When the price of Bitcoin starts to exceed a reasonable range, there will be a large number of short sellers in the market. This value discovery mechanism will not make Bitcoin rise too far. [2019/1/2] Most people may not associate V3 with the hottest NFT nowadays. After all, in all the news, NFT seems to be equated with encrypted artwork. But in fact, the key to V3's ability to realize the market-making function in intervals lies in NFT. V3's LP Token uses NFT to replace the original ERC20, which is a key step for Uniswap and a key step for Financial NFT (Financial NFT). LP Token is actually an investment contract between Uniswap and LP. In the V2 era, this contract is represented by ERC20. There are only differences in the number of shares between different LPs, and the terms of the contract are the same. In the V3 era, this contract is represented by ERC721, so that different LPs can set different market-making terms. Meng Yan, Vice President of Golden Exclusive CSDN: In the future, more countries will re-evaluate encrypted digital currency and ICO: Thailand promulgated the "Digital Assets Law" yesterday, and its securities regulator is expected to approve 5 ICOs later this month. Finance and Economics exclusively interviewed Meng Yan, CEO of Park Chain Road Jie and vice president of CSDN. Meng Yan said: Recently, there have been voices from the Central Bank of India, saying that before the reflection, they had a simple and negative attitude towards ICO. Now such news comes from Thailand. I believe that In the future, more and more countries will re-evaluate encrypted digital currency and ICO, which is the general trend. But we should see that the reason for this change is not mainly because of how much the financial authorities of these countries advocate innovation and pursuit of progress. I am afraid that it is more due to the fact that the Fed is raising interest rates and Europe is withdrawing from QE. Under the background, some discussions and explorations were carried out around how to resolve the predicament. But history is often like this, where the general direction is, whether you are active, passive, or unwilling, sooner or later you will pass. I have full confidence in the future of encrypted digital currency, as well as new financing and fund management methods based on smart contracts and digital assets. Our generation will create new business models, new collaboration models, and new market entities on the blockchain. Whichever country follows this trend first will be able to enjoy the early dividends of this era. As for how ICO regulation will go in the future, I don’t care about the specific process. This is a global market, and the general trend is unstoppable. The new financing model in the blockchain field is not limited to ICO. It is gradually moving toward openness, compliance, and integrity. inevitable. [2018/6/15] A lot of people like to argue, they don’t have to use NFT for this matter, he can still do it with ERC20, I will give an incomplete example here to see how unreliable this statement is . For example, singers A and B both buy tickets for a concert in Beijing, and the concert ticket is actually a contract between the organizer and the audience. The trouble with the ticket contract is that it is complex and variable. The concert tickets of singer A are different from those of singer B. The tickets for tonight are different from those for tomorrow night. CSDN Meng Yan: A blockchain without tokens is meaningless: CSDN Meng Yan said in an exclusive interview recently that many people would ask if there is no token (token) on the blockchain? Of course it is technically possible, but a blockchain without a pass is meaningless, because its fundamental problem is to solve the incentive problem. A token has three elements: the first is a certificate, that is, it must first be credible, and if the token is easy to forge, it will not work. The second is communication. If it can be circulated and can be exchanged in the secondary market, it has value. The third is to have economic value. [2018/2/25] If you have to use ERC20 to make tickets, then you need to set up a separate company to make tickets for each seat of each concert. For example, one is called "A Singer May 5, 2021 Beijing Concert Ticket Company, Seat 1, Row 1", and the other is called "Singer A 2021 Beijing Concert, Second Row, Seat 1 Ticket Company" ", and the third is called "Singer B's May 6, 2021 Shanghai Concert Ticket Company, Seat 5, Third Row". In short, in the ERC20 model, as long as the conditions on the ticket are slightly different, it is of course absurd to set up a special company to print the ticket. The NFT model is much more reasonable. You only need to open a ticket company to print different tickets for different concerts, different seat levels, and different special conditions. All the differences are reflected in the ticket, instead of opening a lot of short-lived companies just for a little bit of difference, the cost will naturally be greatly reduced. ERC721 is currently the mainstream token standard for NFT and has been widely supported, so this time Uniswap also directly adopted ERC721 as the standard for implementing V3 LP Token. However, the specialty of ERC721 is to describe unique items. Technically, there is no similarity between two ERC721 NFTs, and their prices naturally have no meaning of mutual reference. ERC20 puts too much emphasis on commonality. Everyone of the same kind must be exactly the same with each other, and nothing special can be tolerated. It is extremely beneficial to financial calculations and liquidity, but it is extremely unfavorable to describe complex contract conditions. ERC721, on the other hand, puts too much emphasis on individuality. It feels that any two things in the world are completely different, and there is no analogy. It completely ignores the existence of "similarity" and "type" in the world. It is very descriptive and calculable. Extremely poor, liquidity is naturally extremely poor. Both are too extreme, too idealistic. The mainstream financial instrument tokens in the future will be neither ERC20 nor ERC721. Only strong descriptiveness can express advanced financial contracts, and the cost is low enough. Only when it can be split can a number of tokens of the same quality be fissioned, and the prices between each other can be referred to each other, so that they can be calculated and have good liquidity, which eliminates ERC721. The vNFT standard we proposed in Solv is designed to meet the needs of Financial NFT, and has both the computability of ERC20 and the description ability of ERC721. Figure 4. vNFT combines the advantages of ERC20 and ERC721. In contemporary society, people collaborate with each other mainly by establishing contracts. Money is really just a tool to enable people to cooperate with each other. The main factor that hinders collaboration is transaction costs. A large part of transaction costs is spent on contract creation, negotiation, signing, and supervision and implementation. A large part of this is due to the current money being too "stupid" . In fact, the greatest value of digital currency is that it can be programmed, and the program can be executed rigidly and without compromise. But after all, not everyone knows how to program, and it is still inconvenient for ordinary people to use it. Financial NFT is a higher level than digital currency. It is an automatic, smart money with built-in operating logic. Financial NFT encapsulates many common money transaction models and circulation rules, making it easy for ordinary people to use. With a powerful Financial NFT, it will be easier for people to conclude transactions, enabling greater and more efficient mutual collaboration. In the past, if you wanted to trade some kind of contract, you had to wait for the bosses to make a decision to design the product, make it, approve it, and put it on the market. Now, with Financial NFT, any ordinary user can create various financial instruments. Once this power is returned to users, it means financial liberation. And all the meaning of DeFi comes down to the word "liberation". DeFi is actually a redistribution of rights. It is not a technological innovation, engineering miracle, or black magic. It is an adjustment of production relations. So what did DeFi do? It is to liberate the creation rights of financial instruments from CeFi and return them to ordinary users. After the rise of Financial NFT, various users will create a variety of digital financial tools in a short period of time to optimize resource allocation, or manage risks, or speculate and gamble. Users who have gained creative freedom will make endless innovations under the temptation of practice. DeFi projects that attempt to directly copy traditional finance have always been lukewarm, such as bonds and options DeFi projects, which have attracted a group of traditional financial experts. They are full of confidence and bring mature products and experience in traditional finance to the market. DeFi is coming, but the things produced often cannot attract DeFi players. On the contrary, there are many, many projects that are completely conceived from DeFi, and they are often unexpected and achieve great success. I believe the same is true for Financial NFT. DeFi will also develop a period of subversive barbaric growth. The LP NFT in Uniswap V3 has no precedent in traditional finance, and is completely conceived and created in concrete practice. Such innovations have a greater chance of success. The Solv protocol we developed hopes to become a platform for every ordinary user to create and trade Financial NFT. The vNFT proposed by Solv is a general Financial NFT description protocol, and it is being submitted to the Ethereum Committee, striving to become an industry standard in this field. Solv will provide powerful visualization tools to help users independently design and create various Financial NFTs, customize their appearance, rules and functions, and promote their free circulation.


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