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Open Finance from the Perspective of Web3.0: Dialogue with Acala



Foreword: "WebX Lab" has always been trying one thing, that is, as an industry observer, to sort out Web 3.0 from Gavin Wood's forward-looking vision into a systematic and concrete story. Under a clearer main line, the fragments of blockchain development are connected in series, so that more people can better understand the era of decentralized networks and how it is coming. [Why talk to the Web3 world? ]"WebX Lab" believes that the vision of W10.21eb3.0 needs to be completed through the cooperation of a large number and diversified Polkadot ecological projects, so we hope to cooperate with high-quality projects in these ecology (especially Polkadot ecology) Long-term dialogue and communication, with the help of these "pioneers" perspectives, to build a fuller and deeper Web 3.0 panorama. This time we invited Polkadot Financial Center - Acala, a more complete financial system perspective to interpret Web 3.0 in The nature of the value dimension. First of all, after we accepted the concept of blockchain for the first time, our imagination began to extend to the overall concept of Web 3.0, and many people entered this field through Bitcoin and exchanges, and traced the entire development process, finance can be It is said that it is the most successful field of decentralization or blockchain development. DeFi, which has just experienced the summer of the bubble, is an extremely typical evidence. This success reflects the market's strong demand for decentralized finance. As an important part of the Web 3.0 world, the financial sector has a strong demand. Does it mean that the Web 3.0 that users particularly need has certain characteristics that are different from the current world? The clearer this difference is, the better we can understand the nature of the Web 3.0 world. The literal translation of the word DeFi is decentralized finance, but after comprehensive consideration, it is obviously more appropriate to use open finance, because decentralization is the means, and openness is the result. When it comes to the advantages of DeFi compared with traditional CeFi, these have already been talked about badly. It is nothing more than lowering the entry threshold, inclusiveness, eliminating agent risks, etc., but these may still be superficial features It may be much simpler to rise to the level of value. First of all, we need to understand the nature of finance and its value to human society. Almost at the same time, when human beings produced the concept of private property, financial business was produced. Human nature is profit-oriented, and finance is a technology or service developed by human beings to maximize profits. Xinghui Entertainment: In the future, the company will pay close attention to the development of Web 3.0-related technologies in the game field: Jinse Finance reported that Xinghui Entertainment stated on the interactive platform that Web 3.0 is the potential next stage of the Internet. In the future, the company will pay close attention to the development of related technologies in the game field. The development of the field, explore the organic combination of related technologies and games, and strive to provide players with an immersive gaming experience. (Financial Associated Press) [2022/11/11 12:49:58] Take the insurance we are most familiar with, everyone pays a sum of money to the insurance company to buy fire insurance. If someone unfortunately suffers from a fire, he can get a sum of money far exceeding what he paid, thereby avoiding the economic hardship caused by the fire. At first glance, it seems that the insurance company is losing money, but after all, fires do not happen frequently, and as long as the overall premium can make up for or exceed the cost of claims, it will generally make money. Then insurance companies create corresponding insurance and financial products through complex risk calculations and models. Everyone gets what they need, individual insureds can avoid risks, insurance companies make money, and the smallest asset benefits the whole society. This is the maximization of benefits, and it is not necessary to produce something that can be seen and touched in order to be productive. Therefore, the essential value of finance is divided into two layers. First, let the funds go where they are needed more, and second, maximize the value generated by the funds. Then why does open finance in Web 3.0, which DeFi maps, successfully attract attention? First of all, no matter how much change Web 3.0 will bring about, it is still a part of human society. Production and business operations in this world still require finance to efficiently allocate assets. Then why will open finance be the first to land successfully? Because the effect produced by it is in line with the pursuit of human beings to maximize benefits. The essence of finance is an economic activity linked to credit transactions and currency circulation. In this process, one party transfers the ownership of goods (including currency) or part of the power to the other party in advance on the condition that the other party repays, and the party who delivers first needs to bear certain credit risks. Credit risk will generate a lot of transaction friction costs, you will not lend money to a person you know well. In the early days, we needed an intermediary with a high degree of credibility to eliminate this frictional cost. This method was the most practical when the financial market was not very developed. However, driven by factors such as the increase in the overall property of individuals in the society, the growing awareness of finance, and the tremendous development of financial technology and activities, new thresholds and costs have arisen. The platform has earned most of the economic value-added, and all parties are pursuing the greatest benefits. The goal has been hindered again, which has led some people to seek a new way out. NEAR ecological non-custodial wallet Sender Wallet completed the seed round of financing, Binance Labs and MetaWeb Ventures participated in the investment: official news, NEAR ecological non-custodial wallet Sender Wallet announced the completion of the seed round of financing, Binance Labs and MetaWeb Ventures participated in the investment. This investment will help the Sender team expand R&D personnel, build a global community, and accelerate ecological development. [2022/4/11 14:18:18] What DeFi brings is a more open financial environment. In a narrow sense, DeFi is a 24-hour sleepless financial market. The second DeFi uses blockchain technology to eliminate a large part of the friction cost of credit transactions, which is a transparent financial market without intermediaries. The third is that individuals can conduct financial activities more efficiently and conveniently. In theory, users only need to have a wallet address and a certain amount of funds to perform a series of financial operations on DeFi. The final effect of these characteristics is to meet people's practical needs for maximizing benefits. Now we can be sure that one of the changes brought about by Web 3.0 is that all things are being transferred to the network in the form of data, including physical assets, social relationships, and business behaviors. On the other hand, users' sovereignty over data will change from limited ownership to full ownership, and these data will virtually become an asset owned by individuals. In this way, the assets on the entire network will be greatly enriched, and then the most immediate problem faced next is the generation of financial demand. At this time, Web 3.0 needs a matching financial system for reasonable resource allocation, and DeFi plays such a role. At this time, we can actually take the current traditional financial system to DeFi to understand. Although there may be some mutations in DeFi, the business form based on demand will generally not change. Lending, general equivalents, and derivatives are examples. . So according to this model, the future space of DeFi will be very large, not only in terms of magnitude but also in terms of business scope. In the past, we may have paid more attention to a single DeFi product. For example, Compound basically represents lending, MakerDAO basically represents decentralized stablecoins, etc. However, with the development of DeFi, the relationship between single products has also changed. It is becoming clearer and clearer, and subsequent innovators are also paying more attention to the systematization of DeFi products. EthSign launched the Web 3 Collective initiative to accelerate the development and adoption of Web 3: On December 24, the decentralized electronic agreement signing application EthSign launched the Web 3 Collective initiative, hoping to cooperate with DApps, protocols, blockchain networks and infrastructure projects, Let's build a Web3 community together. The Collective will create a unified community of Web 3 supporters through measures such as hackathons, workshops, academy support, collective incubators, and Web3 courses, aiming to educate the emerging encryption developer community to promote new project innovation, and provide these early projects Funding for access and a space for learning tools for new Web 3 users. [2021/12/24 8:01:11] During the interview, we will learn that Acala is more like a financial system. First of all, the core of Acala is two low-level DeFi protocols. One is the stablecoin Honzon stablecoin protocol that supports cross-chain multi-asset over-collateralization, providing the most basic general equivalent assets for the entire network. The other is to release the pledged asset liquidity Homa Staking derivatives agreement to output more liquidity. At the same time, there are some necessary infrastructures like DEX. Acala, an open financial system, has two other roles, namely Laminar, a synthetic asset protocol, and Polkawallet, an entry-level application. In such a system, we can see a more complete business closed loop. First of all, the Honzon stablecoin protocol is the main way to generate stablecoins in the Acala network. As a carrier of value exchange, it helps Acala users to open collateralized debt positions (CDP) to generate stablecoins aUSD, which users can use to borrow stablecoins. It can also be used as the core stable currency in the entire system, so that peripheral applications can generate a lot of demand for it. The part of the assets locked by the user after performing over-collateralized loans including other Staking operations forms a huge waste of liquidity. At this time, the Homa Staking derivatives protocol can convert these locked assets into tradable and liquid ones. The value certificate on the chain generates income again, which can provide a large amount of liquidity for the entire financial ecology. Web 3.0 application Context launches NFT platform beta New: October 4 news, Web 3.0 application Context has launched NFT platform beta, the platform allows searching for NFT collections, artists and DAO, unlike other NFT wallets such as Nansen, Context is For free, users can search-zce the platform's database, follow favorite artists, share and bid for collections after connecting to the MetaMask wallet and setting a user name. The app also indexes Ethereum NFTs and includes market data such as reserve and bid prices from marketplaces such as OpenSea, Rarible, and Larva Labs' CryptoPunks. [2021/10/4 17:22:51] After sufficient assets and liquidity appear in this ecology, two kinds of needs will be derived. The first is trading, and Acala's DEX in the alliance can meet the trading needs. The second is synthetic assets, that is, using stable assets to issue synthetic assets for margin trading to obtain higher value. At this time, Laminar can play a role. The liquidity released by the Honzon stablecoin protocol can return to the Laminar or Honzon stablecoin protocol again, and the cycle goes on and on. The role of Polkawallet is a user portal and user pool. This is a very efficient design, that is, as long as users are Polkadot ecological, they can directly switch to Acala or Laminar through Polkawallet. Intuitively speaking, Polkawallet has gathered a stable user pool as the source of high user growth for the entire alliance. And the assets held by these users will start a new round of circulation from the Honzon stable currency agreement or the Homa Staking derivatives agreement again. So why did Acala choose these directions, and what is the role positioning of each of its products? Compared with the outbreak of the bubble summer in 2020, the development of DeFi before that is more meaningful. MakerDAO was launched in December 2017, the lending agreements Compound, Uniswap, and WBTC were launched in 2018, and Synthetx was launched in 2019. Because these products were the product of real demand before the liquidity mining boom came. Voice | Ethereum co-founder Joe Lubin: Ethereum may replace the Internet as web 3.0: Ethereum co-founder Joe Lubin said in an interview with The New York Times recently that people will have more control over their identities in the blockchain network. More control, which will create more wealth and more interesting ways for people to express themselves. He believes that by enabling this "sovereign identity," blockchain technology will lead us into a new era. Previously, he also asserted that Ethereum and blockchain could revolutionize the world by decentralizing the internet. In his view, Ethereum is a viable candidate for web 3.0 mainly because it is interoperable and very decentralized in nature. [2018/11/13] First of all, finance in a broad sense refers to all economic activities related to credit currency issuance, custody, exchange, settlement, and intermediation. In principle, it is a tool system based on currency. The same applies financially. Stablecoins, as the bottom-level carrier of assets, constitute the overall market. Stablecoins are required for lending and mortgage liquidity transactions, and DeFi needs such general equivalents. However, open finance at the beginning lacked such a role. The core of human economic activities is transactions. The blockchain solves the transaction friction costs caused by trust issues. However, at the beginning, the high volatility of mainstream assets such as BTC and ETH could not serve as general equivalents like real currencies, which also caused a lot of problems. High friction cost, which is definitely not good for the entire blockchain industry. At this time, things like stablecoins are needed to intervene. The most efficient way is to anchor the stablecoins to legal currencies or assets in reality. However, because stablecoins issued by third parties always have problems of custody, reserve black box and unlimited additional issuance, new species such as decentralized stablecoins have been born. The decentralized stablecoin market is huge. First of all, the total circulation of the entire stablecoin market has reached 15.7 billion, and DAI, which has not been out for a few years, has quickly become a stable currency under the circumstances that USDT occupies an absolute dominant position. It is the only decentralized stablecoin in TOP3, and the U.S. Bureau of the Comptroller of the Currency even allows banks in the U.S. federal system to provide mortgage asset management services for privately issued digital stablecoins. Borrowing is an extremely important part of open finance. After humans have enough assets, they will inevitably hope that these assets can further generate value. It is a natural habit to obtain interest through borrowing..


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