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Beta Finance's certified asset levshould you buy bitcoin from paypalel and corresponding risk parameters, source: Beta Finance document

Asset Bridge: Allow users tbitcoin exchange without kyco send Ethereum and other tokens between Arbitrum One and the Ethereum mainnet.Is there still room for Arbitrum One's transaction costs to drop?

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Although according to our previous estimates (https://www.chainnews.com/articles/115931150768.htm), Arbitrum's transaction cost can still be reduced by about an order of magnitude compared to the first layer of Ethereum, but according to the statistics of the L2 Fees website From a point of view, it is still several times higher than the cost of using some ZK Rollup networks.However, you can also see that the L2 Fees website has also made some notes for Arbitrum. Arbitrum One, which is in the Beta stage, is currently artificially restricted. The opening of this restriction on the official mainnet in the future may further reduce transaction costs.We also asked the Arbitrum team about this topic. They said, "In the short term, we are working hard to reduce the basic cost of each transaction, that is, the cost allocated to each transaction in the batch release transaction. We will soon see Transaction costs have fallen.”However, in the long run, the Arbitrum One solution requires that each transaction be stored on the Ethereum mainnet through calldata. As long as the capacity of Ethereum remains unchanged, there is still an upper limit. Therefore, the long-term expansion possibility of Arbitrum One still needs to rely on the data sharding technology of Ethereum 2.0.The Arbitrum team stated, "ETH 2.0 data sharding will greatly reduce the cost of publishing data to Ethereum, which is crucial to Rollup's expansion technology. ETH 2.0 data sharding means cheaper calldata, and we are very happy to become Ethereum "Rollup as the center" part of the road map."

Are there more expansion plans for Arbitrum?The upper limit of Arbitrum One is restricted by Ethereum. Is it possible for other types of expansion technologies to open the ceiling of Rollup?The decentralized perpetual contract exchange dYdX is another derivative protocol that releases its functions through L2.

dYdX has built its own L2 Rollup based on StarkWare's scalability engine StarkNet, and recently launched a liquid mining plan, which includes a retroactive airdrop of DYDX tokens worth $50,000 to some users. As a result, the attractiveness of the agreement began to increase, and its daily transaction volume increased by more than 10 times within 6 weeks, and it has remained above US$600 million.Perhaps the most direct way for investors to benefit from the success of a particular L2 network is to invest in the native tokens of that L2 network.Although the design space of L2 native tokens is emerging, and we don't know whether all L2 networks will issue their own native tokens, L2 native tokens can provide a similar role to L1 native tokens in terms of providing exposure to specific networks. Although it is unclear whether all L2s will issue tokens, users have the opportunity to place themselves in a position to receive retroactive L2 native token rewards.Loopring is one of the most prominent application-specific Rollups in the Ethereum expansion ecosystem. It provides a complete set of products based on ZK-Rollup, including an AMM (Automated Market Maker) and order book exchange.

Investors can gain exposure to the agreement, which has generated more than $2.7 million in revenue in the past year in the form of LRC tokens. LRC tokens are used to govern the system and serve as the final collateral. Investors can purchase the token directly, or obtain the token reward by providing liquidity to the exchange. In addition, the top 25 traders with the trading volume on the designated trading pair (see the figure below) can also receive LRC token rewards (starting on September 9, 2021, lasting 28 days; settlement cycle is 7 days, A total of 4 cycles).Immutable X is a ZK-Rollup built on StarkWare.

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The agreement is optimized for NFT transactions and use in the emerging blockchain game field. Currently, it is using the "Play-to-Earn" model to motivate users to use the platform with IMX token rewards. . The IMX token plays several key roles in the operation of the network: users need to use IMX to pay 20% of the transaction fee, and users can use the token to vote on governance proposals. In addition, IMX holders can stake the tokens to obtain transaction fees paid by users to the network.When talking about L2, if Optimism and Arbitrum are not mentioned, it is obviously inappropriate.Both of these two largest Optimistic Rollups networks have raised millions of dollars in funding, and none of them currently issue local tokens. In addition, despite their short time to go online, these two L2 networks have incurred millions of dollars in transaction fees, and these fees did not flow to their users in any way. Although it is unclear whether they will issue local tokens, if they initiate retroactive airdrops for early adopters, it may be worthwhile to become an active user of the two L2 networks.The season of L2 is finally here.

Now, investors with different risk tolerance and different exposure needs can benefit from the rapid development of L2 in several ways. Whether through infrastructure, Dapps, or local asset farming, investors have many different opportunities.On September 15th, Ryan Watkins, a researcher at encryption analysis agency Messari, tweeted that the supply of decentralized stablecoins exceeded US$10 billion, accounting for 8% of the total supply of stablecoins. The DAI of the MakerDAO platform has the highest market share of decentralized stablecoins.Subsequently, on September 17, Ryan Watkins once again tweeted that the total supply of stablecoins this week has exceeded 120 billion U.S. dollars. In the second quarter, the transaction volume of stablecoins on the blockchain exceeded US$1.7 trillion, a year-on-year increase of 14 times. At the same time, the supply of decentralized stablecoins has just exceeded 10 billion U.S. dollars and will continue to erode the share of centralized stablecoins.Watkins also believes that stablecoins have the characteristics of local digitization, global accessibility, and resistance to seizure. It can provide individuals and institutions around the world with easy access to U.S. dollars to meet offshore U.S. dollar demand. The offshore U.S. dollar market may exceed 57 trillion U.S. dollars, so stablecoins have broad prospects and are extremely disruptive. Therefore, they are closely watched by regulators.

The above two figures show the demand for stablecoins. Based on this market background, as users of stablecoins, whether they are centralized stablecoins or decentralized stablecoins, they may be affected to a certain extent by the price changes of stablecoins.For example, when users buy stablecoins and use them in exchanges, they will always be troubled by price fluctuations. The stablecoins that have been held will also receive different cash due to the pricing at the time of exchange.

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In the international market of cryptocurrency, there are still some exchange stable currencies issued according to the regional legal currency. These tokens can be directly exchanged for legal currency, but the exchange requires a fee.And some fully open OTC trading markets mean that users have to pass the market pricing of stable currency acceptors to buy stablecoins.

For example, USDT has been issued on many chains, and after its issuance, it needs to reserve US dollars in the bank. But it is not the issuer of USDT that controls the price for USDT. It is an acceptor. The price of an acceptor is determined by market demand. At present, the most trading pairs on all exchanges are USDT, which means that when the price of coins rises, users may increase their demand for USDT, and there will be a lot of purchases. . This will be obvious in the OTC market.But there is another feature. If the price of Bitcoin increases, the price of USDT will decrease and then slowly return to the average value. If the price of Bitcoin falls, USDT rises instead.This means that in some characteristics, the price of bitcoin has risen, and there are more shippers, so more USDT is exchanged through the acceptor, and the acceptor will continue to reduce the U price.In the stable currency trading market, buying and selling USDT will definitely show different prices. The spread is the profit of the acceptor.This income method will also be used as the core business of many wallets, mainly in the compliance area to complete the sale of cash to stablecoins and tokens such as Bitcoin and Ethereum.With a huge total transaction volume, the wallet can earn huge profits by charging fees.

So as long as there is a variable of acceptor in the stable currency market, the price of stable currency must fluctuate up and down. But because if the stable currency in the exchange trading pair is a legal currency anchored stable currency, it may not need to carry too much floating risk. But in the process of transaction, tokens are directly exchanged for legal currency value.It is also because, for example, USDT is a stable currency token between tokens and fiat currency, and the exchange market of USDT is a floating market, which brings about the unstable price performance of stable currency that users understand.

What about designing a stable coin to make the price the most stable design?The answer should be no, because as long as it is a stable currency issued and accepted by a trusted subject, the absolute stability of the price cannot be guaranteed, and the absolute stability of the price also means that there is no market profit margin, and it is impossible to develop a perfect business ecological structure. For example, if the ratio of USDT to U.S. dollar has no price fluctuations. The user using US dollars is the same as using USDT.

The result of this is that there is no spread when the acceptor buys and sells USDT. In other words, in the exchange, there is no need to introduce an over-the-counter market, but a stable centralized exchange pool can be established directly by the acceptor. However, the most suitable role for establishing an exchange pool is the exchange itself.If you individually design a stable coin with less volatility, there are some feasible solutions. The general logic is:

If it is a centralized issuer and operator, on the basis of ensuring the scale of liquidity, it does not design an acceptance market, but only charges a small fee through a centralized pool.If it is a decentralized issuer and operator, it needs to ensure continuous issuance and maintain sufficient reserve assets and insurance assets for the issued stablecoins. The insurance assets are used to maintain the price of stablecoins and have been stable at the same level as the legal currency. 1:1 anchoring relationship within the range of small fluctuations.If losses are caused by huge fluctuations, insured assets are needed to complete subsidies and compensation, or to supplement the shortage of reserve assets.Stable currency is an important role in the cryptocurrency world and a bridge between cryptocurrency and real finance. Today's stablecoin scale continues to rise, which is one of the important growth signals of the cryptocurrency market. The maturity of stablecoins has reason to become one of the necessary conditions for the growth of cryptocurrencies.

But today's stable currency market is far from becoming a regulated market. Decentralized stablecoins are generally used for mortgage lending or to provide transactions in a single process in other types of defi applications, which do not reflect their maximum capabilities. Centrally issued stablecoins require mature supervision. Prevent the various risks that finance may bring.Certus One initially introduced the Wormhole L1 native bridge in 2020. After auditing and going online, holders of SOL and ERC 20 tokens can now transfer their assets between the public chain ecosystem, not just Solana and Ethereum. With the launch of the Wormhole mainnet, the bridge is expanding to other L1s beyond Solana to bring liquidity from Solana, Ethereum, Terra and BSC. They are working to help developers provide more DeFi applications and a more powerful Web 3 experience.

Solana's Wormhole bridge was first released by Certus One in October 2020, and Wormhole V2 recently announced the launch of the mainnet. The new version of Wormhole is a cross-chain bridge, which provides cross-chain liquidity. Transition from Solana to Ethereum Bridge into a native L1 bridge.The new version of the Wormhole Bridge has tremendous flexibility in the Web 3 industry. The cross-chain liquidity bridge aims to have its own security model, incentives and applications by supporting applications. Since Wormhole aims to support more L1 networks in the future, they can support more than just bridged network applications.

Wormhole V2 is separate from the original native bridge built on Solana. It is completely redesigned and has more applications. The Wormhole team uses an oracle/smart contract-based system. This requires trust in the oracle network-not the blockchain.Wormhole V1 is just a native L1, but third-party applications are calling for a way to transmit NFT and other ERC-20. They are also looking for transfer insurance pools and different design mechanisms to ensure that it is necessary to build a different bridge with more accessibility.

With the launch of Wormhole, it will provide all of the above services for Terra, Solana, Ethereum and BSC. In addition to providing liquidity to other ecosystems, the Wormhole team is ready to expand into other areas and provide incentives for their own set of validators. It is worth noting that it is not backward compatible.When a bridge has its own security model, it will make the bridge more complex and flexible to solve the traditional problems of the bridge: low transaction costs, fast relay transactions, and accurate data provision. A bridge with its own security model is a robust and secure transaction bridge.Wormhole V2 has its own consensus mechanism, called Guardians. This new feature makes it an independent bridge with the functionality and flexibility of connecting to any other network, while allowing developers to build their own dApps on the bridge.The bridge will provide basic messaging functions, and then developers can build a token bridge on these foundations. There are two ways to transfer tokens on the bridge. For the transfer-out transaction, the native token will be locked in the smart contract or destroyed and expressed as a packaged token. This transaction will generate a transmission message to the bridge-thus sending the message to another chain.

For incoming messages, the user needs to send a message containing the payload. It's simple-you need to send a message with one of four options to tell the bridge what you want to do; unlock or mint tokens, register token bridge contracts, upgrade contracts, or send metadata messages.Another feature of this design is that developers can build applications on the bridge without major changes to a single protocol. This opens the door for connections between networks—such as token or NFT exchanges or connections from a single chain to a specific set of chains—such as price streams or data sources.

L1 needs additional help from other networks to increase their DeFi use cases. Because of Solana's high throughput, they emphasize small transactions. Higher speed means that validators can process more transactions in a block. This is in sharp contrast to Ethereum, which has only so many transactions in a block, which pushes up the gas price and takes time to process transactions.With this bridge to Ethereum, Solana, Ethereum, Terra and Binance Smart Chain, Solana should see more users bring their ERC-20 tokens into Solana's ecosystem. Solana is L1, which means that it is the first layer protocol that allows developers to use Solana's features to build applications.

Wormhole's modeling method complements the Cosmos Hub and IBC. Although the Cosmos Hub and Cosmos SDK related chains use IBC, the chain can connect to the Cosmos Hub and other chains by running a light client. Wormhole runs a separate chain designed to connect to chains that don't have built-in IBC capabilities. Currently, L1, which cannot be connected to each other, relies on bridges to achieve cross-chain communication.Wormhole's goal is a chain without light clients or other chains that may be compatible with IBC. It aims to connect many high-value chains that focus on DeFi. More transaction volume and increased liquidity on these networks will help continue their growth trajectory. However, the best way to increase the use of these networks is to adopt more. In order to address more adoption and increase the choice of Web 3, the bridge is the key to providing a user experience beyond Web 2.

Both Sides of the Table

Perspectives of a 2x entrepreneur turned VC at @UpfrontVC#

Mark Suster

Written by

2x entrepreneur. Sold both companies (last to salesforce.com). Turned VC looking to invest in passionate entrepreneurs 〞 I*m on Twitter at @msuster

Both Sides of the Table

Perspectives of a 2x entrepreneur turned VC at @UpfrontVC, the largest and most active early-stage fund in Southern California. Snapchat: msuster

Mark Suster

Written by

2x entrepreneur. Sold both companies (last to salesforce.com). Turned VC looking to invest in passionate entrepreneurs 〞 I*m on Twitter at @msuster

Both Sides of the Table

Perspectives of a 2x entrepreneur turned VC at @UpfrontVC, the largest and most active early-stage fund in Southern California. Snapchat: msuster