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Inner Mongolia has been at the forefront of the country's crackdown on virtual currency mining. On May 19 this year, the Inner Mongolia Development and Reform Commission issued a report on virtual currency "mining" combitcoin in euro oggipanies. The reporter of "Blockchain Daily" called the Inner Mongolia Development and Reform Commission at that time. The other party said that virtual currency mining companies have very high energy consumption. Whether it contributes to local taxation or economic contribution, it is almost non-existent. In the future, Inner Mongolia will be used for virtual currency mining. The supervision of the country will remain high pressure.

Casebitcoin etf canada share price: OpenseaOpensea's agreement income calculation is relatively simple, and it charges a 2.5% handling fee. On September 12, Opensea’s agreement revenue reached $1.2 million.

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Aave is a DeFi protocol that uses a liquidity pool to provide lending services, stable interest rates and lightning loans.In Aave v1, the borrower pays the lender the borrowing interest rate. When users borrow assets, they need to pay 0.00001% of the loan amount as the interest rate, which is the agreement service fee. 20% of this fee will be used to provide financial support for Aave's referral program, and the remaining 80% will be transferred to the agreement. In addition, when borrowers apply for flash loans, they also need to pay 0.09% of the loan amount as expenses. 70% of this money is used by the lender, and the remaining 30% will be allocated between the recommender and Aave based on the "28%" ratio.Uniswap's main operating income is transaction fees. In Uniswap V1, users will be charged 0.3% of the transaction value (GMV) each time they exchange tokens. Starting from Uniswap V2, the agreement splits the transaction fee of the above-mentioned "0.3% of the transaction volume", in which the liquidity provider will receive 0.25% of the transaction volume income, and the remaining 0.05% will go to UNI token holders. Someone. For V3, when adding liquidity, there are 3 levels of fee rate to choose from: 0.05%, 0.3% and 1%.Uniswap's agreement income needs to be added to V2 and V3, because the agreement fee structure of v2 and v3 is different. The income generated by Uniswap is transferred to retained earnings to maintain Uniswap's ecology and operations, or passed to UNI holders through a destruction mechanism similar to MarkerDao.Through this article, we have a deeper understanding of how agreements work and the value they generate. Next, let's talk about the role of agreement income in project analysis. Generally, agreement income can be used for asset evaluation, in a comparable analysis to assist investors in judging which projects are undervalued or overvalued. It mainly adopts three indicators: market-to-sales ratio P/S (market value to income ratio), price-to-earnings ratio P/E (market value to earnings ratio), etc. Although these indicators are not the absolute best judgment criteria, they are very helpful in comparing NFT projects of the same type.

In traditional finance, the P/E ratio is the ratio of the stock price to the company’s earnings. As a measure of how many years it takes for a company to obtain its market value, the P/E ratio reflects to a certain extent investors’ expectations of a company’s future profitability. In the blockchain world, the P/E ratio is the ratio of market value to earnings. It can reflect the expectation of future income and cash flow, one of the tools to measure the efficiency of assets, and it can also be used as an indicator when comparing projects.Send TopShot from Flow to Ethereum as collateral for NFTfi

Use DOT and ATOM as collateral to lend DAI on MakerExpand the product features of existing agreementsBridging expands the design space that the protocol can implement. E.g:Use Yearn vaults for liquid mining on Solana and Avalanche

NFT cross-chain sharing order book on Ethereum and Flow on Rarible ProtocolIndex Coop's proof of equity index

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Unlock new feature use cases for users and developersBridging gives users and developers more choices. like:Arbitrage the price of SUSHI across DEX on Optimism, Arbitrum and PolygonUse Bitcoin to pay for Arweave storage fees

Bid NFT on Tezos with PartyBidFrom an abstract perspective, a bridge can be defined as follows: a system that transmits information between two or more blockchains. And "information" can refer to assets, contract calls, proofs, or status. Most bridge designs consist of the following parts:Monitoring: There is usually a participant (or a "oracle", "verifier", "relayer") monitoring the status of the source chain.Message delivery/relay: After the participants receive the event, they need to transfer information from the source chain to the target chain.

Consensus: In some models, in order to forward information to the target chain, a consensus must be reached between participants monitoring the source chain.Signature: Participants need to encrypt and sign the information sent to the target chain, which can be single-signatured or as part of a threshold signature scheme.

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There are roughly four types of bridging schemes, each of which has its advantages and disadvantages:Asset-specific: The sole purpose of this bridge type is to provide access to specific assets on external chains. These assets are usually "wrapped" assets (assets that are fully mortgaged by the underlying assets in custody or non-custody). Bitcoin is the most common asset bridged to other chains, and there are seven different bridges on Ethereum alone. This kind of bridging is the easiest to achieve, and obtain huge liquidity from it. But its functions are limited and need to be re-implemented on each target chain. Examples are wBTC and wrapped Arweave.

Chain-specific: A bridge between two chains, which usually supports the locking and unlocking of tokens on the source chain and the casting of arbitrary encapsulated assets on the target chain. Due to the limited complexity of these bridges, they can usually be marketed faster, but they are not easy to expand into the broader ecosystem. The use case is Polygon’s PoS bridge, which allows users to transfer assets from Ethereum to Polygon and vice versa, but only on these two chains.Application-specific: An application that provides access to two or more blockchains, but only for use in that application. The advantage of this kind of application itself is that the code base is small; instead of having a separate instance of the entire application on each blockchain, there are usually more lightweight and modular on each blockchain "Adapter". A blockchain that implements an "adapter" can access all other blockchains it is connected to, so there is a network effect. Their disadvantage is that it is difficult to extend this function to other applications (for example, from lending applications to transaction applications). Specific use cases are Compound Chain and Thorchain, which respectively build independent blockchains dedicated to cross-chain lending and transactions.Generalized: A protocol designed to transmit information across multiple blockchains. Due to its low complexity, this design enjoys a strong network effect-a single integration of the project allows it to access the entire ecosystem within the bridge. The disadvantage is that some designs usually trade-off between security and decentralization to achieve this scalability effect. This may have complex and unexpected consequences for the ecosystem. One of the use cases is IBC, which is used to send information in two heterogeneous chains (with a guarantee of finality).In addition, according to the mechanism used to verify cross-chain transactions, there are roughly three types of bridge designs:Type 1: External validators & Federations (External validators & Federations)This type of bridging scheme usually has a group of verifiers that monitor the "mailbox" addresses on the source chain and perform operations on the target chain based on consensus. Asset transfer usually works like this: lock assets on the "mailbox", and then mint the same amount of assets on the target chain. These validators usually deposit separate tokens as collateral to ensure the security of the network.

Type 2: Light clients & RelaysParticipants monitor events on the source chain and generate encrypted packaging proofs about past events recorded on the chain. These proofs will be forwarded to the contract on the target chain (such as "light client") along with the block header, and then verify whether an event is recorded, and perform operations after verification. This design mechanism requires some participants to "relay" the block headers and proofs. Although users can "self-relay" transactions, there is indeed an active assumption that the relay will continue to forward data. This is a relatively secure bridging design because it guarantees the effective delivery of trustlessness without trusting intermediate entities. But it is also resource-intensive, because developers must build a new smart contract on each new target chain to parse the source chain's state proof; the verification process itself requires a large amount of gas.

Type 3: Liquidity networksThis is similar to a peer-to-peer network, where each node acts as a "router", holding a "library" of source and target chain assets. These networks usually take advantage of the security of the underlying blockchain; through the use of locking and dispute mechanisms, it can be ensured that routers will not steal users' funds. Because of this, a liquid network like Connext may be a safer choice for users who transfer large amounts of value. In addition, this type of bridge may be most suitable for cross-chain asset transfer, because the assets provided by the router are the original assets of the target chain, rather than derivative assets that cannot be completely replaced by each other.

It should be noted that any given bridge above is a two-way communication channel. There may be independent models in each channel, so this classification cannot accurately represent mixed models such as Gravity, Interlay, and tBTC. Because they all have light clients in one direction and validator nodes in the other direction.In addition, the design of a bridge can be roughly evaluated based on the following factors:

Security: Trust and liveness assumptions, tolerance for malicious behavior, security and reflexivity of user funds.Speed: The delay time of transaction completion, and the guarantee of final certainty. There is usually a trade-off between speed and safety.Connectivity: The choice of target chains for users and developers, and the different difficulty levels of integrating additional target chains.Capital efficiency: economic mechanism, which sets the transaction cost of capital and asset transfer required to ensure the security of the system.

Statefulness: The ability to transfer specific assets, more complex states, and/or perform cross-chain contract calls.In summary, the trade-offs of these three design mechanisms can be evaluated from the perspective of the following figure:

In addition, security is a scope, we can roughly divide it into the following categories:Trust-less: The security of the bridge is bound to the underlying blockchain it bridges. Unless the underlying blockchain is attacked by consensus-level attacks, users' funds will not be lost or stolen. In other words, this is not complete trustlessness, because all the economic, engineering, and cryptographic components of these systems contain trust assumptions (for example, there are no loopholes in the code).

Insured (Insured): Attackers can steal user funds, but they may be unprofitable in doing so. Because they need to provide collateral to participate in the network, and they will be punished for wrongdoing and malicious behavior. If the user's funds are lost, the agreement will compensate the user by confiscation of the attacker's collateral.Bonded (Bonded): Similar to the insurance model (for example, the economic benefits of participants are closely related to their behavior), except that the user's collateral is forfeited due to his mistakes and malicious behavior. The type of collateral is important for both the insurance and the mortgage model; endogenous collateral (protocol tokens as collateral) is more risky, because if the bridge fails, the value of the token is also likely to collapse, which further reduces Security guarantee for bridging.

Trusted: Participants do not need to mortgage assets, and users cannot retrieve assets when the system fails or commits malicious behavior. Therefore, security mainly depends on the reputation of the bridge operator."External validators and federalism" are generally better in terms of state and connectivity because they can trigger transactions, store data, and allow data to interact with any number of target chains. However, this comes at the cost of security, because by definition, users rely on the security of the bridge rather than the source or target chain. Although most of the current external validator mechanisms are based on trust models, some require collateralized assets, and a subset of assets is used to insure end users. Unfortunately, their insurance mechanisms are usually reflexive. If the agreement token is used as collateral, it is assumed that the value of the token is sufficient to compensate the user's loss. In addition, if the mortgage asset is different from the insurance asset, it will also depend on the price flow of the oracle, so the security of the bridge will be downgraded to that of the oracle. If a trust model is not required, these bridges are also the least capital efficient, because they promote economic throughput and also need to scale up the scale of collateral."Light client and relay" is also better in terms of state, because the block header relay system can transmit any type of data. Although there are liveness assumptions due to the need for repeaters to transmit information, they are also very safe because they do not require additional trust assumptions. At the same time, they are the most capital efficient bridges because there is no need to lock any assets. However, these advantages come at the expense of connectivity. Every time a pair of chains is connected, the developer must deploy a new light client smart contract on the source chain and the target chain. The complexity of the contract is between O(LogN) and O(N) (the reason is between this The scope is because it is relatively easy to add chain support using the same consensus algorithm). There is also a significant speed flaw in the optimistic model that relies on fraud proofs, which may increase the delay to 4 hours."Liquidity networks" are strong in terms of security and speed because they are locally verified systems (that is, global consensus is not required). They are also more capital efficient than the external validator mechanism of the mortgage/insurance mechanism, because capital efficiency is related to transaction flow/volume, rather than security. For example, assuming that the transaction flows of the two chains are equal, and given a built-in rebalancing mechanism, the liquidity network can contribute to an arbitrarily large economic throughput.

The trade-off lies in the state, because although the call data can be transmitted, its function is limited. For example, they can interact with data across chains, where the receiver has the right to interact based on the provided data (for example, using the signature information from the sender to call a smart contract), but there is no "owner" of the data for the transmission or the transmission belongs to Generalized state data (such as minting representative tokens) is not helpful.Building a strong cross-chain bridge is a difficult problem in distributed systems. Although there have been many attempts in this field, there are still some problems to be solved:

Finality & rollbacks: In a chain with probabilistic finality, how does bridging deal with block reorganization and time thief attacks? For example, if any chain has experienced a state rollback, what will happen to users who send themselves from Polkadot to Ethereum?NFT transfers & provenance: How can bridges trace the provenance of NFT across multiple chains? For example, if there is an NFT that has transacted in multiple markets of Ethereum, Flow, and Solana, how are all these transactions and owners recorded?

Stress testing: In the case of chain congestion or protocol and network level attacks, how will various bridge designs respond?Although bridging unlocks more innovation possibilities for the blockchain ecosystem, if the team takes shortcuts in R&D, it may also bring great risks. The Poly Network cross-chain attack event has shown us the potential economic loss scale of vulnerabilities and attacks, and I estimate that there will be more large-scale attacks in the future. Although for bridge builders, the current network is highly fragmented and competition is fierce. But each team should be highly self-disciplined and prioritize security rather than release speed.

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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