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This article introduces the progress of DeFi's major projects

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This article is a summary of the last month's sporadic thinking on public chain and DeFi, along with four code updates for your reference.

Original title: "On the Coin Circle three disaster, Six son, Red Scabbard nine xia and thirteen Supernovae"

Source: RealSatoshi

Simply put, you'll get a COMP percentage of the money you put into the Compound for lending.

The Curve is also coinage.

With this momentum, Uniswap may be able to send money, too. Liquid mining is a relatively fair way to distribute tokens. You do your work, you contribute, you get the incentive of the token. Similar to Edgeware and Nucypher Lockdrop. So there's an opportunity cost to your token.

The DeFi project has the DNA of selling money by Liquidity Mining.

DeFi has a small group of pioneers in China. They have been looking at various DeFi projects for ethereum ecology since 2018. For utilitarian opportunists like me, since there are few tokens to hype on the DeFi project, it can be said that it is completely ignored on the DeFi side. Now I've returned to DeFi, but only because its tokens are up and more and more projects are issuing money.

It did not occur to me that DeFi would issue money in the form of fluid mining.

For public investors, one more DeFi project to issue money, one more option, one more opportunity. That's a good thing. All you have to do is get your money ready, and then make a bayonet.

Some interesting projects that are getting paid for through liquidity mining include: Compound, Curve, Balancer, DForce, Uniswap, etc.

Ethereum DeFi's great bull market has just begun. If this hypothesis is true. The valuation of the entire DeFi sector would be much higher. At least 2 to 3 times. There are 5-10 times more. Any currency in the $100 million, $10 million, or $1 million market cap category can be deployed.

On the other hand, a bull in DeFi does not mean a bull in ETH. ETH is basically a market gain. If you are bullish on ETH, it is still possible to configure ETH, but appropriately reduce the expectation of excess revenue from ETH.

Keep an eye on the three DEX opportunities: Uniswap, Kyber and Bancor.

In the past, the idea was that DEX was always a complement to CEX, acting as the long tail. According to Block, DEX's share of CEX trading has grown fourfold, from 0.2% in 19 years to 0.9% today. The rise of AMM, represented by Uniswap, and two-tier technologies such as Rollup to accelerate the performance of DEX indicate that the growth dividend of DEX is just beginning. Whether it's DEX or CEX, there must be a period of investment dividend in the early stages of development. If DEX is just getting started, the opportunities in DEX are endless.

Zong Jia has changed the direction of Qwuhai and supernova to DeFi. I went from being a veteran of the public chain to a beginner of DeFi and increased the number of positions in DeFi. I think that's the trend. Or rather, these are some of the recent changes in people around us.

With the rise of the DeFi ecology of Ethereum, ethereum's position as the leader of the public chain continues to be consolidated, and the chances of a new public chain and Ethereum killer coming out of the cold have diminished. This is why I simply deleted the Ethereum Killer code (Polkadot Cosmos Nervos Solana Near Coda) first.

Since the project is too early and there is great uncertainty, investors in the secondary market should not recklessly intervene, but should spend time studying other projects in the existing secondary market. Let it hang out for a while, waiting for the secondary market to digest almost, and then to intervene.

Now, though, it's back to the old chain, the old DeFi. But the market is always in a rut, and one day the chain may be on fire again. So it is wrong to sentence the public chain to death. Just say first the code of the public chain temporarily into the cold palace.

The new chain is not promising. Instead, IT is DeFi that has aroused long-lost enthusiasm. When you keep trying in a direction without much success, there is another possibility besides telling yourself not to give up and keep going. It is the wrong direction.

Over the past two years, I've spent a lot of time and energy researching ethereum killers. The DeFi opportunity was an opportunity for me to realize that most of the investment opportunities are still in the Ethereum ecosystem.

Every bull market has a big track, find the right track, and then select items in the track, so down not to make money is difficult. The last bull market this big way is no doubt the public chain. It was because the track produced so many miracles that the fire continued into the next two bear markets. Many are betting big on the Ethereum killer, betting big on the next Ethereum. But two years on, reality has taught us that none of the Ethereum killers has been able to fight.

What about this bull market? At this point, the race is likely to be DeFi.

About the ETH. I regard ETH as the market gains, ETH has the stability of the market currency of BTC, but also has higher odds than BTC. Owning ETH is a means of acquiring alpha while protecting beta gains. If you are a regular at casinos like Uniswap and IDEX, THEN ETH is a must-have bet. So owning ETH is not just a market beta, it is also a vehicle for gambling.

About the XTZ. Despite the growing infrastructure surrounding the development, there are still no practical applications for Tezos. I also don't think DeFi, stability currency will be established on Tezos. STO is a point where you can tell a story. It's not clear whether STO falls or not, it's more of a symbol or symbol for Tezos. Coinbase's own son. Hold a billion dollars. These two points are the biggest advantages over other new public/Ethereum killers.

Tezos as a whole gives me a new generation of Ruibo/Litecoin feeling. It is a kind of Shitcoin that foreigners like to play. It doesn't do anything, but people like to fry it, and bookmakers like to pull it.

The Upgrade of 007 protocol is coming, zK anonymity will be added, the short-term price can be expected.

A short-term breakthrough of $5 billion, a medium-term breakthrough of $10 billion, and a long-term breakthrough of $20 billion would be ethereum. These are my three goals for Tezos. Hopefully Tezos will do its best.

About the LINK. Like Tezos, Shitcoin, which foreigners like to play very much. Calling the predictor consumes the LINK token. Is a more practical economic model of the consumption of tokens. Not to mention LINK Marine's horror. LINK remains a monopoly on the track, and the rise of BAND hasn't changed that, just made it a little more fun.

About MKR. One previous doubt: MKR is the equivalent of DeFi, a fake faucet, to a coin flipper. From a practical point of view, it's hard to use and has little interaction with MKR/DAI when frying COINS. From the perspective of currency speculation, the price of MKR has been stable with little volatility. Generally speaking, it is a project of "quite chicken ribs".

But Coinbase announced MKR a few days ago and immediately jumped 50%. According to the previous Coinbase effect, MKR is likely to continue to rise after launching Cb trading platform. As the founder and leader of DeFi, IT's time for MKR to match its price and value. It is now valued at $450 million. Personally, I think it's ok to go with Chainlink at a $1 billion valuation. I wouldn't be surprised to see MKR in the top 10 in the long term.

About KNC. Short-term speculation is dominated by expectations for the start of Staking in June, and other DeFi currencies have seen a decent run in recent Months, with the exception of KNC. Long-term holding is mainly Kyber as AMM category head DEX, and DEX's share in CEX trading will continue to increase in the future.

About the NMR. What it does is pledge assets to ensure the credibility and quality of information. Nearly 150,000 NMR and 5500 DAI are currently locked in the Erasure protocol, and the collateral is growing. Numerai's practice proves that mortgaged assets are an effective means of filtering information. This is a niche subject, and because it has scrip collateral, it belongs to the broad definition of DeFi. Notably, USV, Placeholder, and Dragonfly recently announced another $3 million capital injection. This makes me think that as a project with the same valuation of $100 million as KNC, it still has some room to play.

About REP/GNO/MLN. REP($150 million) has been a tepid market forecast. Lock-up volumes, currently just $400,000, have fallen by half in the past year. Although the forecast market is also broadly defined as DeFi, the hot DeFi projects of late are trading, mortgage and lending. Predicting the heat of the market theme may need a break. So REP won't consider it for the time being. MLN($4 million in asset management, $600,000 in locked-in), GNO($27 million in predictive markets), and REP are the same thing.

About ZRX. The total volume of transactions using 0X Realyer averages $3 million to $4 million per day. At the same time, ZRX opens Staking. A new DeFi product matcha will be released at the end of the month. If Kyber and Uniswap are representative projects of AMM DEX, then ZRX is representative projects of the DEX for matching orders on the chain. Valued at $200 million. It's worth it in the long run. According to the analysis, from the perspective of cost performance, if KNC and 0x choose one, KNC can be chosen. Because of the same P/E, 0x is valued at twice KNC.

About REN. The cross-chain BTC on the ETH is in full swing, and thousands of WBTC have been forged. REN also had its own RENBTC. Stability currency swap protocol Curve adds RENBTC. This is a detail and a signal worth noting. I would like to see if the number of forgings at RENBTC will increase in the future. At present, nearly 50 RENBTC have been forged. If the number of forged increases to 200-300, I think REN can be decisively arranged. Cross - chain BTC DeFi subdivision field, there are not many tokens. Keep is one, Ren is one. As the competitor of WBTC and TBTC, REN is worthy of layout.

About TRB. A small but beautiful prophetic machine project. Consent and Binance Labs are involved. It was a surprise to see TRB in Binance Labs' monthly portfolio report. Other portfolios such as BAND/KAVA/CELER are already online, so there's every reason to expect TRB to follow in the future. TRB and LINK/BAND/UMA were listed together in a research report of Delphi Digital about the prediction machine. It can be seen that TRB has also gained the attention of foreign mainstream circles. The $8 million market cap forecast machine boutique project is worth a little layout.

About the RSR. The rival Basecoin was stillborn due to regulatory issues, so RSR is the only algorithmic stabiliser on the market. Twitter buzz abroad has been high. But outside the mainstream DeFi circle. One detail worth mentioning is the introduction of Huobenzau's official Twitter account, which has written several codes, including RSR, along with BTC/ETH/XRP/LTC/HT. A market cap of $20 million is relatively safe and can be used as a layout.

About KAVA. CDP will be online this month. Since THE CDP first backed BNB mortgage, BNB owners are friendly with the KAVA programme. Currency security is also very supportive of KAVA, the future is likely to open a stable currency USDX trading pair. KAVA did manage to steal ATOM from the pack, becoming Cosmos's ecologically big Brother project (if the CDP package is successful).

I wonder how much the BNB mortgage will be after the LAUNCH of CDP and whether it will continue to rise. And whether there will be other projects mortgagedinto Kava CDP system in the future. Cosmos's ecological items are candidates. If this logic makes sense, then locking assets through Kava would be as big as Maker. The $20 million valuation at that time was pretty small.

About the NEST. A predictive machine project that has escaped the attention of the DeFi mainstream. Some criticized its economic model as too CX, or its anonymous development team as unreliable. It is also a project to obtain tokens through liquid mining. Personally, I think the design of token economy is very subtle. The overall valuation is more than $30 million. Not yet on the big three. It's worth playing.

About SNX and LEND. The prices of these two projects have increased significantly in the past year, and the increase in prices is positively correlated with the amount of scrip collateral in the system. These are now two sub-projects within the DeFi ecosystem and have been recognized by the MAINSTREAM DeFi community. It is now valued at about $100 million. SNX is now doing DEX for Layer2, and LEND recently integrated Uniswap. Both projects continue to refine and iterate their products. Prices have been found in the short term, but in the long term they are still worth laying out.

About UMA. Wide synthetic scrip market, no feeding contract. Powerful composable line, can combine a wealth of financial derivatives products. It is an important link in ethereum DeFi's ecology. The current product is more hardcore, not suitable for ordinary users. There is also room for improvement in the economy of tokens. The current market value is $3 million and the overall valuation is $100 million. That's what a lot of people worry about. Very good depth on Uniswap, 5000ETH+900000UMA. Suitable for big money to intervene.

Dragonfly/Placeholer/Coinfund/Coinbase Venture investment in four. It is also the reserve project of Coinbase DKK. I believe UMA is not far from the Cinbase online.

About the JRT. It's kind of messy, based on UMA and SNX. The founder has a professional Trader background. People in the DeFi mainstream community have been taking a slow look at this project. Defiant Camila was concerned. There is currently a Demo version of the product. The Staking of JRT will be started later. Others criticized the project team for not producing a product after three years. DeFi is a project that mainstream people feel is very wild about. That's why it's worth just over $1 million. The project will be updated weekly every week, giving a more practical feeling. Early SNX investors were also interested in the project, according to the project's weekly report. Overall, it is a serious DeFi project with high odds.

Placeholder is a low-key but meaningful Fund. Domestic attention has been focused on Multicoin, but Placeholder can be said to be equal to Multicoin. Some investment portfolios of Placeholder have been emerging since 2020, such as NMR/ANT/ANJ/UMA/Balancer, etc. I think the next 2-3 years will be Placeholder years, literally. Of course, the organization as a whole is low-key and has always been excellent. But I began to appreciate him more and more this year, both in terms of content output and investment projects.

I won't say whether Placeholder and Multicoin are better or worse. Theoretically, they belong to the same level. One LP is USV and the other LP is A16Z. But as a coin flipper, you have to pay attention to placeholders in 2020.

Having said that, I'd like to end this article with four sets of code. The four sets of codes are:

Three Plagues: ETH XTZ LINK

LTO CHR COTI CHZ OXT CELO

JRT NEST UMA COMP CURVE BAL DF KEEP UNI

Thirteen Supernova: MKR ZRX KNC NMR LEND SNX REN KAVA RSR RUNE TRB