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After three months of fire in the DeFi domain, EOS is finally in

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Here's how to play Bumper Harvest DeFis.

Original title: "Uniswap+Comp+Mkr on EOS" opens trade mining, My EOS community comes alive again

Source: Daily Planet

Tokens linked to the DeFi concept have recently taken off.

"Uniswap+Comp+Mkr on EOS" opens the trade to mine and my EOS community comes alive again

Not only is ethereum ecologically Yield farmers, but EOS, located in the parallel universe, has recently made a difference.

For a long time, the EOS REX resource pool has been borrowed.

The most recent EOS REX data shows that 73.61% of the EOS resources in the resource pool have been rented, and over the past few weeks, EOS lending in the REX resource pool has actually been stable at 40-50%. The price of EOS CPU has also fluctuated significantly in the 11.1111-12.5 EOS/ MS range.

The emergency of this resource pool may be related to a new DeFi project on the EOS network, "DeFis."

According to EOS GO, an account named Unnoned. C, bid.eos, leased about 20 million EOS on REX, the largest single loan since REX was launched, leading to a sharp increase in REX's annual interest rate to 4%.EOS GO believes that the pen operation was most likely performed by DeFis Network because DeFis is about to start CPU mining on EOS.

(Image courtesy of Bloks.io)

The last project that made EOS resource leasing such a hit was EIDOS six months ago, when the "transfer as well as Mine" mechanism was so popular that REX pool was emptied.

Will "bring your own resources to group" DeFis repeat EIDOS's glory this time? What is the difference between DeFis and EIDOS in gameplay?

DeFis, hyped by the community, wants to do Uniswap+Comp+Snx+Nxm+Mkr?

DeFis is very popular in the Chinese community.

In the community, many see DeFis as "the DeFi project that could bring EOS back to life". That's a bit of an exaggeration, but DeFis itself is not without its attractions.

DeFis, also known as Bumper Harvest, is a DeFi project based on EOS,The team claims to be a Compound, Uniswap, Balancer, Synthetix, and other of the currently popular DeFi products on Ethereum. DeFis received support from Newdex DeFi and Tiger Sign prior to its launch. Currently, all major wallets such as MYKEY, MEETONE and TP have opened the DeFis portal to support DeFis applications. DeFis Taiwan Dollar DFS trading pair is also available on hufu Trading platform, Whale Stock Exchange, Newdex and other trading platforms.

According to the official website, the DeFis project is currently online with SWAP and BANK features, and is expected to be online with LEND and SYNTHETIX features in the future.

DeFis network currently issues two tokens - stability currency USDD and Taiwan dollar DFS.

USDD acquisition: The user sends the EOS as collateral to the smart contract and gets the newly released USDD immediately.

DFS acquisition method: linear release through mining algorithm (i.e. trading mining).

In short, DeFis currently plays two ways: trade mining and market arbitrage.

How exactly does DeFis play?

The Odaily Planet Outlines DeFis's three functions - mortgage, trade mining and market making.

mortgage

The user sends the security EOS to the smart contract and gets the stability coin USDD. It has been mentioned in the analysis articles of the community leaders that in order to prevent the risk, the project's expected design is three times the mortgage. However, according to the price of the website of the mortgage rate, it seems that only 1.1 times the mortgage.

(Image of USDD operation interface generated by Treasury mortgage is from DeFis official website)

Trading dig

Friends who have been mining for EIDOS may mistake DeFis for something similar to EIDOS. In fact, DeFis is more like the previously popular DAPP mining. The biggest difference between DeFis and EIDOS before is that DeFis adopts a transaction mining mode rather than a simple transfer mining mode.

DeFis plans to start distributing its token DFS to users today (July 20, 2020) at 3pm via a trading mine. The DFS issued a total of 1 billion DFS tokens, all of which were obtained through mining transactions.

It is expected to release 10 tokens per second, and 2 of them will be allocated to the team account to support the long-term development of the project. Only voting will take place, not participating in the mortgage dividend. 8 accumulated to the mining bonus pool waiting for mining allocation. The scrip release period is 3 years. That translates to 864,000 DFS per day, of which 69.12 are allocated to the pit.

Users need to trade tokens in DeFis Swap to participate in the transaction mining. As long as the transaction amount is greater than or equal to 1 EOS, mining bonus will be awarded. The larger the transaction amount is, the greater the mining weight will be. EOS/USDD trading pairs currently have a mining weight of 1, while other trading pairs have a mining weight of 0.3, according to the white paper. Subsequent coefficient adjustments will be decided by community vote.

In fact, the mining rule can be more simply understood as "pay fee and take token". In fact, every exchange transaction initiated for the purpose of digging DFS currency also requires a fee, which is 0.3% per transaction.

Make a market

As mentioned above, there is a 0.3% fee for each transaction. According to the authorities:

Of the 0.3%, 0.2% is a transaction fee, Shared by liquidity providers (market makers), accumulated into a pool of trade pairs, and withdrawn in a lump sum.

(Picture of market-making operation interface from DeFis website)

0.1% will be the agreement fee, half of the previous income will be owned by the team, and half will be accumulated to the account of bonus pool, which will be rewarded to the users who pledge DFS.

(Picture of bonus operation interface from DeFis website)

At present, the bonus time designed by the project party is 24 hours, which needs to be collected manually by the user or by a third-party contract. Release the mortgage DFS, three days after the account, unlocking period without dividends.

Moreover, according to the roadmap on its website, DeFis has two more features that are still not available.

Lending Agreement: DeFis Lend is a digital asset lending platform based on smart contracts

Deposit currency interest + digital currency excess mortgage lending.

Asset composition protocol: DeFis Synthetix

Mortgaging Taiwan dollar DFS into a variety of offline assets. And can look in the platform short, long these high - quality assets.

In the process, the synthetic asset sold by the user is directly converted into a bearish version of the synthetic asset that the user needs to buy, making the trade almost limitless in liquidity. The official said that through the asset synthesis agreement, the blockchain can be anonymously bought and sold high-quality stocks, public goods and other assets under the chain.

Is DeFis really worth participating in?

We've looked above at the various ways in which DeFis can make money, so let's take a closer look at what we can expect from DeFis outside of gameplay.

The EOS, which has been pushed out of the top 10 this month, had a weak week last week, but after the DeFis announcement, the EOS has picked up a bit in the last day or two. As of press time, it is up 3.55% today, almost back to the close of two weeks ago.

While EOS doing DeFi is actually retracing the path of Ethereum, DeFis is the first such massive DeFi project on EOS, and currently EOS community leaders are updating their interpretation and analysis of DeFis.

However, Jing Kai of EOS42 dug out a few more novel points in his article, which are listed here:

Defis team once signed up for the virtual hackathon on the BlockOne EOSIO line under the name JIN Network. At that time, the product has begun to take shape, although there is no mortgage DFS token bonus + DFS trading mining play, but has now exchange, trade, Treasury functions.

The Defis team may be closely related to the FOMO game ITE Stargate.

We've also taken a look at the performance of Defis, statistically speaking.

Currently, linked data shows that 352 transactions have occurred in the contract, known as BankofusDDV1, with a contract account balance of 118,211.9796 EOS, or about $306,000.

DappRadar data also shows that the number of users, transaction volume and other indicators have increased significantly in the last 7 days. The total number of users has reached 208 in 7 days, and the transaction volume has increased by 2668.63% in 7 days.

(Image courtesy of DappRadar)

Of course, DeFis has exploded with the help of the big guys behind the scenes.

The data on the chain shows that Wang Ruixi, the founder of Hufu Wallet and a large EOS RAM, took out 10,000 EOS to participate in the USDD mortgage.

We also spoke with Wang Ruixi, the owner of Wufu Wallet. His expectations for DeFis and several interpretations are as follows:

Twenty million EOS resources are borrowed by people in the community, not the DeFis team. DeFis also enjoys high attention at home and abroad, and some users may have purchased some Cpus.

DeFis solves the problem of interest between users and market makers.

The biggest advantage of complex DeFi such as DeFis is that all the benefits are Shared to the DFS token, and the value space of the DFS is greater when combined with multiple functions.

As for size, the current DeFi project also needs to focus on security, which should be quite large if nothing goes wrong. Regarding the DeFi security issue, on the code audit, the authorities have been joint slow fog disclosure code audit report, and in the future will be joint multiple security companies to further disclose the code audit report.