Gas optimization and slide-point optimization at the same volume level are the core strengths of Xdefi

3 月 22 日，去中心化金融协议栈 xDeFi 联合创始人 Turbulence Wang 做客律动 AMA，带大家深入了解去中心化金融协议栈 xDeFi 的愿景和发展计划等，同时他透露 xDeFi 计划今晚在 Uniswap 首发，72 小时内开启流动性挖矿，头矿 17 个池，持续 9 天。

Here's a rundown of the AMA by Rhythmic Blockbeats:

Host: First, please introduce yourself. Can you briefly introduce the Xdefi project?

My name is Turbulence Wang, co-founder of Xdefi, and I am responsible for the design of financial products and economic models for Xdefi. Over 4 years experience in cryptocurrency mining, cryptocurrency derivatives trader, data analyst. I have been a ETH miner and have been following semiconductor projects for a long time because of PoW. That's why I made a planet named in 2019. I was a small miner before.

I met my current partner Eric Zhang at a Hackathon in 2017. My partner Eric Zhang has a long history of EOS/ETH/Substrate development. When I first saw the introduction of Uniswap around November 2019, I felt that its model could be extended to multiple dimensions. We discussed DEFI in the community at the end of 2019, and after we worked on our previous business, we started in June 2020. In September 2020, the code appeared on GitHub for the first time. In November, we communicated with the outside world about our ideas for the first time. We also participated in the Dorahacks Hackathon and got to know more friends.

The main modules are 1, XDEX, 2, and 3, Vesting, xHalflife, to keep the economic model stable.

主持人：可以详细解释一下，xDeFi 和其他 DEX 有什么区别吗？竞争力在哪里？

I think the competitive advantage is "optimization-driven", the core is still Gas optimization and slippage optimization under the same volume.

1. What is the reason for choosing a multivariate pool? If you want to replace UNI with Sushi, UNI will only offer the user a multi-hop transaction, doubling the Gas consumption in that transaction. In the multi-asset AMM DEX, the multi-asset pool is still a portfolio that can provide liquidity.

2. We're different from the existing multi-asset Pool leaders Kyber and Balancer in that we have Pool Deduplication on multi-asset pools. Kyber/Balancer pools, many different pools have similar tokens, so liquidity is spread out across different pools. If we do not de-weigh the pool, the user experience will be degraded due to the high slip point.

Pool Deduplication means: similar portfolios, weightings on different pools will be combined. Users can no longer create a new pool with a similar portfolio because one already exists. We found little difference between the 51:49 and 50:50 pools of ETH/DAI. We will combine these pools through some constraints and record each portfolio on the chain.

We have observed an increase in turnover (turnover/lockout volume) in the case of de-duplication on the test network, which is also a key indicator that BSC will continue to verify on our main network

3. We have observed that many pools in Balancer are 98% : 2% with little liquidity.

Keeping the weights balanced improves the turnover rate, but if the weight ratio is integer, we go a step further and make some adjustments to the math library code so that it executes at lower GAS.

4. For scenario optimization, we think 1Inch is the best tool in the market now. They optimize different trading scenarios to save users' GAS or provide users with the opportunity to trade at the lowest slip point. Xdex handles each of the three scenarios for crypto transactions individually and optimizes some scenarios for shanzhai traders, shanzhai versus mainstream or shanzhai versus shanzhai. For example, the current single Uniswap transaction cost is $50, Balancer cost is $70-200, and Kyber cost is $150, so the Xdex transaction cost should be about $65 after the default optimized path.

主持人： DeFi 内的可选赛道众多，为什么选择 DEX 这条赛道？

1. It is inevitable to choose Dex. What Defi program has the fastest ability to turn TVL into revenue and back into revenue? I think it's DEX. Not only DEX, but also BNB and FTT, which were well operated in the past, all share the same logic. Therefore, we also consider that if we choose Lending and other courses, in fact, there will be greater pressure on operation in the medium term

2. Tell us about the goals of Xdex. Xdex is first and foremost designed to address liquidity fragmentation. The other Protocols basically cold-started services around Xdex + fluidity for our first 135 days online. Vision in the right way to promote diversified asset pool, the optimization experience, medium-term target or to satisfy our own live a good day, because I was diverse pool of users, I feel the pain points want to solve, make products more useful, because now I have been thinking about a problem: if I was a leek, what would happen to that I need most products can make me happy. We design from DEX, XHalflife, Option, I am all this standard.

主持人： 现在 DEX 基本上都是双池，多池的 DEX 似乎并不被市场完全接受，因为双池更好理解，也更容易操作，xDeFi 为什么选择多池呢？

Well, the core reason is that again, I saw the polypool in 19 years and I thought it was very hopeful that it would fire in a low friction environment. Then the multi-pool and Uniswap set the ratio at 50%:50% is different, with more classes of assets, and more flexible ratio adjustment. But here's the thing: First, the successors to Uniswap, Sushi, 1Inch, Lon, are really just marketing, and then LRC, ZKS are insisting that their layer2 really can't change the 2 pool much (especially since LRC is still transferring from OrderBook).

Due to the Layer2 development volume, security is another set of logic. We didn't choose between Layer2 and multivariate pool model (I insist). Some of the pioneers' models are very good, but most of the module design is very primitive, I think there is a lot of room for improvement. We feel that the multi-pool as a blue ocean track is based on the market share of the two-pool, UNI+ Sushi + 1Inch + Lon + Cake +MDX should have a TVL of 20 billion dollars, but the multi-pool obviously hasn't come out yet, and TVL is the small number. The pioneers, GVT, Sets, Index and Piedao have done some work, and KNC professional people like to use them, and I have played with BAL for a long time, but the product is too flexible may not be a good thing.

In a word, the advantage of multi-pool is the advantage of mathematical model and the slight disadvantage of GAS, so we are still optimizing and production-driven. There are some risks, and then the track is big and not very crowded.

主持人： 为什么选择挖矿奖励锁仓的模式？会不会损失一部分用户？

Sushi didn't start with a lock and didn't have much confidence, but then it did. (2/3 half a year). Filecoin hardware warehouse lock for half a year also participated in a lot of people, I accidentally also participated, after the unexpected production reduction, you can see the removal of the burr before and after the online, it is relatively stable. Production + greyscale trust + its own technology ceiling is very high, is still relatively hard good. I was also selling to FIL because I knew the model. After the unexpected production reduction, 2/3 of my coins were still locked up and also increased. I think it was lucky to lock up.

In fact, I have long seen these economies, ETH mining has been digging for 4 years (tail issue, actual inflation of 15%, drink soup to drink quite full), I have a feeling: is to participate in the longer the greater the harvest.

主持人： 所以也是考虑不同币种的对吗？

Look at the advantages. Stability, confidence. A negative example is BDP. BDP is now worth $40m, compared with $6.5 billion at the start of its stimulus. Direct mine collapse. Our incentive is also stable, and the selling pressure is also stable. In the face of stability and confidence, I think users who understand the above situation will experience the product with us for a period of time. We also don't want future users to feel like they're being poached and sold by the big guys. We don't want them to feel that way.

主持人： xDeFi 协议的 XDEX 的代币模型是什么样子的？XDEX 和 XPT 在生态中如何使用？

Xdex tokens have three functions:

It can be seen that there is 4% to 36% XDEX in each pool, which needs to be balanced for mining (then big miners will feel that $1 million for mining and $40,000 for XDEX can be ignored, which is a plan to increase the value of XPT by transmitting back to LP from XDEX repurchase);

2. Xdex in DAO is voting power. We support DAO to nominate mining projects, which must be mined to get voting power.

3. Participate in burning continuous financing. We need XDEX tokens and XHalflife for continuous financing to the public. Specific details can be disclosed by us, that is, users can enjoy discount at any time to participate in our subsequent key module development investment and financing.

主持人： 选择的 DEX 平台都有向资产发行平台的方向发展，xDeFi 也会倾向于这个方向发展吗？

That's a good question. We see a lot of good platforms for asset issuance, and we often look at other companies' products. I think if we were involved in the asset publishing platform, maybe the product model would come out very quickly, but how do different user groups interact with each other? What kind of game does the product play between different user groups? Additional composability risk? It requires deep thinking.

It is unlikely that we will just build an IDO platform, or we will probably not do business development and operation around the platform. Because there are many platforms of IDO, they have strong marketing ability and do a good job. Some of them were introduced by our investors and FA. We talked about 2-3 platforms and they did a good job.

Personally, I think a follow-up project of IDO needs more services and even space for templating in order to develop smoothly. We often discuss, there is a relatively shallow understanding and plan. Then we also have to refer to their opinions of IDO platform, sometimes we talk about how to integrate a product, but they are also confused... They may feel that the integration of the scene is not the true proposition, to advance the trouble.

In fact, the main cooperation now is about technical cooperation and module integration. We need to give the market some time to feel our tools. B: Yes, rather than prioritizing collaboration, we think this is the most appropriate stage for collaboration, with a service that connects the past to the future for the new project. We tend to integrate the technology first, and it will lead to interesting gameplay that doesn't necessarily require new development of new technology modules

主持人： xDeFi 内也有衍生品的设计，现在 DEX 还是现货为主，DEX 衍生品如何吸引用户呢？

Have arranged. First of all, spot is the main thing. I remember that there was a wave of derivatives before and after Hegic's LP in November last year, and some LP reaction models had some problems and lost money. I think the spot must be done first. Derivatives module is not forced to make derivatives for the purpose of designing derivatives. I am a derivatives tool company, and this module is actually for miners to adjust their positions. The role is hedging. Therefore, the positioning of derivatives is the path of "excavating users who still have doubts, we recommend derivatives to cooperate with hedging".

Speaking of attracting users, because I probably know that Deribit got off to a very successful start (an options market a few years later introduced futures), attracting high-quality, high-net-worth professionals to derivatives is the first thing. The interface is informative, comprehensive, and professional rather than good-looking. Second, with auxiliary computing tools, this one will also provide auxiliary metrics around the user, all user experience issues. I think in the end derivatives have to be about "what do users want right now who really care?"

To information to information, to experience to experience. Something like that. There are very professional users in Beijing, Shanghai and Shenzhen, and we need to listen to them about derivative products. But the option liquidity, and the game between buyer and seller, we designed it ourselves, and it came out in about two or three months. You can pay attention. I'm a retail investor first, so I'm a buyer of ETH options. Later only to consider a lot of sellers, liquidity, improve the product.

主持人： xDeFi 近期有没有什么新的计划安排？

In the long run, those who open the imagination I will not say ah, our mixed stablecoin is inevitable, is a very key module to build a long-term ecology. This is the very, very important part of our long-term plan, and the hybrid stablecoin is the whole story.

In the short term, the plan is to launch Uniswap tonight, open the flow mining within 72 hours, the first mine 17 pools, lasting 9 days. We hope that our accounts are the most transparent. I have seen the accounts of Tornado and FXS, which are relatively organized. But we hope that our accounts are the most transparent among all the projects in the circle. You may not know the address of our investors, but the unlocking is public.

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