OKX Ventures Investment Monthly Report: Continue to be optimistic about ZK ecology, LSD track, multi-chain interconnection and storage track

In the past two months, the encryption industry has developed rapidly, and we have seen many achievements in the industry:

· The upgrade of Ethereum Shanghai is proceeding in an orderly manner, and the preparations for the testnet upgrade have been completed;

· Layer2 development exceeded expectations. In January, Arbitrum’s single-day transfer times briefly exceeded The number of transfers on the main network, zk rollup represented by scroll also has a major version update that is further away from the main network;

· The data on the chain remained stable, and the transaction data on the chain in January and February hovered between 160 and 170b;

· The BTC ecology ushered in rapid growth, Ordinals NFT brought Taproot adoption rate from 1.7% to the nearest Around 10%;

· Multi-chain ecological Cosmos also Ushered in rapid growth, the Lamada 9 upgrade is about to pass, and the multi-chain ecological infrastructure is growing rapidly.

OKX Ventures has also maintained its focus on the industry in the past 2 months, and continues to be optimistic about zk Ecology, LSD track, multi-chain interconnection and storage track, and invested in projects such as Scroll, Diva, LayerZero, zkPass and Permaweb.

Scroll investment logic:

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The positioning of Scroll is to be the equivalent zk-Rollup of EVM, and it is also the Type 2 zkEVM project that Vitalik introduced in the 4 zkEVM examples. OKX Ventures has strategically invested in scroll, and scroll has made very good progress recently. The PreAlpha test network received more than 300,000 unique addresses in the first week, and received more than 600,000 unique addresses at the end of January, with more than 400,000 unique addresses every day. tx.

From the developer's point of view, scroll is the equivalent of EVM zk-Rollup, which can achieve the same Compatibility at the Ethereum bytecode level. In addition, scroll uses Ethereum as the native data availability layer.

Scroll is compatible with many applications and tools, and from a technical point of view, Scroll is using them The solution provides minimal trust assumptions, high throughput, and fast finality. Scroll demonstrates the core fundamental values of Web3: decentralization and community ownership.

Scroll needs to solve the problem of decentralized verification from the very beginning, the current first stage is Firstly, hardware acceleration is used to improve the performance of the prover and realize the decentralization of the prover. The next step is the decentralization of the sequencer, at which point anyone can run a node.

We agree with the development plan and path of scroll, and are willing to support a general L2 network, which can be more It is well compatible with EVM to implement more complex functions such as deploying smart contracts and general computing. When the efficiency of zk is no longer a problem, there will definitely be great opportunities in the expansion layer infrastructure of Ethereum.

LayerZero investment logic:

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LayerZero is an interoperability protocol that can be used for messaging, allowing any cross-chain contract call that includes a payload.

At the cross-chain level of assets, LayerZero realizes the transfer of assets through full-chain communication, ensuring integrity asset liquidity, and has made great improvements in cross-chain shared security. LayerZero is built in a way that can implement an absolute security model. It can start immutable contracts and have a complete set of security parameters. Includes immutable validation library, relayer set, and hyperparameters.

By combining the low cost of the third-party verification network and the high security of light nodes, Layerzero The proposed ultralight nodes provide high security at low cost. This cost-effective solution will save a lot of learning and operating costs for developers, and these will greatly reduce the user's usage rate, making cross-chain applications built on Layerzero have a strong cost advantage.

At the same time, Stargate built on Layzero also demonstrated the usability and growth capabilities of the product. Stargate broke the impossible triangle with Delta Algorithm and soft partition mechanism. Liquidity providers enjoy better capital efficiency and scalability, so that the same funds can be deployed more efficiently and bring higher returns; while users can enjoy safer and zero-slip at a lower cost Point assets cross-chain.

LayerZero solves the problems of security, heterogeneity and flow isolation in the cross-chain field, OKX Ventures is optimistic about and supports LayerZero's innovation and contribution to cross-chain infrastructure.

zkPass investment logic:

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zkPass enables users to selectively prove their verifiable data in Web2 and Web3 to third parties through zkSBTs, including legal identity, financial, social, experience, education, skills, etc. without disclosing any personal privacy details. Positioning is accurate and solves the identity problem in the web3 world, and provides secure and verifiable interactions while preserving privacy.

OKX Ventures sees a lot of privacy in the crypto market, especially in the area of personal identity , zkp is a very good technical means. And zkPass uses zkp to solve the problem of identity information disclosure in KYC verification. Any project party that needs KYC can use zkPass to publish its own KYC verification activity information, and users can generate identity information through zkPass to obtain corresponding permissions. Using zkp, zkPass provides sufficient privacy protection and identity verification services for both project parties and users.

Diva investment logic:

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The Ethereum LSD track is an important narrative thread in 2023, with huge market potential. Compared with the 60%~80% pledge rate of multiple POS public chains, the pledge rate of Ethereum is less than 20%, and there is a large room for improvement. Compared with the high inflation brought about by the high pledge rate of other public chains, such as the Cosmos pledge rate of 60% and the inflation rate of 15.4%, Ethereum has actually entered deflation, which enhances the attractiveness of Ethereum pledge.

Compared with the current mainstream single operator solution in the LSD track, Diva has improved redundancy and reduced single operator A little risk is a long-term better technical route. In terms of decentralization, Diva introduced Liquidity Pooling, lowering the pledge threshold to 1ETH, further lowering the entire pledge participation threshold, and making pledge more decentralized; in terms of liquidity, Diva provides pledge Token DivEth, which can satisfy more financial needs The innovation needs of the scene.

Ethereum Shapella upgrade will open up staking unlocking and exchange channels, providing another way for new entrants A huge one-time opportunity, we are optimistic about the LSD track, and are willing to bet on Diva, an innovative project and team dedicated to decentralization.

Permaweb investment logic:

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Permaweb DAO is a native application within the Arweave ecosystem, representing the infrastructure innovation of its content ecology and creator ecology;

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Through building WordPress products, the threshold of Permaweb is lowered, content creators do not need to write front-end code, they can build a content platform, and provide podcasts and get through arweave.news, enriching the content ecology;

At the economic model level, Permaweb DAO is also committed to creating a new incentive method for content ecology, not limited to PST, and proposes PSC Token to stimulate content ecological construction; PST Token gives governance rights, real-time Liquidity and interest generated by using the application, communityXYZ can see more projects of PSC on the hub of the profit sharing community.

OKX Ventures is optimistic about Permaweb DAO’s role in increasing the number of C-end users of Arweave, introducing creator ecology, Extend your reach and bring in the efforts and contributions of developers.

Summary:

OKX Ventures firmly embraces the future of decentralized development for a long time, firmly bets on decentralization, and insists on serving the Crypto innovation industry concept for a long time. OKX Ventures is not a financial investor in the traditional sense. It not only "gives money", but is also willing to "give services" and has the ability to "give resources". We are willing to accompany all "entrepreneurship partners" to grow together. Not only to be the discoverer of excellent teams, excellent products and innovative technologies, but also to be the enabler of excellent entrepreneurial projects. At the same time, OKX Ventures is also the linker of the project and OK group. OKX ecological support includes: OKX Wallet, NFT Marketplace, OKX Chain, etc. OKX Ventures leverages OKX's years of experience in the industry to provide a multi-dimensional platform and support for project development.

< p>Even though the global macroeconomic environment is not optimistic enough and black swans continue, OKX Ventures pays attention to the development of the industry itself, rather than the so-called bulls and bears; we pay more attention to real theoretical innovations, real and operable new applications, and real user inflows , the true size of the entire industry is increasing. We are optimistic about the development of Ethereum ecology, multi-chain ecology, Bitcoin ecology, infrastructure construction and innovative applications in the next few months.

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