Synthetic assets （synthetic assets） It's justPart of , It imitates traditional finance , But moved everything on the chain . Although the products traded are still the same ： Stocks 、 Gold and derivatives , But the logic behind them is new .
The creation of synthetic assets introduces the liquidity of traditional financial instruments into DeFi The world . Anyone can issue new synthetic assets and trade on the chain , Replicate all traditional products using smart contract technology . It makes real-world finance and decentralized finance more scalable and efficient . In this article, we'll look at several major synthetic asset platforms , Compare and contrast their differences , And introduce Duet agreement —— A new synthetic asset agreement , have “ A hybrid mechanism of excessive mortgage and algorithm linkage ”.Duet It combines the stability of over mortgage and the agility of algorithm . It greatly improves the user's capital efficiency , The performance of the system is stabilized .
By 2021 year 7 month 19 Japan ,Synthetix Has the highest total lock-in value of all listed projects （TLV） and 24 Hourly trading volume , Although it does not have the maximum number of active addresses , And only in Ethereum , but Synthetix The general trading strategy has attracted more attention than ordinary Defi Retail users, more organizations .
Projects like this may attract more organizations ,UMA It seems that there is a higher entry threshold for retail investors , But according to UMA Users of , Compared with the other three projects , It should be the most stable .
Linear It's the only one Binance.com On the market , Companies that launch protocols on Ethereum and coin security smart chains at the same time . It maintains a relatively good balance between trading volume and users , It has also taken the first step in the seamless transaction of cross chain synthetic assets , Attracted a large number of mature in Ethereum DeFi The player , At the same time, through coin security Smart Chain Reduced transaction costs , Improved trading efficiency . However ,BSC The total transaction volume of is smaller than Ethereum .
The following charts show Synthetix and Linear.finance Distribution of coinage of synthetic assets on , Cryptocurrency assets account for the absolute dominant proportion .
Mirroring protocol （Mirror protocol) Currently only US equity assets are available , We have seen its trading volume and TVL（ Low speed ） Significant differences between .
We can speculate , The potential market for traditional financial traders does exist , Decentralized synthetic assets can alleviate some possible pain in the real world . However , Compared with the speed of traditional encrypted assets , They may not be high-frequency trading products .
Synthetic assets and their traders need a more targeted 、 Complete logic .
Synthetic（SNX）：Synthetic For bulls ,iSynths For bears
Once you're involved in Synthetix In the system , You act as a storer 、 The role of foundry and counterparty , Bear the underwriting risk of the overall debt of the system . It means , If the user's synthetic assets appreciate , Your debt will increase .
SNX (750%) Deposit in SNX And get sUSD, Buy other compounds at market prices , There are transaction fees , But you can get SNX Bet rewards and fee relief .
ETH (150%) Deposit in ETH And borrow directly sUSD/sETH, No transaction fee or any reward , Because they don't take the risk of the debt pool
renBTC (150%) Deposit in renBTC And directly borrow sUSD/sBTC, No fees or any other incentives , Because they don't take the risk of the debt pool .
Current holder ：80,399 No order book , This means that all transactions are executed against the contract （P2C）. This provides unlimited liquidity for all collateral in the system , The chain transaction without permission is zero , And charge a fixed interest rate transaction fee .
However , All consortium holders are counterparties to all consortium transactions , This makes all users face the fluctuation risk of the whole market .
Synthetix The daily active users in Ethereum are about 1400 people , The average number of transactions is 7000, The only active interaction in history is more than 19 ten thousand , As one of the older agreements , This has a certain meaning .
Mirror image （MIR）, Provide short positions against the reflected asset price direction
Traders （trader) ： stay mAssets and UST Trade between .
The miners （Minter）： adopt UST Enter the mortgage debt position (CDP), To obtain newly cast mAsset Token of .
Liquidity providers （Liquidity Provider）： To the corresponding Terraswap Add the same amount of... To the pool mAsset and UST, Thus increasing the liquidity of the market .
Equity holders （Staker）： holding LP Tokens, （ Use the mortgage contract ） or MIR Tokens, （ Use Gov contract ）, In order to obtain MIR Token holding bonus .
Eligible collateral （ Mortgage rate ）
Current holder ：24,474 about Mirror Come on , Most active addresses are Terra （Luna） On , It has no general address available .Terra Up to date 24H The transaction count is 24,462, It's almost counted by the Ethereum protocol 100 times , So the final total number of token holders should be much more than our current number .
Mirror On 2021 year 1 Month in the coin security smart chain （BSC） Upper PancakeSwap Launched a UST Capital pool , Although the coinage agreement is not yet in BSC Push on , but MIR The total lock-in value of the capital pool exceeds 1 Billion dollars . so far , It has more than 24K Active users and more than 3M Transactions .MIR On 2021 year 4 month 19 Listed on coin an on the th , This helps to improve the quality of life MIR Traffic .
Transactions are processed by the liquidity pool , It's compared to Synthetix Reduces the personal role risk of active players in the ecosystem , But it increases the capital needed to provide liquidity . This mode makes Mirror Unlimited ability to track any different assets in the real world , For miners, the risk is small .
General market access （UMA）
a) Token sponsor （Token sponsors） Users who lock money in smart contracts to support the value of forged synthetic tokens .
b) Liquidator （Liquidators） Monitoring and clearing positions with insufficient collateral .
c) Dispute solver （Disputers） Use UMA Priceless financial contract monitoring contract , To determine whether the liquidation is valid or invalid .
d) Data validation mechanism （Data Verification Mechanism,DVM） Introduce a simple economic security framework to evaluate oracles, Make sure to destroy DVM The cost will exceed the potential profit . This is the first to eliminate the damage DVM Economic motivation .
e) UMA Token holders help run DVM, And through the use of DVM The price of the financial contract requested to vote , And manage by voting for parameter changes and approving system upgrades UMA Ecosystem to get rewards .
share 43 Kind of collateral .
Holders to date
UMA Currently only focus on Ethereum , But it's expanding , To enter other EVM chain . As can be seen from the figure below , since 2020 year 10 Since the month ,UMA Your daily active address has remained stable .
Linear finance （Linear Finance,LINA）
a) LINA + Other cryptocurrencies in order to generate a composite asset , The user needs to save LINA And other cryptocurrencies . The ratio must be 80:20, among 80% The collateral must be LINA, in addition 20% It's other cryptocurrencies .
Holders to date ：12,840
Linear.finance Shows a similar level of use , It is similar to the use level of Ethereum and coin security smart chain .
When LINA When the coin security network was listed , Active addresses have increased significantly on both Ethereum and coin security smart chains , But then it returned to normal , This is related to MIR The effect after listing is similar . It seems , Even if DeFi make a great bit , Most active contributors still tend to choose major centralized exchanges .
To make a long story short , Current synthetic asset agreements face similar bottlenecks , Such as restrictions on active users 、 Capital efficiency 、 Collateral clearing risk 、 Linked to asset prices 、 Hard upper limit of synthetic assets, etc .Duet Determined to introduce an innovative approach to more assets in the cryptocurrency field .
What is a duet agreement （Duet Protocol）, Why it's different ？
Duet Is based on a hybrid mechanism （ Excessive mortgage and algorithm linked mode ,over-collateralization and algo-pegged model） The synthetic asset agreement for , Realize the traditional real assets （ Downgrade assets ,Flat Assets） And high growth encryption assets （ Raise assets ,Sharp Assets） Transformation between .
Compared with the above existing methods ,Duet Provides a unique design to optimize coinage and transactions .
Openness and user friendliness ： And Binance or FTX CM Compared with the equity method , Synthetic asset casting on the chain is easier and friendly for investors , No barriers to entry 、 Program costs 、 Or single spot risk .
Multiple collateral positions ：Synthetix and Linear Adopt the method of single asset deposit and shared debt . Compared with ,Duet Multiple collateral selected , And will CDP Separate , This reduces the risk to the mint , Increased scalability .
Diversity and compatibility of assets ： And MakerDAO Of DAI and Mirror Of UST comparison ,Duet Accept various types of synthetic assets , Embrace the wider ecosystem , And support Ethereum 、BSC And others EVM Compatible with blockchain .
Compatibility . Compared with a perpetual agreement that only supports long or short positions ,Duet Provides transferable dAssets, Can be in other DeFi Use... In the agreement .
Duet Comparison with competitors ：
The first difference is openness and user friendliness . And Duet Compared to our competitors , At present, the underdeveloped core coinage module has similar characteristics to Mirror and Synthetix Excessive mortgage model , and Duet Accept multiple cryptocurrency assets as collateral . Compare with the opponent , Most of them only accept their own tokens as collateral , It's very unfriendly , Because miners buy system tokens as collateral , Take additional risks , What's more, if it's Synthetix The pattern of , Share the debt pool , The foundry cannot predict how much he will owe the system .Duet Also integrates Farming modular , Automatically increase the interest of users' collateral , Reduce user migration costs .
The second is capital efficiency .Duet There is a unique algorithm hook pattern , Allow users to burn DUET Tokens, , Without having to take out collateral to create synthetic assets . The mint in this mode will not bear any risk of compulsory liquidation , The capital utilization rate reaches 100%, It completely solves the problem of capital efficiency .
The third is the types of assets . Based on our pattern design （ This is an all Duet The game situation between the holder and the holder of synthetic assets ）, You can easily create new synthetic tokens in the system , But our competitors such as Mirror Still just mimicking real existing underlying assets , This may be less attractive to cryptocurrency players to some extent . for example , We can not only create leverage or reverse tokens , You can also create tokens that track financial indexes , Such as VIX Index , But in Mirror It's just imitation VIX track ETF, There are management fees and position rolling fees , That is, the intrinsic value is declining , This is not a good volatility hedging tool .
The last one is the overall design .Duet The goal of is not a simple financial application from the beginning , But a parallel world , Make real-world assets cast 、 Restructuring and reconstruction , And allow users to allocate capital from anywhere to any major asset .Synthetix In terms of real-world asset synchronization , Somehow progress is quite slow , They have very few synthetic stocks （synth stocks）. We will have our own exchange 、 To loan 、 Cross chain synthetic asset liquidity aggregator 、 Leveraged arbitrage agreement 、 A safe pool 、 Clearing fund agreement 、 Automatic compound interest tool , And more useful on chain agreements around our synthetic assets , These are called DuFi（Duet Fi） The ecological system .
What is? Zerogoki, Why is it an experimental synthetic asset agreement ？
Zerogoki Is from Duet Experimental agreement of the protocol , It only has Duet Agreed Lite-minting Sum algorithm pegged modular .Zerogoki It provides a playground for various assets and experimental mechanisms , To face the test of the real trading environment .
Zerogoki In Japanese it's “ Unit zero ” transliteration , Represents the experimental model Unit-00, Its token REI It's in Japanese ‘ zero （れい）’ The pronunciation of .Zerogoki It is a leveraged token coinage platform deployed on Ethereum , Algorithm based hook mechanism , It can provide users with foreign exchange 、 gold 、 Leverage tools for traditional assets such as bonds . Users can use platform tokens REI To forge lever tokens , The synthetic dollar of the protocol can also be used -zUSD To buy leveraged assets directly .
image Kusama（KSM） and Polkadot（DOT） equally ,Zerogoki Is open , Run as a stand-alone project .Zerogoki The purpose of is to undertake Duet Some kind of stress test function , Due to the different mechanism design , Its risk and profit structure are obviously different . Synthetic assets only by destroying agreement assets -REI produce , And select highly volatile leverage tokens as listed assets to increase the pressure of system test . meanwhile , Use the low-cost Ethereum main network to test Duet Whether it can run smoothly in harsh environment .
REI and zUSD Mainly for derivative assets of traditional investment targets , It provides many original investment targets for the cryptocurrency market , Such as ：zGOVT US Treasuries ETF 20 times 、zXAUUSD 10L Gold in stock 10 times 、zEURUSD 20L euro / dollar 20 Times and other derivatives .Duet At present, it is mainly used for synthetic assets of US stocks .Zerogoki It will continue to maintain and stabilize its operation . If the follow-up Duet Synthetic asset module protocol upgrade , Will also be in Zerogoki Up test .
Obviously ,Mirror Improved collateral logic , Make it more friendly to retail investors , And took more than Synthetix A more positive approach . Considering the of coin security listing MIR, stay PancakeSwap Introduction mAssets Of UST Yes, it may help Mirror stay BSC Establish a virtuous circle with the money safety net , Attract new DeFi user .
in addition ,oracles Is the core of all synthetic systems , The accuracy of its information is crucial , Because it decides CDP Whether there are enough mortgage assets locked up , Otherwise, liquidation will be triggered .Mirror stay Terraswap Price Launched UST pair, To increase the liquidity of assets , But that doesn't solve AMM Price and authenticity oracles A big gap between prices . for example mGOOGL, Its Terraswap Price price is 2484.93 UST, The real oracles The price is about 0.56% The gap between , This shows that this model still deserves more design improvements .
The design of synthetic assets is becoming more and more powerful , We believe that user-defined and cross chain compatible logic will build a more sustainable synthesis Defi The world .
Zerogoki yes Duet An innovative version of , Support larger categories of financial assets , Including cryptocurrency 、 goods 、 foreign exchange 、 bond 、 Stock and financial indexes . Further ,Zerogoki New financial derivatives will also be provided , Provide users with more coinage or trading tools , Provide more money making strategies for other participants in the project .
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