Month: January 2021

What Is Ren Defi Coin

Ren Defi Coin (REN) is an open protocol built to provide interoperability and liquidity between different blockchain platforms. Formerly known as Republic Protocol, Ren launched RenVM, its virtual machine mainnet, in May 2020, having completed a $34 million initial coin offering (ICO) in 2018.

The protocol’s native token, REN, functions as a bond for those running nodes which power RenVM, known as Darknodes. Ren aims to expand the interoperability, and hence accessibility, of decentralized finance (DeFi) by removing hurdles involved in liquidity between blockchains.

Welcome to the Ren Defi Coin Developer documentation! Here you’ll find everything developers need to know about building decentralized applications using RenVM. For more lower-level details on the inner workings of the RenVM network, check out the specification on GitHub.

Ren Project Facts

Connecting the unconnected

Use RenVM to expand the capability of existing dApps or create entirely new business cases within the decentralized world..

Multi-collateral lending

Utilize your existing non-custodial smart contracts to collateralize cross-chain assets.

Bring cross-chain assets to your DEX

Integrate cross-chain assets such as Bitcoin and Zcash into existing DEX or liquidity pool infrastructure.

Cross-chain OTC trading

Ren Defi Coin Traders conducting large volume OTC trades no longer at risk of counterparties failing to honor the trade.

Supported blockchains

With support for more blockchains planned, it won’t be long before the entire ecosystem is connected.

Liquidity, unchained.

Introducing RenVM, an open protocol providing access to inter-blockchain liquidity for all decentralized applications. Bring BTC, BCH and ZEC to your Ethereum app.

Decentralized Exchange

This example walks through a set of Ethereum smart contracts that would allow users to trade foreign tokens (like BTC, ZEC) on the Uniswap exchange. In this example, we will explore using RenVM interoperability to implement a set of smart contracts that allow traders and liquidity providers to trade BTC and ZEC on the Uniswap exchange. The full source code for this example is available on GitHub.

What Makes Ren Unique?

Ren is a complex platform with multiple use cases, but it is ultimately designed to overcome barriers to entry and investment for DeFi projects. As a plug-in, it allows DeFi projects to bring foreign cryptocurrency assets such as Bitcoin (BTC) and Zcash (ZEC) to their offerings. More broadly, users can in essence swap any token between any two blockchains without middle steps such as using so-called “wrapped” versions of tokens, for example Wrapped Bitcoin (WBTC) and Wrapped Ethereum (WETH).

RenVM is a network of virtual computers making up a virtual machine. The machines powering the network which makes up RenVM are called Darknodes. Ren charges various fees for internal operations, but most do not go towards direct profitability, instead being paid to miners. As an ERC-20 token, REN also attracts varying gas fees to power transactions.

How Is the Ren Network Secured?

Ren Defi Coin is a byzantine fault-tolerant protocol that facilitates ECDSA threshold key generation and signing via secure mutli-party computation (sMPC). This allows RenVM to securely manage (ECDSA) private keys on different blockchains, making it possible to shift tokens between these blockchains (i.e interoperability).

The network is currently in phase sub-zero in its pathway to decentralization, for more information on RenVM’s pathway to decentralization, please refer to Ren’s Wiki

Where Can You Buy Ren (REN)?

REN is a freely-tradable token and has a presence on various major exchanges. Of these, Binance and Huobi Global have the largest volume as of October 2020. Pairs include cryptocurrency, fiat and stablecoins. Crypto newbie? Read our easy guide to buying Bitcoin and other cryptocurrencies.

About UMA

UMA Project, or Universal Market Access, is a protocol for the creation of synthetic assets based on the Ethereum (ETH) blockchain. UMA was launched in December 2018.

Synthetic assets are a class of assets that represent different, underlying assets and have the same value. UMA specifically enables its users to design and create self-executing, self-enforcing financial contracts secured by economic incentives and run them on Ethereum’s blockchain.

In essence, UMA allows counterparties to digitize and automate any real-world financial derivatives, such as futures, contracts for differences (CFDs) or total return swaps. It also enables the creation of self-fulfilling derivative contracts based on digital assets, like other cryptocurrencies.

UMA Project Facts

UMA’s Mission?

UMA Project mission is to make financial markets universally accessible—unrestrained by censorship, pre-existing financial and social capital, or beliefs and values. The economic freedom created by universal market access creates equal opportunity to pursue prosperity and build financial independence .

What is UMA’s Optimistic Oracle?

UMA Project, priceless contracts leverage an optimistic oracle known as the Data Verification Mechanism (DVM). The DVM provides the price of an asset at a requested timestamp only when network participants dispute the value of collateral backing a synthetic token. This differs from non-optimistic oracle solutions which constantly write prices on-chain to ensure contracts are properly collateralized. Minimizing oracle usage increases the security and scalability of decentralized financial contracts.

When a dispute occurs, the DVM aggregates price data submitted by UMA token holders. UMA token holders respond to price requests by referencing the asset’s price off-chain and reporting the price to the DVM. This price is used as an input by the DVM to determine the final price of the asset. If the price returned by the DVM determines the disputer was correct, the disputer is rewarded with a penalty charged to the liquidator; conversely, if the disputer was incorrect, the disputer forfeits a bond to the liquidator.

Market

Why Use UMA?

Time to Launch

UMA Project Defi Coin Quickly create synthetic assets with priceless contract templates.

No Limits on Design

Create tokens that track the price of anything.

Provably Secure

Economic guarantees ensure your contract cannot be manipulated.

Minimize Oracle Usage

Increase security and reduce costs with minimal on-chain transactions.

What Makes UMA Unique?

The fundamental concept in the back of Universal Market Access is contemplated in its name: with the aid of using growing a protocol for the introduction of artificial property and monetary contracts at the blockchain, it seeks to democratize and decentralize the monetary derivatives marketplace.

UMA Project Defi Coin conventional monetary markets have excessive obstacles to access withinside the shape of policies and custody requirements, which have a tendency to forestall people from collaborating in them. It is frequently specifically tough for would-be buyers and traders to participate in markets outdoor in their neighborhood monetary system. This prevents the emergence of a simply inclusive international monetary marketplace and boundaries participation to a handful of establishments that may have the funds for the important due diligence and felony procedures.

UMA contracts, on the opposite hand, are primarily based totally on Ethereum’s blockchain, whose permissionless nature permits any consumer to create, run and exchange digitized derivatives from everywhere withinside the world. This accessibility is specifically crucial for the growing economies across the globe, wherein monetary establishments are regularly some distance from maturity, forcing neighborhood marketplace individuals into relative isolation.

How Is the UMA Network Secured?

UMA Project Defi Coin runs on top of Ethereum’s blockchain and as a consequence, they are protected by the same proof-of-work hash function Ethash.

Where Can You Buy UMA [UMA]?

UMA can be bought at multiple major cryptocurrency exchanges, some of the largest of which are:

• Coinbase Pro
• Binance
• Bilaxy
• OKEx

What Is SushiSwap (SUSHI)?

SushiSwap (SUSHI) is an example of an automated market maker (AMM). An increasingly popular tool among cryptocurrency users, AMMs are decentralized exchanges which use smart contracts to create markets for any given pair of tokens.

SushiSwap launched in September 2020 as a fork of Uniswap, the AMM which has become synonymous with the decentralized finance (DeFi) movement and associated trading boom in DeFi tokens.

SushiSwap Defi Coin aims to diversify the AMM market and also add additional features not previously present on Uniswap, such as increased rewards for network participants via its in-house token, SUSHI.

SushiSwap Finance Facts

How does SushiSwap work?

Like many other DEXs, fundamentally consists of several asset pools. Each pool contains 2 assets, such as ETH and LINK (Chainlink). This is because it uses an automated market maker – a smart contract that uses the ratio between two assets in each pool to determine their price.

They covered automated market makers in detail in our recent article about Curve Finance and recommend you head over to read that section first if you are not familiar with AMMs or how they work.

When SushiSwap Defi Coin was initially released, it focused on Uniswap LP (liquidity provider) tokens. LP tokens on Uniswap are ERC-20 tokens issued to liquidity providers when they deposit assets into pools on Uniswap. These tokens can be exchanged for the underlying deposited funds, used in other DeFi protocols, and even exchanged for other LP tokens. Liquidity providers also receive a share of the trading fees of the assets in the pools they provide liquidity to via the LP tokens.

SushiSwap Markets

SushiSwap Exchange

The SushiSwap Exchange helps you to without difficulty switch among 100+ ERC-20 tokens. As with Uniswap, no KYC is needed to apply the SushiSwap change. All you want is Web 3.zero pockets which include Metamask and a few Ethereum to pay fueloline expenses to execute swaps.

Trading expenses at the change are zero.3%, similar to Uniswap. zero.25% of those expenses visit people who are imparting liquidity in SushiSwap’s Liquidity Pools and the final zero.05% is going to the Sushi Bar pool (greater on that during a second).

SushiSwap Liquidity Pools

After The Liquidity Migration ™, SushiSwap introduced “formal” liquidity mining pools. Liquidity vendors may want to earn the 0.25% reduction of buying and selling charges at the platform with the aid of using depositing identical quantities of cryptocurrencies into a current pool on with the aid of using growing their personal pool.

Liquidity vendors are given Liquidity Pool tokens (SLP tokens) that have the identical capabilities as Uniswap’s LP tokens. As you can have guessed, those are the tokens that might be now utilized in lieu of Uniswap’s LP tokens to yield farm

How Is SushiSwap Network Secured?

SushiSwap Defi Coin attempts to mitigate the traditional risks of depositing funds in smart contracts by upping the governance powers of its users. The anonymity of its developers poses questions beyond a technical standpoint. In September 2020, for example, Chef Nomi was involved in a spat with users after withdrawing 38,000 in Ethereum (ETH) from SushiSwap. The funds were subsequently returned, with Chef Nomi publicly apologizing for doing so and calling the move a mistake.

Where Can You Buy SushiSwap (SUSHI)?

SushiSwap Defi Coin (SUSHI) is a freely-tradable token, with the majority of volume on major exchanges occurring on Binance, Huobi Global, and OKEx. Pairs against other cryptocurrencies and stable coins are active, as well as with fiat, including on Bankman-Fried’s FTX exchange.

What Makes SushiSwap Unique?

SushiSwap primarily exists as an AMM, through which automated trading liquidity is set up between any two cryptocurrency assets.

Its main audience is DeFi traders and associated entities looking to capitalize on the boom in project tokens and create liquidity. AMMs do away with order books entirely while avoiding problems such as liquidity issues, which hamper traditional decentralized exchanges.

The aims to improve on the offerings of its parent, Uniswap, by increasing the impact users can have on its operations and future. The platform takes a 0.3% cut from transactions occurring in its liquidity pools, while its They token is used to reward users portions of those fees. They also entitles users to governance rights.

About Maker Dao Defi Coin

The Maker Foundation is tasked with bootstrapping Maker Dao Defi Coin to fuel growth and drive the organization toward complete decentralization. While the Foundation provided development support through the launch of Multi-Collateral Dai (MCD), it is currently spearheading efforts to decentralize development. MakerDAO governs the Maker Protocol by deciding on key parameters (ie. stability fees, collateral types and rates) through the voting power of MKR holders holders.

The Foundation is a part of the Maker Community, MakerDAO consists of the whole Maker Community, plus the Maker Protocol (ie. smart contracts, Dai, oracles, governance). MakerDAO is the Godzilla of DeFi, a decentralized beast born of Vitalik’s nuclear bomb: Ethereum. … On Ethereum, it all started with MakerDAO, a protocol that turns anyone’s ether (ETH), USDC or BAT holdings into loans of a dollar-pegged stablecoin minted for this purpose: dai

Maker Dao Finance Facts

What Makes DAI Unique?

DAI’s main advantage lies in its soft peg to the price of the U.S. dollar. The crypto market is notorious for its volatility with even the largest, highly-liquid coins such as Bitcoin sometimes experiencing price changes (both up and down) of 10% or more within a single day. Under these circumstances, traders and investors are naturally predisposed to add safe-haven assets to their portfolios, whose stable price might help offset significant market fluctuations.

One such kind of asset are stablecoins, of which DAI is one example. These are cryptocurrencies whose price is pegged to assets with a relatively stable value — most commonly traditional fiat currencies, such as USD or EUR.

Another key advantage of DAI is the fact that it is managed not by a private company, but rather by a decentralized autonomous organization via a software protocol. As a result, all instances of issuance and burning of tokens are managed and publicly recorded by Ethereum-powered self-enforcing smart-contracts, making the entire system more transparent and less prone to corruption.

In addition, the process of developing DAI software is governed in a more democratic way — via direct voting by the regular participants of the token’s ecosystem.

In MCD We Trust

Blockchain technology provides an unprecedented opportunity to ease the public’s growing frustration with—and distrust of—dysfunctional centralized financial systems. By distributing data across a network of computers, the technology allows any group of individuals to embrace transparency rather than central-entity control. The result is an unbiased, transparent, and highly efficient permissionless system—one that can improve current global financial and monetary structures and better serve the public good.

Bitcoin was created with this goal in mind. But, while Bitcoin succeeds as a cryptocurrency on a number of levels, it is not ideal as a medium of exchange because its fixed supply and speculative nature results in volatility, which prevents it from proliferating as mainstream money.

The Maker Protocol

The Maker Protocol is one of the largest dapps on the Ethereum blockchain. Designed by a disparate group of contributors, including developers within the Maker Foundation, its outside partners, and other persons and entities, it is the first decentralized finance (DeFi) application to see significant adoption.

The Maker Protocol is managed by people around the world who hold its governance token, MKR. Through a system of scientific governance involving Executive Voting and Governance Polling, MKR holders govern the Protocol and the financial risks of Dai to ensure its stability, transparency, and efficiency. One MKR token locked in a voting contract equals one vote.

How Is the DAI Network Secured?

Maker Dao Defi Coin is an Ethereum-based, ERC-20-compatible token. As such, it is secured by Ethereum’s Ethash algorithm.

Where Can You Buy DAI [DAI]?

The purchase of Maker Dao Defi Coin tokens is available on numerous online platforms. These include Decentralized Finance (DeFi) token swap protocols:

• Uniswap
• Compound

About Synthetix Defi Coin

Synthetix Defi Coin is the backbone for derivatives trading in DeFi, allowing anyone, anywhere to gain on-chain exposure to a vast range of assets. Synthetix is a derivatives liquidity protocol on Ethereum that enables the issuance and trading of synthetic assets. Each synthetic asset (or Synth) is an ERC20 token which tracks the price of an external asset; for example, each sUSD token tracks the price of the US dollar (and unlike the other synthetic assets, is fixed at 1)

A wide variety of Synths exists within Synthetix, including fiat currencies, cryptocurrencies, commodities, and inverse indexes. In principle, the system can support any asset with a clear price and provides on-chain exposure to an unlimited range of real-world assets. The protocol will enable a variety of trading features including binary options, futures, and more.

Synthetix Defi Coin Finance Facts

How does Synthetix work?

Synthetix Defi Coin is otherwise composed of a smart contract infrastructure and a set of incentives that maintains Synth prices. It is underpinned by the value of the Synthetix Network Token (SNX). SNX acts as collateral; staking a proportional value of SNX is required to mint Synths. Stakers are rewarded for supporting the system with a pro-rata share of the fees generated by activity in the system. The value of SNX is thus directly connected with the usage of the network it collateralizes.

This mechanism allows Synthetix to support instantaneous, near-frictionless conversion between different flavors of Synths without the liquidity and slippage issues experienced by other decentralized exchanges. The resulting network of tokens supports an extensive set of use cases including trading, loans, payments, remittance, eCommerce, and more.

Tokens

SNX

Synthetix is the primary form of collateral backing the synthetic assets available in the Synthetix protocol. Its stakers are entitled to fees generated by Synth trades on Synthetix.Exchange.

Ether

A three-month trial allowing Ether to be staked as collateral in the Synthetix system has been completed and further trials will be run to test demand and implementation. The initial trial allowed holders to borrow against their staked at a 150% Collateralisation Ratio with an APR of 5%.

Synthetic assets (Synths)

Synthetix Synths are synthetic assets, minted against the value of cryptoassets staked as collateral. The values of Synths are provided by external price feeds fed on-chain.

Forex

Forex Synths track the price of forex currencies via price feeds supplied by Chainlink’s oracle network of distributed node operators. Many platforms, projects, and interfaces are already using the derivatives liquidity enabled by Synthetix.

Commodity

Commodity Synths track the price of commodities via price feeds supplied by Chainlink’s oracle network of distributed node operators.

Crypto

Crypto Synths track the price of cryptocurrencies via price feeds currently supplied by a Synthetix oracle. Crypto Synths will soon be transitioned to use Chainlink’s oracle network.

Index

Index Synths track the price of indices via price feeds supplied by Chainlink’s oracle network of distributed node operators. These indices can either be available in off-chain finance, such as, or they can be custom designed by the Synthetix community, such as .

Inverse (iSynths)

Synthetix inversely track the price of assets via price feeds supplied by either Synthetix’s oracle or Chainlink’s oracle network of distributed node operators. They allow traders to effectively take a short position, and are currently available for Crypto Synths and Index Synths.

Each iSynth has three important points: an entry point, an upper limit, and a lower limit. Its entry point is the price at which it is entered into the system.