【uniswap pool fee】

Kusama has opened the 8th slot auction, whiuniswap pool feech also means that Kusama's relay chain will have an 8th parachain sharing security.

(3) tron energy exchangeOverall goalFocusing on planning guidance, market driving, standard docking, and institutional innovation, focusing on "international", focusing on "consumption", highlighting the "center", further improving the quality of supply, creating consumption landmarks, strengthening hub functions, optimizing the consumption environment, and accelerating Promote the quality and expansion of consumption, increase the scale of consumption flow, attract high-end consumption to return, and comprehensively improve Shanghai's international reputation, consumption prosperity, business activity, access convenience and policy guidance, and create a global new product launch site and a global consumer destination , Fully launch the "Shanghai Shopping" brand, and strive to be the first to basically build an international consumer center city with global influence, competitiveness and reputation by the end of the "14th Five-Year Plan".

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2. Main tasks(1) Constructing a gathering place for integrating global consumption resources1. Build a global consumer goods distribution center. Amplify the spillover effect of the China International Import Expo (hereinafter referred to as the "CIIE") and promote the transformation of exhibits into commodities. Carry out the construction of Hongqiao and Waigaoqiao National Import Trade Innovation Demonstration Zones, and create a service chain integrating consumer goods import, distribution, and retail promotion. Support commercial enterprises to establish overseas distribution centers, exhibition centers and other marketing networks and logistics service networks. Link up with well-known domestic and foreign brands, create a number of iconic boutique activities, hold several important conference forums, and continue to enhance the influence of the "Five-five Shopping Festival". (The Municipal Commission of Commerce, Hongqiao International Central Business District Management Committee, and relevant district governments are responsible)2. Build Pudong International Consumption Center. Efforts to create high-quality products and service supply, and continuously improve the level of specialization, branding and internationalization. Accelerate the promotion of Pudong’s “Global Consumer Brand Convergence Plan” to attract more international and domestic well-known commercial entities and consumer brands to gather in Pudong, to create a new product launch site for the global market and a vane leading the trend of consumption. Cultivate new consumption models and new formats, implement inclusive and prudential supervision of new consumption formats, and lead and drive domestic consumption upgrade demand. Give full play to the advantages of Pudong's advanced manufacturing and trade and shipping hubs, and promote the construction of consumption platforms and circulation centers. Expand the open cooperation platform, expand the opening of consumer-related service industries, study and explore the relaxation of foreign investment restrictions in the service consumer market such as telecommunications services, medical and health, and promote the upgrading of the service supply system. (The Municipal Commission of Commerce and the Pudong New District Government are responsible)3. Gather international brands. Make further use of important platforms such as the China International Import Expo to promote the gathering of more internationally renowned high-end brands and emerging fashion brands. Give full play to the role of various e-commerce platforms in Shanghai to provide an incubation platform for international mid-to-high-end brands to enter the domestic market. Make good use of the headquarters economy policy to attract international brand headquarters to Shanghai. Support and guide all districts to accelerate the adjustment of commercial structure, and create conditions for international brands to build full-scene experience centers or service centers. Support the development of third-party professional services that serve high-end consumer brands with international influence. (The Municipal Commission of Commerce and the district governments are responsible)

4. Initiate a locally manufactured consumer product brand. Build its own brand of foreign trade enterprises and expand the scope of implementation of "same line, same standard and same quality". Develop urban customized products and advanced customized brands. Start a group of leading local brands and support them to enter shopping malls, platforms, settle in characteristic neighborhoods, and enter duty-free shops. Bigger and stronger Chinese Brand Day, World Design Capital Conference, Design Innovation Exhibition and other brand exhibitions and activities to enhance the influence and reputation of local brands. Create a batch of new Shanghai online consumer brands oriented to vertical fields and subdivided customer groups. (The Municipal Economic Information Commission, the Municipal Commission of Commerce, and the Municipal Development and Reform Commission are responsible)5. Develop retail private brands. Build a demonstration project for retail enterprises' own brands, support large chain commercial enterprises and e-commerce platforms to implement their own brand strategy, rely on big data to accurately discover consumer demand, improve product management and control capabilities, and use advanced production technology to improve the quality of private brand products. Relying on the "Five-five Shopping Festival" and other major commercial festivals and exhibition platforms, strengthen the promotion of its own brand, cultivate the consumption environment of its own brand, and enhance the image of its own brand. Cultivate and strengthen the private brand industry organization of retail enterprises. (The Municipal Commission of Commerce and the Municipal Economic Information Commission are responsible)NFT transfers & provenance: How can bridges trace the provenance of NFT across multiple chains? For example, if there is an NFT that has transacted in multiple markets of Ethereum, Flow, and Solana, how are all these transactions and owners recorded?

Stress testing: In the case of chain congestion or protocol and network level attacks, how will various bridge designs respond?Although bridging unlocks more innovation possibilities for the blockchain ecosystem, if the team takes shortcuts in R&D, it may also bring great risks. The Poly Network cross-chain attack event has shown us the potential economic loss scale of vulnerabilities and attacks, and I estimate that there will be more large-scale attacks in the future. Although for bridge builders, the current network is highly fragmented and competition is fierce. But each team should be highly self-disciplined and prioritize security rather than release speed.Although the ultimate ideal state is to build a "isomorphic bridge" shared by all things, the reality is that there is probably no single "best" bridge design. Different types of bridges will be suitable for different specific applications (such as asset transfer, contract invocation, token minting, etc.).In addition, the best bridge should be the most secure, connectable, fast, capital efficient, cost-effective, and censorship-resistant. If we want to realize the vision of the "blockchain internet", these attributes need to be maximized by us.

So far, we have not constructed the optimal bridge. There are several interesting research directions for all bridging types:Reducing the cost of block header verification: The cost of block header verification for light clients is very high. If this problem can be solved, it will bring us closer to achieving fully universal and trustless interoperability. An interesting design is to bridge to L2 to reduce these costs. For example, implement the Tendermint light client on zkSync.

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Shift from a trust-based model to a mortgage model: Although the capital efficiency of mortgage verifiers is much lower, the security of "social contracts" is not enough to protect billions of dollars in user funds. In addition, the fancy threshold signature mechanism does not reduce trust; this group of signers still belongs to a trusted third party. Without collateral, users actually hand over their assets to an external custodian.Change from a mortgage model to an insurance model: Loss of assets is the last thing users want to encounter. Although verifiers and repeaters of mortgage assets can prevent malicious behavior to a certain extent, the agreement should go further and directly use the confiscated funds to compensate users.Expanding the liquidity of the liquidity network: The "liquidity network" can be said to be the fastest bridge for asset transfer, and there are some interesting design trade-offs between trust and liquidity. For example, the liquidity network may be able to use the mortgage verifier model to outsource capital supply, where routing may also be a threshold multi-signature with mortgage liquidity.Bridge aggregation: Although the use of bridges may follow the law of exponential for a specific asset, an aggregator like Li Finance can improve the experience of developers and end users.

Nowadays, many GameFi projects continue to emerge, and provide a variety of participation methods and play-to-earn and pledge functions. So, how to judge which projects can be held for a long time and can add value? How to find potential NFT agreements?The calculation of agreement income is the focus of value investment.First of all, let's take a look at what is the agreement income? What is the difference with income?Let me talk about the definition of revenue. Revenue measures the return of all participants, that is, the total cost paid to the contract supplier. For example, the fees paid to liquidity providers in AMM, the transaction fees of decentralized exchanges, and the amount of interest on the lending platform in DeFi. Revenue is obtained by charging a rate to the total flow of the agreement. Simply put, revenue refers to the total fees paid by end users of blockchain or decentralized applications. These revenues will eventually be distributed to token holders, liquidity holders and protocol libraries.

GMV (Gross merchandise volume) refers to the total flow of the agreement, which represents the transaction volume of the blockchain or the transaction volume and borrowing volume of decentralized applications. For decentralized exchanges, GMV is the total transaction volume, and for lending agreements, GMV is the total borrowing volume.The fee rate is the fee charged to GMV, which can be the transaction fee of the blockchain, the transaction fee of Dapp, or the interest rate of the loan.

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Income calculation formula:GMV * Take Rate = Revenue

Total transaction volume * rate = project revenue (total fees paid)The total revenue is distributed between the agreement and its Token holders and supplier participants (miners/validators, liquidity providers, lenders, etc.). For early-stage projects, 100% of the revenue is usually distributed directly to supplier participants. In the long run, the revenue sharing model will be more diversified, and the agreement and its owners can also get a share of the total revenue.Agreement revenue represents the cash flow of the agreement. The agreement collects costs from users and is calculated as a percentage of total revenue.The difference between agreement income and incomeRevenue is the amount that users pay for the use of the contracted service. These revenues are obtained by the supplier participants who provide the basic service, and the contractual revenue refers to the amount of revenue actually obtained by the Token. This actually represents the bottom value of the agreement, which is the profit margin. In other words, just as early-stage startups and growth companies do not pay dividends to shareholders, not every agreement allocates cash flow to Token.Cost refers to how much of the agreement income is used for grants, wages, and audit fees. That is, the sum of all costs and expenses paid according to the implemented on-chain governance recommendations.

Income: How much funds are distributed to Token holders as dividends, ie = agreement income-cost and difference.To sum up in one sentence, revenue is the amount that users pay to the agreement, which is mainly the income brought by the provider of the underlying service, and the agreement income is the cumulative income brought by Token. Agreement revenue represents profit and is the basis of the agreement.

The agreement income of each project depends on the fee structure of the agreement itself. Different income models complicate the calculation of agreement income. Below is an overview of the agreement revenue calculations for four NFT and DeFi projects.How is agreement income distributed to token holders?

Take the example of MakerDao. Makerdao issues Dai to collateral providers, and users need to repay the principal and pay fees when unlocking the collateral. After the fees are paid to the agreement, they will be accumulated in the agreement's internal balance sheet. When the accumulated fees reach 10,000,000u Dai, they will be auctioned to obtain the agreement's governance token MKR. After that, MKR is burned (aka destroyed), thereby reducing the circulation of MKR. This process will be repeated continuously.Participants of agreement income

The four types of participants in the distribution agreement income are classified as follows:Any supplier participant (LP, lender, miner, keeper/liquidator);Any demand-side participant (DSR depositor, Nexus Mutual claimant);Supplier participants who own tokens (PoS verifier, 0x MM, Keep signer);

Token owner;Case: Axie Infinity agreement revenue calculation

In the past, Axie Infinity’s income came from land sales, Axie sales, transaction platform fees, and breeding fees. According to the old white paper of Axie Infinity, the Axie Infinity ecosystem has generated more than 6000 ETH in revenue.Axie Infinity will operate using a game-as-a-service model, and new features will be introduced over time. Axie can earn income by selling Axies, land, cosmetics, and in-game consumables. In addition, when players want to upgrade their game characters, participate in tournaments, and create new assets, fees will be charged.

Once the pledge dashboard is activated, the community finance department will begin to accumulate fees. All expenses and income generated by Axie Infinity will be deposited in a community vault managed by AXS holders.Currently, these are the main expenses in the Axie field:

The breeding fee is paid by AXS and used to breed Axies.14.25% of the Axie market expenses are derived from the successful sale of Axie NFT assets: Axies, land and land projects.Axie Infinity has multiple sources of income. For example, every time you buy and sell Axie bio, you need to pay 4.25% of the market fee. The second source of income is the cost of 4 AXS (currently changed to 2AXS), which is used to breed Axies to create new pets. With the influx of new users every day, purchase and reproduction, the pressure is increasing, which creates a large number of charging opportunities.As of September 14, AXS hit a record high of $95. A nearly 33-fold increase in three months. Analyzing the reasons, there are the following points:

Data growthAccording to data from Axie World, at the time of writing this report, 43777 people are playing every day, and more than 45,000 Ethereum users hold Axies. The most significant is the growth of Axie Infinity's protocol revenue. The figure below shows the proportion of protocol revenue of the top ten Dapps. Since June, the proportion of Axie Infinity has exploded on a large scale. The explosive growth of TVL and revenue is the fuse of the skyrocketing tokens. For example, the previous explosion of Matic and Aave's lock-up volume has affected the price of Token.

Behind the popularity of Axie Infinity, it is inseparable from the support of Yield Guild Games (YGG), a game guild in the Philippines. According to public information, YGG was established in 2020. Due to the impact of the epidemic, many people lost their jobs, and the unemployment rate was once as high as 40%. The play-to-earn model of chain games came into their sight and became the main source of income.YGG also proposed the Axie scholarship. Because getting started with Axie Infinity requires three Axies, YGG assigns them 3 Axies as a team. This group of players has almost no early sunk costs when entering the game. The borrowed Axie is used as the initial production tool in the game and earns in the game. SLP Token.

Many Dapps built on Ethereum suffer from network congestion problems. But few applications will build their own test chain, and usually choose Layer 2 expansion solutions (such as Polygon and Optimism). Even Uniswap launched the Uniswap V3 version on the Ethereum mainnet and Optimism instead of building its own expansion plan.But this is not the case with Axie. As early as June 2020, Axie Infinity began to build its own side chain. After a one-year period, Axie moved to Ronin in early May this year. After the migration, everything in the Axie universe happened on the Ronin sidechain and bridged to Ethereum when needed. Currently, SLP tokens and AXS tokens are mainly bridged to Ethereum; and ERC-721 assets in Axie (including Axie NFTs, Land NFTs, and Items NFTs) cannot yet be transferred through this bridge.

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Perspectives of a 2x entrepreneur turned VC at @UpfrontVC#

Mark Suster

Written by

2x entrepreneur. Sold both companies (last to salesforce.com). Turned VC looking to invest in passionate entrepreneurs 〞 I*m on Twitter at @msuster

Both Sides of the Table

Perspectives of a 2x entrepreneur turned VC at @UpfrontVC, the largest and most active early-stage fund in Southern California. Snapchat: msuster

Mark Suster

Written by

2x entrepreneur. Sold both companies (last to salesforce.com). Turned VC looking to invest in passionate entrepreneurs 〞 I*m on Twitter at @msuster

Both Sides of the Table

Perspectives of a 2x entrepreneur turned VC at @UpfrontVC, the largest and most active early-stage fund in Southern California. Snapchat: msuster