Qubit is a decentralized currency market that uses a mainstream borrowing capital pool mobitcoin sv future pricedel. Qubit's development and operation team is the team behind Pancakebunny-Mound, which was first deployed on BSC, and there are plans for multi-chain expansion in the future.
The "message" in XCM is actually just a program running on XCVM. It is one or more XCM commands. The program will continue to execute, and will not end and stop until it runs to the end or encounters an error.ethereum gas or etherThe position in XCM is hierarchical, and some parts of the consensus are completely encapsulated into separate parts. For example, the Parachain of Polkadot completely exists in the internal position of the entire Polkadot consensus. As long as there is any change in one consensus system, it means a change in another consensus system, and the former system is the internal system of the latter.
When working in XCM, it is usually necessary to quote some kind of asset. This is because almost all existing public blockchains rely on some native digital assets to provide the backbone for their internal economic and security mechanisms. For proof-of-work blockchains such as Bitcoin, native assets (BTC) are used to reward miners who develop the blockchain and prevent double spending. For proof-of-stake blockchains such as Polkadot, native assets (DOT) are used as a form of collateral, and network administrators (called equity holders) must take risks to generate valid blocks and obtain physical rewards.Expense payment in XCM is a very important use case. Most parachains in the Polkadot community will require their interlocutors to pay for any operations they wish to perform to avoid "spam" and DDOS.When chains have good reasons to believe that their interlocutors are trustworthy, they can also not pay. For example, this is the case when the Polkadot relay chain communicates with the Polkadot Statemint public interest chain. However, in general, fees are a good way to ensure that XCM messages and their transmission protocols will not be overused.Let's take a look at how to pay when XCM messages arrive at Polkadot.For systems that do need to pay a certain fee, XCM provides the ability to use assets to purchase execution resources. In a nutshell, this includes three parts:
Provide some assetsExchange assets in terms of computing time (weight in Substrate).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 calculationIn 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.
The explosion of Axie Infinity was largely Ronin's contribution because it solved the congestion problem of Ethereum. As a reference, Ronin's deposit assets exceeded 500 million U.S. dollars, and Ronin wallet downloads exceeded 1 million times.Axie currently has more than 600,000 daily active players; its Discord server is the core of the community, with more than 540,000 members. When the community becomes huge, competitors of the same type will become difficult to replicate. The game can be copied, but it is difficult for players to copy. Due to user conversion costs and network effects (network efficiency is reflected in the number of users and the amount of funds), large-scale communities have become the moat of Axie Infinity.
Play-to-earn modeLet me talk about several game modes, namely Free-to-Play and Play-to-Earn. Most traditional games are Free-to-Play. The game provides players with complete game content for free, and makes money by selling virtual game items such as skins and emoticons. The mobile game "Glory of the King" is the representative of Free-to-Play.
Play-to-earn is a new model that rewards players for the time and energy spent playing games and developing the game ecosystem. Axie Infinity is a game between players. The economy is 100% owned by players. Compared with selling skins and props, the team pays more attention to the development of the economy between players. The following is written in Axie Infinity's white paper:Axies are created by players using in-game resources (SLP and AXS tokens) and selling them to new players/other players. Holders of AXS tokens are like governments that receive tax revenue. Game resources and props are tokenized, which means that these tokens can be sold to anyone on the open market.Simply put, players can get SLP token rewards through PvP and PvE battles and completing daily tasks. Users can use SLP and AXS to breed new Axies or sell Axie, SLP and AXS tokens in exchange for real-world income.According to reports from Axies, top PvP players can earn up to 600 SLP per day; but for ordinary players, they can earn up to 200 SLP. For Filipino players, this is a work to improve their lives.
Economic modelAxie Infinity is a dual Token mechanism, and AXS, as a governance Token, clarifies the profit of the agreement. And the project party needs to increase prices in the secondary market through AXS, return part of the profits to the game and raise the SLP to extend the life of the game. SLP is a reward earned by players through the game and a core consumable for breeding Axie. And Axie infinity did not invest in marketing, but allowed players to retain most of their value, giving the game more opportunities for expansion.
Good news for investors & partnersIn late June 2021, Mark Cuban and Alexis Ohanian participated in a US$7.5 million Series A financing. Sky Mavis is also supported by major game publisher Ubisoft, and Axie Infinity has joined the Entrepreneurs Lab incubator project initiated by Ubisoft.
Case: OpenseaOpensea's agreement income calculation is relatively simple, and it charges a 2.5% handling fee. On September 12, Opensea’s agreement revenue reached $1.2 million.
Aave is a DeFi protocol that uses a liquidity pool to provide lending services, stable interest rates and lightning loans.In Aave v1, the borrower pays the lender the borrowing interest rate. When users borrow assets, they need to pay 0.00001% of the loan amount as the interest rate, which is the agreement service fee. 20% of this fee will be used to provide financial support for Aave's referral program, and the remaining 80% will be transferred to the agreement. In addition, when borrowers apply for flash loans, they also need to pay 0.09% of the loan amount as expenses. 70% of this money is used by the lender, and the remaining 30% will be allocated between the recommender and Aave based on the "28%" ratio.Uniswap's main operating income is transaction fees. In Uniswap V1, users will be charged 0.3% of the transaction value (GMV) each time they exchange tokens. Starting from Uniswap V2, the agreement splits the transaction fee of the above-mentioned "0.3% of the transaction volume", in which the liquidity provider will receive 0.25% of the transaction volume income, and the remaining 0.05% will go to UNI token holders. Someone. For V3, when adding liquidity, there are 3 levels of fee rate to choose from: 0.05%, 0.3% and 1%.Uniswap's agreement income needs to be added to V2 and V3, because the agreement fee structure of v2 and v3 is different. The income generated by Uniswap is transferred to retained earnings to maintain Uniswap's ecology and operations, or passed to UNI holders through a destruction mechanism similar to MarkerDao.
Through this article, we have a deeper understanding of how agreements work and the value they generate. Next, let's talk about the role of agreement income in project analysis. Generally, agreement income can be used for asset evaluation, in a comparable analysis to assist investors in judging which projects are undervalued or overvalued. It mainly adopts three indicators: market-to-sales ratio P/S (market value to income ratio), price-to-earnings ratio P/E (market value to earnings ratio), etc. Although these indicators are not the absolute best judgment criteria, they are very helpful in comparing NFT projects of the same type.In traditional finance, the P/E ratio is the ratio of the stock price to the company’s earnings. As a measure of how many years it takes for a company to obtain its market value, the P/E ratio reflects to a certain extent investors’ expectations of a company’s future profitability. In the blockchain world, the P/E ratio is the ratio of market value to earnings. It can reflect the expectation of future income and cash flow, one of the tools to measure the efficiency of assets, and it can also be used as an indicator when comparing projects.
About #click to browse
This research report belongs to Mint Ventures' # series scanning series. Compared with the #深研报 series which conducts comprehensive analysis of individual projects, the focus of #Scan series articles is to focus on the development trend of the search, and the horizontal comparison of the growing projects. From the above, we can see the unique dynamics and potential projects in the business.Focus