First: The transaction is processed according to the firbitcoin en son kaç tl oldust-in-first-out principle, so increasing the gas price will not affect the execution speed of the transaction.
A strange coincidence is that on the same day I was talking to many of these bittorrent file system not workingcrypto meta-universe advocates, I happened to visit a friend who wanted to show off his new "Oculus", which is a virtual reality headset. It is made by Facebook. This is the gateway to the horizon, Zuckerberg's meta-universe plan.I put on VR goggles, completed a quick tutorial, and took a breath when I found myself standing on top of a skyscraper.
A virtual city enveloped me. The blue sky, the car that honked the horn, the plane overhead-everything looked real. Maybe not very realistic, but real enough that when I peeked from the edge of a skyscraper, my stomach shrank sharply when I saw the ground in the distance. I have no fear of heights. My brain knows, in fact, yes, of course, I am safely in my friend's living room. It does not matter. When I walked out from the edge of the skyscraper and looked down at the 100 stories below me, I was both scared and excited."Jump!" My friend urged me."no way.""do it!"I hesitated, but what left me at a loss was my friend's young son mocking my cowardice behind his back. Finally, I jumped off the edge of the board...Of course, I landed safely on the carpet in the living room.
Then I took a virtual roller coaster, played a virtual shooting game, played a Star Wars virtual reality (VR) game, and Darth Vader. I want to buy an Oculus. Games and VR technology are not particularly new, but it's one thing to understand it abstractly, and it's another thing to see it with your own eyes and feel it in your bones.I thought of Pandapop's humble aquarium again, with creepy fishes and the splash effects she painstakingly added. I thought of her simple game, you need to escape the maze and kill the ogre. Indeed, Pandapops can own that aquarium, profit from her game and claim to have a legal sense of empowerment. (Of course, blockchain games may become more complex over time, especially when creators are incentivized to make more, which is also true.)The season of L2 is finally here.
Now, investors with different risk tolerance and different exposure needs can benefit from the rapid development of L2 in several ways. Whether through infrastructure, Dapps, or local asset farming, investors have many different opportunities.On September 15th, Ryan Watkins, a researcher at encryption analysis agency Messari, tweeted that the supply of decentralized stablecoins exceeded US$10 billion, accounting for 8% of the total supply of stablecoins. The DAI of the MakerDAO platform has the highest market share of decentralized stablecoins.Subsequently, on September 17, Ryan Watkins once again tweeted that the total supply of stablecoins this week has exceeded 120 billion U.S. dollars. In the second quarter, the transaction volume of stablecoins on the blockchain exceeded US$1.7 trillion, a year-on-year increase of 14 times. At the same time, the supply of decentralized stablecoins has just exceeded 10 billion U.S. dollars and will continue to erode the share of centralized stablecoins.Watkins also believes that stablecoins have the characteristics of local digitization, global accessibility, and resistance to seizure. It can provide individuals and institutions around the world with easy access to U.S. dollars to meet offshore U.S. dollar demand. The offshore U.S. dollar market may exceed 57 trillion U.S. dollars, so stablecoins have broad prospects and are extremely disruptive. Therefore, they are closely watched by regulators.
The above two figures show the demand for stablecoins. Based on this market background, as users of stablecoins, whether they are centralized stablecoins or decentralized stablecoins, they may be affected to a certain extent by the price changes of stablecoins.For example, when users buy stablecoins and use them in exchanges, they will always be troubled by price fluctuations. The stablecoins that have been held will also receive different cash due to the pricing at the time of exchange.
In the international market of cryptocurrency, there are still some exchange stable currencies issued according to the regional legal currency. These tokens can be directly exchanged for legal currency, but the exchange requires a fee.And some fully open OTC trading markets mean that users have to pass the market pricing of stable currency acceptors to buy stablecoins.For example, USDT has been issued on many chains, and after its issuance, it needs to reserve US dollars in the bank. But it is not the issuer of USDT that controls the price for USDT. It is an acceptor. The price of an acceptor is determined by market demand. At present, the most trading pairs on all exchanges are USDT, which means that when the price of coins rises, users may increase their demand for USDT, and there will be a lot of purchases. . This will be obvious in the OTC market.But there is another feature. If the price of Bitcoin increases, the price of USDT will decrease and then slowly return to the average value. If the price of Bitcoin falls, USDT rises instead.
This means that in some characteristics, the price of bitcoin has risen, and there are more shippers, so more USDT is exchanged through the acceptor, and the acceptor will continue to reduce the U price.In the stable currency trading market, buying and selling USDT will definitely show different prices. The spread is the profit of the acceptor.This income method will also be used as the core business of many wallets, mainly in the compliance area to complete the sale of cash to stablecoins and tokens such as Bitcoin and Ethereum.With a huge total transaction volume, the wallet can earn huge profits by charging fees.
So as long as there is a variable of acceptor in the stable currency market, the price of stable currency must fluctuate up and down. But because if the stable currency in the exchange trading pair is a legal currency anchored stable currency, it may not need to carry too much floating risk. But in the process of transaction, tokens are directly exchanged for legal currency value.It is also because, for example, USDT is a stable currency token between tokens and fiat currency, and the exchange market of USDT is a floating market, which brings about the unstable price performance of stable currency that users understand.
What about designing a stable coin to make the price the most stable design?The answer should be no, because as long as it is a stable currency issued and accepted by a trusted subject, the absolute stability of the price cannot be guaranteed, and the absolute stability of the price also means that there is no market profit margin, and it is impossible to develop a perfect business ecological structure. For example, if the ratio of USDT to U.S. dollar has no price fluctuations. The user using US dollars is the same as using USDT.
The result of this is that there is no spread when the acceptor buys and sells USDT. In other words, in the exchange, there is no need to introduce an over-the-counter market, but a stable centralized exchange pool can be established directly by the acceptor. However, the most suitable role for establishing an exchange pool is the exchange itself.If you individually design a stable coin with less volatility, there are some feasible solutions. The general logic is:If it is a centralized issuer and operator, on the basis of ensuring the scale of liquidity, it does not design an acceptance market, but only charges a small fee through a centralized pool.If it is a decentralized issuer and operator, it needs to ensure continuous issuance and maintain sufficient reserve assets and insurance assets for the issued stablecoins. The insurance assets are used to maintain the price of stablecoins and have been stable at the same level as the legal currency. 1:1 anchoring relationship within the range of small fluctuations.If losses are caused by huge fluctuations, insured assets are needed to complete subsidies and compensation, or to supplement the shortage of reserve assets.Stable currency is an important role in the cryptocurrency world and a bridge between cryptocurrency and real finance. Today's stablecoin scale continues to rise, which is one of the important growth signals of the cryptocurrency market. The maturity of stablecoins has reason to become one of the necessary conditions for the growth of cryptocurrencies.
But today's stable currency market is far from becoming a regulated market. Decentralized stablecoins are generally used for mortgage lending or to provide transactions in a single process in other types of defi applications, which do not reflect their maximum capabilities. Centrally issued stablecoins require mature supervision. Prevent the various risks that finance may bring.Certus One initially introduced the Wormhole L1 native bridge in 2020. After auditing and going online, holders of SOL and ERC 20 tokens can now transfer their assets between the public chain ecosystem, not just Solana and Ethereum. With the launch of the Wormhole mainnet, the bridge is expanding to other L1s beyond Solana to bring liquidity from Solana, Ethereum, Terra and BSC. They are working to help developers provide more DeFi applications and a more powerful Web 3 experience.
Solana's Wormhole bridge was first released by Certus One in October 2020, and Wormhole V2 recently announced the launch of the mainnet. The new version of Wormhole is a cross-chain bridge, which provides cross-chain liquidity. Transition from Solana to Ethereum Bridge into a native L1 bridge.The new version of the Wormhole Bridge has tremendous flexibility in the Web 3 industry. The cross-chain liquidity bridge aims to have its own security model, incentives and applications by supporting applications. Since Wormhole aims to support more L1 networks in the future, they can support more than just bridged network applications.
Wormhole V2 is separate from the original native bridge built on Solana. It is completely redesigned and has more applications. The Wormhole team uses an oracle/smart contract-based system. This requires trust in the oracle network-not the blockchain.Wormhole V1 is just a native L1, but third-party applications are calling for a way to transmit NFT and other ERC-20. They are also looking for transfer insurance pools and different design mechanisms to ensure that it is necessary to build a different bridge with more accessibility.
With the launch of Wormhole, it will provide all of the above services for Terra, Solana, Ethereum and BSC. In addition to providing liquidity to other ecosystems, the Wormhole team is ready to expand into other areas and provide incentives for their own set of validators. It is worth noting that it is not backward compatible.When a bridge has its own security model, it will make the bridge more complex and flexible to solve the traditional problems of the bridge: low transaction costs, fast relay transactions, and accurate data provision. A bridge with its own security model is a robust and secure transaction bridge.Wormhole V2 has its own consensus mechanism, called Guardians. This new feature makes it an independent bridge with the functionality and flexibility of connecting to any other network, while allowing developers to build their own dApps on the bridge.The bridge will provide basic messaging functions, and then developers can build a token bridge on these foundations. There are two ways to transfer tokens on the bridge. For the transfer-out transaction, the native token will be locked in the smart contract or destroyed and expressed as a packaged token. This transaction will generate a transmission message to the bridge-thus sending the message to another chain.
For incoming messages, the user needs to send a message containing the payload. It's simple-you need to send a message with one of four options to tell the bridge what you want to do; unlock or mint tokens, register token bridge contracts, upgrade contracts, or send metadata messages.Another feature of this design is that developers can build applications on the bridge without major changes to a single protocol. This opens the door for connections between networks—such as token or NFT exchanges or connections from a single chain to a specific set of chains—such as price streams or data sources.
L1 needs additional help from other networks to increase their DeFi use cases. Because of Solana's high throughput, they emphasize small transactions. Higher speed means that validators can process more transactions in a block. This is in sharp contrast to Ethereum, which has only so many transactions in a block, which pushes up the gas price and takes time to process transactions.With this bridge to Ethereum, Solana, Ethereum, Terra and Binance Smart Chain, Solana should see more users bring their ERC-20 tokens into Solana's ecosystem. Solana is L1, which means that it is the first layer protocol that allows developers to use Solana's features to build applications.
Wormhole's modeling method complements the Cosmos Hub and IBC. Although the Cosmos Hub and Cosmos SDK related chains use IBC, the chain can connect to the Cosmos Hub and other chains by running a light client. Wormhole runs a separate chain designed to connect to chains that don't have built-in IBC capabilities. Currently, L1, which cannot be connected to each other, relies on bridges to achieve cross-chain communication.Wormhole's goal is a chain without light clients or other chains that may be compatible with IBC. It aims to connect many high-value chains that focus on DeFi. More transaction volume and increased liquidity on these networks will help continue their growth trajectory. However, the best way to increase the use of these networks is to adopt more. In order to address more adoption and increase the choice of Web 3, the bridge is the key to providing a user experience beyond Web 2.
According to reports, David Marcus, the head of Facebook's cryptocurrency business, said in an interview a few days ago that "stable coins" still need more supervision, which should focus on consumer protection and prevention of illegal payments such as money laundering. .Marcus said: "Do we need more supervision? The answer should be yes. First of all, consumers must be protected. Do consumers know what they are buying? In unfavorable circumstances, what guarantees do they need to protect Take out the money? So, when it comes to'stable coins', one has to know what its reserves are made up of?"The so-called "stable currency" is a digital cryptocurrency that is not affected by price fluctuations. They are inherently stable, and this stability usually comes from the support of some alternative value, such as pegging to the dollar or commodities.Launch digital wallet first this year
In June 2019, Facebook released a digital cryptocurrency called "Libra". Libra was originally planned to be officially launched in 2020 and is expected to provide digital transaction and payment services to billions of potential users. But then, many central banks, finance ministers, legislators, and many privacy protection agencies around the world raised questions about Libra and listed multiple issues related to Libra, including money laundering, terrorist financing, and financial stability.In April last year, the Libra Association announced an adjustment to the Libra project. After the adjustment, it will support multiple versions of digital currencies, that is, a "stable currency" backed by a single currency. In contrast, Facebook’s initial plan was to get Libra to get a mix of currency (US dollar, euro, Japanese yen, British pound and Singapore dollar) and government debt.
In December, Facebook changed the name of "Libra" to "Diem". At the same time, the "Libra Association" responsible for launching and operating this digital cryptocurrency was also renamed "Diem Association". A person familiar with the matter said in April this year that the Diem Association plans to launch a pilot service for a single stable currency pegged to the US dollar later this year. The initial pilot scale will be small and will focus on transactions between individual consumers.Marcus said at the end of last month that Facebook will go all out to launch the digital wallet "Novi" this year to help the company's 2.9 billion users store digital cryptocurrencies. And diem will be launched after Novi.
Stablecoins may be regulated as securitiesEarlier this week, US Securities and Exchange Commission (SEC) Chairman Gary Gensler (Gary Gensler) gave a wide range of opinions on potential digital cryptocurrency regulation during a Senate hearing. Gensler said that "stable currency" may be considered a security. Gensler's remarks come at a time when the US Treasury Department is working with other federal agencies to draft a potential regulatory report on "stable coins" by next month.