[AMA Review] DAPPX CEO Ralph Cai: What imagination does Cocos-BCX have in DeFi?
On the evening of August 13th, 2020, the Cocos-BCX Chinese community launched a discussion event on the topic of “Cocos-BCX Hotspot AMA: DeFi Rhapsody”. The Cocos-BCX global community contributor Alvin shared the wonderful experience with guests during a 1.5 hours hosting . In the end, the event finished. very successfully. The purpose of this community sharing event is to allow Cocos-BCX ecological Builders&Angels to chat with the community about recent market hotspots, DeFi, and make the community understand the industry knowledge and hotspots better.Also we hope that everyone can get closer to the frontier world of blockchain.
This “Cocos-BCX Hotspot AMA DeFi Rhapsody” theme event was very successful. The content shared by the guests was full of essential ideas, and the effect far exceeded our expectations. I would also like to thank the guests who took the time to participate in the sharing: Blockchain Research Institute founder Higer, DAPPX CEO Ralph Cai,Cocos-BCX global technical contributor Reed, and the representative of the observation group Gyro Finance Editor-in-Chief Blake, DAppChaser Erica and wonderful questions from three IMCOCOS representatives.
Since the content of this ecological conference is relatively rich and exciting, in order to present the content to everyone in a complete way, we divided the content into multiple sections for sharing. In the last article, we reviewed the theme of “DeFi is the most important puzzle lost in the public chain” by Higer, the founder of the Blockchain Research Institute. Today, this article will review DAPPX CEO Ralph Cai’s “Cocos-BCX in DeFi. “Theme sharing. The following is his main content:
DAPPX CEO Ralph Cai
DAPPX CEO Ralph Cai: What imagination does Cocos-BCX have in DeFi
Hello everyone, my name is Ralph Cai, CEO of DAPPX. I am very happy to be invited by Cocos-BCX Eco to share the DeFi theme today. Recently, DeFi is very hot. I am full of interest in this area, and I have been studying and researching. Tonight, I will share and exchange some of my personal insights with you.
My sharing topic is “Cocos-BCX has any imagination in DeFi”. The host guest Higer shared from a systematic and professional point of view. It can be seen that he has done a lot of sorting work. I do appreciate for his sharing to pave the way for today’s content. I will directly share with you the recent hot spots and my personal thoughts.
At current stage, the most popular categories in DeFi are trading, lending, and derivatives. For transaction types such as SWAP and Balancer, Curve, etc.；for. lending types such as Compound, which mainly play a leverage role;And for derivatives types such as Yfi, which are tools to go to other DeFi platforms to obtain revenue, and then distribute the revenue to users. The recent popularity of DeFi has also caused the ETH network to be very lagging and extremely high handling fees.
1.Code is law
In fact, DeFi as I understand it still follows a sentence, Code is law.
I am more than happy to have finally reached this point. In fact, the DeFi concept has gone through a precipitation period for several years, and it has not become popular until this year. So why did it suddenly rise this year? It is because the concept of digital currency that we have formed before, especially the consensus of buying and selling in the exchange trading link has now been broken. In other words, it is finally possible to use an open rule to remove excessive human intervention, for example, to remove the intervention of marketers in the transaction to form a real consensus on value.
Following the principle of Code is law, it is quite fair for EOS, ETH, or Cocos-BCX, at least everyone follows the same rules. Well, in fact, now is a good opportunity to turn our ideas into rules and rewrite the existing financial system in this world. We no longer have to reproduce and copy, we have to create new things.
In fact, we all know that the most popular DeFi is the ETH chain, followed by EOS. Some domestic public chains are also gradually deploying and landing DeFi, but does it mean that there is no chance for other chains except ETH? I don’t think so, because we mentioned above that the ETH chain is very lagging and the handling fee is extremely high. This is also the time when the high-performance public chain has the advantages. In addition, today’s YAM’s contract code error caused a crash, which explains the contract code problem. Then it has natural advantages for smart codes such as Cocos-BCX to be simple and reliable.
And does the first thing the Cocos-BCX ecosystem need to do is to copy? Copying existing proven and mature DeFi projects is a foundation for precipitation. However, such copying cannot be expected to bring a boost to the Cocos-BCX ecosystem. It only provides functions such as liquidity and lending. The key is where the assets and users are.
So I want to focus on introducing some unique advantages of Cocos-BCX ecosystem in DeFi. Because in my opinion, Cocos-BCX is a public chain born for games. Next, I will talk about the combination of games and NFT with DeFi.
2. Game + NFT
The simplest combination of game and DeFi is to go to SWAP after the game Token is issued. This can form a double closed loop of the game Token economic system and the SWAP economic system, and can provide dependable and reliable liquidity for the Token inside the chain game, regardless of whether the game exists. As long as someone places a sell order, they can exchange game tokens for ecological tokens.
In fact, we saw that many games were born in the EOS era, and the DEX exchange was also born. Because game assets, especially FT assets, need a circulation link. At that time, DEX could easily provide circulation for the assets in the game.
However, DeFi is different from the previous DEX. DEX is still a buy and sell transaction mode, but the SWAP price uses a non-linear formula exchange method to ensure that users can also trade assets without the need for counterparties.
Therefore, if Cocos-BCX makes a SWAP-like product, it will effectively stimulate a large number of games to form a double cycle of SWAP on their game Tokens, and ultimately form a price cycle based on the participation of SWAP and the profit of the game itself. It will eventually lead to a healthy upward development of prices, which is also a good investment target for investors.
The game public chain is combined with DeFi, and the token is supported by the profit of the game itself, but also integrates SWAP, and the rise will be healthier.
3. Game Token+SWAP
Then we continue to say that if the game Token is on SWAP, then it can be used as a liquidity injection certificate for the game Token to have privileges.
This is a secondary design made on the basis of just now. It is the game token. On the one hand, it can be replaced, on the other hand, it can be used for liquidity injection. When liquidity is injected, a voucher will be presented. This voucher will become the user in the game. One of the privileges in it, such as free game tokens, mining, redemption or free gifting of game props, special offers to purchase props, etc.
4.The two axes of the public chain: DeFi and NFT
Next I will talk about the combination of NFT and games. There are many SWAP games on the market, but many of you are doing SWAP based on FT, so can you imagine doing NFT SWAP?
Let me give you a scenario here. There is a very powerful hero in a game, but the limit is 1000, which means there are only 1000 NFT heroes. If we make an NFT SWAP product at this time, it is A multiplied by B, B is an integer, and the limit is 1000. The first way to obtain these 1000 heroes can only be through SWAP. Such NFT can be extremely low-stimulus game players to obtain more revenue and benefits. So combined with the game perspective, if NFT assets are purchased through SWAP, the assets can be replaced with COCOS at any time, so that the liquidity of the entire asset is greatly guaranteed, and users don’t have to worry about how many players are playing games,how long can it last.
Second, the NFT purchased by users through SWAP will have different prices in different periods, and the resulting price difference will be the original driving force for NFT transactions.
So how does the game party get revenue? Game parties can directly sell NFT assets in the game through SWAP, which not only injects liquidity into the market, but also increases their own income.
The combination of NFT and SWAP can be designed and studied in many details. It is obviously different from the entire market economy of FT, but there are also many commonalities. So today I will introduce the top part.
5. Oracle machine + NFT
Finally, I will introduce the oracle machine + NFT to everyone.
For example, betting. The traditional gameplay is that the winner can divide the total investment of the loser according to the betting ratio, but the new design gameplay incorporates the design of NFT, for example, according to the length of the player’s betting, that is, the longer the betting time. , The bigger the proportion of bonuses that can be divided up in the end. Every bet is standardized, and players can get a time stamped NFT after betting, which means that NFT has the meaning of the player’s betting duration. And it is the difference in the share ratio that promotes the trading value of NFT.
This kind of gameplay is quite interesting, and everyone can think a bit more and communicate more. My sharing is over, in the end, thank you very much for listening! Thank you.
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