DREP 2021 Semiannual Report | Upgradation, Innovation, Cooperation — DREP 2.0 Empowers NFT Trading and Shapes the New Metaverse Economy
Preface: 2021 is a year full of uncertainties and also a year with opportunities and risks. But what remains unchanged is that users never stop pursuing a safe, high-efficient and low-cost blockchain platform. During the first half of this year, DREP has followed the trend and built several ecological infrastructures, endowing cryptocurrency with new possibilities. After repeated tests and deep development, DREP 2.0 is ready to provide services to users with diverse needs.
In addition, DREP has also forged partnership with many leading exchanges to expand its service channel and held AMA in the DREP community to facilitate interaction and communication with users. It is excited to announce that DREP has made great achievements. In the first half of 2021, DREP delivered remarkable results in various perspectives including technology implementation and ecological construction.
Technology and Product
1. DREP 2.0 product line
DREP 2.0, a decentralized credit-data middleware based on layer-2 facilities, has initiated an upgrade from frictionless blockchain toolkits to DeFi Credit Protocol and launched a series of products that could better serve the demand of the industry.
The first product released in the DREP 2.0 Product line, DREP Crossing is the ultimate solution to efficient and flexible cross-chain swap of multiple assets including NFTs. Moreover, DREP Credit Oracle & Credit Explorer characterizes both the traits of integration of users’ credit data and decentralized delegation. DREP Token, the primary approach for fee payment, fully captures the value of the entire credit-data network. DREP 2.0 is also committed to building a DeFi Credit Protocol, which will change the single method of credit enhancement in the DeFi field through over-collateralization and enhance the multidimensional credit investigation of DeFi user portraits. In terms of Cross-protocol Credit Granting and Credit Transfer, DREP Credit DID fully improve the accuracy and efficiency of the DeFi protocol, providing more flexible and seamless experience to users.
After months of dedication and endeavor towards DREP 2.0 product line, major progress that DREP team has made include:
· Established the framework of the distributed digital-identity system
· Provided the testing interface for DID calling
· Achieved the generation and transfer of verifiable credentials
· Optimized the Reputation System’s anti-attack function
· Conducted Beta test of the DREP Verifiable Whitelist
· Conducted Test of Optimistic Ethereum
2. DREP token redenomination & upgrade
DREP has completed the DREP 100:1 redenomination plan.
In DREP 2.0 product line, DREP Token plays a key role as the primary approach for fee payment and fully captures the value of the entire credit-data network. Considering this, DREP has conducted an upgrade plan for DREP Token and received supports from some leading exchanges such as Gate.io, Binance and AscendEX, all of which have completed DREP token redenomination and commenced trading for upgraded DREP.
Here are some key information :
· DREP trading pairs are DREP/BTC and DREP/USDT.
· DREP Token Swap will officially begin on 2021–03–05, ending on 2021–09–01.
· Total supply of DREP Token after the redenomination: 100,000,000
· Circulating supply of DREP Token after the redenomination: 39,900,000
The latest DREP token metrics information has been updated on CMC. DREP page on Binance has also updated DREP token metrics information. Users can obtain the latest DREP token metrics information on both websites.
3. DREP Crossing
DREP has officially achieved the first new product launch in DREP 2.0 product line: Crossing.network.
Aiming at the pain points in today’s NFT market and cross-chain asset swap, Crossing is the ultimate solution to NFT cross-chain swap & multi assets circulation. It is committed towards combining NFT cross-chain circulation + multi-asset trading to simplify its transfer process, expand the current NFT market, accelerate NFT valuation/pricing by providing the trading board function, and provide more convenience to all NFT lovers. It will be capable of solving almost all of the major pain points in the current industry, such as the cross-chain swap of multiple assets including NFTs.
Crossing is already live on Ethereum, Binance Smart Chain (BSC), Huobi Eco Chain (Heco Chain) and Gate-Chain. It is equipped with numerous advantages including multi-chain & assets support, lower gas fees, decentralized system, easy to enter, rich liquidity incentives, etc. It will also launch a unique NFT cross-chain swap function in the near future to explore more possibilities and value of cross-chain NFT circulation.
DREP concluded the best approach to NFT swap for Crossing is to map tokens according to the NFT assets. Instead of simply establishing a mapping relationship to achieve cross-chain swaps for NFTs, Crossing’s approach is applicable for both ERC-1155 and ERC-721 NFT types.This approach has removed the restrictions on NFT cross-chain swap and created greater value for the NFT market.
4. DREP Credit
In the Q1-Q2 of 2021, DREP completed the developing and launching of DREP Credit, a stepping stone for DREP’s “Defi+NFT” mapping. DREP Credit’s launching is a great success, attracting more than 84,000 users in the first three days. Now the total amount of Credit users are more than 350,000, acting as a strong data source and community accelerator in DREP 2.0.
DREP Credit is a middleware system for building a fundamental database of multidimensional credit data network. DREP Credit is an important step in building DREP’s Defi Credit Protocol. The protocol will aim to create a brand new ecology after the redenomination of DERP tokens encircling implementation of DREP DID network, Cross-protocol Credit Granting and Credit Transfer, and future Verifiable White List.
DREP Credit uses API technology, in many ways can provide solutions in determining vital parameters such as variable interest rate, margin rate, commission rate, and clearing threshold. It will create a decentralized credit database, which is in line with further development of DeFi credit. Through the application of DREP Credit, all the above reflected credit profile forms an information pool or database for users further investing enhancement and transactions decisions. The openness and inclusiveness of DREP Credit entail the possibility for DREP to march into outer-cyberspace and realist fields. Moreover, the credit collected by DeFi users through the guidance of DREP Credit will be a key supporter of DeFi Credit Protocol in accumulating users’ historical transaction data, asset management, preference settings, and even Internet social behavior.
5. DREP public chain
DREP Public Chain has gone through some significant updates in the fist half of 2021. We got to present our users the DREP public chain with more proficiency, stability and security.
DREP reconstructed its public chain code and improved reusability of the codes. We also fulfilled the first stage of the DREP reputation calculation model, increased the pledging limit of block nodes and optimized the generating nodes for block creation and upgraded node selection strategies, preventing node block forks. Apart from reconstruction of nodes, DREP enhanced the security of DREP Wallet. The wallets configured by block-generating-nodes will be closed by default and only be unlocked and begin generating blocks after the node has been initiated. The monitoring nodes no longer need to be configured with the default address to synchronize the block data. The unit test and node adjusting have also seen optimization. The team has been working on the design and development of the evaluation of nodes’ block generation quality and weights, to further enhance the stability of block generation.
Other improvements include:
· Optimization of the DOM structure
· Elimination of redundant P2P content
· A better adaption of DREP to EVM
· Optimization the efficiency of transaction packaging and avoid transaction congestion
6. DREP Explorer & DREP Wallet
Since 2021, DREP Explorer has been rather mature. The Explorer is steadily growing. The basic structure is quite solid. During the last 7 months, DREP continue to improved the query and the display interface of contract contents. The page size were compressed further to ensure fast access speed. Optimization of block display and diary outlining were under going.
The security of the DREP wallet has been enhanced, in which the wallets configured by block-generating-nodes will be closed by default and only be unlocked and begin generating blocks after the node has been initiated. Nodes’s block generation has been optimized with the node configuration process being simplified. With this improvement, the monitoring nodes no longer need to be configured with the default address to synchronize the block data. The DREP explorer continues to optimize block display and compress the page size to further improve access speed, deliver block query results to users and developers at a faster speed, and optimize the overall user experience.
1. DREP DeFi Credit Protocol
The DREP DeFi Credit Protocol aims to create a brand-new ecology after the redenomination of DREP tokens. With DREP Crossing launched on Ethereum, BSC, Heco chain, Gate-Chain, Crossing effectively and innovatively reduces barriers in cross-chain swap and multiple assets circulation. Moreover, DREP Credit Oracle & Credit Explorer characterizes the integration of both users’ credit data and decentralized delegation.
DREP Credit, which is an interface application, shows great performance in determining important criterions such as variable interest rate, margin rate, commission rate, and clearing threshold. The effective accumulation of data provided by DREP Credit guarantee the fluent progress of the DREP Credit Protocol. With the development of DeFi credit and the protocol, users are willing to associate their own scattered addresses and IDs to obtain incentives and raise their credit ratings, which is bound to bring vibrance to the development of DREP Credit Protocol.
2. DREP NFT Applications
Nowadays, NFT can be applied to many types of scenarios such as games, virtual assets, artworks, collectibles and identity authentication, and can be purchased, sold, leased and auctioned on some trading platforms. DREP believe that NFTs will not be an Art-market bubble, but instead, a breaking opportunity for many fields in the future, such as asset and identity management.
In fact, DREP has started its exploration into the innovative application of NFT long before today’s trends — — the DREP gamification tool based on DREP SDK. While now in the roaring times of DeFi, NFT’s applicable situation be widely expanded, commercialization and gamification become the hottest trends. DREP have made NFT growth in both trends.
Firstly, DREP Crossing can support cross-chain swapping, herein the NFT holders can capture more value and promote the ecological exchange of NFT between chains, DREP’s Crossing is applicable for both ERC-1155 and ERC-721 NFT types. Therefore, token mapping is the best operable solution to enhance interoperability of NFTs. By mapping a new token as the alternative for the NFT asset through DREP Crossing, users will be able to flexibly swap and transfer their NFT upon approval.
Secondly, DREP Gamification Tool is a toolkit based on DREP SDK. Developers will be able to create economic models, provide asset consumption scenarios, and enable user-defined operations. When the token-wise value of NFT is fully developed. DREP’s Gamefi will plan to build a game rewards pool or devices pool in form of NFT for selling, displaying and gaming. More applications are on the road…
3. DREP DeFi + NFT
DREP has kept working on developing the DREP credit NFT assets delegation and transfer system to provide more trusting and convenient DeFi solutions for its community.With the increasing popularity of NFT, more and more NFT using scenarios have been dug out in terms of games, virtual assets, artworks, collectibles and identity authentication. Among which NFT artworks emerged with the most various forms and took up a huge amount of market transactions, however, the DREP team realized that the next trend should be “gamification finance” under the integration of DeFi + NFT.
Since the previous experience in blockchain game development and the strategic cooperation with multiple gaming incubators form a solid foundation, DREP has made efforts to improve the DREP Gamification Tool, which is already secure, decentralized, has customizable game elements and allows easy integration, into a more mature one.
Up until now, DREP is building a DeFi+NFT service network. By exploring GameFi Credit solutions, the team has proved the significance of NFT in data asset management and opened up more possibilities for NFT applications beyond its utilities as art work collectibles.
The DREP team has achieved the “financialization” of NFT through the DeFi protocol, and is committed to using NFT to generate more assets. DREP DeFi + NFT is constantly creating new sparks to achieve good synergy and solve many problems.
Ecosystem and Community
DREP 2.0 Upgrade
1.1 Binance, gate.io and AscendEX supported DREP2.0 upgrade
After the 100:1 redenomination of DREP, Binance reopened deposits and withdrawals for DREP. Based on the performance of DREP’s cash trade, Binance has also enabled DREP/BTC and DREP/USDT isolated margin pairs. Bisides Binance, Gate.io and AscendEx have also completed DREP 2.0 upgrade plan by opening deposits and withdrawals for DREP respectively. Gate.io opened cash trade for DREP/ETH and DREP/USDT trading pairs, and margin trade for DREP/USDT trading pair. While AscendEx opened margin trade for DREP/USDT trading pair.
DREP Co-founders published information by holding AMA
At the beginning of 2021, DREP co-founders Xiaolong Xu and Momo Chang conducted a DREP 2.0 themed AMA in the DREP community, answering questions from community members about the DREP 2.0 product line, and announced the deadlines for unveiling detailed information regarding this upgrade.
At the end of Q1 of 2021, DREP co-founder Momo Chang held an AMA in CryptoCoinsCoach Channel. She released information about new products to be launched for NFT circulation, partnerships announcement with DeFi and NFT projects, upgraded DREP token metrics as well as DREP BEP20 and Staking programs has been warmly discussed between community members.
DREP Partners with DeGate and Jointly Hosted an AMA
DeGate is an Ethereum based layer 2 DEX that aims to become the strongest layer-2 liquidity pool. The team behind DeGate is KeyGroup, which together with its subsidiary BIHU.com (the largest Chinese blockchain community platform with more than 1 million users). In April, DeGate hosted an AMA in DREP Community and received warm feedback.
2. DREP 2.0 Ecosystem
2.1 ERC20 + BEP20
DREP 2.0 is the decentralized credit-data middleware based on layer-2 facilities. In DREP 2.0 product line, DREP Token undertakes the key role as the primary approach for fee payment and fully capture the value of the entire credit-data network. Therefore, DREP conducted an upgrade plan for DREP Token. DREP has completed DREP 2.0 upgrade and re-listed on Binance on 2021–04–02. Updated DREP 2.0 will support a hybrid-token metrics of ERC20+BEP20, enabling more diverse DREP2.0 ecology and wider possibilities for future DeFi development.
2.2 Global Partners and Clients
DREP had Duet Protocol on board as new partner in DeFi. DREP Credit will work as a decentralized credit-data middleware as well as a community growth accelerator. The collaboration will allow Duet and DREP to take a new approach on a lower-risk and lower-collateralization lending model, which will conserve the accumulated historical transactions of individuals, not squander their credit premium, and benefit the community in the way that lending and borrowing becomes more secure.
DREP’s unique solution, through an open, accessible credit protocol, significantly lower the cost of many DeFi use cases and enhance the multidimensional credit investigation of DeFi user portraits. Our partnership is primarily focused on product and engineering, specifically the ability to leverage each other’s competitive advantages to better service both of our customer bases. DREP will utilize the APIS as its back-end solution for its upcoming DREP 2.0 applications. The APIS provides highly performant, low-cost API solutions for the most used layer-one public blockchains and layer-two scaling solutions. DREP will utilize the APIS to expand its ability to read and write data to other chains and layer-twos, as well as their own layer-two solution, an essential feature of the DREP 2.0 upgrade.
My DeFi Pet
DREP made partnership with My DeFi Pet for supporting in cross-marketing and promoting in different communities and regions by enhancing the gamification process to bring players the best experience. My DeFi Pet is the top game developer in Vietnam with more than 100 million downloads globally. Following our early exploration of GameFi in 2019, DREP will introduce more NFT assets with a strong user base to our toolkits.
Battle Pets is one of the pioneers of NFT and GameFi. DREP team will build the credit-ranking NFT assets system. Cooperation with Battle Pets is an early step in DREP’s Gamification and NFT plan. DREP aims to optimize the trading mechanism of whole NFT marketplace.
DREP built partnership with LTO Network, a hybrid blockchain platform for securing, verifying and exchanging business critical information. Through the partnership, DREP will cooperate with LTO Network to build a GDPR compliant decentralized identities platform. The new platform is connected with DREP DID and DREP Reputation Protocol to work together utilizing each other’s strength to expand the reach and possibilities not just in tech but also in the general business developments.
DREP Global Community Building
DREP multi-language communities have been growing rapidly and internationally this year. On the one hand, DREP English community has seen notable increase in both community activity and number of community members, maintaining its momentum of steady growth. DREP Turkish community has seen a boom in community activity; on the other hand, DREP communities are becoming more and more diverse. Currently, we have developed a large scale of communities including Spanish, Nigerian, Philippine, English, Russian, Indian, Indonesian, Vietnamese, and Chinese communities.
In addition, more partners from various fields including DeFi, games, NFTs, are looking forward to partnerships with DREP. More vital plans are soon to be launched and more exciting news are waiting ahead for the members of our international communities.
DREP has made many breakthroughs in the first half of 2021. Now the planned technology products are undergoing development orderly. DREP 2.0 realized overall upgrading of the whole picture: DeFi, NFT, cross-chain bridge, GameFi and so forth. DREP Crossing not only enabled more convenient and proficient cross-chain swapping, but opened more possibilities for NFT application and completion of DREP’s database. After Crossing, DREP launched another significant project — DREP Credit. It’s a data center in a decentralized environment. DREP Credit has attracted plenty of users and investors to join in. It’s undoubtedly a success for DREP to gather data and provide users with a better interface to receive news and give feedback. Apart from technology, DREP ecology also saw great improvements. We have finished our redenomination plan and got support from many big exchanges such as Binance, gate.io and DegateDex. These new partnership brought more dynamic and driving force for both our team and international communities.
As a “toolkit” and “connector” on blockchain, DREP will continue to follow up new trends in the industry, move on to more integrated Web 3.0 establishment and push DREP’s DeFi+NFT to a higher level. What’s more, DREP intends to enter more fields like Gamification and NFTfi. DREP will not disappoint our users and partners. Please wait to see more progress and new projects in the rest of 2021.