Since the beginning of this year, the whole cryptocurrency sector is dramatic. Besides injecting fresh blood like NFT, DeFi is also growing rapidly. The emergence of DeFi has boosted the encryption world to a new level. Since automation can significantly enhance DeFi protocol, the demand for automation in DeFi field is becoming more and more obvious. After the outbreak of DeFi, many infrastructures developed based on it are still in the exploratory stage. Although the future is full of uncertainties, the DREP team keeps optimistic, bringing more innovations to the market and more surprises to users.
DREP DeFi Ecological Infrastructures
With the continuous surge of users and data in DeFi ecosystem, traditional infrastructures can no longer provide enough support, resulting in soaring transaction fees and high transaction costs blocking the way of some scattered users. Being aware of this, DREP began to build its own flourishing DeFi ecosystem in its smart contract chain, such as launching Layer 2 solution, including the Credit Oracle & Explorer, the Credit DID for cross-protocol Credit Granting & Transfer, the verifiable white list, and more.
As an important infrastructure for cryptocurrency economy, Oracle provides power for smart contract economy, and obtains data from out-of-chain sources and transmits it to blockchain, so that smart contract applications can utilize the information. Oracle not only provides a delivery mechanism for transmitting data on the chain, but also serves as a verification mechanism to ensure the high integrity of data. DREP Credit Data Oracle solutions and Credit Explorer can help form a credit price for the DeFi protocol, which can assist in determining the configuration of parameters such as variable interest rate, margin rate, commission rate, and clearing threshold.
By doing this, users will be more clear about the valuation of their products, thus liquidity providers could make relevant adjustments to improve their competitiveness and liquidity demanders are able to make smarter choices in their investment.
DREP was invited to the Decentralized Identity Foundation (DIF), jointly promoted interoperability and standardization of blockchain-based ID system along with Microsoft, IBM and Accenture. DIF thinks highly of DREP DID system, privacy protection, security and ease of use, as well as DREP’s commercialization of DID in the Middle East, Australia and other regions.
Based on the traditional PKI challenge-response authentication mechanism and data encryption, DREP is about to build a cross-chain Credit DID data system, where interactive authentication can be achieved through asymmetric-key encryption between different nodes.
Through DREP Credit DID, the credit accumulated by DeFi users through historical transaction data, asset management, preference settings, and even Internet social behaviors will be quantified and capitalized, which will fully improve the accuracy and efficiency of the DeFi protocol, and users will be able to manage and use their credit assets more intelligently.
From DeFi to Gamefi
Gamefi is very likely to play a leading role in the next blockchain era as powerful as DeFi, and how to gain a firm foothold in this new outlet is the most important thing. Gamefi is “gamification finance” under the integration of DeFi + NFT, and it is a brand-new gamification business. However, Gamefi is far more than game+finance, it is better to be understood as DeFi gamification, and can be defined as DeFi+Game. In conclusion, the Gamefi is committed to present financial products as games and creat a concept of “play to earn”, so as to enhance users’ interest and promote the development of game ecology.
DREP Gamification Tool
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. With the objective of greatly enhancing the token economic system, DREP Gamification Tool is secure, decentralized, has customizable game elements and allows easy integration.
Based on DREP Gamification Tool, DREP successfully developed the first blockchain miner pakour game — DREP MINING, integrating attributes of multi-currency payment SDK, hold & mining, lock & earn, etc. Of the three versions in DREP MINING, the Alpha received outstanding improvements in social media with a prize pool of 100,000 DREP; the Beta, known as the “Quess DREP TPS” game, attracted more than 8,000 participants with a prize pool of 200,000; the third round DREP added a tiered increase mechanism in the prize pool distribution so that the rewards will not be diluted as participants increase.
DREP established an in-depth strategic cooperation with a gaming unicorn Bijiaqi. Based on DREP SDK, DREP will provide technology support and help build Bijiaqi platform into one of the leading decentralized game virtual asset trading platform worldwide. Through this cooperation, DREP reached hundreds of millions of PC users in western countries.
Mr. Daniel Wang, COO at Riot Games China, has served as DREP’s gaming ecosystem advisor. He promoted DREP Gaming SDK to dock with more top games, and achieved a full coordination of game resources.
By cooperating with GameBank, a public chain specifically designed for theD game industry based on blockchain technology, the built-in payment and transaction engine enabled cross-game circulation transactions of user assets and further optimized the digital asset trading experience.
DREP has also inked a major partnership with Tuoluo Media, one of the largest gaming incubators in China, to revolutionize traditional games and build killer games on chain for mass adoption.
Although Gamefi projects are emerging in endlessly in the market, the DREP team, based on its former experiences, practices and cooperations with other projects, is full of confidence in creating a leading Gamefi project in the coming years.
From DeFi to NFTfi
DeFi endows NFT with commercialized value through finance, and NFTfi is a blockchain project integrates with NFT elements. The DREP team is promoting the cross-border application of DeFi, especially by combining with NFT to launch more innovative projects. With a huge number of newcomers participate in the trading of cryptocurrency, NFT-related infrastructures and applications are surging in diverse forms. Since NFT boasts an enormous potential in the market, new forms of trading platforms for NFT transactions are highly possible to be developed. Under the aim to endow DeFi+NFTfi certain value, the team has kept working on developing the DREP Credit NFT assets delegation and transfer system to provide more trusting and convenient DeFi solutions for our community.
Whether it is DREP Crossing, DREP Credit or other DREP Layer2 solutions, all of these DREP DeFi products seem to be ready for a next big step that DREP will stride. In the near future, with the help of DeFi’s decentralization, DREP will enable users to initiate NFT transactions in the chain on the basis of solving credit and certificate deposit problems, so as to achieve cross-chain DeFi interoperability, bring better user experience and help DeFi application land successfully.