DREP Monthly Report 4.1–4.30 | DREP Breaking News to be announced; Binance completed DREP upgrade and reopened trading; DREP Crossing officially launched
In April, the DREP team has completed many vital upgrade plans.
In terms of technical products, DREP has completed DREP 2.0 upgrade on Ethreum as well as other exchanges; DREP Crossing launched on Ethereum, BSC, Heco chain, Gate-Chain. DREP Crossing, a trustworthy, transparent and convenient cross-chain swap solution for decentralised assets, effectively and innovatively reduces barriers in cross-chain swap and multiple assets circulation. In the future, DREP will add more practical and innovative functions based on users’ feedback.
In terms of ecosystem, DREP has completed the DREP 100:1 redenomination plan. Binance as well as other exchanges have opened deposits and withdrawals for DREP; DREP international communities are prosperously growing. On the one hand, DREP English community and other groups continued its rapid growing in both activity and size. DREP Turkish community has seen a boom in community activity as well; on the other hand, DREP communities are becoming more and more diverse. New communities including Spanish, Nigerian, Philippine communities joined the large DREP international community family (English, Russian, Indian, Indonesian, Vietnamese, Chinese communities).
In terms of technical products, DREP continued optimising block rewarding mechanism and increased the weight of node stability, which helps to assure the high quality of blocks and great users experience. The launch of reward mechanism has further refined DREP products. Moreover, DREP has optimized the system on EVM, which contributes to a better adaption to EVM.
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. In addition, DREP Crossing launched on Ethereum, BSC, Heco chain, Gate-Chain. DREP Crossing is a trustworthy, transparent and convenient cross-chain swap solution for decentralised assets. It effectively and innovatively reduces barriers in cross-chain swap and multiple assets circulation. For the current version of Crossing, we chose to focus on core functions including the cross-chain swap of multiple types of assets (with asset type application options) and liquidity pool incentives. The functions regarding NFT swap and trading are still under testing and will be launched in the near future. We have also been working on more exciting functions that integrates NFT with the DREP Crossing solutions.
DREP Products Development
- DREP 2.0 products launched, and more DeFi and NFT related toolkits are going to be launched.
- DREP Crossing officially launched.
DREP Crossing is a trustworthy, transparent and convenient cross-chain swap solution for decentralised assets. 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.
For the current version of Crossing, we chose to focus on some of the core functions including the cross-chain swap of multiple types of assets (with asset type application options) and liquidity pool incentives. The functions regarding NFT swap and trading are still under testing and will be launched in the near future. 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. To deliver the best user experience, we will be implementing this function after further optimisation and testing. This approach has removed the restrictions on NFT cross-chain swap and created greater value for the NFT market.
Crossing’s Unique Features
- NFT Cross-chain Circulation: it supports the circulation of multiple token assets including NFTs on multiple Layer1 and Layer2 chains, including but not limited to ETH, BSC, Heco, Optimistic Rollup, and ZK Rollup, to solve the problem of high transaction fees and improve the liquidity of funds.
- Diverse token support: It will support a variety of assets including NFTs, and be open for community voting & token owner application to add type of assets. By minting tokens, setting your own price, and then posting it on your social media, let your audience buy it and become your own NFT market.
- Decentralised System: Crossing’s solution eliminates the need for counter-parties and custodians to hold funds during cross-chain transactions. Anyone can participate in the ecosystem, and each node of the smart contract will be responsible for the processing of each transfer order, which enhances the security of cross-chain transfers and reduces the potential risks.
- NFT Trading Board：In the future version of Crossing, we will develop an NFT Trading Board that allows flexible trading between a variety of tokens and NFTs (token-token, NFT-NFT, token-NFT and vice versa). This function will greatly simplify the trading process and reduce the high gas fee. It will also provide a vast market for NFT sale by covering numerous types of tokens. Last but not least, the NFT Trading Board will facilitate the pricing of NFTs to provide future reference for potential buyers and sellers, as NFTs can be appraised and priced through the trading market on Crossing’s platform.
Public Chain Development
- DREP continued optimising Block rewarding mechanism, increased the weight of node stability and launched reward and punishment mechanism.
- DREP on EVM has been optimized, which realised a better adaption of DREP to EVM.
In terms of ecosystem, DREP has completed the 100:1 redenomination plan and re-listed on Binance as well as other exchanges.
DREP multi-language communities have been growing rapidly and internationally. On the one hand, DREP English community continued its steady growth and hit new records in April in both community activity and number of community members. DREP Turkish community has seen a boom in community activity; on the other hand, DREP communities are becoming more and more diverse. New communities including Spanish, Nigerian, Philippine communities joined the large DREP international community family (English, Russian, Indian, Indonesian, Vietnamese, Chinese communities).
In addition, more partners including DeFi, games, NFTs, are looking forward to partnerships with DREP. More vital plans are going to be launched and more exciting news are going to be released soon. Therefore, DREP cofounder Momo hosted an AMA exchanging information with DREP community members on 2021–04–10.
Binance supported DREP 2.0 Upgrade Plan and Re-opened Deposits and Withdrawals for DREP
After the 100:1 redenomination of DREP, Binance reopened deposits and withdrawals for DREP on 2021–04–02. DREP trading pairs are DREP/BTC and DREP/USDT. The upgraded DREP total supply is 100M and the total circulation supply is 39M.
Binance Reopened DREP Margin Trade
Based on the performance of DREP’s cash trade, Binance has also enabled DREP/BTC and DREP/USDT isolated margin pairs on 2021–04–13.
Gate.io and AscendEx Have Completed DREP 2.0 Upgrade Plan
Bisides Binance, gate.io and AscendEx have also completed DREP 2.0 upgrade plan. On 2021–03–25, Gate.io opened deposits and withdrawals for DREP，cash trade for DREP/ETH and DREP/USDT trading pairs, and margin trade for DREP/USDT trading pair. On 2021–04–05, AscendEx has also completed DREP2.0 upgrade plan, and opened deposits and withdrawals for DREP and margin trade for DREP/USDT trading pair.
Coinmarketcap (CMC) and Binance Have Completed DREP [NEW] Information Update
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.
DREP Multi-language Communities’ Fast-Growing Globalization
On the one hand, DREP English community continued its steady growth and hit a new record in April in both community activity and the total number of community members. The Turkish community has seen a boom in community activity. On the other hand, DREP communities are becoming more and more diverse. New communities including Spanish, Nigerian, Philippine communities joined the large DREP international communities family (English, Russian, Indian, Indonesian, Vietnamese, Chinese communities). New communities will boost DREP future development.
DREP’s Partnership with DeGate, My DeFi Pet and The APIs
Based on Ethereum Layer2, DeGate is the first trading protocol that owned and controlled by DAO. DREP’s collaboration with DeGate will provide users a great trading experience of one-stop service, low gas fee and high liquidity. DREP never stops its exploration of GameFi since 2019. In April, DREP built partnerships with DeGate, My DeFi Pet, a virtual pet game developed by the top game developer in Vietnam, and The APIs, an early leader in the creation of a credit protocol for DeFi. In the future, DREP will introduce more NFT assets with a stronger user base to our toolkits and build more great partnerships to benefit DREP holders.
DREP Cofounder Momo Chang Hosted an AMA in CryptoCoinsCoach Channel
DREP Cofounder Momo Chang had an AMA in CryptoCoinsCoach Channel on 2021–04–09. 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.
Key Points of DREP Update
Vital joint products will be launched to benefit DREP holders; DREP Staking, a comprehensive and multilateral mechanism, is under testing; New listing are going to be disclosed one by one.
The above is the DREP team’s monthly report for April 2021. DREP will keep up the good work and follow the blueprint to further advance DREP’s technical and ecological development, achieving more ground-breaking applications. Thanks to all the members of the DREP community for their attention and support!