DREP Monthly Report 5.1–5.31/ Introducing DREP Credit; DREP Credit Adopted by Duet Protocol; DREP Credit Rewards Claiming.
In May, the DREP team worked on the development of DREP 2.0 product line.
In terms of technical products, DREP Foundation has worked on the establishment of DREP 2.0 product line and began to introduce its Credit Oracle, which is in line with the latest DREP roadmap issued earlier in March. Shortly after the announcement of the DREP 2.0’s upgrade plan, DREP has built up a rich partnership portfolio. DREP created an innovative integration between Defi products and NFT, on the basis of which DREP will continue to explore more possibilities on a Defi Credit Middleware. In the following months, DREP will continue to make DREP Credit plan more practical and user-friendly through the launching of new functions.
In terms of the ecosystem, 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. Moreover, Binance officially features the collaboration between DREP and Duet Protocol, and emphasizes the multidimensional Defi credit enhancement via DREP credit middleware. To better explore the potential of DREP Credit, DREP Credit Airdrop & Bot act as new functions to stimulate the dynamics of community and raise user’s profile.
In terms of technical products, DREP has taken further steps within DeFi Credit Protocol. The protocol will aim to create a brand new ecology after the redenomination of DERP 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. 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 Credit, as an interface application, is great assistance in determining vital parameters such as variable interest rate, margin rate, commission rate, and clearing threshold. Credit is the backbone of DeFi Credit Era. The effective accumulation of data provided by DREP Credit guarantee the fluent progress of the DREP Credit Protocol. With the development of DeFi credit, users are willing to associate their own scattered addresses and IDs in order to obtain incentives and raise their credit ratings, which is bound to bring much dynamics to the development of DREP Credit Protocol.
Public Chain Development
1. Optimization the voting reward of DREP block nodes, and increase the basic reward of node operators
2. Modification the RPC interface standard to reduce the coupling between RPC interface and logic
DREP Products Development
DREP Blockchain Explorer
In terms of ecosystem, the introduction of the plan into DREP 2.0 product line is of great benefit for the lining out the blueprint of DeFi Credit Era. The openness and inclusiveness of DREP Credit entail the possibility for DREP to march into outer-cyberspace and realist fields.
Under this blueprint, DREP Credit was adopted by Duet Protocol, Duet and DREP is aiming to alter the sole method of credit enhancement in the DeFi world through over-collateralization and improve the multidimensional credit investigation on DeFi user portraits.Binance officially features the collaboration between DREP and Duet Protocol, and emphasizes the multidimensional Defi credit enhancement via DREP credit middleware. DREP team also launched plans of rewards claiming through Credit Airdrop and Credit bot. In the future, DREP will continue to release new DREP Credit solutions for the booming Defi Credit Era.
Introducing DREP Credit:
DREP Credit is a middleware system for building a fundamental database of multidimensional credit data network. This network will move on to support and be the cornerstone of DREP DID product line. In order to strengthen credit investment and promote the portraits of DeFi users, it is necessary to build credit database based on DeFi DID with their previous credit rights and credit premiums accumulated through historical transactions in record. DREP Credit utilizes the Application Programming Interface, abbreviated as API, which is an interface defining the interaction among multiple DREP Credit intermediaries, the types of calls or requests, method to make calls or requests in the DREP Credit System, the data format, and the conventions. It can also provide an extension mechanism for interactions and feedback-transporting within DREP Credit Protocol, so that users can extend the existing functions in different degrees in various ways. An API for DREP Credit can be completely customized, specific to a certain component, or designed based on industry standards to ensure interoperability. Through information hiding and decentralized, DREP Credit realizes modular programming, thus allowing DeFi users to check and update their credit account in the interface independently and instantaneously.
DREP Credit Adopted by Duet Protocol:
Duet Protocol is delighted to announce the partnership with DREP. To assist Duet in capturing the value of the credit-data network in their multi-chain synthetic asset product, DREP 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 Credit rewards claiming:
The verification period of DREP Credit Reward Program in May has started from 2021–05–31 12AM (UTC+8), which lasted for less than 2 days. User’s contribution rewards & credit balance were announced via DREP Credit Bot after the verification has been done.
The above is the DREP team’s monthly report for May 2021. DREP will keep up the good work and follow the planned roadmap to further advance DREP’s technical and ecological development, achieving more ground-breaking applications. Thanks to the members of the DREP community for their attention and support!