DREP Monthly Report 6.1–6.30|DREP’s Defi+NFT: New Sparks; DREP Credit’s Active User Surged; DREP 2.0 Products’ Improvement.
In June, the DREP team has committed to the optimization and innovation of its Defi+NFT project.
In terms of technical products, DREP is building a Defi+NFT service network. We launched DREP Crossing, an ultimate solution to NFT cross-chain swap & multi assets circulation, and introduced DREP Credit application into many aspects of our product lines. Since the introduction of DREP 2.0, which is committed towards 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, 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.
In terms of ecosystem, DREP’s Defi+NFT ecology has drawn more than 230,000 users to use DREP Credit. In 2019, the DREP gamification tool based on DREP SDK has been developed as part of the DREP Gaming Ecosystem. It was designed as a gaming finance toolkit that includes personalized in-game finance modules, flexible economic models, multi-currency payment SDK, and other features that enable customizable game elements. In addition to NFT applications, DREP 2.0 will be providing a suite of exciting DeFi Credit layer 2 solutions, including the Credit Oracle & Explorer, the Credit DID for cross-protocol Credit Granting & Transfer, the verifiable white list, and more.
DREP’s Defi+NFT: New Sparks
Although the market direction is not clear in the short term, the value of the NFT has gradually been recognized. One of which is that the NFT expands the categories of assets on the chain, providing possibilities for assets that are unrepresentable before. The innovation of NFT is that it provides a way to mark the ownership of native digital assets, and the ownership can exist outside the centralized service or centralized library.
The Drep team has achieved the “financialization” of NFT through the Defi protocol, and is committed to using NFT to generate more assets. Drep’s Defi + NFT is constantly creating new sparks to achieve good synergy and solve many problems.
Considering the established asset scale and the security of long-term accumulation, the DREP development team will start to test the EVM-compatible Rollup solution.Our preferred test solution is Optimistic Ethereum, and integrating the Optimistic Rollup expansion plan according to the outcomes of the test during the development process of DREP Credit Protocol. Binance Smart Chain is also one of the solutions that the DREP team is very optimistic about. Its advantages include the compatibility of EVM, reasonable handling fees, and fast-developing asset scale. Therefore, DREP will include the deployment of BSC in the development plan to embrace the diverse and rapidly-growing ecological environment.
Public Chain Development
1.Optimize the efficiency of transaction packaging and avoid transaction congestion;
2.Optimize the EVM adaptation, repair contract deployment and query failure.
DREP Products Development
1.Optimize the retrieval speed of functions such as following in telegram;
2.Optimize the speed of news feed of Bot.
DREP Credit’s Active Users Surged
Under the DREP team’s relentless efforts, DREP Credit’s active users amounted to more than 230,000!
At present, most of DeFi core product lending protocols are exploring lower-risk and lower-collateralization lending models, and even innovative forms of unsecured loans. However, neither credit delegation nor third-party guarantees can solve the fundamental issues of loan credit enhancement. The DREP team believes that, in spite of DeFi’s pursuit of anonymity and free-of-KYC, it is still necessary for participants to build credit profiles based on DeFi DID without the need to unnecessarily waste their credit rights and credit premiums accumulated through historical transactions.
The collection of DREP Credit Data source will also cover the credit data of DeFi users in non-DeFi scenarios, such as traditional Internet and even traditional financial fields.We believe that 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.
Although there are many challenges ahead, the DREP team has been trying to attract more new-product users and increase revenue, capture a wider user base and reduce transaction costs. At the same time, we also realize that valuable NFT assets are not fully utilized and can actually benefit from loan solutions, and NFT loans can also create income solutions. Idle NFT assets have huge potential, NFT holders can obtain immediate liquidity through loans and create income opportunities.
So much so that, the DREP team has given users the way to borrow and pawn the fragmented NFT as collateral. To find more suitable application scenarios for NFT and improve community participation, that is, stepping up efforts to increase the liquidity of NFT, is one of the current goals of the team.
DREP 2.0 Products’ Improvement
The team has always been aware of that NFT injects differentiated assets with scarcity as the standard for Defi, and the liquidity mining of Defi needs the support of NFT application scenarios. Now, what DREP 2.0 hopes to further achieve is to fully capture the value of NFT through the capitalization of credit data. In DREP 2.0’s DeFi credit protocol, we will transform users’ credit data accumulated through historical transactions into NFT assets, and integrate them with users’ DID. In order to expand the application boundary of Defi and break the limitations of application scenarios and governance token functions, it is necessary to inject NFT scenarios into Defi liquidity mining.
As the development of DeFi gradually breaks the boundaries of Crypto and evolves towards real-world assets and finance, the DREP development team intend to reposition DREP’s product line and development path by doing the following practices:
- Develop DREP Credit Data Oracle solutions and Credit Explorer. We aim to 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.
- Create DeFi Credit layer 2 solutions. Currently, we utilize the proprietary DREP Chain as a layer 2-like solution to reduce the high cost of operations on the chain.
- Provide a cross-chain Credit DID data system. On the basis of traditional PKI challenge-response authentication mechanism and data encryption, the system is able to achieve interactive authentication through asymmetric-key encryption between different nodes.
- Cross-protocol Credit Granting and Credit Transfer. More widely used credit delegation and credit transfer can also be verified, and the flexibility of DeFi Lego will be magnified exponentially.
- Issue a Verifiable White List. It is a product that meets the needs of the current industry and helps all DeFi products from new market entrants to relatively mature ones to quickly discover seed users.
Since the Q3-Q4 of 2021 is arriving, the DREP’s team will continue to pursue its plans as follows:
- Official launch of DREP Verifiable White List function
- Deployment of DREP Credit DID on multiple chains
- Completing and confirming the Credit Rating/Ranking Mechanism V1 scheme
- Grayscale test of DREP Credit Oracle’s basic functions
- Grayscale test of DREP Credit Explorer V1
The above is the DREP team’s monthly report for June 2021. DREP will keep staying true to its original spirit and stick to its path to further advance DREP’s technical and ecological development, yielding more ground-breaking results. Thanks to the members of the DREP community for their attention and support!