New Coin Mining: Reconstruction of Pricing Weight brought by DeFi
Editor's Note: This article comes fromHoneycomb Finance News (ID: fengchao-caijing), Author: JX kin, reproduced by Odaily with authorization.
Editor's Note: This article comes from
Honeycomb Finance News (ID: fengchao-caijing)
Honeycomb Finance News (ID: fengchao-caijing)
, Author: JX kin, reproduced by Odaily with authorization.
In early September, the three major exchanges Binance, Huobi, and OKEx successively launched the "new currency mining" function. This is a new way of combining IEO with DeFi liquidity mining. When a new project is launched on the exchange, users do not need to "spend money" to grab funds, and can obtain new assets by pledging the assets stipulated by the exchange.
In the IEO era, although major exchanges claim to launch new products at low prices, the pricing power is still in the hands of exchanges and project parties, and users have no bargaining power. "New Coin Mining" has changed this situation with DeFi. Compared with the past, the era of users "taking coins at zero cost" is coming.
After the three major exchanges of HBO have launched new currency mining, there is a question whether this model can become a basic product of the exchange like IEO.
Both Huobi and OKEx maintain a flexible attitude and will make adjustments according to market changes at any time. Binance stated that the liquidity mining method distributes tokens to a wider user group in a "fairer and more game-like way" to empower the project and complete the cold start. Launch a new mining project.
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HBO launches "New Coin Mining" with a focus on DeFi
DeFi riots. Recently, the trading volume of Uniswap has often maintained at the level of more than 100 million US dollars. Its rise has left all CEXs far behind, and even surpassed Coinbase, the largest CEX in the United States. This also makes the expectation that "DEX will replace CEX" rampant.
In the face of the "DeFi" revolution, HBO launched an improvement campaign, combining the gameplay of DeFi liquidity mining, and launched the "new currency mining" function.
Two days later, Binance’s “New Coin Mining” channel Launchpool launched its first project — DeFi aggregator and asset management platform Bella Protocol (BEL). The protocol was initiated and incubated by the ARPA project team, and users can mortgage BNB, BUSD, and ARPA to participate in mining.
On September 10, Zyro (ZYRO), the first project of OKEx Jumpstart to pledge OKB to mine new tokens, was launched. This project was once known as Uniswap built on Zilliqa.
Both Binance and OKEx have only launched two new coin mining projects so far. Binance is supporting Bella Protocol (BEL) and Wing (WING), a cross-chain DeFi lending platform built on Ontology. OKEx launched Zyro and Realio (RIO), which plans to combine private equity and blockchain technology.
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OKEx new currency mining activity is underway
It can be seen from the public information that among the new currency mining projects launched by the three major exchanges, apart from Polkadot’s private computing infrastructure Phala (PHA) on Huobi and Realio (RIO), which combines private equity and blockchain technology on OKEx, ), the others are all related to DeFi smart contracts, which is also in line with the recent trend of exchanges focusing on new projects—mainly DeFi.
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Pledge assets are mainly platform currency
Although the logic of the "new currency mining" of the three major exchanges is similar, there are also differences in the rules.
The platform currency is the main pledge asset allocated by HBO in the "new currency mining", which can also reflect to a certain extent that the "new currency mining" gameplay also aims to promote the value of the platform currency - users participate in the new currency mining , need to hold the platform currency, which virtually increases the user's purchase of the platform currency. In addition, when participating in mining, user assets are locked, which also reduces their circulation in the market to a certain extent.
According to Feixiaohao, as of September 17, in the past 7 days, the three major platform currencies have all risen, with BNB increasing by 14.9%, OKB increasing by 17.6%, and HT increasing by 1.6%.
It should be noted that when users pledge their assets to participate in mining, if they cannot redeem the mortgaged assets in real time, they will face the risk of falling mortgage assets. Binance does not have a limit on the number of mortgage assets, while OKEx and Huobi have upper limits, which protects the interests of small investors to a certain extent.
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At present, judging from the time when "new coin mining" is started, Huobi is closer to the operating rules of the DeFi market, that is, mining on the same day and trading on the same day, users can almost realize mining and selling immediately. OKEx and Binance are not very synchronized between mining and trading times. Among them, BEL, Binance's first "new coin mining" project, was excavated on September 9 and opened for trading on September 15. The two projects launched by OKEx also went online on the second day of mining.
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"Singapore Mining" Restructures Asset Pricing Power
In the era of IEO, although major exchanges claim to launch new products at low prices, the pricing power is still in the hands of exchanges and project parties, and users have no room for bargaining. After the rise of DeFi, the innovative mining method of CEX was introduced "new currency mining", which changed the asset pricing method in the IEO era.
However, doubts also follow. Can the "new coin mining" game be maintained for a long time? Will the exchanges make "new currency mining" their basic function like the IEO channel?
In this regard, OKEx CEO JayHao responded that if this product still maintains excellent performance in the future and is recognized by users, OKEx will consider fixing it as a "new infrastructure" project. Likewise, if market conditions change, the platform will adjust the product accordingly.
Huobi also expressed a similar view, saying that the launch of "new currency mining" is to meet market demand, connect assets and users, promote better integration of DeFi and CeFi, and empower HT at the same time, "if new currency mining can If it plays a role in the above business, Huobi will actively embrace it.”
OKEx and Huobi have shown a flexible attitude towards the "new coin mining" model. In comparison, Binance is more determined, and Launchpool has been displayed on the official website as a function.
The relevant person in charge of Binance said that Launchpool, like Launchpad, will follow strict review standards when selecting projects, and examine whether new project assets have rich usage scenarios and value capture logic in their respective ecology. Users launch new coin mining projects to provide users with more choices of high-quality reward pools, so that users can choose the pool that is most suitable for them according to their risk appetite and profit expectations.”
As for whether the "new currency mining" model can be maintained for a long time, some exchange practitioners believe that this is related to the future development of DeFi application liquidity mining to a certain extent.
