Insight-the fifth phase of the DeFi series of cross-chain mining aggregator Farmland-after the decline in mining revenue, a must-use artifact for small and medium users
At 19:00 on October 13, the fifth phase of the "Insight—DeFi Series" event hosted by Nova Club and co-sponsored by Kirin Fund began. Farmland CEO-ian sung was a guest in the live broadcast room and explored the first cross-chain mining aggregator-Farmland with Yani, the head of Nova Global marketing!
At 19:00 on October 13, the fifth phase of the "Insight-DEFI Series" event sponsored by Nova Club and co-sponsored by Kirin Fund started. This event was co-organized by Cryptogram Capital and received strong support from many mainstream media such as Cointelegraph Chinese!
Nova Club is an investment ecological alliance composed of mainstream institutions in the blockchain industry. It aims to unite the resources of alliance members to discover, invest and incubate more potential and valuable projects. The members of the Nova Club Investment Ecological Alliance will jointly build an investment ecology, grow together with the project, and jointly promote the positive development of the industry.
Farmland is the first cross-chain aggregated mining product. It is a cross-chain aggregated mining platform under the PoS mechanism. It supports more public chains and allows more asset holders to participate in the DeFi market.
In this issue of "Insight-DEFI Series", Nova Club's marketing manager Yani and Farmland CEO ian sung explore the first cross-chain mining aggregator-Farmland!
The main points of view shared by the guests:
1. Farmland is the first aggregator project that focuses on Defi cross-chain mining. It has the advantages of one-click cross-chain, 0 waiting, 0 handling fee, and true decentralization.
2. The Farmland governance mechanism and the deflation mechanism of the token FAR provide value support for FAR.
3. Farmland by low fees, safety and convenience features to attract a cross-chain "of miners on the market.
4. As a cross-chain aggregator, Farmland solves the cross-chain, mining, income extraction and other handling fees and difficulty issues
The following is Nova Club's collation of the entire interview:
Yanni: First of all, today’s guest Farmland CEO-ian sung, introduce herself.
ian sung: Hello, everyone. I am honored to be here today to share with you. After graduating from Tsinghua Financial Engineering Department, I am mainly engaged in technology entrepreneurship, some of which were acquired by quasi-listed companies. My partner Mao is from Johns Hopkins majoring in computer science. Their school is very strong in engineering and medicine. Every day everyone sees the global new crown data is to quote the data released by their school. We have been introduced to this industry very early, and have been providing technical and secondary market support for other projects, including many projects traded on Binance and Huobi. We have always been very interested in the integration of financial and technology products, and also like to study mathematical and economic models. This time we saw that DeFi has a very good scene and is very suitable for our team, so we decided to do the Farmland project.
Yanni: Recently, DeFi mining has swept the entire blockchain circle. As the first aggregator project that focuses on Defi cross-chain mining, can you introduce Farmland?
ian sung: Farmland is a cross-chain DeFi aggregation platform using POS mechanism. The purpose of Farmland is to help various public chain asset holders to obtain DeFi dividends and participate in DeFi activities such as "farming". The reason why we developed and did this was mainly because we saw that many holders of BTC or other non-ETH public chain assets did not have a very convenient way to participate in the Ethereum DeFi boom. We hope to solve this "asset island" problem . Our products are being developed intensively. It is estimated that we will be able to meet with you this month. At that time, everyone can easily participate in mining with assets such as BTC in their hands.
Yanni: After hearing your introduction to the Farmland project, what are the characteristics or advantages of Farmland compared to other aggregate mining projects?
ian sung: Compared with the decentralized aggregation of YFI and some centralized aggregators, I think the main advantages of Farmland are as follows:
1. One-click cross-chain: Users can directly enter BTC into the address provided by the Farmland contract to mine. In the decentralized aggregator, this is currently possible. We have not seen the second one.
2, 0 waiting: If users use cross-chain tools such as renBTC, they need to wait at least 1 hour for confirmation before calling wallets such as MetaMask, which is very troublesome. We achieved extremely fast cross-chain confirmation and focused on cross-chain mining in the mining market.
3. 0 handling fee: our back-end decentralized aggregation is done very cleverly, everyone no longer has to endure the handling fee of hundreds of dollars at every turn.
4. Real decentralization: all functions are completed at the contract level, there is no problem of fund pool, no risk of running away
Yanni: You may be familiar with the aggregator part, but for the asset cross-chain part, many friends will find it more mysterious and unfamiliar. Can you tell us in detail how Farmland realizes asset cross-chain?
ian sung: Cross-chain has always been a very hot topic. Everyone knows Polkadot and Cosmos, but most people don't know how they cross-chain. Specific to our cross-chain, we roughly divided into three stages. The first stage is the aggregation of the existing agreements. In order to let everyone use convenient tools faster, we first aggregate the existing cross-chain agreements so that users can cross-chain without feeling; in the second stage, we use In a way similar to CRV, a package of Bitcoins on Ethereum is deeply wrapped to realize cross-chain exchange; in the third stage, we use technologies such as guardian and sharding to achieve a complete and autonomous cross-chain exchange from beginning to end. Chain function, no matter how specific, you can look at the white paper on our official website for a more detailed introduction.
Yani: According to my understanding of the content just now, Farmland hopes that users can easily use BTC and other assets to implement DeFi mining. Can you tell us what the final product form of Farmland looks like, what are the user's operating procedures and benefits?
ian sung: Yes. From the user's point of view, Farmland will be as simple as Licaitong. There will be a mark above, what is the target of the farm, what is the annualized rate of return, and what is the safety level. In the user's wallet, if there are assets on different chains such as btc, ethereum or BCH, they can deposit with one click and then get income. very simple. I think this is very beneficial for those who need liquidity and those who need income. The user's revenue will come from two parts, one is the other pools that are dug, such as the basic revenue obtained from the uniswap pool, and the other is the governance token FAR issued by the platform.
Yanni: The rate of return of liquid mining has fallen rapidly. Will this affect Farmland?
ian sung: I think there will definitely be an impact, but not necessarily a negative impact. I think the decline in liquidity mining yield is completely unexpected. In August and September, users can get thousands of annualized returns as long as they endure "non-permanent losses", which is certainly unsustainable. It is a predictable situation that the annualized return rate of market liquidity mining returns to single digits. So in this case, small and medium-sized users hold thousands of dollars or ten to twenty thousand dollars. If the current traditional mining method is adopted, the income may not cover the handling fee at all. As a cross-chain aggregator, Farmland solves the cross-chain, mining, income extraction and other handling fees and difficulty issues, and it has become a product that users need to use more in the "new normal". Therefore, the decline in liquidity mining yields may actually promote the growth of Farmland's user base.
Yanni: I believe many people are most concerned about the token model of the Farmland project. Could you please introduce some of the Farmland project's token distribution, especially the mining part?
ian sung: Let me talk about the FAR deflation model first. The platform helps mining users by saving user fees, expanding investment categories, etc., and then collects a small amount of income, about 2%, and everyone pays attention to about 2% of the profit, which is then used to buy back FAR tokens. Coins and destroy them. What YFI uses is to extract 0.5% of the user's principal and directly develop it for the team. We are much more user-friendly than YFI. Later, we can propose more economic models through DAO governance. There are 100 million FARs in total, 60% of which will be used for mining, of which 51% will be provided for liquid mining and 9% will be provided for staking. Except for a small portion (less than 10%) used to raise funds for development and promotion, the other 40% will be locked up for more than a year.
Yanni: Could you please introduce the timeline of the future development of the Farmland project? Many users of other public chains are very concerned about when they can use their tokens to participate in Ethereum mining.
ian sung: The first phase of Farmland's products will be launched within one month. After the code audit, everyone can use Farmland's aggregation function to mine with zero handling fees. If it goes well, the BTC cross-chain mining function may be launched at the same time. Because we want to achieve autonomous and controllable cross-chain functions, we have divided three phases to promote the underlying realization of cross-chain functions. However, the switching of these three phases will not affect the user experience. At present, we are also in contact with some public chains with a relatively large user scale, and we will gradually expand the types of cross-chains in the future. Farmland's token is also likely to land on the exchange this month. You can also pay attention to the performance of FAR.
Yanni: I would like to ask. The Defi market has been very volatile recently. Many star projects have skyrocketed and plummeted. What do you think of the development of Defi and the mid- to long-term market conditions?
ian sung: I think this kind of short-term fluctuation is normal. There are three reasons: 1. Profit taking: Many projects have risen more than ten times before, and Ethereum has risen five times. Many people want to settle for peace; 2. Aesthetic fatigue: There have been too many imitation disks recently, that is, the UI has changed a bit, and the gameplay and functions have not improved. Everyone is unwilling to play with them; 3. Everyone overestimates the short-term value of DeFi, so I have put a lot Coins that do not have much value are highly speculated, but they underestimate the long-term value of DeFi, so many value coins are wrongly killed. DeFi will definitely be fine for a long time. I think in 16 and 17 years, Bitcoin has shown you another possibility of currency and brought a wave of bull market; in the following 18 and 19 years, there is no logical enough reason for the hot market in this market. DeFi is actually the second largest reasonable logic in the blockchain world after the logic of Bitcoin as a store of value. For example, lending and decentralized transactions are just needed, and they are now realized. In the medium and long term, this market can replace many functions of the traditional financial industry, and it must be of great value.
Yani: Finally, I would like to thank Ian Sung, CEO of Farmland, the project owner, for sharing the Farmland project. Thanks to the co-organizer of this event, the Kylin