Staking is undoubtedly the hottest concept of the year. According to QKL123 statistics, there are currently 77 Staking projects with a total market capitalization of 139.517 billion yuan, accounting for 6% of the digital currency market.
One said that Staking, many people only know that this is the POS consensus mechanism, the node through the package transaction information, maintain network security, participate in community governance, access to the system to extend the node rewards revenue. The campaign node needs the voting of the holder of the currency, so the holder of the currency can entrust the ownership or voting rights of the token to the node, thereby obtaining the dividend of the set proportion of the node.
In fact, due to the diversity of consensus mechanisms, Staking has two modes, MasterNode and Dividends .
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MasterNode means that the master node needs to store a certain amount of tokens in order to provide services to the network and receive rewards in the form of interest. This approach does not depend on how many votes are obtained in the network, but users can get a certain return by investing in the service.
Dividends is a kind of dividend-like way. The platform currency like kcs generally has a currency dividend, and there is a dual-pass card mechanism similar to the ontology and vechain. The B-pass is held by the A-pass. For example, ONT is Staking and ONG is Gas. The node is pledged as an ONT and the ONG fee is divided.
How to understand Staking, do you want to participate? It depends on the perspective of it: First, Staking is regarded as a kind of wealth management product. This is also the common view of the retail investors. The Cobo founder sacred fish compares it to "low-risk national debt", which is essentially a kind of flow. The way in which the rate of return is changed. The second is to regard Staking as a kind of governance behavior, which is a set of economic system and power system. The founder of MEET.ONE, Goh, said that POS allows more users to exercise their rights, and the rights and interests are only incidental.
I think the difference between the two is, is Staking parting a cake or making a cake? If it's just a cake, we will pay more attention to the immediate return on investment and the opportunity cost of the chips in the hands; but if it is a cake, the return can be delayed, and more importantly, the track is seized and the ecology is bigger. Share.
Staking really doesn't make money
On July 10th, the “StakingCoin” ecological conference jointly hosted by Planet Daily and Block Rhythm was held in Beijing. The Staking eco-participants from public chains, wallets, exchanges, mining pools and investment institutions shared their views on Staking. . Interestingly, I heard that the distinguished guests have the most repetitions. The biggest thing in the consensus is that "the short-term is really not making money."
Wei Wei, an eight-dimensional capital partner, believes that PoS itself is not a very profitable thing, but in this way we can better connect the project side and the community, and it is also the process of brand building.
“For the project side, the community has become more active in this way; for individual investors, it has been involved in the governance of the public chain at a lower cost.”
HashQuark CEO Li Chen believes that Staking is still very early, and if it is just a node, the benefits are very low. But this is probably a direction for the future. If you just do Staking, but instead make this thing smaller, he said that Staking has three development directions:
“The first DeFi, its foundation is Staking. If there is a breakthrough in the liquidity cost of the pledge time, it will be a very good direction; the second is to use the Staking to play more new things in community governance. Mode; the third is investment. The public chain will usually be privately funded before the main network starts. Looking for various nodes to do something in infrastructure, security, community promotion, Staking may become a new investment model."
Qiu Xiaodong, head of the Xinghuo Mine Pool Market, said that the verification node of cosmos does not actually make money, but why should it be done? Because they are positioned as value network guardians, find valuable public chains to protect their value.
"People think that the rich people in the PoS mechanism are also very entitled to do whatever they want. In fact, there are costs to holding a large number of tokens. This is the consideration of human game theory. If you want to do evil, you must not only face The cost of public chain punishment, as well as the risk of the currency held in your hands."
Several noteworthy phenomena
Under the craze, everyone is afraid to miss the car, but blindly getting on the bus may also take the wrong car, so that there is no way to get off the car, which has already appeared in the Staking ecosystem.
1. High inflation or loss of money, how should the Staking system be designed?
On QKL123, we sorted the inflation rate from high to low, and we were surprised to find that the top 10 inflation rate was between 79% and 16%. Staking's income model is actually a currency-based profit model. If the inflation rate of staking is too large, then it is likely to face the embarrassing situation of making money and losing money.
Aelf founder Ma Yibo's point of view is very reasonable. He thinks that Staking is not a savings rate, but a process in which Token Holder shares system profits. Therefore, a good Staking system design should have three characteristics:
"First, when there is no system reward, the economic system can still operate benign; second, the benefits and risks coexist, avoiding risk-free arbitrage; third, parameters and rules can be passively adjusted according to the environment."
2. Liquidity and income cannot be combined, wallet, exchange design new gameplay?
They all say that "the currency is one day, one year in the world". For short-term price speculators, they will pay close attention to the rise and fall of the currency price, and the pledge time required by Staking may hide a lot of liquidity risk, so some wallets and exchanges use themselves. The advantage of designing a new gameplay.
Larry He, director of global project operations at Kucoin, said that they have a model to calculate the daily withdrawals of users and design a pledge ratio, such as 40% as a reserve, and the remaining 60% is convenient for users to withdraw at any time. Khaos, the representative of the Canadian Bank of Asia, also said that in their wallets, users automatically mint coins after purchase, adjust the payout period to daily, and support re-investment. It can be seen that in addition to the Staking mode of the public chain design, the node side has begun to exert its infinite creativity and attract users to participate.
3. Will the Internet subsidy thinking ruin the ecology for lowering the handling fee for the campaign node?
Nowadays, more and more newcomers are pouring into the Staking ecosystem, which has gradually led to competition. Wetez promoter Kathy said that under the influence of the Chinese Internet subsidy thinking, some vicious competition began to emerge, such as the node to lower the handling fee, and even subsidies, so the node ecology is quite pessimistic.
"When ordinary users participate in Staking, they don't think about what I'm doing for Staking. Maybe it's just looking at the gains. Then he will make a very simple judgment when picking the nodes, that is, how much is the fee. Now The price war has started. We see zero commissions and even subsidies. They hope to rely on subsidies to squeeze out some excellent nodes, so the node ecology is quite pessimistic. We don't want this to be a short-term investment process."
Where is the node's way out?
Wallets and exchanges are naturally suitable for this track, they have enough traffic, enough coins, and some projects to do Staking are new opportunities to see derivatives services. However, it is undeniable that some people who are new to the industry do not know much about Staking. They just speculate to enter this ecology blindly. Therefore, the node side needs to consider, what is the way out for Staking?
For the wallet, Wetez promoter Kathy and Bitite partner Wang Chao both said that the key to the development of the public chain is not the POS mechanism. Staking is hoped to build a reputation and contribute to the project while contributing. The purpose of common growth.
"It doesn't matter whether we have a chain or not. It depends on the design of the chain itself and the future development of the ecology. We must do Staking for the evaluation of the public chain. We feel that there is a very good potential development and we will embrace the public in all directions. Chain ecology."
For the exchange, DDEX COO Bowen Wang said that through Staking, retail investors can understand how to hold money and use it. This is a form that is more than a return.
“The cost of maintaining a node for at least one or two thousand dollars a year. Many early holders want to support a project, not too concerned about short-term benefits, but to look at this matter with an ecological support workshop. Let Solo investors understand through Staking The way coins are used and the way they are involved will attract everyone's attention. This is a form that is more than a return."
For investment institutions, Cai Yan, head of NGC StakeX, said that if there is no Staking, maybe for some projects, we will choose to throw it away after going online, instead of paying attention to its long-term value.
"But with Staking, we will run a node in person and participate in the construction of the project in depth. The project will also produce stronger cohesion. You hold the currency because you know these projects very well. Compared with retail investors, this is the organization. Advantage, so I think Staking has investment logic in it."
For users, imToken Chief Security Officer Blue believes that whether a user's investment makes money depends on buying and selling coins, and Staking does not have much to do with it at the moment.
"Staking has a mortgage cycle, a short 24 hours, a long 21 days, the key is the price of the currency during this period. In the overall environment, the nodes do not make money, users still have to buy low and sell high. As for the future, how To earn money depends on the overall environment of the public chain, and everyone strives to build a safe mechanism to make the entire public chain run better."