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What DeFi should be?
- 1. What DeFi should be? - WaykiChain’s approach to make finance decentralized Gordon Gao CEO of WaykiChain
- 2. • In the past 3 years, ETH locked in Decentralized Finance (DeFi) projects raised from nearly 0 to 2.6M • Hundreds projects are running or under developed on Ethereum Decentralized Finance • WaykiChain launched its first DeFi application: Wayki-CDP. Over 15% WICC of total amount were collaterallized
- 3. DeFi should be strong under collapse
- 5. CDP under collapse MakerDAO WaykiChain 24h Price Change ETH: -55% WICC: -51% Collateralized assets before 2.18M ETH 25.6M WICC Liquidation 100K ETH 1.25M WICC Liquidation ratio 4.58% 4.8% Collateralized assets after 2.35M ETH 28.15M WICC Bad Debt $4M $0
- 6. www.waykichain.com WICC mBTC mETH Assets with liquidity WGRT Governance Coin WUSD Stable coin Payment option Price unit Recycle and Destroy Collateral Remove bad debt Economy Model
- 7. Over-collateralization At least 200% collateral rate to ensure the overall value of WICC is over the value of WUSD Risk Reserve Funding Pool During Black Swan Events, this fund is used to close the insolvent CDPs. Clearing mechanism Liquidators can purchase discounted assets Part of the penalty fee will be used to charge Risk Reserve Fund Emergency Shutdown When the overall collateralization rate falls below 80% during Black Swan Events, the system will be suspended. After the market stabilizes or rebounds, the community can initiate a restart proposal. Collateral Rate 200% 150% 100% 80% Four mechanisms to ensure the system stability
- 8. DeFi should be safe and secure
- 10. Attack types Description History Attack WaykiChain Solution Oracle Attack Change the price feeding program and manipulate market price to make profit One of the APIs on the Synthetix platform was reported a 1000x higher price for the actual rate for Korean Won (KRW) (Synthetix) 21 block producers act as the reporter. And moving median algorithm is adopted to avoid misreporting on single node. Compatibility Issues Reasonable use cases in one protocol may mean disasters in another with infinite interoperability Make use of flash loan to borrow low- liquidity assets and sell them in another protocol (Kyber and Uniswap). Then make profit by shorting this low-liquidity asset. (dYdX,bZx,Uniswap,Kyber) Important functions like DEX, price feeding, and stable coin developed on the bottom layer of blockchain as basic infrastructure. Assets Standard Smart-contract generated assets abuse dForce and Uniswap has compatibility issues with ERC-777 tokens as it is not a normal Ethereum standard, which makes re-entrancy attack available. (dForce and Uniswap) Asset standards are defined on the bottom layer of blockchain. 5 assets types supported. WaykiChain’s approach to enhance security
- 11. DeFi should also be …
- 12. DEX Stablecoin Derivatives Insurance Wealth Management Payment Centralized Decentralized CEFI 1st level 2nd level 3rd level 4th level 5th level 6th level Protocol Fund custody Price feeding Margin call Marginal liquidity Interest rate decision Protocol development update The decentralized application on WaykiChain is the only application that is non-centralized managed, with decentralized information source, address-initiated margin call notification, address provided marginal liquidity, community-determined interest rate, decentralized protocol developed and updated applications. www.waykichain.com Decentralized
- 13. High Scalability 3300+ TPS avg 7800+ TPS max Superior User Experience 3-second Block Interval, 3~6 Sec Confirmation Speed (BTC: 1 hour, ETH: 5 min) Extensive Developer Choices Dual Smart Contract VMs: LuaVM, WASM WaykiChain Features
- 14. www.waykichain.com Thanks Media & PR： pr@waykichainhk.com Business Development： biz@waykichainhk.com Customer Service： cs@waykichainhk.com