史大爷:先请 Pedro 自我介绍一下,并且介绍一下 Mobius
史大爷 : Let Pedro introduce himself and Mobius
Predo:Let me first say that I'm thankful for beign here, and having the opportunity to share my project with so many smart people
I've been into blockchain technology since 2016, mainly as a quant trader.
I've decided to start Mobius Finance, you can check our website at https://mobius.finance/ to give the people a product
we are the first multi-collateral synthetics protocol on Polygon
我们是第一个合成资产项目在 Ploygon 链上
As a developer myself, I understand very well the technology and the market, I see derivatives and synthetics products to take most of the DeFi space in the following months
So we're aiming to be leaders in the space by launching Mobius Finance in a few weeks, the IDO will take place the 24th of september
我在 2016 年就加入了区块链的技术大家庭,主要作为一个独立交易员。我已经决定开始 Mobius 项目了,你们可以查看我们的网址了解我们项目;作为发起者 我非常理解技术和市场,我发现合成资产产品将在未来几个月有很多爆发性的东西出来;所以我目标是成为这个领域的领先者,Mobius 项目将在 9 月 24 号进行 IDO

史大爷:我相信很多人都比较难理解合成资产,能不能请 pedro 简单介绍一下什么是合成资产?
Predo:合成资产是 DeFi 世界最复杂的产品类型之一,本质上其实是通过一套超额抵押的模型,借助外部的去中心化预言机提供数据,将链外的资产在链内合成映射资产。比如用户可以抵押 ETH,并且借助 chainlink 提供的 TSLA 股票的报价,来在链内发行 moTSLA。moTSLA 的价格波动和真正的 TSLA 的价格波动是一致。

史大爷 : I believe many people find it difficult to understand synthetic assets. Can Pedro briefly explain what synthetic assets are?
Predo:Synthetic assets are one of the most complex product types in the world of DeFi. In essence, it is to synthesize and map assets from the real world to the on-chain ecosystem through a over collateralization and with the help of external decentralized Oracle to provide prices. For example, users can collateralize ETH and issue moTSLA on chain with the help of the price feeds of TSLA shares provided by Chainlink. The price fluctuation of moTSLA is consistent with that of real TSLA stock.
This will greatly expand the types of assets in DeFi.
Synthetic assets on chain --> tokens that track the price of an underlying asset in a decentralized manner through on-chain oracles. Synthetic assets allow users to gain exposure on different type of assets, since the underlying asset can be any on-chain or off-chain asset such as stocks, commodities, indexes, etc. For Mobius Finance, we achieve this by a process of over-collateralization.

史大爷:刚刚你提到合成资产是 DeFi 世界最复杂的产品,为什么这么说?
Predo:如果要完成一套去中心化合成资产的流程,需要先进行超额抵押发行资产,这部分的复杂度就跟超额抵押稳定币或者是借贷产品一个级别了,另外要给合成资产提供交易场所,就需要内置的 swap 或者报价交易池,这一部分等于要再做一个 dex。此外,为了平衡溢价,可能还需要套利工具,对冲工具等。
相当于合成资产产品 = 借贷+DEX+保险+衍生品

史大爷 : Just now you mentioned that synthetic assets are the most complex product in the world of DeFi. Why do you say so?
Predo:If you want to complete a system of decentralized synthetic assets, you need to issue assets through over-collateralization first. The complexity of this part is at a similar level as over-collateralized stablecoins or lending products. In addition, to provide a trading place for synthetic assets, you need a built-in swap or quote driven trading model, which is equivalent to another DEX. And in order to balance the premium, arbitrage tools and hedging tools may also be required.
Equivalent to synthetic asset products = lending + DEX + insurance + derivatives

一般来说,合成资产产品可以扩展链内资产规模和交易品类。使得区块链世界能够兼容传统金融世界。但实际上,合成资产由于其复杂的逻辑,同时也带来了更大的扩展性。以 Mobius 为例,独创的 ADB 算法可以帮助 Mobius 成为一个无滑点,无限流动性的 DEX,且预言机报价交易模型和 Mobius 独有的反向做空模型,也可以使得 Mobius 很容易扩展出相关的杠杆衍生品。
所以,我们希望社区不要把合成资产赛道,至少不要把 Mobius 仅仅局限为合成一些链外资产。Mobius 的目标是做交易万物且体验更好的元宇宙去中心化交易所。

史大爷 : What problems do synthetic assets want to solve?
Generally speaking, synthetic asset products can expand the asset scale and transaction categories in the chain. Make the blockchain world compatible with the traditional financial world. But in fact, due to its complexity, synthetic assets also bring greater expandability. Using Mobius as an example, the ADB algorithm solution can help Mobius become a DEX with no slippage and unlimited liquidity, and the quote driven trading model together with Mobius's unique reverse short model can also make it easier for Mobius to expand to other derivative produces like leverage derivatives.
Because of this, we hope that the community does not limit the potential of synthetic assets, or at least on Mobius Finance, not be limited to synthesizing some off chain assets. Mobius's goal is to enable users to trade everything and experience a better decentralized exchange in the metaverse.

Predo:除了我们会部署在一些成本更低,体验更好的网络上之外,Mobius 还在多个方面有创新。
(1) Mobius 一开始就支持多抵押品,这帮助 Mobius 在可承载的资产规模这一项指标,超越我们的竞品无数倍。
(2)独创的 ADB 算法,可以解决其他合成资产无法解决的债务波动问题。这样的算法的好处是,我们的产品风险更低,可以更容易的添加更多的交易对,使得我们的产品不仅仅是一个合成资产产品,还是一个体验更好的无滑点的交易所。
(3)耦合更低的架构设计,并且支持基于抵押模型的做空机制。这使得 Mobius 可以很快支持指数,杠杆和期货合约交易。想象一下,在区块链上做多整个 DeFi 或者 NFT 市场。

史大爷 : What are the problems with the current synthetic asset products and what are your improvements?
Predo:In addition to our deployment on some networks with lower cost and better scalability, Mobius is innovative in many aspects.
(1) Mobius supports multi collateral from the beginning, which helped Mobius surpass our competitors countless times in terms of the synthetic assets market size.
(2) The original ADB algorithm can solve the shared debt fluctuation problem that cannot be solved by other synthetic assets. The advantage of such algorithm is that our product has lower risk and can easily add more trading pairs, making our product not only a synthetic asset product, but also a zero slippage exchange.
(3) Modular architecture design and supporting short selling mechanism based on an over-collateralization model. This allows Mobius to quickly support indexes, leverage derivates and futures contract trading. Imagine being long in the whole DeFi or NFT market on the blockchain.
(4) The internal circular deflationary economic model can enable the platform token to capture more value.

史大爷:Mobius 的现状如何?接下来有哪些新动作?
Predo:技术方面:Mobius 已经完成了代码审计和公开测试,测试版本已经上线试运营了一段时间,预计将在 10 月底上线。
市场运营方面:我们已经确定了 4 家 IDO 合作平台,并将于 9 月 24 日上线 IDO,且同时在 Quickswap,Gate,Flybit 等多家平台上线交易。
投融资方面:Mobius 已经完成百万美金级别的 A 轮融资,战略轮融资还在进行中,并将于 10 月中旬截止。

史大爷 : What is the current situation of Mobius? What's new next?
Predo:Technical aspect: Mobius has completed code audit and public test. The test version has been put under internal and public testing. We are expecting to be fully operational and launch on mainnet by the end of October.
In terms of market operation: we have four IDO platform partners and have confirmed to launch the IDO on September 24. We have also confirmed listings on Quickswap, Gateio, Flybit and other platforms at the same time.
In terms of investment and financing: Mobius has completed a +1 Million USD round, and the strategic round of financing is still in progress and will end in mid October.

史大爷:整个合成资产赛道在过去的 DeFi summer 里表现一般,你认为是什么原因呢?
以最大的合成资产项目 synthetix 为例,打开 synthetix 的官网会发现很难直接找到可以交易合成资产的地方。这是因为 synthetix 将自身合成资产的交易独立出了另一个生态项目 Kwenta。将资产的发行和交易分割开,对于新用户来说使用体验较差。且合成资产的逻辑较为复杂,导致合约交互成本太高。
主流的合成资产项目均为平台币抵押发行,即使是 Mirror 所采用的 UST 也一样是由 LUNA 单币抵押所发行的。这会导致,合成资产的发行规模受到平台币市值的极大限制。且迭代的成本非常高,可扩展性极差。
多数合成资产项目,虽然与 uniswap 等 DEX 一样拥有交易功能,且交易体验相对更好。但是资产类型的开放性较差。不同于 uniswap 等完全自由的形式,合成资产的交易标的要求甚高。这主要是因为合成资产所采用的交易模型是全局债务模型。在这种模式下任何新的交易标的都会对现有的债务池产生影响,因此很难做到足够的开放,往往需要通过社区治理的形式才可以加入新的交易标的。
参与发行的用户所需要承担的风险相较于其他借贷,稳定币等超额抵押的模式更高。因为,影响抵押品清算的因子除了抵押品 / 合成资产的价格外还包括全局债务。这使得用户的参与门槛较高。成熟的发行和交易模型中用户不应该考虑除了交易对价格波动之外的其他风险。

史大爷 : The whole synthetic asset track performed generally in the past defi summer. What do you think is the reason?
Predo:(1) The product logic of synthetic asset project is too complex, and the contract interaction cost and user experience cost are high.
Take synthetix, the largest synthetic asset project, as an example. When you open synthetix's official website, you will find it difficult to directly find places where synthetic assets can be traded. This is because synthetix has separated the transaction of its own synthetic assets from another ecological project kwenta. Separating the issuance and transaction of assets, the use experience is poor for new users. Moreover, the logic of synthetic assets is more complex, resulting in too high contract interaction cost.
(2) Limited asset size
Mainstream synthetic asset projects are issued by platform token collateral. Even ust adopted by mirror is issued by Luna single token collateral. As a result, the issuance scale of synthetic assets is greatly limited by the market value of platform token. The cost of iteration is very high and the scalability is very poor.
Imagine that the mission of a synthetic asset project is to introduce off chain assets into the blockchain world, but the scale that can be introduced is always less than one fifth or even one eighth of the market value of the platform currency, which is unacceptable.
(3) The overall openness of the product is poor, and the debt risk has a great impact
Most synthetic asset projects have the same trading function as DEX such as uniswap, and the trading experience is relatively better. However, the openness of asset types is poor. Different from the completely free forms such as uniswap, the transaction object of synthetic assets has high requirements. This is mainly because the transaction model used for synthetic assets is the global debt model. Under this model, any new transaction object will have an impact on the existing debt pool, so it is difficult to be open enough, and it often needs to be added in the form of community governance.
(4) The transaction model is too complex and the product use threshold is high
Users participating in the issuance need to bear higher risks than other strategies. Because the factors affecting collateral liquidation include global debt in addition to the price of collateral / synthetic assets. This makes the user's participation threshold higher. In a mature issuance and trading model, users should not consider other risks other than the impact of trading on price fluctuations.
Although there are still several major problems mentioned above in the synthetic assets project, if the above problems can be properly solved. The advantages of synthetic asset projects will also be tremendous.

史大爷:除了我们都知道的可以拓展区块链资产边界这一个有点之外,Mobius 还可以做到什么?
Predo:除此之外:Mobius 还拥有自成生态的丰富扩展能力,比如 Mobius 在未来可以将资产管理,衍生品交易,现货交易,保险对冲,清算池等功能独立运营。甚至以 Mobius 的产品结构,我们可以很轻易的发行不弱于 MakerDao 的稳定币,不弱于 Compound 的借贷产品。
并且 Mobius 还可以充分的提升 Polygon 和 Cardano 的 DeFi 生态的可组合性。
a,无滑点的报价交易模型很适合帮助内盘资产如 AMM 体系内的 BTC,ETH 等主流数字资产交易降低滑点。如 curve 就通过 DAI (稳定币)/sUSD (1 比 1 兑换)/sBTC (无滑点)/BTC (1 比 1 兑换)的形式来降低 DAI/BTC 的大额交易滑点。

史大爷 : In addition to the point that we all know can expand the asset boundary of the blockchain, what else can Mobius do?
Predo:In addition, Mobius also has rich expansion capabilities of its own ecosystem. For example, Mobius can operate asset management, derivatives trading, spot trading, insurance hedging, clearing pool and other functions independently in the future. Even with Mobius's product structure, we can easily issue stablecoins that are comparable to MakerDao and loan products that are comparable to Compound.
And Mobius can also fully improve the composability of the DFI ecology of polygon and Cardano.
For example:
a. The quotation trading model without slippage is very suitable to help reduce the slippage of mainstream digital asset transactions such as BTC and ETH in the AMM system. For example, curve reduces the large transaction slippage point of DAI / BTC in the form of DAI (stablecoin) / SUSD (1:1 conversion) / SBTC (no slip point) / BTC (1:1 conversion).
b. Assets with stronger value consensus issued through the synthetic asset platform can become collateral for other loans and overcollateralized stablecoin products.
c. The process of asset synthesis is essentially the same as that of lending. Therefore, in some other use cases, synthetic asset projects can also play the same role as lending products.
To sum up, if synthetic assets can solve the existing difficulties, it is reasonable to believe that synthetic assets products will have great potential to contribute to the expansion of the DeFi market.

史大爷:Synthetix 也上线的多抵押品合成,这个更新看起来并不是多么具有说服力。
我们仔细审阅过 Synthetix 的合约源码,虽然源码的整体质量较高。但是我们却发现了很多的问题。
比如 SNX 的代币合约与抵押发行的主合约有非常大的耦合,猜测的原因可能是因为 SNX 的经济体系以及抵押发行的逻辑在业务逻辑存在较为紧密的联系。
这导致的结果是,主合约和代币合约的改动必须同时进行。因此,Synthetix 上添加的其他抵押品本质上并不是与 SNX 同一级别的,而是额外再开通的债务池,ETH 和 BTC 的债务池和 SNX 的住债务池对冲。所以虽然新增了抵押品,但是新增的抵押品可抵押的规模必须小于 SNX 的抵押规模。
反之,Mobius 从一开始就将多种类型的资产同等处理,在这未来的扩展性上是巨大的优势。尤其是 EVM 虚拟机上实现的合约无法修改,首发时的设计就显得尤为重要。Mobius 不存在这样的技术债务。

史大爷 : Synthetix also launched multi collateral synthesis, and this update doesn't seem very convincing.
We have carefully reviewed the contract source code of synthetix, although the overall quality of the source code is high. But we found a lot of problems.
For example, SNx's token contract is very coupled with the main contract of collateral issuance. The reason for speculation may be that SNx's economic system and the logic of collateral issuance are closely related to business logic.
As a result, the main contract and token contract must be changed at the same time. Therefore, other collateral added to synthetix is not at the same level as SNx in essence, but is an additional reopened debt pool, which is hedged by the debt pool of ETH and BTC and the debt pool of SNx. Therefore, although new collateral is added, the mortgageable scale of new collateral must be less than that of SNx.
In essence, this does not solve the problem of limited asset scale.
On the contrary, Mobius treats multiple types of assets equally from the beginning, which is a great advantage in future scalability. Especially the contract implemented on EVM (virtual machine) cannot be modified, so the design at the beginning is particularly important. Mobius does not have such technical flaws.

Predo:首先,我们认为单一抵押品的模式确实帮助 SNX,LUNA 等竞品提升了锁仓占比,也确实对币价产生了一定的正面影响。
过高的抵押率使得资本效率变的更低,SNX 的抵押率常年维持在 450% 以上。10 亿美金市值的 SNX 最大可承载的合成资产发行数量仅仅只有 2 亿美金左右。这相较于数十万亿级别的链外资产来说,实在太差。
所以,长远来看,Mobius 的选择才是正确的选择。但是,为了使得平台币的价值得到更多的保障,我们也创建了一套新的经济体系来应对。
MOT (Mobius 平台币)也作为抵押品的一个选项,且抵押奖励要大大高于其他抵押品,且总量恒定。
其次,平台收益的大部分会用于回购并销毁 MOT,这为 MOT 在发展的过程中提供了通缩的可能性。并且配合交易挖矿机制,可以加大销毁的力度。当可挖矿的代币数量趋于 0 时,销毁会暂停,回购的代币将用于继续激励用户行为。
这样的模型,既可以保障“稀缺性”,又可以使得激励行为不会暂停, 进而导致数据下滑。

史大爷 : Is the single collateral model more conducive to raising currency prices?
Predo:First of all, we believe that the single collateral model has indeed helped SNx, Luna and other competitive products increase the proportion of locked positions, and has indeed had a certain positive impact on the currency price.
However, when liquidation risk occurs, the risk of this model is greater, which leads to the fact that the collateralization rate of the platform must be maintained at a very high level at all times.
The excessively high collateral rate makes the capital efficiency lower, and the collateral rate of SNx remains above 450% all year round. SNx with a market value of US $1 billion has only about US $200 million of synthetic assets to be issued. This is too bad compared with billions of off chain assets.
Therefore, in the long run, Mobius's choice is the right choice. However, in order to ensure the value of platform currency, we have also created a new economic system to deal with it.
MOT (Mobius platform token) is also used as an option of collateral, and the collateral reward is much higher than other collateral, and the total amount is constant.
Secondly, most of the platform revenue will be used to buy back and destroy MOT, which provides the possibility of deflation in the process of MOT development. And with the transaction mining mechanism, the destruction can be strengthened. When the number of tokens that can be mined tends to 0, the destruction will be suspended, and the purchased tokens will be used to continue to stimulate user behavior.
Such a model can not only ensure "scarcity", but also make the incentive behavior not suspended, resulting in data decline.

Predo:我们几乎审阅了市面上现存,甚至是还未发布的所有合成资产项目,包括刚刚宣布投资的 beyond.finance。我们发现,我们所做到的产品创新目前没有其他人可以达到。虽然,这可以为我们在宣发上带来很多可以讲的故事,在产品体验上做到更加的丰富和流畅。
但是如果对外主打的依旧是“DeFi 股票交易,大宗商品交易”等较为常规的故事,可能无法在竞争中取胜。因为我们深知大部分用户对于产品特性的理解不够深入,很多情况下,用户无法判断好坏。所以,我们做了详细的案例分析确定了独特的运营思路。
未来,我们的竞争对手将是 Uniswap,Binance 这样的产品,而不是 Synthetix,Mirror 这样的合成资产。
想象一下,一个去中心化(Binance 做不到)的,可以交易任何资产(Uniswap 做不到)的交易所是不是更适合成为元宇宙的纳斯达克。

史大爷 : In addition to these product features, what are the operational differentiation schemes?
Predo:We have reviewed almost all existing or even unpublished synthetic asset projects on the market, including beyond.finance, which has just announced its investment. We found that no one else can achieve the product innovation we have achieved. Although, this can bring us a lot of stories to tell in the publicity and distribution, and make the product experience richer and smoother.
However, if the external focus is still more conventional stories such as "defi stock trading and commodity trading", it may not be able to win in the competition. Because we know that most users do not have a deep understanding of product features. In many cases, users cannot judge whether it is good or bad. Therefore, we have made a detailed case analysis and determined a unique operation idea.
We believe that the real charm of synthetic assets lies in the non slippage trading of infinite assets. Therefore, we have focused on the debt volatility of quotation transactions that can not be solved by many advanced products.
In the future, our competitors will be products such as uniswap and binance, rather than synthetic assets such as synthetix and mirror.
Imagine if a decentralized (binance can't) exchange that can trade any assets (uniswap can't) is more suitable to become the NASDAQ of the metauniverse.


Predo:目的是打破区块链的数据和资产的孤岛,让 ETH 链上的用户可以交易 BTC,让 Cardano 链上的用户可以交易 ETH。

史大爷 : Why do you think synthetic assets are really cross chain?
Predo:In fact, it is very simple. What is the purpose of cross chain? The purpose is to break the isolated island of data and assets in the blockchain, so that users on the ETH chain can trade BTC and users on the Cardano chain can trade eth.
However, from the implementation of the current cross chain scheme, the situation is not optimistic. And the main purpose of most users is to obtain the benefits brought by the fluctuation of token price. Synthetic assets can be more decentralized to solve this problem, and have stronger scalability, and can introduce more assets outside the chain.
Therefore, in the end, you may find that synthetic assets are the best cross chain structure.

史大爷:Mobius 的终极目标是什么?
而 Mobius 的设计恰好满足我们的愿景,当然目前来说,差距还是有,不过我们真诚的希望,Mobius 成为元宇宙世界最大的最好用的交易所。

史大爷 : What is Mobius' ultimate goal?
Predo:We have been thinking about what kind of exchange we need in the metaverse.
First of all, the exchange must be able to trade everything, NFT, stocks and primary assets.
Secondly, the exchange must have a better experience and better liquidity, otherwise the transaction slip point is too large.
The design of Mobius just meets our vision. Of course, there is still a gap at present, but we sincerely hope that Mobius will become the largest and best exchange in the metaverse.
Trade everything.