A social protocol and a Layer1 network emerged on the same day.
Original author: Loopy Lu
Today, the Curve crisis continues to ferment, and the market continues to decline. Against the backdrop of overall pessimism, Binance announced two new Launchpools almost simultaneously: CyberConnect and Sei.
The native token CYBER of CyberConnect and the native token SEI of Sei will both be listed on Binance Launchpool at 20:00 on August 15, 2023 (UTC+8). CYBER can be mined using BNB, TUSD, and FDUSD on Launchpool, with BNB accounting for 80%, TUSD accounting for 15%, and FDUSD accounting for 5%. SEI can be mined using BNB, TUSD, and FDUSD, with BNB accounting for 80%, TUSD accounting for 15%, and FDUSD accounting for 5%.
Here, Odaily Star Daily will give a brief introduction to the positioning, products, progress, and tokens of the two projects.
CyberConnect: Web3 Social Protocol
CyberConnect is a Web3 social networking protocol deployed on multiple chains, including Ethereum mainnet, Polygon, Solana, and BNB Chain. It provides developers with a range of middleware to create social dApps based on the protocol, offering solutions for users such as DID, content, and tokens; specifically, including CyberAccount, CyberGraph, CyberID, W3ST (Web3 StatusToken), and other products.
CyberAccount is an account product that allows users to pay gas fees on any network by using CYBER on a single network, bringing users a more convenient multi-chain Web3 social experience.
CyberGraph is an anti-censorship smart contract used to record user content and social relationships, with built-in monetization tools. This product links user identities (CyberAccounts) with their content and social connections through a set of smart contracts and records rich social data on multiple EVM-compatible blockchains. By leveraging CyberGraph’s unique and customizable middleware design, high-value social data is stored in blockchain databases. This product unleashes new social network use cases and community-building incentives, empowering social networks with monetization through tokenization.
CyberID is an ERC-721 NFT that serves as the unique identifier for users’ accounts in the CyberConnect social network, similar to a username on Instagram or Twitter.
W3ST (Web3 StatusToken) is a non-transferable NFT that serves as a digitally verifiable indicator of a user’s status within their community. This product can be used as an identification tool for user identities, and organizations can use W3ST to identify their loyal supporters and build a digital verifiable, immutable, and distinctive value system based on contributions within their community.
CyberConnect believes that the series of social products and models created by this protocol overturn the isolated social networks of Web2 models, avoiding users being hijacked by platforms. In traditional social products, information and data cannot be exchanged between different platforms. CyberConnect aims to build a decentralized social graph protocol in which users can fully share autonomy. Even if users migrate to new social products, they only need to connect their wallets to CyberConnect to obtain their old identities, profiles, and connections. (However, the premise of realizing this vision is that dApps are developed based on the CyberConnect protocol.)
The total supply of CYBER tokens is 100,000,000, with an initial circulating supply of 11,038,000, accounting for 11.04% of the total token supply. The total mining supply is 3,000,000, accounting for 3% of the total token supply. The token economics are as follows:
The total supply of CYBER is 100 million tokens, with 9% used for community rewards, 34% used for ecological development, 25.12% allocated to private investors, 15% allocated to the team and advisors, 10.88% incorporated into the community treasury, and 3% each allocated to CoinList public sale and Binance Launchpool.
Among the total 34% of tokens allocated for ecological development, 9% is used for ecosystem partners, 10% for user developer communities, 5% for early integration partners, and 10% for market development.
CyberConnect has already released details of community rewards, which will start on August 15th at 12:00, with a total of 2.4 million tokens available for claiming, accounting for 2.4% of the total supply. Users who hold Mystery Box, The Shards, Mini Shards, CyberProfile Premium Handle, and CyberProfile Early Adopter NFTs are eligible to claim.
Sei: Focusing on transaction scenes in Layer 1
Sei is a high-performance L1 network that focuses on transaction scenes. The project is developed based on Cosmos SDK, and its core is a transaction infrastructure based on Central Limit Order Book (CLOB). This allows Sei to not only integrate with dApps on its own chain but also leverage the liquidity of the entire Cosmos ecosystem and create a trading market for its assets on Sei.
However, it is worth noting that Sei is a “permissioned” blockchain. This means that developers cannot freely deploy smart contracts. Smart contracts need to be deployed after being approved through the governance process proposal. Currently, Sei provides developers with two different types of smart contracts: CosmWasm contracts using Sei’s DEX module, and general contracts that do not require DEX module functionality.
As a Layer 1 designed for transactions, Sei does not solely adopt either AMM or traditional order book mechanisms in handling transactions. Instead, it chooses a set of compromise solutions – Central Limit Order Book (CLOB). CLOB constructs an order matching engine at a lower level in the chain’s structure, attempting to solve this problem by “built-in” order book on-chain. With transaction mechanisms based on the order book, high transaction speed and low fees make high-frequency trading possible in addition to pre-placed orders.
Sei’s dApp is built on top of the Central Limit Order Book (CLOB). At the end of each block, all orders related to CLOB will be processed by the native order matching engine. Unlike most Layer 1 public chain developers who need to “reinvent the wheel”, Sei has developed the DEX module, which allows smart contracts to easily develop and customize new markets using the underlying order matching engine. In addition, it has made many optimizations for dApps to access the order matching engine of the Central Limit Order Book.
By adding an order matching engine on Layer 1, the performance and user experience of the DEX built on Sei can be greatly improved. The scalability of Cosmos allows Sei to have interoperability, and other Cosmos-based blockchains can also use CLOB as a shared liquidity center to create markets for other assets.
While there is still a lot of uncertainty in the development direction of Web3, Sei did not capture the potential trend of the application layer, but further focused on the well-established trading market. For Sei, a strategy focused on trading can provide a better infrastructure for trading activities, gradually improving the infrastructure of DeFi.
For more information about Sei, you can read the previous article from Odaily Planet Daily: “New Project | Sei: Focusing on Layer 1 for Trading Scenarios”.
The token distribution model of SEI is as follows:
Private investors receive 20% of the tokens, Binance Launchpool is allocated 3% of the tokens, the team receives 20% of the tokens, the foundation receives 9% of the tokens, and 48% of the tokens are reserved for the ecosystem.
The token allocation model does not explicitly state the proportion of airdropped tokens, and the airdrop plan has not been announced yet. However, a Sei community mod stated on Discord that there is an airdrop plan, and all official announcements should be followed for accurate information.
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