Crypto Shrimp (AMA Host): Lets welcome Suterusu Team to an exciting AMA at BSC News. Its a pleasure to have @H_Lin100 with us today as well!
HL: It's my pleasure to be here today to introduce the latest development of Suter
And also the recently launched Suter privacy mining program
Crypto Shrimp (AMA Host): we will get to that for sure 🙂
Q1 Lets start off with an introduction of your team? And also please introduce your own background and your role in this project.
HL: Our team has a very diverse background and consists of many senior crypto engineers from top internet companies such as Bytedance, Alibaba, Oracle, Uber, Huawei, etc. Some of them not only have decades of coding experience in these renowned companies, but also have great academic background such as Ph.D. degrees on Mathematics, Applied crypto, and information security, etc. In a word, we are not only great engineers, but we also know what we are doing very well.
Here is my own background: I currently serve as CTO of Suterusu project. I am an applied cryptographer by training. I hold Ph.D. degrees in Applied cryptography and privacy-preserving distributed systems from Shanghai Jiao Tong University and the University of Florida, respectively.
HL: huang lin
Shanghai Jiao Tong University/University of florida - Cited by 1,388 - Security/Privacy - Cryptography
HL: worked as a postdoctoral researcher in Swiss Federal Institute of Technology (EPFL), and then as an associate principal engineer in ASTRI, HongKong. I have published over 20 papers with 1388 citations on applied cryptography and information security. Here is my own twitter account: @Suter78058619 and my own medium account: lh-76196.medium.com.
Crypto Shrimp (AMA Host): thats really impressive resume and team that you have
Q2 Would you please talk a little bit about what defines Suterusu project? What’s so unique about it？
HL: First of all, thanks a lot for the support of BSC news. It’s great that we can work on this AMA a week after the launch of suter BSC mining program. We hope more people will pay attention to the privacy-preserving ecosystem Suter is currently working on.
As you know, we have already launched the world's first privacy-protection layer-2 protocol on Binance Smart Chain recently. The users can use Suter Shield on BSC to protect their transactional privacy on BSC. Meanwhile, we will work with other projects in the Binance ecosystem such as Dex, Wallet, lending, insurance and liquidity to build privacy-preserving DeFi system for BSC.
HL: Privacy technology is the most complex and challenging technology in the blockchain sphere, but we are extremely confident in the superiority of Suter’s technology.
HL: Everyone knows that Zcash was one of the first to employ the existing zk-snark protocol to design and implement an anonymous cryptocurrency. However, the Zcash protocol has a severe security loophole due to its trusted setup requirement. The trusted setup step is kinda like a hidden bomb. Once the attacker steals the trapdoor info involved in the trusted setup step, the bomb will explode, and the attacker can print an infinite amount of cash without the possibility of being detected.
Suter Shield is based on Suter’s original ZK-ConSNARK scheme without the requirement of trusted setup, and the proof size is 20% smaller than the similar solutions and has a more than 10 times improvement in terms of computational cost. It can guarantee the security and transparency of the solution while also ensuring system efficiency.
我们的论文被密码学顶级会议Eurocrypt 2021收录
我们今天刚收到密码学顶会Eurocrypt 2021收录我们的论文《Efficient range proo
I myself, working with researchers from the French National Academy of Sciences and Karlsruhe Institute of Technology in Germany, have developed the underlying algorithm for the Suterusu Protocol. Our work has been accepted by the most prestigious crypto conference Eurocrypt 2021. This is the article introducing this paper on my personal Wechat account (in Chinese): https://mp.weixin.qq.com/s/yrG6AE9XQLCZCF2xqOWKog.
Q3 What distinguishes Suter Shield from other similar projects such as Tornado.cash?
HL: Tornado.Cash is a product that is specifically built for the Ethereum ecosystem, so it has gained the support of the early users of the Ethereum community. They have some advantages in terms of TVL and transaction volume, but Tornado.Cash only provides Mixed currency service for ETH and a few other currencies and does not guarantee the confidentiality of the transactional amount.
In contrast, Suter Shield can guarantee the confidentiality of the transactional amount and also the anonymity of the involved parties, and hence can provide a stronger privacy guarantee;
HL: Suter Shield also has a great advantage in terms of usability. For instance, Suter Shield allows the confidential transfer of arbitrary transferred amount as long as it is smaller than the account balance, while Tornado.cash only allows the users to transfer predefined units of token, such as 1 or 10or 100. As a consequence, suppose you wish to make a transfer of 589, you only need to perform one confidential transfer in the Suter network, but in Tornado.cash you need to split 589 into 5 times 100-transfer plus 8 times 10-transfer plus 9 times 1-transfer, a total of 22 operations. This will incur a huge gas cost and immense inconvenience for the users. Suter Shield is a quantum leap in terms of usability.
Another point is that if you want to transfer money to a friend in Tornado.cash, you will need to first generate notes after you deposit and since the note can be used to withdraw your money by anyone, you have to run an encryption app to transfer this note to your friend to guarantee it's secure from the attackers trying to steal your money. In contrast, you can directly transfer your money privately to your friend in the Suter network as long as you know your friend's Suter account, which can be publicly published on a website. Because ordinary users are not necessarily familiar with how to run an encryption app, this is also a great improvement from the perspective of usability.
The technical architecture of Tornado.cash confines its service object to Ethereum while Suter Shield is a completely open architecture that is compatible with any blockchain supporting smart contract such as Ethereum, and BSC etc. It can also provide a fundamental infrastructure for building privacy-preserving DeFi in these ecosystems. We also believe Suter Shield will also provide an extra advantage for BSC to build its own ecosystem.
Crypto Shrimp (AMA Host): great!
Q4 As far as we know, Suter Shield has recently launched the “privacy mining” program. Would you please share the details regarding this program and how can we participate?
HL: Suter Shield launched the “Privacy Mining" exactly one week ago. This is a very important marketing activity for our product. The mining program and the method of mining rewards distribution are specifically tailored to be compatible with the nature of Suter Shield. You can find the info regarding how to join the privacy mining program from this video: https://www.bilibili.com/video/BV1dz4y117a2?from=search&seid=16675683324607486994.
HL: Here is the latest stats of Suter BSC privacy mining program
The total transaction volume is close to 70 mil usd
As you can see, we have already collected close to 700K usdt service fee.
Crypto Shrimp (AMA Host): thats a big amount
HL: Yep, it is fairly impressive amount for a mining program only launched one week ago. I am very proud of what we have achieved.
HL: As you all know, Suter Shield is the first private payment product on the BSC chain. We encourage users to try out our product by joining the mining program. Different from other DeFi mining programs, Suter Shield’s privacy mining does not lock the user’s tokens as Tornado.cash does, but instead encourage the users to withdraw their tokens from the network anytime they wish.
HL: Users can increase their computing power each time they launch a new fund transaction, and how the individual computing power is calculated is entirely independent of whether the deposited tokens are immediately withdrawn or not. As a matter of fact, we encourage users to continuously "fund (deposit)" and "burn (withdraw)” as many times as they wish to get more familiar with our product.
It should be noted that for each withdrawal operation we will charge a 1% service fee proportional to the withdrawal amount. If the user launches a transfer operation between the deposit and withdrawal, an extra 20% of the gas fee will be charged as the transfer fee. We should note that the transfer operation is unnecessary for the privacy mining program, all you need to do is fund and burn operations for the mining program.
HL: We also note that all the service fee induced by these transactions will be injected into a service fee pool and will be later distributed to the community via the XSuter program. Only the Suter holders can participate in the Xsuter auction, and the received Suter tokens will be destroyed, so Suter will be a deflationary token. Unlike the normal DeFi projects that measure the mining rewards by calculating APY, we use a new metric TRY to calculate the mining rewards since our privacy mining program is indeed a fairly revolutionary program.
Q5 The TRY metric is indeed very special. Can you elaborate a little bit?
HL: Sure, this is a very unique innovation of our project in token economics. The total amount of Suter Shield privacy mining rewards is 100 million SUTERs and the whole program lasts around three months. Around 150 SUTERs are released per block for the BSC program, and about 4.32 million Suters are produced daily, all of which are used as the "privacy mining" reward; The first phase supports BNB and BUSD as the mining currency, the two mining pools each account for 50% of the computing power; We will support new currency mining later, such as USDT/SUETR LP token and other currency mining and will adjust the reward distribution accordingly.
For example, if you join the mining program with 10 BNB, the service fee is 0.1BNB; If the total transaction volume of the BNB mining pool is 10,000BNB, your individual computing power would be one-thousandth of the computing power of the BNB mining pool; if the BNB mining pool reward for each block is 75 SUTER, the reward you get in this block is 0.075 SUTER, and the expected annualized reward is 788,400 SUTER. Assuming that the current price of SUTER is 0.008 U and the current price of BNB is 270 U, the annualized net TRY% for
(788,400*0.008-270*0.1)/(270*0.1)=23260%
Please note that the expected TRY depends on the real-time transaction volume and token price. Even if the total transaction volume is 10 times that of the above example, that is, 100K BNB, the annual TRY involved in mining will be still as high as 232.6%.
We have another interesting design here, which is Suter Multiplier. Users can stake a certain amount of Suter tokens for three months, and they can get up to an additional 50% of individual computing power. For example, in the above example, the user staking 1 million Suter to get a multiplier factor of 1.5, and other things being the same, the annual TRY using 10BNB to participate in mining would be 34940%.
Crypto Shrimp (AMA Host): thats an impressive %
Q6 As a project with such a strong technical background, Suterusu has many followers. We are most interested in how to participate in the governance of Suterusu's protocol. I hope Dr. Lin can give us some introduction to the token economics of Suter token.
HL: We believe that the value of tokens comes from the value of products. Only when products provide sufficiently powerful services can tokens capture great value. However, the value of tokens is also determined by factors such as how it’s released and distributed. When you think about token economics, you need to think from two angles: the revenue model and token economics.
From the perspective of the revenue model, both Tornado.Cash and Suter Shield provide basic privacy services to protect transactional data. The basic business model is to charge a certain percentage of the transaction fee based on the amount of processed tokens, so the number of users and the types of supported cryptocurrencies determine the scale of revenue. However, Suter also launched the Xsuter program, which is basically the service fee distribution plan, which is another very unique feature that distinguishes itself from Tornado.cash in terms of token economics.
From the perspective of token economic model, SUTER is already fully diluted since January, and the tokens of all the private investors have been unlocked. The tokens of the team will not be unlocked within 1 year. The current staking participation rate of the original POS exceeds 90%.
Q7 I heard Suterusu’s code has been audited? Would you provide more info in this regard?
HL: Suter Shield has been audited and certified by PeckShield
The code of our product Suter Shield has been audited and certified by PeckShield. The detailed report can be found in this GitHub repo…
HL: Packshield, the world's leading blockchain security, and audit company has already completed the audit of Suter Shield’s contracts, and there is no security risk of using the Suter Shield product. Here is the medium article regarding their report: https://medium.com/suterusu/the-code-of-suter-shield-has-been-audited-and-certified-by-peckshield-db66ad44ca30.
Q8 How does Suter Shield charge service fee? How would the service fee be distributed?
HL: The project developers don't collect the service fee, and service fee and Xsuter mechanism is designed to expand our community. All the service fees will be injected into the service fee pool and be distributed to the XSUTER holders.
Q9 So all the service fee will be distributed to the Xsuter holders? What is Xsuter? How to participate in the auction of Xsuter?
HL: Yep
HL: xSuter is an in-house token issued on the Suterusu protocol. The service revenue of Suterusu protocol from multiple smart contract platforms will be distributed to the holders of 32000 xSuter. xSuter will be distributed through several rounds of Dutch auction, and a limited and decreasing amount of xSuter will be distributed in each round. Only suter holders can participate in the auction of xSuter and the ratio between xSuter and Suter will increase in each round.
There is no pre-mining of Xsuter or private sale, and all the Xsuter tokens are distributed through auctions. All SUTER obtained from the auctioning of Xsuter will be destroyed. Whenever the cumulative service fee amount reaches a predefined target, Xsuter auctions will be held within 3 days since the target is reached. When the Suter Shield service fee revenue reaches 100,000 USDT, the first round of auction will be held, and the amount of auctioned Xsuter will be 1,000; when the Suter Shield fee revenue reaches 200,000 USDT, the second round of auction will be held, and the amount of Xsuter auctions will be 950; After that, each time the cumulative fee reaches twice of the previous auction, a new round of auctions will be held, and the amount of Xsuter participating in each round of auctions will continue to decrease.
Assuming that the circulation supply of Xsuter is 1,000, and the predetermined revenue target is 100,000 USDT, these revenues might include tokens such as BNB and BUSD. Then, for each Xsuter holer, 100 USDT will be allocated. After that, the revenue pool amount becomes 0. When the second revenue target of 200,000 USDT is reached, the Xsuter circulation supply becomes 1950, then every Xsuter holder will get $200000/1950=$102.56 USDT. Then the existing Xsuter holders will receive a total of 202.56USDT distribution. All Xsuter holders will share the revenue in each subsequent round of distribution.
Q10 Please let us know what are the current ongoing development
HL: Yep, we are about to launch a new farming program based on Suter/BNB on CAKE of BSC. We will officially announce this mining program in a few days. Stay tuned.
Q11 Is there any link where we can get the latest news on Suterusu project?
HL: Suterusu – Medium
Bring the truly layer-2 anonymous transaction solution in Defi, to crypto, and the world.
HL: Please pay attention to our medium: https://medium.com/suterusu, https://lh-76196.medium.com/ and our twitter accounts: @suterusu_io, @Suter78058619.
Q12 Finally, would Dr. Lin please share the next step of the Suterusu project?
HL: Sure
HL: The development of Suterusu will focus on two dimensions. One is the integration with other projects at the protocol level. Because Suterusu Protocol itself is positioned as a universal layer-2 protocol. It is a “plug-in-and-play“ protocol similar to the role of Chainlink in the Oracle track, Suterusu protocol can be embedded to all BSC projects as a plug-in to serve the purpose of protection the privacy of data and transaction. Meanwhile, any blckchain supporting the EVM technology can adopt the Suterusu Protocol. We have already partnered with numerous top blockchain projects such as Ren, Harmony, Elrond, Dfinity, Waves, Theta, Link etc. In this regard, please pay your attention to the announcement channel of our project. More great news are coming. For example, a week ago, the founders of ARPA and Bella protocols has joined our advisor team. The second dimension would be new application plug-ins developed by the Suterusu team, such as private lightning loans etc.
HL: We believe what Suterusu can bring to the blockchain and even the internet economy is a unique product that satisfies the user privacy demand while meeting the regulatory requirements. We will ensure the privacy of your transaction while satisfying the risk management requirements of traditional financial institutions. This is not only something Suterusu is working on but also something that all blockchain investment institutions have laid their eyes upon. We believe in the next decade, when finance and entertainment and lots of daily activities in our life are restructured and empowered by blockchain technology, Suterusu will not only become the foundation of privacy-preserving Defi, but also the underlying standard for the entire blockchain ecosystem.
HL: We have full confidence in Suter’s technology foundation, and its potential to become the next ChainLink-level Defi product in the blockchain sphere. We hope that more projects can connect with us if they have any need to protect their clients’ privacy. It will only take about as fast as 24 hours to complete the integration. Suter Shield is a privacy-protection product for all. We believe that Suter will soon become the top player in the global market for Layer 2 privacy products. Thank you for your attention and join our Suter Shield BSC mining program!
Crypto Shrimp (AMA Host): Thank you for your time today at BSC News, we have learnt a great deal about Suterusu today. This will be all for our AMA, @H_Lin100 do stay on for a while and interact with our audience as well, I’m sure there are some questions that we didnt cover on.
A transcript of this AMA will be out shortly too! Thank you everyone once again!
HL: Thanks for hosting this AMA. Thank u all for your attention.
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MDEX is the decentralized exchange (DEX) platform built on Heco, the Huobi exchange blockchain. It is strategically positioned as the optimal choice for Eco-token transactions and the largest DeFi ecosystem with DEX, IMO, and DAO integration.
It is a decentralized exchange based on Automated Market Maker (AMM) technology on the HECO and Binance Smart Chain (BSC) with a tune of over $5 billion in total value locked. They aim to create cross-chain compatibility between leading chains to create a composite DEX ecosystem.
MDEX became the first project to integrate a dual mining mechanisms into its ecosystem. It utilizes a Liquidity and Transaction mining mechanism:
Liquidity Mining: Various liquidity pairs are available on its LP mining platform, including LP and single stakes. Currently, the platform holds one of the largest TVLs on the Heco chain. They offer a wide range of LP tokens available in the Heco ecosystem.
Its APYs are the largest on the Heco chain and quite competitive with other Dexes available in other chains. Users can start accessing the LP mining incentives and APYs by connecting to the pool.
Transaction Mining: MDEX is the first platform to integrate transaction mining which rewards users for transacting on the platform. By trading using the DEX, users get rewarded for all trade actions done on the DEX.
High APY revenue of transaction mining up till 26th Feb 2021 (source: mdex.com)
Decentralized Autonomous Organization (DAO): MDEX runs a DAO structure using its token MDX to achieve governance. MDX holders can propose to initiate a token listing by voting or collateralizing.
Initial Miner Offering (IMO): Similar to the Initial Coin Offering (ICO) on the Ethereum chain and the Initial Dex Offering (IDO) on BSC Dex chains, MDEX will standardize fundraising activities. Fundraising will be facilitated through its IMO platform. The token will help achieve a standard fundraising token based on the HT-IMO, the decentralized fundraising protocol on MDEX.
The platform is active with various incentives mechanism for its numerous LP pools, listings, and pairs. By interacting with its official Medium handle, can stay updated with the new pools, revised reward mechanisms, and new additions and information.
Four days ago, the platform passed its Certik audit, according to the team, “with flying colors.”
The project has a 93/100 score which shows a healthy indication of its codes and its platform features as safe for use.
MDX token distribution
The project is dubbed the “DeFi Golden Shovel” in Chinese cryptocurrency circles. The immediate roadmap plan is on achieving cross-chain interoperability with various chains.
The platform is looking prime to go multichain with the integration of top chains such as BSC and ETH to achieve a multi-chain era in DEX. According to its released Medium post:
“MDEX will gradually support ETH (layer 2 network), BSC, OKExChain, DOT, NEAR, and other public chains so that assets are inter-connected. In this way, we seek to build a pan-eco transaction protocol.”
On January 6, the project went online.
On January 19, liquidity mining & trading mining were open; the liquidity of the day reached US$275 million; and the transaction volume amounted to US$521 million.
On January 24 (18 days after its launch), the single-day transaction volume exceeded US$1 billion.
On February 1 (26 days after its launch), the liquidity exceeded US$ 1 billion.
On February 3, the Boardroom (Board of Directors) mechanism was launched, and the MDEX ecological fund, worth $15 million USD in MDEX was established.
On February 19, the single-day transaction volume exceeded US$2 billion.
On February 25th, MDEX ranked first in the CoinMarketCap global DEX rankings. It accounted for 53.48% of global DEX trading volume. The daily transaction volume reached a whopping $5 billion USD.
March 10 marked 51 days of MDEX being live. The cumulative transaction volume exceeded $100 billion USD.
On March 12, the total amount of repurchased and burnt MDX exceeded 10 million.
On March 16, MDEX Version 2.0 was released.
On March 18, the 24-hour transaction volume exceeded US$2.2 billion.TVL exceeded US$2.3 billion which builds a new record.
On March 19, in total 143 million MDX are distributed in the form of transaction mining subsidies + liquidity mining rewards, worth US$577 million.
The transaction fees over the first two months were over US$340 million. The platform's 7-day transaction fees rank 3rd, only after Bitcoin and Ethereum.
On Apr 8, Mdex launched on BSC, supporting single currency mining, liquidity mining, trading mining and asset cross-chain.
Within two hours of launch on Binance Smart Chain, the TVL of MDEX exceeded $1.5 billion. The total transaction volume exceeded $268 Million and the TVL on HECO and BSC is now over 5 billion.
The high transaction fees on the Ethereum saw a slice in ETH dominance. Many users in the DeFi sector have gravitated to other blockchain infrastructures like Huobi and Binance Smart Chain.
MDEX integration of other chains like ETH and BSC in the future will make it a multichain DEX service. It will offer unique features like transaction mining and an increase in TVL. Due to the user incentive mechanism of transaction mining and repurchase rewards, MDEX currently has relatively low transaction costs, and users benefit from transactions. Overall, MDEX presents low fees, incentives for transactions, low slippage, and ever-increasing LP pairs will make the platform attractive to users and maintain its dominance as the leading DEX in the ecosystem.
Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
For those who wish to learn more about MDEX, check out the following resources and media pages:
Lola (AMA HOST): Can the team member of HOLDEFI say hi?
Cengiz: Hi everybody, Glad to be here. I'm from Holdefi project and ready to answer your questions.
Feel free to ask anything about Holdefi ☺️
Lola (AMA HOST): You're welcome Cengiz. Glad to have you with us today.
Hope you're good.
Cengiz:Thanks
Me too😉😊
Lola (AMA HOST): Good👍
Let's move on to the questions.
At the 2nd half, the Community would be dropping their questions and you can pick any 3 questions of your choice.
Shall we start now
Cengiz: OK lets start.
Q1. Can we get to know more about you and your team? What are your roles and past experiences?
Cengiz:We are a +30 person company based in Turkey and have more than four years of experience in the cryptocurrency and blockchain world. We had a lot of success in the local sector, and today we are looking to implement our first global project.
Lola (AMA HOST): Great. What a team! More than team. And How have been your experience with them?
What's your role?
Cengiz: I am content leader of this lovely team.
We have Blockchain Development team, Web development, Marketing, R&D, Content, Graphic Design and management.
Lola (AMA HOST): Ohh. Great.
Q2. A lot of Projects are either on BSC or ETH. Rare to see Multichain Projects. Why did you choose to be on both? Is there anything behind this great move?
Cengiz: We have developed Holdefi on ethereum blockchain from the start. But today it is not hidden to anyone that BSC growth was really amazing and has its own community and fans. So we have decided to launch Holdefi protocol and token also on BSC besides ethereum.
Lola (AMA HOST): That's really good
Q3. Holdefi is an Opensource non-custodial money market protocol that allows users to be depositors or borrower. How can users participate?
Cengiz: Depositors provide liquidity to the market to earn a passive income, and everyone can borrow from this liquidity and repay it after a while. The Borrower must add collateral before borrowing any tokens. The value of the collateral should be greater than the value of the assets they want to borrow. This collateral is, in fact, a guarantee that they will repay the borrowed assets.
Lola(AMA HOST): Okay. Aside from the Collateral, will there be any interest?
Cengiz: No.
Collatoral is only a guarantee for repaying the borrowed assets.
Lola (AMA HOST): Okay. Thanks 😊
Q4. What offer do you have for HLD token holders?
Cengiz: HLD has many use cases include but are not limited to: Protocol governance, Burning, Liquidity mining, staking, Revenue sharing.
I will also share some links at last for reading more about the details.
Lola (AMA HOST): Okay. That would be nice.
Q5. Is there any requirements to join in the HLD IDO? And what should participants expect?
Cengiz: Our IDO has been finished. Now HLD is being traded on PancakeSwap and UniSwap. HLD also being added to centralized exchanges in the near future.
Lola (AMA HOST): All right. Thanks for the Update.
Q6. Can you also tell the Community about the revenue sharing and Liquidity mining?
Cengiz: Liquidity mining in summary means when people provide liquidity to Holdefi protocol they can earn/mine HLD token.
Revenue sharing also means Holdefi protocol revenue from the fees will be shared with the token holders.
Q7. What's the Future plans of this HOLDEFI?
Cengiz: Staking, competitions, Holdefi-V2, and many many plans are coming. We have a whole long-term plan that I do not want to spoil now😉, but our path is very long and certainly, those who joined us from the beginning could be very lucky.
Lola (AMA HOST): Wow! That's quite impressive. Then we are ready to journey with you to the Future. ☺️
Q8. Can you explain to the community about HLD pools?
Cengiz: If you mean HLD pools on UniSwap and PancakeSwap, Liquidity provided tokens by the team are going to be locked for years.
Lola (AMA HOST): Can you give exact period? Like for how many years?
Cengiz: We did not make final decision yet but I think at least 4 years. Maybe we will do that with the third party like TrustSwap. We will announce to the community when we made it.
Q9. Can you tell the Community what makes your Project different from others?
Cengiz: I can mention some of them here.
At Holdefi we have a feature called Promotion that we can do it on different markets which is Increase interest rates.
This feature helps us to increase the liquidity of our pools quickly and grow fast.
or on the otherside, we can decrease the borrow rate for borrowers to attract them to the platform
We seperate the market and collateral pools so that users can withdraw their money at any time. it is what other platforms do not have right now!
This pic also can describe promotion feature better.
Again community can find more details in our documents. I will share the links in the end of our conversation.
Lola (AMA HOST): All right.
Q10. Do share with us all the links that the readers can find out more and also follow the development of the project.
Cengiz: Holdefi website:
Lola (AMA HOST): Thanks Cengiz.
Can we also have the roadmap or is there a lite paper link we can check through too?
Cengiz:Yes you can find our whitepaper and other details at https://docs.holdefi.com/
Lola (AMA HOST): Okay. That's great.
Q11. Lastly, our favourite question in BSC News, do you have any alpha or juicy news that you can share with us today?
Cengiz:
We are in the last phases of Holdefi codes audit and tests, So Holdefi mainnet will be launched at the end of April early May.😊
Lola (AMA HOST): Great. Can't wait for it!
Cengiz: 🙈
Lola (AMA HOST): Thanks for this wonderful AMA, short and Precised. 😊
Cengiz: Thank you for inviting me here for this AMA.
BSCNEWS hosts Suterusu Protocol, a protocol that empowers Privacy to Any Other Protocols. All questions answered by HL (@H_Lin100)
Crypto Shrimp (AMA Host): Lets welcome Suterusu Team to an exciting AMA at BSC News. Its a pleasure to have @H_Lin100 with us today as well!
HL: It's my pleasure to be here today to introduce the latest development of Suter
And also the recently launched Suter privacy mining program
Crypto Shrimp (AMA Host): we will get to that for sure 🙂
Q1 Lets start off with an introduction of your team? And also please introduce your own background and your role in this project.
HL: Our team has a very diverse background and consists of many senior crypto engineers from top internet companies such as Bytedance, Alibaba, Oracle, Uber, Huawei, etc. Some of them not only have decades of coding experience in these renowned companies, but also have great academic background such as Ph.D. degrees on Mathematics, Applied crypto, and information security, etc. In a word, we are not only great engineers, but we also know what we are doing very well.
Here is my own background: I currently serve as CTO of Suterusu project. I am an applied cryptographer by training. I hold Ph.D. degrees in Applied cryptography and privacy-preserving distributed systems from Shanghai Jiao Tong University and the University of Florida, respectively.
HL: huang lin
Shanghai Jiao Tong University/University of florida - Cited by 1,388 - Security/Privacy - Cryptography
HL: worked as a postdoctoral researcher in Swiss Federal Institute of Technology (EPFL), and then as an associate principal engineer in ASTRI, HongKong. I have published over 20 papers with 1388 citations on applied cryptography and information security. Here is my own twitter account: @Suter78058619 and my own medium account: lh-76196.medium.com.
Crypto Shrimp (AMA Host): thats really impressive resume and team that you have
Q2 Would you please talk a little bit about what defines Suterusu project? What’s so unique about it？
HL: First of all, thanks a lot for the support of BSC news. It’s great that we can work on this AMA a week after the launch of suter BSC mining program. We hope more people will pay attention to the privacy-preserving ecosystem Suter is currently working on.
As you know, we have already launched the world's first privacy-protection layer-2 protocol on Binance Smart Chain recently. The users can use Suter Shield on BSC to protect their transactional privacy on BSC. Meanwhile, we will work with other projects in the Binance ecosystem such as Dex, Wallet, lending, insurance and liquidity to build privacy-preserving DeFi system for BSC.
HL: Privacy technology is the most complex and challenging technology in the blockchain sphere, but we are extremely confident in the superiority of Suter’s technology.
HL: Everyone knows that Zcash was one of the first to employ the existing zk-snark protocol to design and implement an anonymous cryptocurrency. However, the Zcash protocol has a severe security loophole due to its trusted setup requirement. The trusted setup step is kinda like a hidden bomb. Once the attacker steals the trapdoor info involved in the trusted setup step, the bomb will explode, and the attacker can print an infinite amount of cash without the possibility of being detected.
Suter Shield is based on Suter’s original ZK-ConSNARK scheme without the requirement of trusted setup, and the proof size is 20% smaller than the similar solutions and has a more than 10 times improvement in terms of computational cost. It can guarantee the security and transparency of the solution while also ensuring system efficiency.
我们的论文被密码学顶级会议Eurocrypt 2021收录
我们今天刚收到密码学顶会Eurocrypt 2021收录我们的论文《Efficient range proo
I myself, working with researchers from the French National Academy of Sciences and Karlsruhe Institute of Technology in Germany, have developed the underlying algorithm for the Suterusu Protocol. Our work has been accepted by the most prestigious crypto conference Eurocrypt 2021. This is the article introducing this paper on my personal Wechat account (in Chinese): https://mp.weixin.qq.com/s/yrG6AE9XQLCZCF2xqOWKog.
Q3 What distinguishes Suter Shield from other similar projects such as Tornado.cash?
HL: Tornado.Cash is a product that is specifically built for the Ethereum ecosystem, so it has gained the support of the early users of the Ethereum community. They have some advantages in terms of TVL and transaction volume, but Tornado.Cash only provides Mixed currency service for ETH and a few other currencies and does not guarantee the confidentiality of the transactional amount.
In contrast, Suter Shield can guarantee the confidentiality of the transactional amount and also the anonymity of the involved parties, and hence can provide a stronger privacy guarantee;
HL: Suter Shield also has a great advantage in terms of usability. For instance, Suter Shield allows the confidential transfer of arbitrary transferred amount as long as it is smaller than the account balance, while Tornado.cash only allows the users to transfer predefined units of token, such as 1 or 10or 100. As a consequence, suppose you wish to make a transfer of 589, you only need to perform one confidential transfer in the Suter network, but in Tornado.cash you need to split 589 into 5 times 100-transfer plus 8 times 10-transfer plus 9 times 1-transfer, a total of 22 operations. This will incur a huge gas cost and immense inconvenience for the users. Suter Shield is a quantum leap in terms of usability.
Another point is that if you want to transfer money to a friend in Tornado.cash, you will need to first generate notes after you deposit and since the note can be used to withdraw your money by anyone, you have to run an encryption app to transfer this note to your friend to guarantee it's secure from the attackers trying to steal your money. In contrast, you can directly transfer your money privately to your friend in the Suter network as long as you know your friend's Suter account, which can be publicly published on a website. Because ordinary users are not necessarily familiar with how to run an encryption app, this is also a great improvement from the perspective of usability.
The technical architecture of Tornado.cash confines its service object to Ethereum while Suter Shield is a completely open architecture that is compatible with any blockchain supporting smart contract such as Ethereum, and BSC etc. It can also provide a fundamental infrastructure for building privacy-preserving DeFi in these ecosystems. We also believe Suter Shield will also provide an extra advantage for BSC to build its own ecosystem.
Crypto Shrimp (AMA Host): great!
Q4 As far as we know, Suter Shield has recently launched the “privacy mining” program. Would you please share the details regarding this program and how can we participate?
HL: Suter Shield launched the “Privacy Mining" exactly one week ago. This is a very important marketing activity for our product. The mining program and the method of mining rewards distribution are specifically tailored to be compatible with the nature of Suter Shield. You can find the info regarding how to join the privacy mining program from this video: https://www.bilibili.com/video/BV1dz4y117a2?from=search&seid=16675683324607486994.
HL: Here is the latest stats of Suter BSC privacy mining program
The total transaction volume is close to 70 mil usd
As you can see, we have already collected close to 700K usdt service fee.
Crypto Shrimp (AMA Host): thats a big amount
HL: Yep, it is fairly impressive amount for a mining program only launched one week ago. I am very proud of what we have achieved.
HL: As you all know, Suter Shield is the first private payment product on the BSC chain. We encourage users to try out our product by joining the mining program. Different from other DeFi mining programs, Suter Shield’s privacy mining does not lock the user’s tokens as Tornado.cash does, but instead encourage the users to withdraw their tokens from the network anytime they wish.
HL: Users can increase their computing power each time they launch a new fund transaction, and how the individual computing power is calculated is entirely independent of whether the deposited tokens are immediately withdrawn or not. As a matter of fact, we encourage users to continuously "fund (deposit)" and "burn (withdraw)” as many times as they wish to get more familiar with our product.
It should be noted that for each withdrawal operation we will charge a 1% service fee proportional to the withdrawal amount. If the user launches a transfer operation between the deposit and withdrawal, an extra 20% of the gas fee will be charged as the transfer fee. We should note that the transfer operation is unnecessary for the privacy mining program, all you need to do is fund and burn operations for the mining program.
HL: We also note that all the service fee induced by these transactions will be injected into a service fee pool and will be later distributed to the community via the XSuter program. Only the Suter holders can participate in the Xsuter auction, and the received Suter tokens will be destroyed, so Suter will be a deflationary token. Unlike the normal DeFi projects that measure the mining rewards by calculating APY, we use a new metric TRY to calculate the mining rewards since our privacy mining program is indeed a fairly revolutionary program.
Q5 The TRY metric is indeed very special. Can you elaborate a little bit?
HL: Sure, this is a very unique innovation of our project in token economics. The total amount of Suter Shield privacy mining rewards is 100 million SUTERs and the whole program lasts around three months. Around 150 SUTERs are released per block for the BSC program, and about 4.32 million Suters are produced daily, all of which are used as the "privacy mining" reward; The first phase supports BNB and BUSD as the mining currency, the two mining pools each account for 50% of the computing power; We will support new currency mining later, such as USDT/SUETR LP token and other currency mining and will adjust the reward distribution accordingly.
For example, if you join the mining program with 10 BNB, the service fee is 0.1BNB; If the total transaction volume of the BNB mining pool is 10,000BNB, your individual computing power would be one-thousandth of the computing power of the BNB mining pool; if the BNB mining pool reward for each block is 75 SUTER, the reward you get in this block is 0.075 SUTER, and the expected annualized reward is 788,400 SUTER. Assuming that the current price of SUTER is 0.008 U and the current price of BNB is 270 U, the annualized net TRY% for
(788,400*0.008-270*0.1)/(270*0.1)=23260%
Please note that the expected TRY depends on the real-time transaction volume and token price. Even if the total transaction volume is 10 times that of the above example, that is, 100K BNB, the annual TRY involved in mining will be still as high as 232.6%.
We have another interesting design here, which is Suter Multiplier. Users can stake a certain amount of Suter tokens for three months, and they can get up to an additional 50% of individual computing power. For example, in the above example, the user staking 1 million Suter to get a multiplier factor of 1.5, and other things being the same, the annual TRY using 10BNB to participate in mining would be 34940%.
Crypto Shrimp (AMA Host): thats an impressive %
Q6 As a project with such a strong technical background, Suterusu has many followers. We are most interested in how to participate in the governance of Suterusu's protocol. I hope Dr. Lin can give us some introduction to the token economics of Suter token.
HL: We believe that the value of tokens comes from the value of products. Only when products provide sufficiently powerful services can tokens capture great value. However, the value of tokens is also determined by factors such as how it’s released and distributed. When you think about token economics, you need to think from two angles: the revenue model and token economics.
From the perspective of the revenue model, both Tornado.Cash and Suter Shield provide basic privacy services to protect transactional data. The basic business model is to charge a certain percentage of the transaction fee based on the amount of processed tokens, so the number of users and the types of supported cryptocurrencies determine the scale of revenue. However, Suter also launched the Xsuter program, which is basically the service fee distribution plan, which is another very unique feature that distinguishes itself from Tornado.cash in terms of token economics.
From the perspective of token economic model, SUTER is already fully diluted since January, and the tokens of all the private investors have been unlocked. The tokens of the team will not be unlocked within 1 year. The current staking participation rate of the original POS exceeds 90%.
Q7 I heard Suterusu’s code has been audited? Would you provide more info in this regard?
HL: Suter Shield has been audited and certified by PeckShield
The code of our product Suter Shield has been audited and certified by PeckShield. The detailed report can be found in this GitHub repo…
HL: Packshield, the world's leading blockchain security, and audit company has already completed the audit of Suter Shield’s contracts, and there is no security risk of using the Suter Shield product. Here is the medium article regarding their report: https://medium.com/suterusu/the-code-of-suter-shield-has-been-audited-and-certified-by-peckshield-db66ad44ca30.
Q8 How does Suter Shield charge service fee? How would the service fee be distributed?
HL: The project developers don't collect the service fee, and service fee and Xsuter mechanism is designed to expand our community. All the service fees will be injected into the service fee pool and be distributed to the XSUTER holders.
Q9 So all the service fee will be distributed to the Xsuter holders? What is Xsuter? How to participate in the auction of Xsuter?
HL: Yep
HL: xSuter is an in-house token issued on the Suterusu protocol. The service revenue of Suterusu protocol from multiple smart contract platforms will be distributed to the holders of 32000 xSuter. xSuter will be distributed through several rounds of Dutch auction, and a limited and decreasing amount of xSuter will be distributed in each round. Only suter holders can participate in the auction of xSuter and the ratio between xSuter and Suter will increase in each round.
There is no pre-mining of Xsuter or private sale, and all the Xsuter tokens are distributed through auctions. All SUTER obtained from the auctioning of Xsuter will be destroyed. Whenever the cumulative service fee amount reaches a predefined target, Xsuter auctions will be held within 3 days since the target is reached. When the Suter Shield service fee revenue reaches 100,000 USDT, the first round of auction will be held, and the amount of auctioned Xsuter will be 1,000; when the Suter Shield fee revenue reaches 200,000 USDT, the second round of auction will be held, and the amount of Xsuter auctions will be 950; After that, each time the cumulative fee reaches twice of the previous auction, a new round of auctions will be held, and the amount of Xsuter participating in each round of auctions will continue to decrease.
Assuming that the circulation supply of Xsuter is 1,000, and the predetermined revenue target is 100,000 USDT, these revenues might include tokens such as BNB and BUSD. Then, for each Xsuter holer, 100 USDT will be allocated. After that, the revenue pool amount becomes 0. When the second revenue target of 200,000 USDT is reached, the Xsuter circulation supply becomes 1950, then every Xsuter holder will get $200000/1950=$102.56 USDT. Then the existing Xsuter holders will receive a total of 202.56USDT distribution. All Xsuter holders will share the revenue in each subsequent round of distribution.
Q10 Please let us know what are the current ongoing development
HL: Yep, we are about to launch a new farming program based on Suter/BNB on CAKE of BSC. We will officially announce this mining program in a few days. Stay tuned.
Q11 Is there any link where we can get the latest news on Suterusu project?
HL: Suterusu – Medium
Bring the truly layer-2 anonymous transaction solution in Defi, to crypto, and the world.
HL: Please pay attention to our medium: https://medium.com/suterusu, https://lh-76196.medium.com/ and our twitter accounts: @suterusu_io, @Suter78058619.
Q12 Finally, would Dr. Lin please share the next step of the Suterusu project?
HL: Sure
HL: The development of Suterusu will focus on two dimensions. One is the integration with other projects at the protocol level. Because Suterusu Protocol itself is positioned as a universal layer-2 protocol. It is a “plug-in-and-play“ protocol similar to the role of Chainlink in the Oracle track, Suterusu protocol can be embedded to all BSC projects as a plug-in to serve the purpose of protection the privacy of data and transaction. Meanwhile, any blckchain supporting the EVM technology can adopt the Suterusu Protocol. We have already partnered with numerous top blockchain projects such as Ren, Harmony, Elrond, Dfinity, Waves, Theta, Link etc. In this regard, please pay your attention to the announcement channel of our project. More great news are coming. For example, a week ago, the founders of ARPA and Bella protocols has joined our advisor team. The second dimension would be new application plug-ins developed by the Suterusu team, such as private lightning loans etc.
HL: We believe what Suterusu can bring to the blockchain and even the internet economy is a unique product that satisfies the user privacy demand while meeting the regulatory requirements. We will ensure the privacy of your transaction while satisfying the risk management requirements of traditional financial institutions. This is not only something Suterusu is working on but also something that all blockchain investment institutions have laid their eyes upon. We believe in the next decade, when finance and entertainment and lots of daily activities in our life are restructured and empowered by blockchain technology, Suterusu will not only become the foundation of privacy-preserving Defi, but also the underlying standard for the entire blockchain ecosystem.
HL: We have full confidence in Suter’s technology foundation, and its potential to become the next ChainLink-level Defi product in the blockchain sphere. We hope that more projects can connect with us if they have any need to protect their clients’ privacy. It will only take about as fast as 24 hours to complete the integration. Suter Shield is a privacy-protection product for all. We believe that Suter will soon become the top player in the global market for Layer 2 privacy products. Thank you for your attention and join our Suter Shield BSC mining program!
Crypto Shrimp (AMA Host): Thank you for your time today at BSC News, we have learnt a great deal about Suterusu today. This will be all for our AMA, @H_Lin100 do stay on for a while and interact with our audience as well, I’m sure there are some questions that we didnt cover on.
A transcript of this AMA will be out shortly too! Thank you everyone once again!
HL: Thanks for hosting this AMA. Thank u all for your attention.
