DREP 2.0 — Pioneer of DeFi Credit Protocol
DREP will complete the upgrade from a non-intrusive blockchain toolkit to a technical product for DeFi credit protocols. DREP 2.0 is a Layer 2-based decentralized credit data middleware.
DREP 2.0
DREP will complete the upgrade from a frictionless blockchain toolkit to a technical product of DeFi credit protocols. DREP 2.0 is a decentralized credit data middleware based on Layer 2. In the product system of DREP 2.0, the DREP token will serve as the payment method for all fees, capturing the value of the entire credit data network, thus we will carry out an upgrade of the DREP Token.
The upgrade of the DREP token officially started on March 5, 2021, lasting for 6 months and will end on September 1, 2021. The exchange ratio between the DREP tokens before the upgrade and the new DREP tokens after the upgrade is 100:1, meaning that the total supply of DREP tokens will be reduced from 10 billion to 100 million.
The new contract address for the upgraded DREP token is: 0x3ab6ed69ef663bd986ee59205ccad8a20f98b4c2.
DREP token holders are requested to strictly follow the "DREP Token Upgrade Guide" attached in this article to complete the DREP upgrade. If your DREP tokens are stored on various trading platforms, the token upgrade will be completed by the trading platforms on your behalf. Please patiently wait for the corresponding trading platform to release announcements regarding the DREP token upgrade, and the specific deposit and withdrawal times will be subject to the trading platform's announcements. During the upgrade period of the DREP token, DREP trading will not be affected.
DREP 1.0 is committed to developing a frictionless blockchain toolkit, officially launching its mainnet in June 2020, and independently developing or incubating tool protocols related to vertical industries, such as DREP BaaS, DREP Game SDK (GameFi), Liquidity Tap (DeFi), etc. As the trend of DeFi gradually breaks the boundaries of Crypto and evolves towards real finance, the DREP development team will reposition the product system and development path of DREP.
Credit is the cornerstone of finance, and a decentralized credit data network is the backbone of future DeFi development. DREP 2.0 is positioned as a DeFi credit protocol, which will change the single method of enhancing credit through over-collateralization in the DeFi field, adding multiple credit dimensions to DeFi user profiles.
Currently, core DeFi lending protocols are exploring low-risk, low-collateral lending models, even innovative forms of "unsecured loans." However, whether through credit delegation or third-party guarantees, the core issue of enhancing loan credit cannot be solved. The DREP team believes that although DeFi pursues anonymity and KYC-free participation based on decentralization, it is still necessary for participants to build credit profiles based on DeFi DID, without wasting the credit rights and credit premiums accumulated through historical transactions.
DREP Credit Oracle & Credit Explorer
DREP 1.0 has already initiated the development of the DREP DID and DREP reputation system. Based on this, we will advance the research and development of the DREP credit data oracle solution and browser in the 2.0 product system, forming a credit pricing feed for DeFi protocols, which can assist in determining parameters such as loan variable interest rates, margin rates, fee rates, and liquidation thresholds.
We believe that the historical transaction records of DeFi users across multiple decentralized addresses reflect the credit profile of that user across various product types such as DEX, lending, aggregators, insurance, derivatives, and wallets, covering credit data sources such as deposit and withdrawal volumes, staked asset scales, risk preferences, default records, and expected returns, which can derive the credit rating of that DeFi user.
Of course, this is just a partial and threshold-free credit data source. The collection of DREP Credit Data sources will also cover credit data of DeFi users in non-DeFi scenarios, such as traditional internet and even traditional finance fields.
DREP 1.0 products have already established long-term cooperation with many eKYC teams in the blockchain industry and traditional internet industry. We believe that as DeFi credit develops, users will be willing to link their decentralized addresses and IDs to gain incentives and enhance their credit ratings.
DREP Layer 2 Solution
The tracking, reading, calling, and interaction of DREP Credit Data are a series of high-frequency operations. Currently, we use our self-developed DREP public chain as a layer 2-like solution to reduce the high costs of on-chain operations.
Considering the formed asset scale and long-term accumulated security, the DREP development team will begin testing EVM-compatible Rollup solutions. Our preferred testing solution is Optimistic Ethereum, and based on the actual testing situation, we will integrate the Optimistic Rollup scaling solution during the development of the DREP credit protocol.
Binance Smart Chain is also one of the solutions that the DREP team is optimistic about, with advantages including EVM compatibility, reasonable fees, and rapidly growing asset scales. Therefore, DREP will also include the deployment of a BSC version in its development plan, embracing the thriving multi-ecosystem.
DREP Credit DID
Based on the decentralized digital identity foundation of the DREP 1.0 product system, a distributed ledger with distributed key-value data storage capabilities will be formed as a registry for distributed digital identity identifiers. As long as the identity owner maintains control over their private keys, no third party can have the right to use that identifier, thus preventing identity impersonation and protecting the security of their DID.
Among them, verifiable credentials include identifiers and metadata used to describe credential attributes, for identity authentication and project access authorization. DREP 2.0 provides a system led by the identity holder that connects credential issuers and verifiers, while introducing zero-knowledge proofs to protect privacy.
Based on the traditional PKI challenge-response mechanism and data encryption methods, DREP will build a cross-chain Credit DID data system, allowing asymmetric key-based authentication interactions between different nodes.
Cross-Protocol Credit Granting and Credit Transfer
Through DREP Credit DID, DeFi users' credit accumulated through historical transaction data, asset management, preference settings, and even internet social behaviors will be quantified and assetized, significantly improving the precision and efficiency of DeFi protocols, allowing users to manage and utilize their credit assets more intelligently.
We will further explore the feasibility of granting credit between different addresses across different protocols, which will depend on whether the credit asset is in a transferable state after assetization, the risk thresholds of different protocols, and more complete default risk management mechanisms. Based on this, more widely applicable credit delegation and credit transfer can also be verified, exponentially amplifying the flexibility of DeFi Lego.
Verifiable Whitelist
Currently, more and more DeFi products are completing cold starts through IDOs (Initial Decentralized Offerings) or acquiring a large number of initial users through airdrops. However, this process is often filled with a large number of bots or invalid users, as DeFi products have extremely limited judgment basis and efficiency for identifying users (or addresses).
DREP's verifiable whitelist is a product that meets the current industry needs, assisting all early and relatively mature DeFi products in quickly discovering seed users.
At the same time, the credit parameter dimensions of DREP credit data not only identify indices in the financial category but also recognize indices in the community/social category. DAOs rely not only on users with a large number of tokens but also on long-tail users who help promote and spread the product.
Therefore, as the product system of the DREP credit protocol gradually enriches and improves, more DeFi users can obtain credit verification, linking to commonly used valid addresses and accounts, which will enhance their weight in the process of acquiring early seed users for all DeFi products.
Value of DREP Token
The DREP token remains the only native token in the DREP 2.0 product system, playing a more important role and capturing greater fee value.
Functions of the upgraded DREP token:
Payment for obtaining credit data through the DREP Credit Oracle interface;
Payment method for DREP to release demands and tasks;
Payment for generating various verifiable credentials;
Payment for using various functions such as DREP verifiable whitelist.
DREP 2.0 Roadmap
2021 Q1-Q2
Establish a distributed digital identity system architecture
Provide DID calling test interface
Achieve the generation and calling of verifiable credentials
Optimize the reputation system against attacks
Beta testing of DREP verifiable whitelist
Optimistic Ethereum testing
2021 Q3-Q4
Official launch of DREP verifiable whitelist function
Deployment of DREP Credit DID across multiple chains
Completion of credit rating mechanism V1 scheme confirmation
Gray testing of basic functions of DREP Credit Oracle
Gray testing of DREP Credit Explorer V1
2022 Q1-Q2
Official launch of DREP social credit mining function
Optimization and public testing of DREP Credit Oracle V1
Optimization and public testing of DREP Credit Explorer V1
Optimization of credit rating mechanism scheme
Completion of credit assetization V1 scheme confirmation
Completion of research on cross-protocol credit granting and credit delegation transfer schemes
2022 Q3-Q4
Completion of cross-chain interaction testing for DREP Credit DID and opening of API
Optimization and public testing of DREP Credit Oracle V2
Optimization and public testing of DREP Credit Explorer V2
Launch of Credit assetization products
Beta testing of cross-protocol credit granting and credit delegation transfer functions
DREP Token Upgrade Guide
As part of our brand restructuring process, DREP will conduct a smart contract upgrade from March 5, 2021, to September 1, 2021. Through this upgrade, we will reduce the total supply of DREP tokens from 10,000,000,000 to 100,000,000. After upgrading the old DREP tokens, the DREP balance in all holder addresses will be scaled accordingly based on this ratio.
Key points of this contract upgrade are as follows:
Exchange ratio: 100:1 (every 100 old DREP equals 1 upgraded DREP)
New DREP smart contract address after the upgrade:
0x3ab6ed69ef663bd986ee59205ccad8a20f98b4c2
Deadline: September 1, 2021 (Block height: #13162200)
*After September 1, 2021, users will not be able to upgrade their old DREP tokens.
Please follow the guidelines below for contract upgrades:
For DREP tokens on exchanges:
If you hold DREP tokens on exchanges cooperating with DREP, the contract upgrade for that portion of tokens will be fully automated. You will not need to take any action. During the upgrade period, trading of DREP tokens will not be affected. For details on the upgrade and related technical support from various exchanges, please refer to the specific announcements released by each exchange.
For DREP tokens in ERC20 wallets:
If you hold DREP tokens in an ERC20 wallet, please manually upgrade the old DREP according to the operation guidelines of each wallet.
Metamask upgrade guide: http://docs.drep.org/swap/metamask/
TrustWallet upgrade guide: http://docs.drep.org/swap/trust/
imToken upgrade guide: http://docs.drep.org/swap/imtoken/
If you have any questions, please join the DREP community: https://t.me/drep_foundation
Q&A:
Here are some frequently asked questions and answers regarding this DREP contract upgrade.
Q1. After this upgrade ends, can I still upgrade my old DREP tokens?
A: No. This smart contract upgrade is only valid within the specified period before September 1. We will not reopen the token exchange window. Once the deadline is missed, you will not be able to upgrade the old DREP tokens to the new DREP tokens in any form. Therefore, we encourage all DREP holders to complete the upgrade as soon as possible.
Q2. I have not upgraded my DREP to the latest old contract address; can I participate in this contract upgrade?
A: Yes. Please first manually upgrade your smart contract to the latest address before this upgrade: 0x22de9912cd3d74953b1cd1f250b825133cc2c1b3. Then follow the above guidelines to complete the upgrade. We encourage all DREP holders to complete the upgrade exchange within the specified period.
Q3: As a user holding DREP tokens in an ERC20 wallet, do I need to manually upgrade the old DREP to the new DREP tokens?
A: Yes. If your DREP tokens are in an ERC20 wallet, you need to manually perform the upgrade exchange. Please refer to the links above for the DREP contract upgrade guides for different wallets.
Q4: As a user holding DREP tokens on exchanges cooperating with DREP, do I need to manually upgrade the old DREP tokens to the new DREP tokens?
A: If you hold DREP tokens on exchanges cooperating with DREP, you do not need to perform any actions for this upgrade—the DREP smart contract upgrade will be carried out automatically, and the exchange will handle all related technical requirements. Please pay attention to the announcements released by each exchange.
Q5: Will exchanges temporarily suspend DREP trading during the upgrade period?
A: During the contract upgrade period, all exchanges trading DREP will suspend the deposit and withdrawal of old DREP tokens. After the upgrade is completed, our partner exchanges will gradually restore the deposit and withdrawal of the new DREP tokens based on their own judgment. For relevant details, please refer to the official announcements regarding the DREP upgrade released by each exchange.
Q6: Will this contract upgrade affect the user experience of DREP product lines (such as DREP wallet and DREP browser)?
A: To provide users with a smooth experience, we have managed to eliminate the impact of this upgrade on products within the DREP ecosystem. However, please ensure that your DREP wallet application is upgraded to the latest version to support the updated interface for displaying the new DREP token balance.
