星球日报

On September 16, the "FAT Awards 2024" annual ceremony was grandly opened at the Conrad Hotel in Singapore. "FAT" is a list ceremony + summit forum brand founded by Odaily Planet Daily in 2020, aiming to commend the leaders and innovators of the Web3 and encryption industries, focusing on value paradigm and Consensus. In 2024, as the encryption industry is changing rapidly and narrative becomes the mainstream, fresh narratives surge, ecological diversity, and high-quality projects are launched one after another, Odaily Planet Daily once again launched the FAT list selection and held an offline ceremony.

At the event, Story Protocol Head of IPFi BU FAN delivered a speech on the theme of IPFi. Bu Fan defined IPFi as: supporting financial market activities in the IP field (storage and transfer of asset value), and building an open and non-rent-seeking financial ecosystem.

In practical terms, Bu Fan believes that IPFi has three stages: the first stage still retains the core goals and functions of Decentralized Finance; the second stage begins to experiment with new Token forms, empowering IP with new Tokens and methodologies; the third stage may develop into a structured IPFi, providing concrete IPFi services for creators, with Token forms becoming more derivative, or develop into experimental IPFi, providing purely new mechanisms for IP services, focusing on long-term ecological needs of IP services.

The following is the full text of BU FAN's live speech, edited and organized by Odaily Star Daily, enjoy~

Good afternoon everyone, I am BU FAN from Story Protocol, and I hope to share with you today the relationship between IPFi and Story Protocol.

Story Protocol is a Layer 1 that will soon be launched, and we are currently in the Testnet phase. Story Protocol focuses on Intellectual Property (IP), and our goal is to make Programmability of IP a reality. In the Web 2.0 era, IP is often owned by large companies, and the development rights of IP are restricted by contracts. What we hope to bring about is a change that allows everyone to afford and use IP through blockchain technology.

Assuming you have built a story on Story Protocol and want to turn it into a movie, you will be able to register the asset on Story Protocol and define royalty terms. If the story achieves great commercial success, you will be able to receive a 5% return - the specific percentage is set by the IP owner. Our expectation for Story Protocol is that it will register a large number of IPs on-chain in the future, all of which will have open commission relationships. This is what we call IPFi, where financial transactions will occur once Story Protocol is launched.

I'd like to start the discussion from the role finance usually plays. Finance is the driving force behind the development of all industries, providing capital for companies to create the goods and services that consumers want. Crypto is a capital-light industry, so the formation of capital may not be the focus, but finance still connects investors and users. This is especially important for IP assets.

The figure below describes the value circulation cycle of the IP industry, involving three different groups. First, there are the creators, who are the group that creates original IP content; then there are the consumers, who will watch, share the content and pay for it; and then there are the investors, who will provide capital assistance for the creation of content, just like they invest in major companies.

Between investors and creators, the former provides capital for the latter to create IP content; between creators and consumers, the former provides content and service value for the latter to pay for; between investors and consumers, the former can receive returns from the latter's payments. The key to the financial system is the transfer of value, and the arrows in the figure clearly indicate how value will be transferred from one place to another.

Now let's enter IPFi. IPFi mainly includes two elements: one is that the asset is in the form of IP, and the other is a strong financial system to ensure the effective transfer of value. Different from most of the value transfer in the traditional IP industry, which occurs between entities, Story Protocol hopes to build an open system that allows users to freely create and transfer IP assets.

We need to clarify a question: What will IPFi specifically look like in different stages of development?

In our view, the first phase of IPFi will still focus on building core Decentralized Finance functions. The main goal of this phase is to provide the necessary infrastructure for the creation and value transfer of IP assets, including IP launch platform, IP asset trading market, IP asset currency market, and necessary Decentralized Finance incentive programs from a functional perspective, etc.

Next, we will enter the early IPFi phase. In this phase, Story Protocol will provide two different but related Token types around IP. One is the authorization Token, whose main utility is to connect creators with consumers; the other is the royalty Token, whose main utility is to realize the flow of IP revenue. For example, when you hold the royalty Token of a certain IP, if that IP eventually profits in the form of a movie, you will also receive the corresponding royalty income through the Token. We also hope to conduct some experiments in the early IPFi phase, such as we believe that all those who have invested in memecoin can build a community and content around a consensus image and transform it into a real IP project.

In the early stage of IPFi, there are some projects that need to be followed. In traditional fields, companies with good future cash flow prospects often choose debt financing to expand their business. However, in the IP field, such debt financing structures are not perfect. Why do IP creators have to sell their works? In the vision of Story Protocol, a complete structured IPFi will give birth to more valuable IP assets.

In the later stages, you need to follow some experimental IPFi. For example, in an open IP registration system, many people will register some 'junk' IPs on the network. In order to serve a small number of IPs that truly have value and assets, a Proof of Stake mechanism needs to be established. Under this mechanism, people can choose to support the highest quality IP assets to achieve asset quality screening.

In summary, our vision is to create an open value transfer system for IP assets through IPFi, fully protecting the legal rights and interests of all participants, and enabling more users to participate in the system at a lower cost. Currently, most IP creators have not considered how to finance and monetize IP. Story Protocol will provide them with a convenient and efficient solution.

In recent years, the narrative of Web3 has continued to evolve, from Decentralization finance to RWA, AI, and the focus of the industry is constantly changing. And now, as the focus of a new round of narrative, 'chain abstraction' is attracting more and more followers. The core of chain abstraction lies in eliminating the barriers between users and the complexity of the blockchain, making Cross-Chain Interaction operations and asset transfers simpler and more intuitive.

On September 16th, the "FAT Awards 2024" annual ceremony grandly opened at the Conrad Hotel in Singapore. "FAT" is a list ceremony + summit forum brand founded by Odaily Planet Daily in 2020, aimed at rewarding leaders and innovators in the Web3 and encryption industries, focusing on the value paradigm and Consensus moment. In 2024, as the encryption industry is rapidly developing and the narrative becomes the mainstream world-recognized, fresh narratives are surging, the ecological environment is in full bloom, and high-quality projects are launching one after another, Odaily Planet Daily once again starts the FAT list selection and holds an offline ceremony.

And one of the highlights of this summit is the keynote speech by Charles Wayn, co-founder of Galxe & Gravity, with the theme of 'Embracing the Decentralized Future of Galxe,' delving into Gravity in an easy-to-understand manner, revealing a new chapter in chain abstraction and the decentralized future.

As a leader in the Web3 market, Galxe has gradually established a user-centered ecosystem through its innovative Quest product, with over one million daily active users. In the high-speed development of Web3, Galxe has a unique position in the ecosystem by aggregating upstream and downstream resources, and its growth trajectory has clear convergence with the initial Cex. However, in the future competition pattern of parallel EVM chains vs. non-EVM parallel chains, what heights will the newly launched Gravity public chain lead users to? Charles said that Galxe is promoting the future of Decentralization and achieving the large-scale popularization of technology by building a comprehensive Web3 ecosystem. Galxe will expand to provide users with diversified services, including Galxe Quest, Passport full-chain KYC solution, Galxe Score based on user reputation, and Galxe Compass that uses AI to provide trend discovery and participation suggestions.

Galxe recently launched the L1 public chain Gravity, which is an innovative solution created by Galxe to solve the challenge of Cross-Chain Interaction transactions. Its wider adoption undoubtedly injects unlimited potential into Galxe. Meanwhile, Gravity provides a secure and robust architecture through built-in Cross-Chain Interaction transactions, efficient verification, and high-performance execution. Its uniqueness lies in its intention-based transaction model, allowing users to complete transactions without deep understanding of technical details, while significantly dropping Gas fees.

Galxe will also use Gravity as the infrastructure for its ecosystem, supporting various applications and services. Galxe's Token GAL was split and upgraded to G Token in July this year, becoming the common Token for Gravity and Galxe systems, with broader usability.

Galxe integrates multiple ecosystems, including EVM, non-EVM. This may be more than any cross-chain bridges or centralized exchange can integrate.

In his speech, Charles Wayn elaborated on the potential of chain abstraction and pointed out, "Gravity is not just a new L1 public chain, but also a key step for Galxe to promote the future of Decentralization. Through chain abstraction, we hope to not only improve user experience, but also bring about the widespread adoption of Web3 technology." Charles emphasized that Galxe's vision is to simplify the way users enter and participate in Web3 by providing a series of innovative tools and services, while offering a secure, efficient, and user-friendly experience. Galxe is building a more inclusive and accessible Web3 ecosystem, breaking down the complexity barriers of existing blockchain technology and lowering the threshold for users.

What many people don't know is that Galxe has also been building chain abstractions and account systems. After announcing the launch of Galxe's Gravity chain, it may become the largest blockchain measured by transaction volume, with a monthly volume of approximately $100 million.

The following is the full text of Charles's on-site speech, edited and organized by Odaily Star Daily, enjoy~

I am Charles Wayn, co-founder of Galxe. Today my topic is Galxe - embracing the future of Decentralization. We have been advancing several projects and have established a large distribution channel network.

Now, Galxe is not just a task platform, it is serving users in different fields. Galxe Quest is one of the most active platforms for users, with 800,000 to 1 million daily active users using Galxe Quest to find different Alpha information.

We have also launched a full-chain KYC solution Passport, aimed at providing customers with anti-BOT options. Users need to pass full-chain KYC before they can access certain projects. Some projects require users to have a Galxe Passport to access their blockchain network.

Galxe Score is based on user reputation, and currently we have 280,000 verified holders. In addition, there is Galxe Compass, used to discover trends, and we capture emotions through internal AI to provide engagement advice.

Our current daily active users exceed 1 million, who interact with the community through Galxe, with a cumulative total of over 28 million interactive Wallets. In the past three years, we have had over 6,000 partners on Galxe.

Earlier this year, we started building a platform or community tool for everyone. We are redefining the relationship that brings the world into Web3, as this is what we have been doing for the past 4 years and what we want to continue to pursue in the future.

When we talk about the future and mass adoption, the current fragmentation of the chains is hindering the mass adoption of Web3. There are currently over 100 different blockchains, with more chains being launched. This situation has an impact on user experience. For example, if we want to teach our grandparents how to use blockchain, we need to deal with different infrastructures and blockchains, which leads to suboptimal experiences. This is the problem we want to solve through Galxe. In Galxe Quest, we have integrated 34 blockchains, but how can users seamlessly perform Quest operations in different on-chain environments? We propose a solution called Gravity. Currently, Gravity is in the alpha phase. By the first quarter of next year, we will release a test version based on Rust and EFT execution engines. Currently, Gravity ranks third in total transactions. While people are used to measuring the success of chains by TPS, we believe that user activity is more important.

What is unique about Gravity? It incorporates intent-based cross-chain interaction transactions, efficient validation, high-performance execution, and a secure and robust architecture.

What is 'intent'? We believe that intent is the user's specific goal, which allows the user to complete the transaction without considering the details. We are trying to build a network and integrate it into Gravity as part of the network.

This includes three steps: sending a request - I want to use Ethereum to buy Cryptocurrency, others can perform this operation, and then there are validators to determine if this person is able to complete this intent. For example, if you want to buy Ethereum based on the Solana network, even if you are not an Ethereum user, you can complete these transactions through the intent network.

In addition, Gravity introduces cost-effective Zero-Knowledge Proof verification, which can drop about 70% of the gas fee. At the same time, Gravity also has high-performance execution capabilities, achieving throughput of 1 Gb/s with AptosBFT and Reth, with latency of less than one second. Testing will be conducted in the first quarter. More importantly, Gravity will provide Layer 1 level security with the help of Babylon's Restaking feature.

Different implementations show Gas fee cases, through Gravity we can reduce Gas fees to 3400 Gas. In addition, it is fully compatible with EVM.

The use cases of the Gravity chain include asset management, cross-chain interaction, identity verification, etc. For example, building a portfolio on Gravity would be a powerful use case. We announced Gravity at the end of August, and the top priority for the ecosystem starting in the fourth quarter is to ensure that all important Galxe Quests participate in building the ecosystem. Currently, Gravity has more than 60 applications, including data, Decentralized Finance, infrastructure, Wallet, etc.

Gravity supports most Wallet, Galxe will serve as a super app, while Gravity is used to enhance the online infrastructure of applications. In Galxe Quest, we have a total of 28 million interactive Wallet, with monthly transactions exceeding 100 million USD. Gravity has become one of the top five active blockchains.

We will make everything fully chained, especially for applications that are ready for full chaining. For example, we can conduct a full-chain Token lottery, anyone can participate in the online lottery and send transactions, which helps us reduce a lot of robot behavior, and there will also be gift activities.

We have nearly one million users verified through Galxe Passport. We also have the Galxe rating system with 285,000 users, which is the underlying infrastructure of the identity protocol verification system. We have 221 million credential holders who have been approved and verified through Galxe's online identity protocol.

In terms of timeline, we will launch the Mainnet in the first quarter of next year.

This is the theory we want to emphasize from top to bottom: from Quest and Compass to help you use Web3 more easily, to Alva to help you learn how to become a Web3 investor, and finally Passport, scoring system, and the identity protocol.

Galxe also has its own Token, called GAL Token, which has now been upgraded to G Token. It is the universal Token of the Gravity and Galxe systems, and has more utility. It serves as the payment Token for Galxe Quest, is used for GAL stakeAirdrop, as well as for Gravity's gas fees and the native Token of the consensus layer. It also serves as the governance Token for both.

About Alva, everyone can go and check it out. It is built on ChatGPT 4o, aimed at enhancing your Web3 knowledge. When Bitcoin pumps 10%, you can ask Alva what to do. Now there is a new Token online, Alva can give you all the information about the Token in less than 10 seconds. This is an AI-based real-time knowledge platform, designed specifically for Web3 traders and researchers. We recently added an extension feature that you can use on the blog. When you hover over an ETH block, it will give you relevant insights. It also has a comprehensive profile feature that showcases all user interaction information, community involvement, and their financial information.

Earlier last year, we developed smart savings, for example, if you want to go on a Quest in Savannah, but you don't have the Gas fee for Savannah—the smart savings will be a solution, similar to a prepaid gift card system, and it is also expanding. We hope to transform it into an on-chain high-yield checking account. You can start from here whenever you need to pay any fees.

Funds deposited in smart savings can bring high returns. So far, there have been 1.8 million transactions and 140,000 users. You can look at the ratio of users to TVL and find that most users are not wealthy, but ordinary users who deposit assets here to experience Decentralized Finance savings, which can help them pay various fees later on.

You can see the earnings they hold, which provides 10% instant Liquidity for the amount you deposit, while it takes 35 days to withdraw the full amount. But this has provided users with a high-yield on-chain check account experience, and can be used to purchase services on Galxe.

The above is what we are building today. We are committed to bringing the whole world into Web3 and are very excited about the future and mass adoption of the entire chain. Thank you all!