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Our solutions suggest significant cost reduction in R\&D as well as infrastructure maintenance costs, allowing businesses inside the Yellow Network ecosystem to focus on their core operations and growth while at the same time enabling new revenue streams.
A marketing visionary, technology enthusiast, and ex-tech writer with almost 10 years of experience in building global brands. She is famous for building a marketing presence from zero to hero within various verticals, both traditional and emerging. She holds a Master's degree in engineering and leverages extensive expertise in brand growth strategies for mid-sized B2B businesses and product-centric companies.
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A marketing visionary, technology enthusiast, and ex-tech writer with almost 10 years of experience in building global brands. She is famous for building a marketing presence from zero to hero within various verticals, both traditional and emerging. She holds a Master's degree in engineering and leverages extensive expertise in brand growth strategies for mid-sized B2B businesses and product-centric companies.
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@@ -56,7 +56,7 @@ The emergence of DeFi drove large quantities of new users to L1 platforms. This
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Many of these solutions aim to provide additional scalability and eradicate some shortcomings of existing blockchain solutions.
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For example, the use of cross-chain bridging surged from $670M to $32B throughout 2021. However, this massive surge in volume increasingly attracts exploits and hacks, as shown in the graph below.
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For example, the use of cross-chain bridging surged from $670M to $32B throughout 2021. However, this massive surge in volume increasingly attracts exploits and hacks, as shown in the graph below.
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*[Image placeholder: Funds stolen by DeFi attackers chart]*
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Source: The Block, [https://www.theblock.co/data/crypto-markets/futures/short-liquidations](https://www.theblock.co/data/crypto-markets/futures/short-liquidations)
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#### Impact on Exchanges <ahref="#ywlzf7jxtue3"id="ywlzf7jxtue3"></a>
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#### Impact on Exchanges
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Exchanges have seen a steep decline in activity and are confronted with [volumes down 50% from their highs in late 2021.](https://www.theblock.co/data/crypto-markets/spot/cryptocurrency-exchange-volume-monthly) Recent data suggests a bottoming out of falling exchange volumes. On the other hand, fiat-to-crypto exchange volumes continue to decline, resulting in reduced buying pressure and price support for most cryptocurrencies.
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Source: The Block, [https://www.theblock.co/data/decentralized-finance/dex-non-custodial/dex-volume-monthly](https://www.theblock.co/data/decentralized-finance/dex-non-custodial/dex-volume-monthly)
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#### Scaling Solutions on the Rise <ahref="#ywlzf7jxtue3"id="ywlzf7jxtue3"></a>
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#### Scaling Solutions on the Rise
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Contrary to trading volumes and asset prices, value locked in scaling solutions has shown (some) resilience in 2022. State channel solutions still represent a relatively small market share when compared to Rollups, but have maintained an overall market share.
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*[Image placeholder: Value locked in Ethereum scaling solutions chart]*
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Source: The Block, [https://www.theblockcrypto.com/data/scaling-solutions/scaling-overview/value-locked-of-ethereum-scaling-solutions](https://www.theblockcrypto.com/data/scaling-solutions/scaling-overview/value-locked-of-ethereum-scaling-solutions)
One of the most notable changes in the 2022 crypto landscape is Bitcoin losing overall market share to other coins, most notably Ethereum. While ETH has profited from increased interest ahead of the [Merge](https://ethereum.org/en/upgrades/merge/), i.e., the change from PoW to PoS, Bitcoin seems to have somewhat lost its place as the leading role in the recent cryptocurrency narrative.
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After a strong performance in 2021, the crypto industry has now reached full public attention and is unlikely to disappear despite facing increasing challenges in 2022.
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We predict that some headwinds such as high inflation, supply chain shortages, and regulatory uncertainty, are temporary and likely to subdue over the next 12-24 months.
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We predict that some headwinds such as high inflation, supply chain shortages, and regulatory uncertainty, are temporary and likely to subdue over the next 12-24 months.
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Industry internal issues, such as the question of security and scalability, have been acknowledged and we see an increasing amount of solutions being developed to confront these issues.
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In our view, challenging market environments tend to have a cleansing effect in rapidly growing industries. Similar to the Dot-Com bubble in 2001, trying times reduce the number of bad actors and "hype" projects with no utility. Capital will flow towards ideas and companies that focus on advancing the technology and its use cases, ultimately improving the environment for all stakeholders.
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While there is a risk of consolidation and concentration by prominent players, the underlying decentralized nature of blockchain should, at least partially, prevent what happened to the internet over the past two decades, where a few large corporations control the market.
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Regulatory frameworks will have to be rewritten to accommodate the complex nature of decentralization in order to build trust and foster security.
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Regulatory frameworks will have to be rewritten to accommodate the complex nature of decentralization in order to build trust and foster security.
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As a result, the collaboration between all stakeholders remains critical for widespread adoption.
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#### **Short history**
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Uniswap is a decentralized exchange application launched in 2018. It is the first DEX to gain significant traction on the [Ethereum Mainnet](https://ethereum.org/en/) in 2020. Since then, many clones and other decentralized applications have been launched across various blockchains and are used by millions of users to swap tokens, lend or borrow cryptocurrency assets, bridge funds, etc.
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Uniswap is a decentralized exchange application launched in 2018. It is the first DEX to gain significant traction on the [Ethereum Mainnet](https://ethereum.org/en/) in 2020. Since then, many clones and other decentralized applications have been launched across various blockchains and are used by millions of users to swap tokens, lend or borrow cryptocurrency assets, bridge funds, etc.
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In short, Uniswap paved the way for DeFi (Decentralized Finance).
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| Period | Milestones |
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|--------|------------|
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|**Q1 2024**| - Launch of Yellow Smart Account |
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|**Q2 2024**| - Rollout of Yellow Terminal<br>- Linea Mainnet Integration<br>- Canary trading test environment<br>- Onboarding of Initial Builders |
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|**Q3 2024**| - Product launch of Yellow Network Telegram app<br>- Product launch of Yellow Vault<br>- Start of Yellow Locking Campaign Season 1<br>- Start of liquidity building through the locking |
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|**Q4 2024**| - Distribution of season 1 rewards<br>- Start of Yellow Locking Campaign Season 2<br>- Adding support of 6 EVM chains<br>- Expansion of Builder Program<br>- Organization of Yellow Network Hackathons<br>- Instant cross-chain trading feature |
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|**2025**| - Launch of Yellow Clearnet virtual ledger layer-3<br>- SDK released to builders<br>- State-channels smart-contract nitrolite deployed<br>- Clearnode golang microservice for off-chain state-channel operations<br>- Used in multiple Hackathons<br>- NeoDAX SPOT release (built on Clearnet layer) - expected before end of 2025 |
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|**Q1 2026**| - NeoDAX SPOT trading between brokers<br>- Expansion of Brokerage Ecosystem<br>- Enhancement of Multi-chain abstraction |
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|**Q2 2026**| - NeoDAX support for Perpetual contract trading<br>- Advanced orders<br>- Risk Neutral Broker Dealer market making<br>- Further Expansion of Brokerage Ecosystem |
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|**Q2 2024**| - Rollout of Yellow Terminal<br/>- Linea Mainnet Integration<br/>- Canary trading test environment<br/>- Onboarding of Initial Builders |
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|**Q3 2024**| - Product launch of Yellow Network Telegram app<br/>- Product launch of Yellow Vault<br/>- Start of Yellow Locking Campaign Season 1<br/>- Start of liquidity building through the locking |
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|**Q4 2024**| - Distribution of season 1 rewards<br/>- Start of Yellow Locking Campaign Season 2<br/>- Adding support of 6 EVM chains<br/>- Expansion of Builder Program<br/>- Organization of Yellow Network Hackathons<br/>- Instant cross-chain trading feature |
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|**2025**| - Launch of Yellow Clearnet virtual ledger layer-3<br/>- SDK released to builders<br/>- State-channels smart-contract nitrolite deployed<br/>- Clearnode golang microservice for off-chain state-channel operations<br/>- Used in multiple Hackathons<br/>- NeoDAX SPOT release (built on Clearnet layer) - expected before end of 2025 |
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|**Q1 2026**| - NeoDAX SPOT trading between brokers<br/>- Expansion of Brokerage Ecosystem<br/>- Enhancement of Multi-chain abstraction |
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|**Q2 2026**| - NeoDAX support for Perpetual contract trading<br/>- Advanced orders<br/>- Risk Neutral Broker Dealer market making<br/>- Further Expansion of Brokerage Ecosystem |
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Today, the world of cryptocurrency trading shows significant inefficiencies partially due to its decentralized nature. Here at Yellow Network, we are dedicated to tackling some of the deficiencies of the Web3 space.
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## The Blockchain Trilemma <ahref="#pj8bkb32jts7"id="pj8bkb32jts7"></a>
Certain scalability projects such as [bridges](https://www.coindesk.com/learn/are-blockchain-bridges-safe-why-bridges-are-targets-of-hacks/) increasingly suffer from fraudulent attacks and exploits. This impacts trust, acts as a major roadblock for many traders, and traps them within chain ecosystems, further hindering scalability.
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As a matter of fact, even with most DEXs, there is no real decentralized trading. For example, some DEXs may still rely on a central entity to control the flow of buy and sell orders, which allows them to prevent users from placing orders. Others continue to use third-party accounts as a way to route transactions, making them not really non-custodial in nature. When it comes to their underlying technology blockchain, computing is not fully decentralized, as all machines re-compute the same code in order to reach consensus. Additionally, liquidity remains concentrated on a single chain. As such, trading on decentralized exchanges stands in contrast to something like the shipping industry, which exhibits true decentralization. A vast network of companies works together to ensure global shipping functions effectively.
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## Market and liquidity fragmentation <ahref="#c3n1dp2ojjwf"id="c3n1dp2ojjwf"></a>
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## Market and liquidity fragmentation
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Due to the proliferation of blockchains, there has been a fragmentation of assets and liquidity across different layer-1 protocols and increasingly [layer-2 chains](https://l2beat.com/scaling/tvl/). Their interoperability is limited, having hitherto been dependent on centralized cross-chain bridges that have emerged as a [top security risk](https://blog.chainalysis.com/reports/cross-chain-bridge-hacks-2022/) due to the many substantial hacks that have [occurred](https://twitter.com/tokenterminal/status/1582376876143968256/photo/1) since September 2020.
The broker node is built with [NeoDAX™ WEB SDK](https://web-sdk.openware.com/?path=/story/getting-started--page), which offers reusable UI components for common exchange platform interfaces, including widgets.
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***Bi-directional WebSocket API**: allows end-users and brokers' bots to create and cancel orders and be notified about trades in real-time
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*[**gRPC API** with JS and go libraries to speed up the development of bots](https://docs.openware.com/neodax/developers-guides/api-documentation/grpc-protocol)
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## State Channel Technology <ahref="#gxnel8rqtpbo"id="gxnel8rqtpbo"></a>
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## State Channel Technology
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The state channel protocol keeps track of assets owned by brokers, without involving blockchains in trade operations, in an ultra-fast and secure manner.
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_\[INSERT: ECN Deal Flow Graphic (in preparation)]_
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ECN provides brokers access to global financial markets; the Yellow Network protocol forms a decentralized ECN for digital assets through its layer-3 infrastructure and NeoDAX applications.
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LayerZero provides an SDK that enables cross-chain transactions, but it requires modifying existing smart contracts and does not solve performance issues. It actually increases the number of transactions on already congested chains.
#### Lessons from Traditional Finance[](https://www.yellow.org/docs/litepaper/market#lessons-from-traditional-finance) <ahref="#_ywlzf7jxtue3"id="_ywlzf7jxtue3"></a>
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#### Lessons from Traditional Finance
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We’ve been powering 150+ fintech businesses and expect blockchain-powered finance to grow exponentially. Crypto-trading is disruptive but how does it stand against traditional finance?
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*[Traditional Finance vs Crypto Finance Comparison Chart]*
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To overgrow The Wall Street, crypto should use and reimagine the competitor’s strengths.
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### Industry Participants and Regulations[](https://www.yellow.org/docs/litepaper/market#industry-participants-and-regulations) <ahref="#_96m01ya3cbds"id="_96m01ya3cbds"></a>
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### Industry Participants and Regulations
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We are convinced that Crypto Finance should learn and leverage from the legacy of Traditional Finance when it comes to responsibilities and users’ protection. It will finally bring blockchain and Web3 finance to the new level of mass-scale.
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We are convinced that Crypto Finance should learn and leverage from the legacy of Traditional Finance when it comes to responsibilities and users' protection. It will finally bring blockchain and Web3 finance to the new level of mass-scale.
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These valuations demonstrate the significant market opportunity for infrastructure providers in the DeFi space. Yellow Network's unique approach of providing the underlying layer-3 infrastructure rather than operating as a single trading venue positions us to capture value across multiple use cases and applications.
We are currently receiving more than 50 leads/applications per week with an average budget of \~$250K.
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#### Cost-Revenue Structure for Brokers[](https://www.yellow.org/docs/litepaper/business-model#cost-revenue-structure-for-brokers) <ahref="#_8iwurl3m1rx8"id="_8iwurl3m1rx8"></a>
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#### Cost-Revenue Structure for Brokers
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Our solution suggests significant cost reduction of R\&D as well as Infrastructure maintenance costs, allowing businesses inside Yellow Network to focus on marketing and growth. It is also enabling new revenue streams.
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| Product development | Network Liquidity share profits |
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| Operations, Customer support | Asset listings and Launchpad |
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