A quick overview of what big names such as V God and Yilong said at the IOSG DeFi Summit
On October 26th, Old Friends Reunion successfully concluded in Shanghai 1933 Old Workshop. The theme of this year's event is "DeFi Summit 2020". IOSG will join hands with imToken, DeBank and Aave to create an audio-visual feast. A total of 912 people registered on Eventbrite and the activity line for this event, and the actual number of people present exceeded 1,000. Well-known blockchain developers, investors, developers and community enthusiasts at home and abroad were gathered on the spot, and more than 60 heavyweight guests were invited, including Vitalik Buterin, co-founder of Ethereum, Illia Polosukhin, co-founder of NEAR, Aave Stani Kulechov, founder and CEO of tBTC/Keep, Matt, co-founder of tBTC/Keep, Emin Gün Sirer, founder of Avalanche, and Dawn Song, founder of Oasis Labs.
This summit is divided into two venues: "All Things Grow" and "Code Pentium". The two venues will focus on DeFi insurance, investment logic, digital wallets, infrastructure and other directions, and discuss the current hot spots and future development paths of the industry.
Everything grows
In the past six months, DeFi has achieved amazing explosive growth, allowing the public to witness the blooming of DeFi and the growth of all things. The advantages of DeFi in terms of low barrier-to-entry costs, no need for permission and supervision began to emerge, and many innovative agreements emerged. The development of traditional finance has evolved industry theories for hundreds of years. In an instant, in the cryptocurrency world, with the enrichment of infrastructure and protocol layers, it began to be adopted. practice.
Keynote Speech
Keynote Speech
Vitalik Buterin - Decentralized Governance
In his speech, Vitalik Buterin mentioned the problems existing in the blockchain ecology and the difficulty of project financing for public goods and services. Before the emergence of blockchain, the main reason why many decentralized projects failed and became unsustainable was lack of funds. After the emergence of Bitcoin and Ethereum, the wealth of early Bitcoin community members has increased sharply, and the community is not short of money, while Ethereum and other public chain projects in the last round of ICO waves also raised a lot of funds from 2014 to 2018 .
In contrast, for public goods, financing difficulties are now a big problem. In addition, Vitalik Buterin believes that there are two other issues worthy of attention. The Ethereum protocol is facing the problem of protocol upgrade and the problem of possible attacks on decentralized governance. In particular, we need to pay attention to the problem of decentralized governance attacks, including the decentralization of governance rights by economic rights and interests. For example, the loan of encrypted assets (especially the loan of Governance Token) will not be able to repay the collateral assets due to the failure of governance to affect the price of tokens.
Jocy Lin - Capturing Unchanging Value in an Ever - Changing Decentralized Economy
Jocy Lin said that IOSG Ventures pursues value investment, adheres to value investment, pursues long-termism, and has always been friends with time. We hope that in the right cycle and at the right time, we can find the right team to help them build the best products and meet the needs of the market.
Jocy explained how the cycle of the encryption world is from the past, present, and future, and how IOSG Ventures participates in market development during this process. Jocy believes that trading units, derivatives, lending, transactions, various infrastructures, and modular components in DeFi are all emerging and changing rapidly. It can be seen that the entire DeFi finance is from the outside to the inside, from traditional finance to decentralized finance. This innovation will bring a very big outlet for giants.
Jocy also said that in the past three years, IOSG's fund performance has exceeded investor expectations, which is encouraging. At the same time, it has also gained the trust of the market. IOSG adheres to value investing, pursues long-termism, and makes friends with time. Currently IOSG is actively preparing for IOSG Fund II, and will continue to implement research and community-driven investment ideas in the next 5 years. Thanks to the old friends who have helped IOSG along the way. It is precisely because of the perseverance of the old friends that the team realizes the power of persistence. There must be waiting when starting a journey. IOSG will definitely live up to the expectations and continue the past.
Ben He - From Wallet Perspective, To DeFi Ultimate State
Ben, the founder of imToken, believes that the evolution of blockchain is inseparable from researchers, developers, active designers, etc. All aspects can participate in the network in an open and open manner, which is also the charm of blockchain. Similarly, the very popular and popular blockchain is the mechanism of community governance, which can bring together the collective wisdom of more people and continuously break through and innovate. Blockchain is really using technology to promote and change the world.
From the perspective of the wallet, you can more intuitively see the meeting point or generation gap between the product and the user. Today, I will look more at the current development status of the blockchain and the challenges faced by the recently booming DeFi from the perspective of the wallet user. imToken believes that there are three challenges. The first is the private key. imToken hopes that through popular education, users can continue to understand the private key and understand a series of safeguards to control the private key; the second is the miner's fee; the third is the complexity brought by the overall Defi sexual issues. In the end, it also described imToken’s conjectures about the future development of DeFi in the blockchain, and how the blockchain and DeFi will evolve in the future. Finally, Ben also hopes that all participants in the ecology will work together to create and meet these challenges. challenge.
Speech
Dawn Song - Building a scalable privacy-enabled platform for DeFi and a responsible Data economy
Dawn Song said that the bottom layer of the Oasis platform architecture is the consensus layer, and the upper layer is the ParaTime parallel computing layer. After separation, the parallel computing layer can have better parallel computing capabilities, and many ParaTimes can run at the same time. Oasis combines distributed accounting and secure computing, and combines technological innovation and uniqueness at the ParaTime layer level, which can support scalability, privacy-protected DeFi, and support new data assets. In the case of combining blockchain and secure computing, data rights can be confirmed, and at the same time, data can be applied with privacy protection to obtain value from it, thereby generating new data assets.
Illia Polosukhin - Scaling DeFi: Interoperability between ETH and NEAR
Illia Yilong, the founder of NEAR, said: The network congestion caused by the successful growth of DeFi is not conducive to the formation of the network effect of Ethereum. The expansion plan is necessary and urgent. The three main methods of expansion are off-chain computing, cross-chain interoperability, and sharding. NEAR’s scaling approach uses block sharding to ensure cross-shard transaction routing and data availability. The interoperability between Ethereum and NEAR ecological projects is realized through the rainbow bridge with Ethereum and the evm. NEAR achieved full community-run decentralization through community voting in October 2020. The next more important work is to continue to expand the ecology on the chain. To this end, NEAR will also start the second batch of accelerators through the Open Web Collective, and registration is now open.
Aaron Choi - Essential elements of a closed-loop DeFi ecosystem
Aaron said that Kava hopes to provide an incentive to go to Kava’s chain through auditing. Not all people go to this chain, but to let these users go to this chain through voting. Unlike Ethereum, any developer can You can upload their APP to the chain, our chain needs to be audited, and users need to be optimistic about it. One of the future development routes of Kava is derivatives, which we are also studying. In addition, our stable currency will be stored for more time, so that more places can use our stable currency. We hope that our other partners will make this ecology better.
round table
Panel: Ready Layer One: Who competes with Ethereum DeFi?
Regarding the roundtable question of Lianwen editor-in-chief Liu Feng: How to attract more DeFi developers to enter the ecology for development, Dawn Song said that the DeFi ecology is currently facing three bottlenecks: scalability, privacy protection, and traditional financial asset mortgages. The unique functions and features of the Oasis platform can provide developers with a better and more superior environment, and enhance scalability by separating the consensus layer from the computing layer. Regarding privacy protection issues, DeFi application design contains a lot of sensitive information. Oasis uses data to score users to support better applications. The combination of AI and big data will be an important part of everyone's future value and assets. Yaoqi Jia, Asia Engineering Director of Parity Technologies, and Illia Yilong mentioned the need to pay attention to cross-chain issues. From a technical point of view, large-scale DeFi applications built through Ethereum still face throughput problems, and the handling fees are still high. If Fang 2.0 can solve asset cross-chain and bridge assets, it can provide better choices and bring users a better experience. Aaron Choi said that the decentralized ecology and Layer 1 need to be developed by themselves, and the technology needs to be known to users, but it takes a lot of time and should be done slowly.
Panel: Musings on DeFi: Assets, Collateral, and Users
Opyn co-founder Zubin Singh Koticha moderated a forum with UMA co-founder Hart Lambur, MakerDAO co-founder Rune Christensen, and KEEP founder Matt Luongo. The guests discussed the reasons behind the DeFi wave in 2020, the demand for stablecoins in the real world, the role of synthetic assets, incentive institutions, the limitations of decentralized governance, capital efficiency, and the concept of unsecured lending. In the end, the guests also shared their outlook on the future DeFi ecology.
Keynote Speech
Keynote Speech
Stani Kulechov - Aave
Stani sees Aave as a non-custodial decentralized lending protocol that launched on mainnet in January 2020. The protocol mints aToken assets for lenders at a 1:1 ratio. The interest is compound interest, which is manifested by a steady increase in the number of aTokens. Interest rates are algorithmically adjusted based on supply and demand, and Aave allows borrowers to switch between stable and variable rates. The Aave platform is in a period of rapid development and innovation, recently launching flash loans, credit delegation and Lend-Aave token transfers.
Tang Hongbo - How does DeBank empower the DeFi eco
Hongbo said that there are many combinations and applications between DeFi protocols and protocols, including the attack on Harvest Finance this morning, which is actually a phenomenon of combination. After more and more agreements are formed, it is very efficient for the new team to do financial innovation, and may only need 1 or 2 engineers. A brand new infrastructure brought by the Ethereum ecosystem to new finance is a set of smart contracts. However, there are still a lot of problems in smart contracts. For example, ordinary users cannot understand the contract, and cannot determine whether there is a problem, whether it will do evil, or whether there will be a loss of funds.
In addition, many teams that specialize in contract auditing are responsible for the project side. Most of the audit reports are only from the perspective of the project side, telling the project side whether the contract designed may have financial risks, whether it may be arbitraged by users, etc. . For example, although the contracts of many project parties have been audited by audit companies and are safe, in fact, they may have some backdoors, or manage an important private key, and can do some operations that greatly affect the security of users’ funds. These are audit reports that cannot be given to users, so Debank is doing this kind of thing. Every contract integrated into the platform will confirm whether it will bring some very big risks to the user level. For users, purely project-oriented security is far from enough. Based on the above things, there needs to be an aggregation at the information level, which can completely provide users with products. This is the first thing Debank does, hoping to help users increase their trust in some really high-quality projects, and eliminate relatively less high-quality projects as much as possible.
round table
Panel: How to make DeFi more efficient?
In response to the host PANews co-founder Bi Tongtong’s views on the current situation of DeFi, and the impact of the market’s coldness on the long-term future development, DODO co-founder Dai Dai said that the market has a plate rotation theory, and the attention and traffic of the entire market are all Limited, it will only be concentrated in a certain sector for a period of time, such as DeFi this year. The real reason behind the concentration of traffic and attention on a certain plate level is that there are products and technologies behind it.
DeBank Hongbo said that this wave of "cooling down" is an inevitable thing. Next, we must pay attention to how to keep the industry developing healthily. For project parties that carry out liquidity mining in this wave, we need to reflect deeply, such as Whether subsidizing so much money really brings value to the agreement and the ecology, whether the subsidy efficiency remains at this level, and how to further improve the subsidy efficiency can become a sustainable business model, etc. These may be new problems and challenges.
Pan Chao, head of MakerDAO China, said that "fever reduction" can be understood as deleveraging or a kind of liquidation. During liquidity mining, everyone increased leverage crazily, and now the leverage ratio has dropped. Judging from the results, it is a more effective reflection of the market, and it is also a good thing. It is precisely because people have a fever that they will think of some solutions. Loopring co-founder and COO Jay Zhou said that DeFi has not abated. The crazy annual return rate of liquidity mining has made everyone rush into this industry, which is indelibly helpful to the formation of early users. There are also a large number of Layer 2 network technologies that have improved the expansion level, and users have obtained some benefits. I am personally optimistic, and believe that early next year we will see a wave of DeFi competition on the second-tier network.
Panel: Cooling down after the DeFi summer: challenges and pathway forward
Stani Kulechov of Aave thinks that what excites him most about DeFi is innovation, bringing different products to the market, and the ecosystem grows substantially. He said this kind of mass innovation happens when developers anywhere in the world can create at will. Stani Kulechov believes that the second point is actions in the community and decentralized governance, which is reflected in how the community builds and manages itself.
DeFi OG Mariano Conti believes that governance fatigue is a big problem in voting governance. He said that he has many types of governance tokens, but he cannot understand every project. This leaves a lot of room for development of new voting aggregation products.
Anthony Sassano of Set Labs believes that when newcomers enter the field, if you are a developer, you need to educate the developer. Otherwise, you can do community education. 0x’s Amir Bandeali went on to say that it’s important for new developers to build user interfaces for users, especially non-cryptocurrency users. You can focus on UI/UX and make them less obscure.
Panel: DeFi Growth Hack: Acquire users with innovative and interoperable products
For founder Mandy, how does DEX get customers? When there are new batch assets, let everyone really use DEX to ask questions. Philip Fei believes that decentralized finance must be the future direction. Whether it can directly replace centralized finance is not a contradiction, but a combination of strengths and weaknesses. Eric Yu believes that there are currently three very obvious thresholds encountered by Dex. The first is that the performance of Ethereum leads to very high transaction costs of Dex; the second is that Dex assets are not necessarily safer than centralization; the third is the problem of Front Running.
Yang Mindao said that the relationship between Dex and CeFi is a "store in front and field in the back", and customer acquisition is still in a centralized exchange. DeFi is actually more important to be a settlement network. Xu Chao believes that centralized exchanges and decentralized exchanges do not have too much overlapping competitive relationship. From the observed data, Uniswap’s real transaction data has increased. It may appear that the transaction volume is declining on the surface, mainly due to the decline in speculative components. The real transaction volume and the increase in the real transaction volume are very important. matter.
Jason Wu believes that smart money always flows to the safest place with relatively stable returns. And this is not a temporary thing, but a long-term problem. Once you realize that financial management and transaction services can be done well through decentralization, it will be difficult to go back in reverse. DeFi assets are growing by 10 times every year, and there will be no major problems in the next few years.
Panel: Like Never Before: A New Era of DeFi Investment and Beyond
Regarding the question of what new DeFi applications will appear in the short to medium term, Santiago Roel Santos of ParaFi Capital said that there is no problem in copying traditional financial things to DeFi itself, but the core of DeFi is the transfer of value. He said that BarnBridge is a good example. It leverages the infrastructure already in place to create tokenized ventures, Structured Products 2.0.
Xinshu of IOSG Ventures is optimistic about projects developed on the basis of Synthetix and Aave, and is looking forward to this new project that leverages on mature projects. Michael Anderson of Framework Ventures pointed out that the future will be a transition between CeFi and DeFi, or TraDeFi and DeFi. This trend can be seen from the trading volume of Uniswap surpassing Coinbase in September. DeFi will continue to grow in the next 6 months. Occupy CeFi as the main theme. (Of course, this kind of "occupation" is more appropriate to use "bypass", for example, users will be more inclined to use decentralized lending products).
Ben Perszyk of Polychain Capital believes that interoperability will be a hit. Polkadot is a good example. Although the current function is not complete, it has already seen signs, and new DeFi products have begun to appear. In addition, he said that the economic incentive structure of DeFi is very interesting. It is very different from the underlying Layer1 economic incentive structure, but how to build a defensive DeFi protocol is very important. Now many protocols are experiencing problems such as forks, so avoid "protocol vampires" ’ is something to think about later.
Panel: In DeFi We Trust: How investor involved the DeFi craze?
Michael, chairman of Kuan Capital, asked how contemporary "invisible" investors view "invisible" investment from the "seeing" of the first generation of venture capital. Jocy Lin shared that the project can eventually become a very long-term project driven by the community, self-renewal, and self-development. This is the value that he believes the investment can ultimately retain. When the technology cycle of Web3.0 comes, distributed systems, cryptography, and smart contracts are penetrating into the lives of the public unprecedentedly, and leading the industry to a frenzy period of bubbles. The inflow of investment capital (speculative value) is greater than that of production capital (utility Value) quickly, asset prices continue to inflate to the inevitable "collapse". However, industry-related infrastructure technologies will still establish themselves as the new default initial value of the industry, and platforms that continuously derive and define segmented industry applications will appear in large numbers during this cycle.
Deng Chao, general manager of HashKey, said that he does not think that DeFi has created many new things in essence, but only uses the blockchain method, the technology of the blockchain and the social collaboration brought by the blockchain technology. Variety. The probability of success is not necessarily lower than that of traditional VC, but the sense of accomplishment it brings to everyone is great. It feels like participating in the establishment and creation process of a new commercial body or new economic body.
Huang Lingbo, partner of Fenbushi Capital, said that DeFi’s various financial products will blur the boundaries of the original set of financial products. This is something she feels is relatively subversive to the original traditional financial industry. DeFi products pay more attention to the essence of finance. .
Dovey Wan, founding partner of Primitive Venture, expressed her views on DeFi. She thinks that DeFi De(centralize) has lost something. The first is the access permission in traditional finance; the second is the so-called asset custody; the third is people Inequality between people and people in the economy and society, as long as there are assets that can be mortgaged, they are all treated equally. It actually takes inclusive finance to the extreme. Tang Yi, vice president of Qiming Venture Capital, said that he thinks whether a project is DeFi is not a particularly important matter. They pay more attention to a project that brings real benefits to users through decentralization, and it can have very good benefits compared with a traditional model. Finally, Michael, director of Kuan Capital, said that China's securities market is very active, but there are still very few derivatives. In his eyes, DeFi can carry more various transactions, loans, or new assets. This area may not only be decentralized, but a completely new revolution.
Panel: Reimagining Insurance through Decentralization
Nexus Mutual's Hugh Karp believes that voting on insurance claims is the best model, which is the approach Nexus Mutual is taking, emphasizing the flexibility of the voting process. In terms of "scale", not every question has hundreds of people voting, instead, the community is likely to spontaneously emerge a small group of widely trusted professional voters. Importantly, when controversy arises, anyone can come forward and vote.
Ping Chen of Hakka argues that we need more efficient markets and competition so that more insurance companies collectively take risks. In addition, the insurance industry should encourage the participation of retail investors and institutions. According to Leighton Cusack of Pool Together, Dapps must provide at least some basic level of insurance coverage. For example, Dapp can provide protocol layer guarantees for basic risks, and Nexus Mutual can provide insurance for special risks. For the vast majority of users, the model of individual insurance purchases cannot be promoted.
Panel: Elaborating Upon Digital Economy, Embracing Open Finance Future
In response to Jinse Finance CEO An Xinxin's roundtable questions on the unresolved problems, core concerns and future views in the development of DeFi, Zhou Shuoji, founder of FBG Capital, said that DeFi now mainly depends on derivatives and the implementation of derivatives, because there are now many projects Attempts, such as introducing the design of single LP derivatives. The second is aggregation, paying attention to the liquidation link and preventing attacks. Second is depth. In addition, you also need to pay attention to financial-related matters, and be able to do some financial services on the chain. Also keep an eye on compliance opportunities.
D1 Ventures Aqiu said that DeFi is more faced with the problem of imperfect underlying chains: First, the performance and scalability of the current underlying chains are basically to the limit. Whether there is a better solution to provide scalability and stability is the key point. Second, the core elements that the current blockchain can provide are not perfect. Although it also participates in the investment of DeFi projects and provides liquidity, it is more of an attempt. Which underlying projects can provide stable and scalable services, and can bring underlying assets are the basic combination elements, and only then will there be DeFi behind, which is the biggest opportunity.
Zhu Weiyu, founding partner of NGC Ventures, said that there is still a lack of digital identity and digital credit. Now DeFi lending is basically mortgage lending. This is a large share in the traditional market, but not a complete share. For many people, credit loans can be used as a supplement to mortgage loans, which can be more flexible, and the return on capital will be higher. If there are several systems that can help everyone identify their identities, this will have a greater room for development for DeFi. It is also an opportunity if there is a good service provider that can combine DeFi with KYC/AML.
Jiang Chuling, executive director of Multicoin Capital, said that to truly achieve a high-performance solution on the chain, it is necessary to choose a high-performance supply chain and realize an exchange that can match the order book really very quickly. Jiang Tao of Shata Capital said that the performance of Ethereum needs to solve problems. Participated in the secondary market in the early stage, but there are not many secondary markets that can be invested in under current valuation conditions. The remaining bubbles are still very large, but on the other hand, the market is very promising.
Panel：DeFi Eats CeFi
DerivaDex Lin said that DeFi and CeFi are not a purely competitive relationship, but they will combine in some scenarios at this stage. But in the future, it will become more complementary scenarios. CeFi is a compliant entrance, but DeFi will become a place for liquidation and price discovery. DeFi is decentralized and online (scenario), which is different from CeFi. For example, compliance is more suitable to be completed in CeFi, but everyone completes some offline anti-money laundering through CeFi, and then enters online for price discovery and settlement.
Wootrade Ran said that DeFi and CeFi liquidity will be found somewhere and spread to all prices. Now price discovery is basically on CeFi, not on DeFi. Although UniSwap has price discovery, the gap will become smaller and smaller. GSR Song Zhengxin said that DeFi and CeFi exist in parallel, and it takes a long time to buffer in between. It is necessary to give full play to the advantages of DeFi, solve the problem of credit, reduce the cost of credit, and reduce the risk of doing evil and fraud.
Zenlink Guo Tao said that in the long run, I believe that DeFi will kill CeFi. There are many trends in the industry now. DEX like CeFi has already started to do it, and at the beginning it was done along the goal of decentralization. But at that time, centralized institutions and exchanges were in a relatively strong position, but today centralized exchanges have gradually discovered their own problems. It can be seen that DeFi will eventually replace CeFi. Of course, there may be some CeFi elements in this process.
Speech
Matt Luongo - Bringing trustworthy collaterals to DeFi - Decentralised BTC on Ethereum
Matt, the co-founder of tBTC/Keep, introduced the current ecology of Bitcoin cross-chain in his speech, explaining the working principle of centralized cross-chain bridge and decentralized cross-chain bridge. He also emphasized the importance of DeFi having reliable underlying assets, and he also expressed the key points of DeFi's sustainable growth.
Generation-DODO: An Open, Free, Capital-Efficient Decentralized Exchange
In her speech, Daidai mainly introduced DODO systematically to everyone. And told a few things the team will do in the future. The first is the development of the automatic currency listing module without permission; the second is optimization; the third is the promotion of market maker strategies on the chain. Currently, DODO is cooperating with various professional market makers. DODO can now use a set of Algorithms lead their strategies to the chain, and for these people they can reap benefits in the third world. For users, they provide very sufficient liquidity, allowing them to find asset prices as good as those on centralized exchanges. The fourth is that the team is recruiting.
Emin Gün Sire - Three challenges blockchain faces before changing how businesses operate
Emin Gün Sirer, the co-founder of Avalanche and a professor at Cornell University, gave a brief introduction on his personal experience of contacting the encrypted blockchain since 2002. Further, Professor Gün analyzed the current status of blockchain and the technological potential to revolutionize our financial system. He ultimately concludes that we are still in the early stages of Satoshi's vision and points out that there will be obstacles in the future development path, such as scalability, delay, flexibility and governance issues. Finally, he explained how Avalanche will address the aforementioned obstacles.
Eric Yu - Development Trend of DEX in Crypto Wallet
Eric said that in the past three years, DEX on the chain has continued to connect, change and innovate as a wallet. From 2018 to this year, the transaction volume of the entire DEX has changed very obviously. It has been very low in the early stage, and it has grown very fast recently. It has fallen back a bit recently. Although there is hustle and bustle in this industry, there must be valuable parts flowing down after the hustle and bustle. In addition to being a wallet, Math Wallet has also built a MATH DApp Store, which includes all DEXs, and has also made a leaderboard for Uniswap data analysis. It hopes to do more cooperation from the chain, so that the entire industry can truly fall into the right place. For users, there is value and demand.
Scott Moore - Quadratic Funding: Bridging Inpidual & Collective Interests
In his speech, Scott Moore, co-founder of Gitcoin, briefly explained the Quadratic funding mechanism used by Gitcoin to support the development of open source communities. The core of secondary financing is to achieve a balance between personal short-term interests and collective long-term interests by binding personal current and long-term interests.
Mindao YANG - Promised Land for DeFi
Yang Mindao summed up the difference between traditional finance and DeFi, and said that the first difference is the diversity of liquidity. Second, atomic interaction characteristics. Third, self-auditing and high transparency ensured by arbitrage, with various on-chain possibilities, including manipulative arbitrage. Most asset classification tables in traditional finance are invisible, and there is no opportunity to realize price discovery through arbitrage, but all arbitrage behaviors can achieve this very well. Fourth, the combination of horizontal and vertical. Regardless of asset agreements, transactions, and lending, they actually form a vertical combination of assets and a combination of horizontal functions between protocols, which can only be achieved in DeFi.
David Lei -QIAN KUN Governed by a DAO - Build a new generation of decentralized stablecoin
Lei Yu, the co-founder of ForTube, briefly explained his stable currency system QIAN KUN in his speech. The core feature of QIAN KUN's system is that it is based on the complete on-chain and off-chain security logic of the ForTube project, so that once it is hacked, it can freeze the relevant smart contracts immediately. Similar to MakerDAO's dual-token mechanism, users can stake other encrypted assets to mint stablecoin QIAN, and users can also stake governance token KUN to vote on governance. In addition, Lei Yu also briefly introduced KUN’s token mining mechanism, including minting mining, liquidity mining and governance mining.
Jason Wu -DeFi - Opportunity or bubble?
DeFiner founder and CEO Jason Wu briefly explained his views on the current DeFi ecology in his speech. Jason Wu believes that the real promoters behind the current hot DeFi ecology are the participants in the secondary market. They have contributed fresh blood to the entire ecology and are the biggest contributors to the DeFi ecology. In addition, Jason Wu said that new concepts such as liquidity mining and secondary income market are based on the development of the concept of Bitcoin, without too much innovation. "So the success of a DeFi project depends on whether there is a consensus in the community, whether it can be like Bitcoin, and people are full of faith in it."
Hilmar X. Orth - Automation & Bots on Ethereum
Gelato introduced the pain points of smart contract automation on Ethereum and how Gelato solves these problems in a decentralized way. Hilmar, the founder of Gelato, said that automation is very important in the Ethereum ecosystem. A large number of DeFi protocols such as Maker, Compound, Aave, etc. need robots to perform various tasks, such as arbitrage, liquidation, etc. But there is still no reliable decentralized automation infrastructure. Gelato is built as a system with no single point of defect, a completely non-custodial design, and supports simple on-chain API access, becoming a decentralized, highly reliable on-chain Bot-as-a-Service API. Hilmar said that with the help of Gelato, in the future, it will be possible to realize the construction and operation of cross-chain interactive robots, open up Ethereum, the second-layer expansion network, and the automated interoperability of other public chains.
Ran - Bridge CeFi & DeFi: Wootrade
Ran, the co-founder of Wootrade, shared the problems faced by the exchange at this stage and the solutions provided by Woodtrade at the conference. He believes that in the entire digital currency industry, liquidity is relatively scattered. During this process, many large households and other platforms have a very large demand for transactions, especially for low-cost, high-depth transaction needs. At this time, special infrastructure is required. In fact, the Wootrade dark pool meets the needs of these people and aggregates the liquidity of many exchanges. This is our incubation company, and we provide the entire depth to users.
Raullen Chai - Open Financial Infrastructure for Real World
IoTeX co-founder and CEO Ralluen Chai described IoTeX's strategic direction for 2020 in his speech: linking the real world with an open financial infrastructure. The model of DeFIoT is: first, let users regain the privacy of personal data from BAT, and at the same time, users can use these data and capture the commercial value generated by the data. Further, IoTeX will connect different users and cast user data into digital assets , so that it can flow on the chain. Ralluen listed IoTeX's achievements this year, including Ucam, a c-side monitoring device, Pebble, a developer-oriented physical world data uplink transmission device, and mimo.exchange, a decentralized trading protocol.
Marvin Tong - Potential of Cross-chain DeFi
Tong Lin, co-founder and CEO of Phala Network, shared his cross-chain insights at the summit. He believes that although DeFi is developing rapidly, there is still nearly 10 times the room for development. In addition to Ethereum's native assets, both Bitcoin and Libra are expected to flow into DeFi through cross-chain methods. Reasonable data is the turnover from upload to use value. Digital assetization is the general trend. If standardized data has a good customized model and assetization model, it can become a real asset.
NFT Art Exhibition
We have invited ten mainstream encryption artists for the exhibition. They have diverse styles and creative techniques, but what remains unchanged is their love and longing for encrypted art. They include works by Pak, Esteban Diacono, FEWOCiOUS, Federico Bona, Jonathan Wolfe, mercpin, Facundo Scenna, Jazmine, Frenetik Void, Etiene Crauss, and this is SuperRare's first show in China!
The final chapter
From the beginning of Hongmeng to the growth of all things, friends gathered to talk about DeFi. Those who have achieved great success have the sound of gold and the vibration of jade. With the changes and development of the DeFi industry, we have also welcomed more new friends. Old Friends Reunion has become an agreement of old friends for a period of time. Every year, old friends who stick to it and new friends who join us, we hope to create such A relaxed and professional platform, where developers, geeks, founders and many excellent investors and Crypto enthusiasts from all over the world can speak freely, communicate with each other and gain inspiration.
Every reunion with friends brings us new strength, and the addition of friends also improves the quality of our activities. We will always keep our original intention and forge ahead!
Friends, we will see you next year~
