LBank He Wei: 2021 is the first year of blockchain value | 2020 FAT Awards Ceremony

On January 7, 2021, the "2020 FAT Value Era Summit Forum and Awards Ceremony" was held in Beijing. This event was initiated by Odaily and 36kr, co-hosted by Deepcoin, Conflux and Findora, BCA exclusive art empowerment, LBank, Cocos-BCX, 58COIN, Jubi Labs, ForTube, Biying, BiKi, Farmland, Bifrost, Mars Cloud Mining, AAX strategic support. (Live room link:https://play.yunxi.tv/pages/aec465be8b4645bd8ad6347b9ef0066c?openId=oY3Tsvmr8xQ5lHwP-dBiH8Zn7J4k#/）

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The following is the content of the speech, organized by Odaily:

Hello everyone, I am He Wei, co-founder and CEO of LBank, and today I will discuss the value of blockchain with you. We have been discussing the topic of blockchain value for many years. In 2017, ICO was prevalent, which can be summed up by the word "big", which is embodied in three aspects:

The first "big" is reflected in the "big coffee platform". As long as there are big coffee behind it, this project is a good project.

The second is "big", which I call "big but inappropriate". As long as you have a big enough vision, no matter what you do, whether you have a white paper or not, as long as you want to make a big project, you will be favored by investors.

The third "big" is "careless" (the investment model is stud), as long as it is a blockchain project in 2017, just stud can get 10 times, 100 times, or even thousands of times the return on investment. At that time, the entire market was extremely crazy. At that time, Ethereum and Bitcoin were all invested in various projects, and now there may be only some evidence of rights protection. In 2017, we used blockchain to tell a story called ICO.

In 2018, what are we talking about? We use the blockchain to tell a story called the public chain. At that time, we discussed various new public chain mechanisms and economic models. In early 2019, IEOs were crazy. Along with this madness, we used the blockchain to tell a story of platform currency. At that time, it was very simple to build a trading platform. There was no need for any technical team, wallet, database, or anything. As long as an outsourcing team spent hundreds of thousands to set up an exchange, it was very simple, and the valuation of the exchange was basically It all starts with tens of millions of dollars. After the exchange was launched, the platform currency was issued. At that time, the quota of the platform currency was hard to find, which was similar to the ICO in 2017. With a little quota, it may increase by ten or twenty times. In 2018, we don’t hear the names of all the public chain projects we participated in. Now everyone can still discuss one called Ethereum and one called MakerDAO. At that time, the craziest EOS became a stable currency.

In 2019, except for a few platform coins that have performed well recently, many other exchanges are no longer unheard of. By 2020, many people have made millions of dollars in a single airdrop in DeFi projects, and Bitcoin has also risen from more than 3,000 dollars to 37,500 dollars. It can be said that 2021 is the first year of blockchain value. We are discovering the value of blockchain, so where is the value of blockchain? There are a thousand Hamlets in the hearts of a thousand people. No one can tell what the blockchain should be used for? How do we define the future development of the blockchain and how to imagine the future application of the blockchain? Everyone has a different view on this matter, but 2020 has come and given us something new.

Some people became rich in 2020, but it seems more like "the bull market has nothing to do with me". The root cause of this income gap is information asymmetry. For example, the LRC mentioned by the previous guests almost tripled from January 3rd to January 5th, and the market value in circulation increased from US$200 million to US$600 million, an increase of US$400 million in three days? Why did such an early project suddenly explode? This is because DeFi is hot in 2020, and the gas cost of Ethereum continues to rise. Loopring is a protocol dedicated to solving the congestion and scalability of Ethereum on Layer 2. It has recently landed, providing Ethereum with an effective For capacity expansion solutions, LRC started liquidity mining again on January 7, and the currency price also achieved a rapid rise again.

Let’s review the entire blockchain market. We said 2017 was a crazy year, 2018 was a year of shattering, 2019 was a big bear market, and 2020 was a year we missed. Nine times out of 10, the industry-wide explosion is missed. The key word in 2021 is "value", which is very simple for me, because after experiencing all those things just now, when these things are transformed into everyone's cognition, this is the greatest value that the industry brings to us. LBank has experienced from 2016 to the present, LBank has experienced the madness of the entire industry until now, LBank has accompanied every user to the present, and this is where the greatest value of LBank has always been.

2021 is the first year of the value of the blockchain. If I were to define the value of the blockchain, I think the greatest value of the blockchain is that it can keep us curious about the world and allow us to experience the value of the blockchain. The industry has always believed what we ourselves want to believe.