IOSG DeFi Summit ended successfully | "All Things Grow", "Code Pentium", one session and one session

Original title: "IOSG DeFi Summit ended successfully | Old Friends Reunion: One session, one meeting, see or leave"

Original source: IOSG

On October 26th, Old Friends Reunion successfully concluded in Shanghai 1933 Old Workshop. The theme of this year's event is "DeFi Summit 2020". Create an audio-visual feast. A total of 912 people registered on Eventbrite and the activity line for this event, and more than 1,000 people actually attended. 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 "everything grows" and "code Pentium" two venues. 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.

The summit was jointly delivered by Jocy Lin, the founding partner of IOSG Ventures, Queenie, the investment director of imToken, and Tang Hongbo, the CEO of DeBank. Everyone firmly believes in the power of long-term and perseverance, and win-win cooperation will bring us countless possibilities. We are fortunate to have met so many partners in the industry during this journey, working together and helping each other in the same boat. We cherish every time when old friends get together.

Keynote Speech

Vitalik Buterin - Decentralized Governance

Vitalik Buterin  mentioned the ecological existence of blockchain in his speech The problem of project financing of public goods and services is difficult. 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, it is necessary 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 be unable to repay the collateral assets due to the impact of governance failure on 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, and pursues long-termism, and has been fighting against time be friends. 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 the periodicity of the encryption world from the past, present, and future, and how IOSG Ventures participated 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 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 carry on the past.

Ben He - From Wallet Perspective, To DeFi Ultimate State

imToken's founder Ben  believes that the evolution of blockchain is inseparable from researchers, developers, active designers, etc. , all aspects can participate in the network in an open source and open way, which is also the charm of the 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 fit point or generation gap between the product and the user. Today I will look at the block more from the perspective of the wallet user The current status of blockchain development and the challenges faced by the recently booming DeFi. 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.

Wonderful Speech

Dawn Song - Building a scalable privacy-enabled platform for DeFi and a responsible Data economy

Dawn Song  said that the  Oasis  platform The bottom layer of the 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

NEAR's founder Illia Yilong said: The network congestion caused by the successful growth of DeFi has a great impact on the formation of the Ethereum network. The effect is unfavorable. 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 a community vote in October 2020. The next more important work is to continue to expand the ecology on the chain. To this end, NEAR is also starting a second cohort of accelerators through the Open Web Collective, which is now open for registration.

Aaron Choi - Essential elements of a closed-loop DeFi ecosystem

Aaron  said that Kava  would like to provide an incentive to pass the review to the Kava chain, not all Everyone is on this chain, but these users are allowed to be on this chain through voting. Unlike Ethereum, any developer can upload their APP to the chain. Our chain needs to be audited, and users need to be optimistic about it. The future development route of Kava, one is derivatives, 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?

For Liu Feng, editor-in-chief of Chainnews Dawn Song  said that the DeFi ecosystem is currently facing three bottlenecks: scalability, privacy protection, and traditional financial asset mortgages. The unique features of the Oasis platform And features can develop 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 has 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.  Parity Technologies Asian Engineering Director Yaoqi Jia 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 are still Facing the throughput problem, the handling fee is still high. If Ethereum 2.0 can solve the problem of cross-chain assets 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

Co-Founder of Opyn  Zubin Singh Koticha hosted with UMA Co-Founder Hart Forum with 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.

Everything Grows Code Pentium

Keynote Speech

Stani Kulechov - Aave< /span>

Stani  ;Consider  Aave  is a non-custodial decentralized lending protocol, which was launched on mainnet in January 2020. The protocol mints aToken assets for lenders at a 1:1 ratio. The interest is compound interest, manifested as 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 Harvest Finance that appeared this morning Attacks are actually a combination of phenomena. 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 such a 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?

For moderator PANews Co-founder  Bi Tongtong  Regarding the current situation of DeFi and the impact of the cold market on the long-term development of the future,  DODO co-founder Daidai  said that the market has a plate rotation theory, and the attention and traffic of the entire market are It is limited, and 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 Hong Bo  said that this wave of "cooling down" is an inevitable thing. Next, we should pay attention to how to make the industry continue to develop healthily. In-depth reflection, such as whether subsidizing so much money really brings value to the agreement and the ecology, whether the subsidy efficiency remains at this level, how to further improve the subsidy efficiency can become a sustainable business model, etc. This 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

Aave's Stani Kulechov  believes that what excites him most about DeFi is innovation, bringing different products into the market, and The ecosystem has grown substantially. He said this kind of mass innovation happens when developers anywhere in the world can create at will.  Stani Kulechov The second point is the action 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 is 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

Aiming at Planet Daily founder Mandy about DEX how to 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 Three very obvious thresholds encountered by Dex at present. The first one is that the performance of Ethereum leads to very high transaction costs of Dex; the second is that the assets of Dex 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 "front shop and back field". 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 I believe that smart money will always flow 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

Santiago Roel Santos  of ParaFi Capital said, "What new DeFi applications will appear in the short and medium term?" There is no problem from 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 uses the established infrastructure to create tokenized risks, that is, 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 a transition between TraDeFi and DeFi. This trend can be seen from the trading volume of Uniswap surpassing Coinbase in September. In the next 6 months, there will be It is DeFi that continues to encroach on 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?

For   Kuan Capital Chairman Michael  How do invisible investors view "invisible" investments.  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, blockchain technology and blockchain technology. Changes in social collaboration. 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 its various financial products in DeFi will blur the boundaries of the original set of financial products. Focus on the nature of finance.  Primitive Venture founding partner Dovey Wan  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 the inequality between 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.  Vice President of Qiming Venture Capital Tang Yi  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 the Chinese 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

Hugh Karp  of Nexus Mutual believes that voting on insurance claims is the best model, which is what Nexus Mutual is doing, emphasizing voting Process flexibility. 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  thinks 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.  Pool Together's Leighton Cusack  believes that 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

Aiming at   Golden Finance CEO An Xinxin 's unresolved problems, core concerns and future views on the development of DeFi   FBG Capital founder Zhou Shuoji   said that DeFi now mainly focuses on derivatives and the implementation of derivatives, because there are many projects that are trying, such as the introduction of 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, so that there will be DeFi later, which is the biggest opportunity.  NGC Ventures founding partner Zhu Weiyu  said that there is still a lack of digital identity and digital credit. Now DeFi lending is basically mortgage lending, which has 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.  Multicoin Capital executive director Jiang Chuling  said that to truly achieve high-performance solutions 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.  Shata Capital Jiang Tao  said that the performance of Ethereum needs to solve the problem. 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

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In the theme roundtable discussion of "DeFi eats CeFi", the question to  Digital Renaissance Foundation Managing Director Cao Yin  DerivaDex Lin  ; said that DeFi and CeFi are not a purely competitive relationship, but they will be combined in some scenarios at this stage, but they will become more complementary scenarios in the future. CeFi is a compliant entrance, but DeFi will become a liquidation price discovery The place. 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 still 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, such as CeFi’s DEX 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.

Wonderful Speech

Matt Luongo - Bringing trustworthy collaterals to DeFi - Decentralized BTC on Ethereum

tBTC/Keep In his speech, founder Matt  introduced the current ecology of Bitcoin cross-chain, and explained 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.

Daidai-DODO: An Open, Free, Capital-Efficient Decentralized Exchange< /p>

In her speech, Daidai mainly introduced  DODO  systematically to everyone in her speech. 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

Avalanche co-founder and professor at Cornell University Emin Gün Sirer  A brief introduction to the experience of starting to contact the encrypted blockchain in 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 entire DEX The transaction volume changes very obviously. It has been very low in the early stage, and it has a very fast growth recently, and it has fallen back slightly 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 Individual & Collective Interests

Gitcoin co-founder Scott Moore  In his speech, he briefly explained the secondary use of Gitcoin to support the development of open source communities Quadratic funding mechanism. 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, it actually forms a vertical combination of assets and a combination of horizontal functions between the agreements, which can only be achieved in DeFi.

David Lei -QIAN KUN Governed by a DAO - Build a new generation of decentralized stablecoin

ForTube co-founder Lei Yu  briefly explained its stable currency system QIAN KUN in his speech. The core feature of the QIAN KUN system is that it is based on the complete on-chain and off-chain security logic owned by 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 mint the stablecoin QIAN by staking other encrypted assets, and users can also vote on governance by staking the governance token KUN. 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 expounded 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 whether the DeFi project is successful or not depends on whether there is a consensus in the community, and whether people are full of faith in it like Bitcoin."

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 , 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. require 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 flaw, 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

Wootrade's co-founder Ran  shared the problems faced by the current trading at the conference and the solutions provided by Woodtrade. 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 the strategic direction of IoTeX in 2020 in his speech: using open finance Infrastructure links the real world. 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 the achievements of IoTeX this year, including: Ucam, a c-side monitoring device, Pebble, a developer-oriented physical world data uplink transmission device, and mimo.exchange, a decentralized transaction protocol.

Marvin Tong - Potential of Cross-chain DeFi

Phala Network's co-founder and CEO Tong Lin  shared his cross-chain insights at the summit. He believes that although DeFi is developing rapidly , but there is 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 to exhibit with diverse styles , with different creative techniques, but what remains unchanged is the love and longing for encrypted artwork. 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!

Final Chapter

From the beginning of Hongmeng to the growth of all things, friends gather and 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 joining of friends also continuously improves the quality of our activities. We will always keep our original intention and forge ahead!

Friends, we will see you next year~

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