Dialogue with Furucombo and Polygon: What's to the imagination when the new DeFi encounters Layer2?

Hamzah Khan, head of Polygon Defi, and FuruCombo &, who have been working on the company's website, have announced that they are working on a New Deal. Dinngo CEO Zhu Xuanting was a guest at the NEXT series of live events, and the host Mable Jiang, partner of Multicoin Capital, asked "What's the imagination when New Defi meets Layer2?" This paper discusses the new opportunities in DEFI field and makes a judgment on the future development trend of the market.

The following is the text version of this live broadcast:

Mable: Tell me a little bit about yourself. How did you get into the blockchain field?

Zhu Xuanting:Mabel and Khan, it's great to see you and thank you for having me here. It's exciting to share our stories, our experiences, and then talk to different people. My name is Zhu Xuanting, CEO of Dinngo, the parent company of Furucombo. We have several products and then through the company Furucombo is the most popular one.

I used to work in the United States and was responsible for building a financial system, a mobile payment system. In 2007, we decided to use blockchain as a payment system, and what really made us decide to go into blockchain was that I dug up some bitcoins myself in 2012 and sold them on Coinbase, which was around $1000 at the time. So Bitcoin attracted me, and I saw that it could generate revenue, so I focused on blockchain but I haven't read the white paper yet.

Half-english Khan:I first learned about blockchain when I was in college, so I may not be a regular user of the coin circle. I think the first time I learned about blockchain was around the time of the last cycle, when I saw everyone start trading like crazy. In 2017, I bought about $5,000 of cryptocurrency and told everyone about it, and also made some money for my college allowance.

But then I lost a lot of money in the bear market, and then I joined City Bank and did some investment work in Pundu, India. Soon after that, I started reading more about the DEFI system, and after two years in banking, I had a chance to go to Dubai, where people were talking about cryptocurrencies, like a lot of funds, and we learned a few things there. But like last October I started reviewing everything that was going on with the DEFI system. I joined Polygon in January of this year, so I've been trying to prove the value of the Defi system.

Mable: Can you tell us about Furucombo and Polygon?

Zhu Xuanting:Furucombo is a Defi revenue aggregator that helps different types of traders maximize their profits and also make their trading more efficient. So basically Furucombo connects to a lot of different DEFI protocols, and the user doesn't need to visit every website to complete your transaction. So, by using our user interface, we can help users predict what the profit will be at the end of the transaction.

Half-english Khan:Polygon is an Ethereum scalable solution, previously known as Matic Network, which is the first solution to scale to Plasma. The idea of Plasma came up after the expansion of Ethereum, and back in 2017 I first heard about Matic, an Indian project that is building on this technology to help expand Ethereum.

Rather than just using one technology, we plan to incorporate multiple scalable solutions. We feel that Ethereum should not be a "rich man's chain", there are a lot of users on it. There are plenty of ecologies and use cases, such as games, DeFi, etc., that require a "universal" solution, and that's what Polygon wants to do.

Mable: Well, Furucombo just announced a collaboration with Polygon, but there's been a trend lately. Polygon is collaborating more and more. Why did Furucombo partner with Polygon?

Zhu Xuanting:I think we're looking at three different reasons.

The first is the technology part. I think Matic has a really good architecture, and then the technical side of the wiring.

The second point is the team, I think team operating a chain in the field of block chain, whether Layer1 or Layer2, there is a person, team, or community to block chain have contribution to the overall development, need people to maintain it, or to give it a new function, or get more and more people are involved, which has a larger ecosystem. We found out that Polygon was founded in 2017 and now, about three or four years later, they're still developing in the blockchain space, still focused on what they're building. They are still developing, launching Dex and so on. I think their team is really, really solid, so stability is important. And they are a very active team, we like to work with them, because no matter what time they can quickly reply to the partners' questions. So it was a very friendly experience working with different projects.

The third one is the ecosystem, which I think is Polygon, and they have a lot of different ecological partners. Their map is so big I can't even find Furucombo, maybe we're not on their map (just kidding).

They have a thriving ecosystem and are very active in bringing different protocols together on Polygon Ecosystem. They make people want to work with them, not just invite people to say, "Come on, join us," but continue to work with you to build the ecosystem and make other teams feel very warm.

Mable: What do you think of the Layer2 market right now? The header Defi project is currently on the team, Polygon has Aave support, Arbitrum has Uniswap support, etc. What will the Layer2 competition look like in the second half of the year?

Half-english Khan:Yeah, I think Polygon really got off to a good start and we had a big lead. First clearly defined in the partition, we have something that the user can customize, as if from the user's point of view for them. But from a technical point of view, I think these technologies are what we've seen in our internal discussions. We have always come to the conclusion that scalable solutions for Ethereum, even having one in the past, have been very difficult and have been challenging for most projects in the past.

But our sense is that, regardless of what the market says, there's still a lot of centralization in the distribution of nodes in Rollup. Judging from the technical graph, a lot of people still choose Rollup, which makes it very centralized.

The first thing we'll see is the Gas bill, which is still not cheap (as of June 10th). A transaction costs about $3-4, because everyone puts the core data on the Ethereum blockchain, which leads to block congestion. Later, when there is a factor, many people start to transfer, such as Uniswap.

We think of Optimism as a good Layer2 solution, but people underestimate the nature of these techniques. My point is that there won't be one Layer2 project that can do everything, but there will be many Layer2 projects that can help people solve their current problems. Publishing projects at Layer 2 is fine, but be aware of centralized issues, such as nodes.

Mable: There will be some mining cooperation in this cooperation. Could you tell us how users can participate in this cooperation?

Zhu Xuanting:First of all, on Furucombo, I think we have been providing different types of tools for end users to maximize their liquidity mining benefits when they are doing liquidity mining, including deposit or conversion of liquidity pools. So they don't have to spend a lot of time doing a lot of things.

The second thing is the mining program itself, and we've now launched some mobility mining programs on Ethereum to incentivize users to use our platform. Now that we've partnered with Polygon, we're planning to launch two more mining campaigns at the end of June. The first one is "Use Mining." If you use Furucombo on a Polygon, you'll be rewarded with Combo and Matic tokens.

The second mining project is Alpha\Link, so the second mining project is also our collaboration with Polygon, quick trading, etc. If you provide liquidity and pledge API on our platform it should be very high.

Mable: Many people have compared Polygon to Chainlink in 2019. The cooperation has developed rapidly. Currently, Chainlink is still the most common prophecy machine in the world, and later competitors can't surpass Chainlink. So what does Polygon think of the current collaboration on ecology? What are Polygon's core strengths compared to other Layer2's?

Half-english Khan:We're very fortunate to be able to compare it to projects like Chainlink, and I'm also concerned about this. Polygon is an ethereum extensible solution that can be integrated on Polygon whether you are DeFi or not. Polymarekt, August, etc can be deployed on Polygon. In the last 24 hours we've done about 20,000 TPS, which is not a lot of volume. We're thinking about providing a better Web 2 platform.

For Web 3 projects, if you want to build a social platform, you can buy a discount package to protect your security.

Mable: Previously, Furucombo was composed for the Defi app on the Ethereum mainchain, and now the integration of Polygo leads to the next issue, which is multi-chain transactions. 4. Can you tell me about Furucombo staking contract? With this contract, how to implement the combination of multi-link combo?

Zhu Xuanting:Yes, your answer is, I think multi-chain is the trend. Just like back in 2018, we thought the future of the market was definitely not one Ethereum or one Bitcoin. We had a little product, like a cross-chain bridge, which we called a token bridge, that would convert between Ethereum and Polygon. The first feature will be the ability to aggregate all tokens you send, regardless of currency or number, and post them to Polygon, and vice versa.

And there are other advanced features that the token bridge includes, and a lot of people asked us if we could do real-time transfers, like between Polygon and Ethereum. And that's what we're doing.

Cross-chain trading is something that Furucombo is very focused on and interested in. Personally, I think the multi-chain era is the future. Defi is a bit complicated right now, but the next few years will focus on how to make Defi simple and bring users to the Defi market. And even attracted fiat money into the system. Not only will it attract users, but it will also help them learn how to use it.

So if we want users to use it, we need to address the fact that they don't know what they want to use, what is Ethereum? What to do and so on. For example, if you want to use a chain like Polygon, what do you do?

In the future, users may only need to connect to their wallets or enter a credit card to access Furucombo. They don't even know what wallet they are using on the chain, just simply use it. It doesn't matter which blockchain they're using, just like on Amazon, you don't care which warehouse things are shipped out of.

Mable: What do you guys think about the next development of DEFI? It doesn't seem to be as exciting as the second half of 2020. The risk of new mines continues to increase.

Half-english Khan:I think I started using Furucombo in January, when I was mining and a friend introduced me to Furucombo, and that's when people started trading in combo for mining.

Their tutorials are very clear, and the instructions are written for the user. Furucombo also does very well on some Layer 2 projects for docking, Gas is cheap, and the Combo mines incentivizes activity. Hopefully, Furucombo will do more trading on Polygon than on Sushiswap.

Zhu Xuanting:We've only been on Polygon for two days and we've seen the volume double every day. It's exciting. I've also heard a lot of feedback from our community that gas rates are really low. We also welcome a lot of competition, which is good for the DEFI ecosystem.

As for the future development of DEFI, I think it is possible to imagine greater development possibilities on Polygon in the future, such as the aggregation of traditional finance.

From my point of view, blockchain is all about digital, like how I send money from A to B, it's like sending an email. I would like to see more traditional financial investigations to come. There are also costs and transactions, although I think couples try to connect each split archetype. And then when we digitize like they do and connect them, then we can see what happens, and be very excited to see what happens next, just like the Internet. It's like a bomb.

Mable: What are the plans for Furucombo and Polygon in the near future?  

Half-english Khan:Polygon has a lot of applications right now. We're not just going to focus on Defi, but we're going to see them on Polygon in the next few months with the release of NFT games and so on.

We are also in dialogue with some of the large payment institutions/organizations, and we hope that working with these payment service providers will be able to connect to Starbucks, etc., and let some of the gateway payment gateway transactions at a stable point. This is all part of the Polygon Project blueprint, which looks at how encryption can be applied to real world cases.

Zhu Xuanting:We need to update our economic model in the future. We will also keep an eye on the SDK to help other protocols better connect to Furucombo. We have received many requests to use Furucombo for large transfers, as we are planning to provide API or third party services. Maybe in the future, you can integrate Furucombo into your website so that users don't have to visit as many websites.

In the future, we will work with different protocols and blockchains for liquid mining. Not just 3-5 tokens, it might support more tokens being mined at the same time, etc.

Mable：你们还有什么相对中国社区的用户说的吗？

Zhu Xuanting:Furucombo used to be an English focused team, we have a lot of members from the US and Europe, but now I think we will spend more time in the Chinese market or in the Chinese speaking market.

The first step we're going to do is, we just launched a website that shows you in Chinese, and you can switch to the Chinese version in the bottom left corner of the website. The second step, what we need to do is to convert all the educational courses or files on the website into Chinese. To help you get a better understanding of DEFI.

Half-english Khan:I think the Chinese community has helped Polygon a lot, even getting a lot of people to join the community. There are many other projects that are good. Take Dodo, which works with Polygon. The Chinese community will see many of the best and most special things from Polygon in the future. I believe there will be a lot of activity in the Chinese market in the near future, and Furucombo should help us expand our reach. We might see a lot of hackathons.

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