On April 28, the "Vitality 2021-Blockchain Ecological Industry Cloud Summit" hosted by Odaily was successfully held. This Cloud Summit invites blockchain industry leaders, representatives of high-quality enterprises, leading guests in the mining industry, and top project parties to discuss industry changes, link technology applications, and explore a richer imagination in the encrypted world.(Click here to access video replay)
On April 28, the "Vitality 2021-Blockchain Ecological Industry Cloud Summit" hosted by Odaily was successfully held. This Cloud Summit invites blockchain industry leaders, representatives of high-quality enterprises, leading guests in the mining industry, and top project parties to discuss industry changes, link technology applications, and explore a richer imagination in the encrypted world.
(Click here to access video replay)
In the fifth round of the round table in the afternoon, with the topic of "DeFi's midfield battle", many practitioners on the DeFi track were invited: Ray, head of DODO BD, Wayne, founder of Axia8 Ventures, Xu Chao, founder of Fortube, Stone CMO Vincent, Yiran, head of dYdX China, Belinda Zhou, co-founder of DAOventures, and Bi Tongtong, co-founder and editor-in-chief of PANews.
Ray, the person in charge of DODO BD, said that DODO is generally a multi-platform development strategy. In the future, DODO will also be launched on public chains such as Polkadot, and users can go to DODO wherever they are. We always provide the best trading products to users, and the best pool building products to project parties and individuals who have asset issuance needs to issue new digital assets, which also includes the upcoming DODO NFT platform.
The problem of cross-chain seems to be quite big. At present, the cross-chain that Polkadot is doing is to integrate all the chains into its own parallel chain. I think the cross-chain thing has actually been realized long ago, and CEX is the biggest cross-chain application. However, the significance of asset cross-chain is not so great. In the future, it will be detailed at the application level. The final implementation of decentralized cross-chain mainly needs to consider user experience, interoperability between cross-chains and application costs. At present, the existing cross-chain applications should be enough. DODO's current strategy is multi-chain deployment, mapping vDODO rights on ETH to DODO products on other chains.
Wayne, the founder of Axia8 Ventures, said that the foundation of DeFi is still relatively good, but there are still some deficiencies, such as the lack of risk data. Next, we will face a round of survival of the fittest, and the adjustment of the multi-faceted structure will enter the next stage. At that time, the market will also have a certain scale of retracement, and the value of funds will also return to where they should go. The project will not maintain the present Such a high APY.
Because we are in a bull market now, most of the trading volume is still speculative. For example, the rate of return of IDO may be 50 times or 100 times before, but now there has been some phenomenon of mean reversion, which has decreased to 30 times or more than ten times. It is the only way for the industry to wash away a batch of uncompetitive projects. Therefore, encrypted financial products must find their own differentiated style of play, and find their own areas of expertise and focus. Mature products require more complete on-chain data and Standardized infrastructure.
Xu Chao, the co-founder of Fortube, mentioned in his sharing that from our product operation data, we can see that the second largest market for our product platform is Turkey, accounting for more than ten percent, including users from other countries. In addition, from the perspective of security issues, traditional financial companies will spend a lot of financial and material resources to build security and risk control facilities, because they are financial companies that need to be responsible for users' funds, but DeFi does not take this matter very seriously. Things will be taken seriously, this is wrong, safety is the first, if there is no safety, all innovations will be zero.
From the first day of our online operation to now, we always regard safety and risk control as the most important thing for our team to operate. Security is a systematic design. It is impossible to do one thing well and the entire platform will be safe, and it is impossible to guarantee the safety of several years if it is done well at one time. This is a process that requires continuous polishing. Product and safety risk control model, pay attention to changes in the industry and upgrade your safety system and risk control system. You need to have such values to value it. Without such values, you will definitely not value it.
Stone CMO Vincent Khoo mentioned in his sharing that the development of DeFi is absolutely inseparable from the connection between assets, whether it is mortgage assets or the provision of liquidity, or even many derivatives, structured products and more innovations, but Generally speaking, cross-chain assets can indeed expand the market for users. In addition to focusing on the trade-off between security, efficiency and economic benefits, it is also necessary to take into account the calculations between various explicit and implicit costs.
Yiran, head of dYdX China, said that if you look at it with a microscope, there must be a lot of unfairness in DeFi. For example, if you gather capital advantages, or you have inside information to pre-empt mining, these will lead to unfair wealth distribution. . But if you look at it from a more macro perspective, the decentralization of DeFi is relative to traditional finance, and its inclusive story can be told for a long time. Suppose you are an ordinary person who wants to mortgage loans, trade derivatives, and invest in the primary market. The threshold is very high, but with DeFi, users can mortgage Ether and lend digital assets within minutes. Such efficiency gains are exponential.
The following is the live broadcast record, organized by Odaily, enjoy~
Belinda Zhou, co-founder of DAOventures, mentioned in the sharing that DeFi is not considered a midfielder in the early stage. Among them, the track I am particularly optimistic about is aggregated asset management. I think it will be a good entry point to bring DeFi out of the circle. It makes it very easy for users to view assets like an APP. According to the previous survey of large institutions and users in the circle by Binance Research Institute, less than 10% of them have used DeFi, so even people in the industry are not very suitable for interacting and managing funds on the chain. The reason boils down to poor user experience - not knowing how to use it, afraid of making mistakes. If there is an asset management platform in the market that can lower the threshold for Xiaobai to use, has a good user experience, and has a front-end interface that is as simple as an ordinary APP, and can act as a cryptocurrency fund manager to help users do one-stop DeFi investment, I think this will break the circle of DeFi. Such an aggregate asset management application will automatically help users obtain income, which is what our DAOventures is doing.
The following is the live broadcast record, organized by Odaily, enjoy~
Ray：Bi Tongtong: Good afternoon, distinguished guests and friends who are watching the live broadcast. I am Bi Tongtong. I am very happy to host today's cloud summit and chat with the big guys who follow DeFi about the DeFi midfield battle.
From the time of DeFi liquidity mining last summer, there was a view that the entire industry has entered the middle stage. At this stage, do you think there will be any innovations and changes in the future business form of DeFi? Which sub-tracks do you think will stand out? Or a more anticipated performance?Hello everyone, I am Ray. I am mainly responsible for 2B business in DODO, promoting our trading pool building products. I am talking about DeFi here, mainly DEX. From the perspective of UNI V3 in the DEX field, more flexible fees and liquidity It is a trend to provide higher capital utilization, and these have already been practiced on DODO; trading is just needed by the industry, and the DEX track market will further expand, so we are very optimistic about the market. We are also developing richer products, including providing some customized pool building products to the entire DeFi community. We still believe in the development of the entire DeFi field, including the DEX field.
Xu Chao:
Wayne：Hello everyone, I am Chao Xu from Fortube. Fortube is the first team to explore DeFi application scenarios. I don’t agree with the view that the DeFi industry has entered the midfield. DeFi is still just beginning, and the number of users has just exceeded 1 million. It has not yet exceeded, and the new large debt assets have not yet formed a scale, so from the above point of view, DeFi has just begun. At present, stable currency trading and lending are still the core products of DeFi, but in derivatives, insurance, data aggregation, mining, NFT New products will be produced. Some time ago, we jointly released the business model of using real assets as collateral for DeFi loans. This product is very controversial. We have been discussing how to launch real assets last year. This is a very good realization. We launched compliance-based data securities assets As a business model of borrowing stable coins as collateral on our platform, Xinyuan Group is a subsidiary of a listed company in the United States. We have been exploring this business. I think this is the new development direction of DeFi during this period.
Vincent：Bi Tongtong: There is still a lot of room for development of traditional assets on the chain. From a long-term perspective, I agree that the development of the entire DeFi industry may still be in the first three minutes of industry development.
Belinda Zhou：I think the foundation is quite good now, but there are still many things missing, such as risk, interest rate data, more metrics, etc. At present, facing the superior and the inferior, the stronger head effect, the market will not be eliminated by the adopt in the retracement, and the funds will settle to the place where the essential attributes and needs of the standard are benchmarked after the falsely high income is lowered. It is still in a bull market, so most of the transaction demand is still speculative. From the beginning of participating in IDO, the rate of return is hundreds of times, and now it is generally ten or twenty times. It can be seen that the fluctuation of market heat is the only way to go. The next step is consolidation. Many DEXes, distribution platforms, marketplaces, etc. have to be differentiated or eliminated. This kind of product is originally like an oligapoly of an airline company, and it cannot accommodate so many first-rankers of the same kind. In the future, for example, if you look at an NFT marketplace, it will either interact with the two-dimensional, animation, or ASRM communities, or focus on the cross-game virtual asset multi-functional platform, or the financial bill market, etc. The whole process of consolidating differences is quite exciting.
My point of view is a bit similar to those of others. DeFi projects have recently focused on TVL and liquidity scale. After all, this is the essence of finance. Funds are just machines. If you can get more locked-up funds and liquidity in the future Projects that are listed will naturally belong to the top-scale projects, and it is very likely that they will eventually become the winners of this track. Because many projects have very complex technologies, but many currency people do not understand this technical model. No matter how dazzling our technology is, it can only have currency price effects in the short term. In the medium and long term, everyone can’t help but focus on TVL and liquidity. The increasing trend of sexual scale. Those who have a single advantage in a certain track are now also engaged in cross-border, and will also participate in the lending business. The lending business has also begun to engage in AMM automatic market making. The competition between platforms has been intensifying. Everyone participates in other people's fields. The reason I just want to centralize everything on one platform, and any needs of users can be completed and realized on the DeFi platform. Everyone hopes that it can be convenient, safe and in-depth. It is very difficult for us to see such a project. Adults want everything, and only children make choices. We want safety, convenience, and depth. We can observe that these top projects in 2021 will not only develop their original tracks vertically, but also develop horizontally. , try to integrate all DeFi businesses on its own independent platform, and then attract larger TVL and liquidity. This industry is constantly iterating.
Hello everyone, I am Belinda Zhou, co-founder of DAOventures. I quite agree with what everyone said. It still belongs to the early stage of DeFi, and it is not considered a midfielder. There are some representative projects such as DEX, lending, derivatives, and stable coins. Next, their respective tracks should be in a state of full bloom. Survival of the fittest. Each product will strive to acquire users to open up the market, and then the leader in the track will be finalized slowly, so the game between products and operations will gradually follow. Regarding subdividing the track, Boss Xu Chao just mentioned that MakerDAO has recently issued real assets, which is related to liquidity. Another product that can bring new liquidity to DeFi is new users. I am particularly optimistic about it. The track is aggregation plus asset management. It will be a good entry point to bring DeFi out of the circle. It allows you to view assets very easily like viewing an app. Asset management is well understood.
Why do you say it's a blue ocean now? You can see that there are not many people playing DeFi seriously, because we are practitioners of DeFi, so we must be able to play, but there are not many people playing DeFi in the cryptocurrency circle around us. Binance Research has done a survey before for large institutions and users. , less than 10% have used DeFi, so even people in the industry are not very comfortable with interacting and managing funds on the chain. The reason boils down to being incapable of using it, troublesome and afraid of making mistakes. If there is an asset management platform with a good user experience, it can really lower the threshold for Xiaobai to use, and put the complicated parts on the back end. The front end is very refreshing, just like ordinary apps. In addition, it can act as a fund manager and help you do it. One-stop DeFi investment, I think this will break the circle of DeFi.
Yiran：Because there is such a fund manager, it will help you think about how to earn income. As a novice user, you don’t have to think about how to make money or how to design. In addition to the simple staking income, the fund manager may also help you get income. Use You can do ETF and so on. When Xiaobai comes to this platform and puts your USDT in, it will help you make strategic investment, and it will help you balance according to different pools. Such an aggregate asset management application will first complete the acquisition of encrypted users in the circle, and then traditional financial participants. Because they do not understand this logic, they will be handed over to fund managers. This is what our DAOventures is doing.
Bi Tongtong: I agree very much. We just did a data calculation some time ago. It is estimated that there are currently 66,300 independent DeFi users worldwide, and about 4.86 million independent users on the chain. DeFi users are far from enough. Please let Ran Yi express his opinion.
Vincent：I also think this industry has just started. DeFi was only popular in the industry last year, and there is still a long way to go to the public. I am more optimistic about several directions: the first is derivatives, and dYdX’s existing perpetual contracts are only In the first step, options and insurance are also very worth looking forward to; on the other hand, the industry form of DeFi itself will become more specialized and subdivided. For example, Uniswap V3 adds more to the original single LP form. The option, as well as many aggregator projects, connect the flow of DeFi and CeFi. I am also very optimistic about some native assets derived from the encrypted world, such as NFT, which is likely to be a sharp weapon for breaking the DeFi circle, because it can attract the attention of many outsiders.
Bi Tongtong: Before everyone talked about the direction they are optimistic about, the next question is that due to the rise of various public chain ecosystems recently, many mainstream public chains have also launched cross-chain bridges, such as the intercommunication between Binance’s BSC and Huobi HECO. All are based on EVM. So everyone joked that EVM is actually the real Ethereum. I would like to ask what significance do you think cross-chain interoperability has for public chains and DeFi projects? From the perspective of future overall market development, can cross-chain help us expand the user market?
Speaking of which, the increased usage of Ethereum, a mature network, can bring some opportunities, but it also brings many challenges, including scalability limitations. When it comes to cross-chain interoperability, I am very grateful to the developers for their ability to innovate in their technology, so that everyone in the blockchain project can process data of different magnitudes and conduct different transactions. Cross-chain interoperability can be done on different networks. To transmit valuable data, in order to improve the availability of technology, I think the blockchain network has the ability to communicate. Cross-chain assets were initially the primary application of cross-chains. The purpose of cross-chains was to share information between all chains. However, due to the outbreak of DeFi, cross-chain assets debuted ahead of schedule, without even relying on cross-chain platforms like Polkadot or Cosmos. Instead, the smart contract has been operated directly in the form of raiToken, and the evolution of the intermediate process will not be mentioned. The development of DeFi is absolutely inseparable from the connection between assets, whether it is collateralizing assets or providing liquidity, or even many derivatives, structured products and more innovations. But generally speaking, cross-chain assets can indeed expand the user's market. In addition to focusing on the trade-off between security, efficiency and economic benefits, the calculation between various explicit and implicit costs is what I mentioned earlier. Competition is still relevant. In my opinion, cross-chain is just a means, and the demand still lies in the application. For example, like the NFT mentioned just now, our own DeFi and games, etc., we also focus on cross-chain assets, focusing on the income aggregation of liquid assets on different chains, and we also need to create management agreements or platforms with stable income in the long run. Because we believe that the future must be multi-chain coexistence, intercommunication between cross-chains is definitely the key to supporting Web3.0. Therefore, the faster DeFi develops, the more pools for liquidity segmentation, and DeFi itself eliminates liquidity. Due to over-collateralization, etc., the underlying demand is very much needed, so cross-chain on-chain is required.Bi Tongtong: Thank you, Vincent. In addition, I learned that, Mr. Xu, cross-chain is also one of our roadmaps for 2021. You should also have your own views on cross-chain.
Xu Chao:
Ray：I think openness is definitely the foundation of the realization of the public chain. Openness and commonality are the core competitiveness of the public chain, so this is also an important willingness for Polkadot to be popular. But I don't think the intercommunication between BSC and HECO is cross-chain intercommunication, which is more of a symbolic meaning than a practical one. Most of the cross-chain between BSC and HECO is carried out through the main station of the exchange, and the cross-chain traffic in a completely decentralized way is still very small. The ceiling of the development of DeFi projects is actually determined by the public chain. For example, if you build DeFi applications on Ethereum, the ceiling of Ethereum determines how big you can make it. Therefore, the public chain ecology has a certain degree of decisive significance for DeFi. From this perspective, cross-chain interoperability reduces DeFi's dependence on the public chain. If the decentralized cross-chain is completely and smoothly connected, the DeFi project will not only depend on the development of a certain public chain, so multi-connectivity is indeed a way to make DeFi bigger. Now the cross-chain intercommunication has more meanings.
Our Fortube has launched the research on multi-chain interoperability at the beginning of this year. The technical problems are very complicated, and there are still many technical problems that have not yet been overcome. We may not launch a test version until the end of this year, but the multi-chain interworking version will bring great convenience to users. You can use any link to access Fortube products. Multi-chain interoperability must be just needed, and it can greatly improve users. Experience, we take it as the core thing to do.
Generally speaking, DODO is a multi-platform development strategy. In the future, DODO will also be launched on public chains such as Polkadot, and users can go to DODO wherever they are. We always provide the best trading products to users, and the best pool building products to project parties and individuals who have asset issuance needs to issue new digital assets, which also includes the upcoming DODO NFT platform.
Yiran：The problem of cross-chain seems to be quite big. At present, the cross-chain that Polkadot is doing is to integrate all the chains into its own parallel chain. I think the cross-chain thing has actually been realized a long time ago, and CEX is the largest cross-chain application. However, the significance of asset cross-chain is not so great. In the future, it will be detailed at the application level. The final implementation of decentralized cross-chain mainly needs to consider user experience, interoperability between cross-chains and application costs. At present, the existing cross-chain applications should be enough. DODO's current strategy is multi-chain deployment, mapping vDODO rights on ETH to DODO products on other chains.
Bi Tongtong: Because many people in the current cross-chain talk about introducing the asset flow of Ethereum into their own ecology through cross-chain, in fact, I think it essentially shows that this industry is quite introverted. I hope that the wool of other people’s homes will not introduce more new assets. . At this point, dYdX has no information on cross-chain, mainly because it has made more progress on Layer2. Yiran can share some of your situation.
Belinda Zhou：Derivatives are relatively special, and users’ demand for interoperability is not so strong. Everyone’s main concern is transaction fees and settlement speed, so Layer 2 is a very natural choice for us. But we are also very optimistic about cross-chain, because for many developers, it is not necessary to be on which chain, but more to follow the user, so it is best to develop only one version to satisfy different users. Secondly, the user groups attracted by BSC, HECO and Solana are different. If the final form of cross-chain can connect the user groups, then it is actually a good thing for the ecology. For example, those who use BSC can also pay attention to the Ethereum project. . To sum up, cross-chain can bring about greater network effects.
Wayne：Bi Tongtong: Next, I would like to talk about it from the perspective of investment institutions.
I think this question is a sub-question. Cross-chain can definitely expand the user market, because it is equivalent to adding new exposure to both the public chain and DeFi. In fact, it increases the intercommunication of ecological users. For example, BSC has more overseas users, and HECO has more domestic users, which is conducive to the expansion of global users. The other is to avoid the homogenization of projects. Now I feel that the public chains are divided into separate operations and relatively isolated. This will reduce efficiency. Developers have to repeat the wheel. If you can spend the same time on your original products Optimizing rather than copying a copy to other chains will be more conducive to the development of the industry in the long run. However, ecological interoperability also has new challenges. For example, if I use a certain chain and find it very useful, I don’t need my original chain. I think blacksmithing requires self-improvement, and the public chain and project parties must do well by themselves.
Yiran：First of all, I think that most DeFi project parties should no longer spend time on cross-chain bridges, but should accelerate product consolidation and differentiation to capture users and funds and prepare for the future. I don’t think cross-chains can be generalized. It depends on what you are crossing, users, assets, funds, or the essence. This is a different thing in terms of products and businesses. I think each chain has its final positioning and the data and business it carries. There are a lot of needs to wrap BTC, reduce collateralization, find miners to get BTC to Ethereum, DeFi and then to other chains. I think these are all solutions, but they are more like a transitional small business. You must think about it. The aunt who bought a house for retirement sent her to play poker in Las Vegas. The ecology developed from each chain to the back is different. From the perspective of regional and cultural segmentation, HECO is basically a domestic user, and ETH is an innovative and passionate power user. The high-speed layer 1 Solana can carry more complex and high-frequency transactions. And strategies will eventually reflect the differences due to the underlying framework ecology, and the multi-chain business is directly like what kind of flights, shipping, or Cayman banks directly need for the two countries. More projects need to form the overall ecology It went on. As far as the project side is concerned, multichain deployment is no problem, and there is no need to blindly pursue cross-chain.
Ray：Bi Tongtong: Thank you Wayne for providing advice on the project. The next question is that at the beginning of this year, we held a topic dedicated to discussing whether DeFi is inclusive finance or whether it is due to the current situation that has led to the gap between the rich and the poor. Because of the vigorous development of DeFi, there has been a trend of concentrating funds on scientists and giant whales. Domestic DeFi mining is often said to be "no grass grows". What do you think, is the story of DeFi and inclusive finance in the early years still relevant?
Belinda Zhou：I think this question is very interesting. We see things with different clarity. If you look at it with a microscope, there must be a lot of unfairness in DeFi, because you have gathered a lot of capital advantages, or you have better inside information to dig out first. mine. But if you look at it from a different perspective, the decentralization of DeFi is relative to traditional finance, and this story can be told for a long time. If you are an ordinary user now and want to quickly mortgage loans, buy and sell derivatives, and invest in the primary market, the threshold is very high. It is hard for me to imagine that ordinary people can mortgage your Ethereum within a few minutes and lend stable currency. So from this perspective, the story of inclusive finance makes sense.
Vincent：DODO had a slogan before, to be a digital currency GEM for 100 million people. The foreseeable inclusive story is that as more infrastructure is built, anyone can use our products permissionlessly to create their own tokens and liquidity pools on DODO, including issuing and creating NFT fragments on the DODO NFT platform Compared with traditional finance, the DeFi world is very free, which was unimaginable before. Regarding the topic of whether it is fair for scientists and giant whales to make money, first of all, scientists are often giant whales; the gas fee of ETH has dropped from the previous skyrocketing to the present, which is also the result of the game between scientists who rushed to run and ecological construction scientists such as Flashbots. I think this kind of game between scientists has made a great contribution to the entire industry infrastructure, and scientists should earn this money; the same is true for capital whales. At present, the amount of capital entering DEFI is still very small (arbitrage is not sufficient) There will be so many sustainable high APY), compared with the current BTC with the promotion of capital into the traditional financial industry and is accepted by more and more mainstream people, the capital giant whale has contributed. Therefore, it is only natural for scientists and capital whales to make money, and both fairness and unfairness are relative.
As a practitioner this story certainly makes sense. However, the penetration rate of DeFi is not high. We need to do a good job of building bridges and paving the way, and find out the reason. Before, it was because most retail investors could not support the high handling fees, because their investment income could not cover their transaction costs. The second It’s because they don’t know how to play DeFi. If the DeFi investment platform can help them participate in the pool, these users can also get part of the income instead of going to the secondary market to pick up orders. At present, the problem of gas fees has been greatly improved, and there is a solution to reduce costs by batch processing, so there is no need to worry about the technology. The reason why Xiaobai’s one-stop aggregate asset management is needed is because people who have no time to play DeFi or have small funds can also come in and enjoy the dividends of DeFi, preventing large players from monopolizing the pool and taking away all early dividends. So inclusive finance makes sense, but we have to do a good job in this work so that most people who want to participate can participate.I think that any industry tends to be oligopolistic. There is a 20-80 rule in stock trading, so the topic of DeFi must also exist. Large institutions and large funds are in the hands of a few people, but it does not mean that retail investors cannot participate. Currently It is difficult for retail investors to participate. The problem is that the technical threshold and capital threshold are too high. The technical threshold is reflected in the DeFi product itself. For example, how to use the wallet is very complicated. High, although the rate of return is the same, but high fees can directly consume the income of retail investors, so the performance is not so inclusive. However, with the implementation of the Berlin Agreement and the upcoming London Agreement, it also means that Ethereum 2.0 will achieve a more orderly arrangement in this regard, breakthroughs in other public chain Layer 2 technologies, and upgrades and optimizations of these technologies. Promote the overall inclusiveness of DeFi in the future. I personally think this story can be told, because now we are still in the very early stage of growth, and the latter story will definitely reflect better.
Xu Chao:
Wayne：I think the meaning of inclusive finance proposed by DeFi in the early years refers to the fact that it can provide services to many people without bank card services, because the essence of DeFi is that it does not require access restrictions or permission, and anyone can use it. services, so what it wants to talk about is the inclusiveness of this layer. It’s not that anyone can make a lot of money in DeFi, and making a lot of money in DeFi must rely on having a lot of money. When I was mining last year, I shared this at some conferences. Only with a lot of money can you make a lot of money. In essence, it is still a financial business, not a business for poverty alleviation. Therefore, the essence of DeFi is still decentralized finance. People with bank card services use DeFi because there are still many people around the world, especially users in Africa or the third world, who cannot obtain banking services because the banking infrastructure in their countries is relatively weak, and inclusiveness at this level is possible.
It can be seen from our product operation data that the second largest proportion of our product platform is Turkey, accounting for more than ten percent, including users from other countries. Another issue is security. Traditional financial companies will spend a lot of money and material resources to build security and risk control facilities, because they are financial companies that need to be responsible for users’ funds, but DeFi does not take this matter very seriously. It is wrong to pay attention only when something happens. From our point of view, safety comes first. Without security, all innovation is zero. From the first day of our online operation to now, we always regard safety and risk control as the most important thing for our team to operate. Security is a systematic design. It is impossible to make the whole platform safe if one point is done well, and it is impossible to guarantee the safety for several years after one point is done well. Polish products, constantly upgrade the security risk control model, always pay attention to changes in the industry, and upgrade your security system and risk control system. You need to have such values to value it, and without such values you will certainly not value it.I think all things are fair, the stock market was also chaotic when it first came out. We are in the stage of bonus land reclamation, so you have a lot of information technology gap and arbitrage space. In other words, if others use their ability to make quick loans, you have no problem with front-running. Even in today's stock market, there are a lot of front-running, otherwise why would shops and funds spend a lot of money to build submarine cables to speed up across the sea. Of course, there are also exchanges that use different software and hardware mechanisms to improve latency to achieve fairness. We can only try our best to promote real trading needs. Many things are a continuum. We may wander between the left and right sides at different stages, and where we end up is called the balance point, which needs to be verified by the market. In the end, no matter how non-crypto people will try to participate, or how long the high APY in the ecology can last, this will definitely be slowly blended over time until the arbitrage in many places is smoothed out. Now we can go to the bank for low-interest loans. Defi stablecoin mining yields 30-50% per annum, so we have a lot of room for arbitrage. Since we have such a cognition, we can make such money, and we cannot say that we are unfair to people outside the circle. This is justified. Inclusive finance makes sense.
