Sergey Nazarov with Andre Cronje, Stani Kulechov, and Kain Warwick: A DeFi Roundtable from #SmartCon

Hello everyone Thanks for watching Today, I am very happy to invite innovators at the forefront of DeFi to talk to us about the development of decentralized finance and the key elements that will drive development in the future. Today, I am very happy to invite innovators at the forefront of DeFi to talk to us about the development of decentralized finance and the key elements that will drive development in the future. Today, I am very happy to invite innovators at the forefront of DeFi to talk to us about the development of decentralized finance and the key elements that will drive development in the future.

Today, I am very happy to invite innovators at the forefront of DeFi to talk to us about the development of decentralized finance and the key elements that will drive development in the future. Today we are honored to invite Kain from Synthetix Stani of Aave And Andre of Year I look forward to hearing their insights on the development of DeFi I look forward to hearing their insights on the development of DeFi First, each speaker will take a minute to briefly introduce their respective platforms. First, each speaker will take a minute to briefly introduce their respective platforms. Let everyone first have some basic understanding of the platform functions and vision you have developed Let everyone first have some basic understanding of the platform functions and vision you have developed Let everyone first have some basic understanding of the platform functions and vision you have developed Let everyone first have some basic understanding of the platform functions and vision you have developed Okay, let me do it first My name is Kain, I am the founder of Synthetix This is a synthetic asset creation and release platform on Ethereum This is a synthetic asset creation and release platform on Ethereum We provide platform users with price data such as Bitcoin, gold and silver We provide platform users with price data such as Bitcoin, gold and silver The price data of oil and other assets will be launched on Ethereum soon Stani, it's your turn next Okay, my name is Stani I am the founder of Aave Aave is a money market protocol Users deposit stablecoins and other assets to earn interest income Users deposit stablecoins and other assets to earn interest income You can also use the deposited assets as credit collateral to borrow other assets You can also use the deposited assets as credit collateral to borrow other assets We released the Aave protocol at the beginning of this year We released the Aave protocol at the beginning of this year The current smart contract lock-up volume exceeds one billion U.S.

Dollars The current smart contract lock-up volume exceeds one billion U.S. dollars And we started to enter this field a few years ago The first lending protocol introduced is called ETHLend (Ethereum Lending) The first lending protocol introduced is called ETHLend (Ethereum Lending) We are currently in the process of transforming the previous money market agreement and replacing it with the Aave governance mechanism We are currently in the process of transforming the previous money market agreement and replacing it with the Aave governance mechanism We are currently in the process of transforming the previous money market agreement and replacing it with the Aave governance mechanism OK, let me talk about Hi everyone, my name is Andre Cronje from Yearn Yearn can be said to be a currency optimization mechanism We look for opportunities in DeFi, savings and lending We look for opportunities in DeFi, savings and lending We look for opportunities in DeFi, savings and lending Convert between different funders to maximize the income of funders, liquidity providers or users Convert between different funders to maximize the income of funders, liquidity providers or users Convert between different funders to maximize the income of funders, liquidity providers or users In short, this is an intelligent coordination mechanism that brings the greatest benefits to the funding provider In short, this is an intelligent coordination mechanism that brings the greatest benefits to the funding provider In short, this is an intelligent coordination mechanism that brings the greatest benefits to the funding provider Great Sounds pretty good Your platform has many innovations Your platform has many innovations I think these are very impressive development results I think these are very impressive development results First of all, I want to ask you the first question, this question is worthy of our consideration First of all, I want to ask you the first question, this question is worthy of our consideration What do you think is driving the development of the DeFi industry? What makes a lot of value flow into the DeFi field and drives the growth of the DeFi industry What makes a lot of value flow into the DeFi field and drives the growth of the DeFi industry What makes a lot of value flow into the DeFi field and drives the growth of the DeFi industry We can start with Andre first, and then go to Stani and Kain We can start with Andre first, and then go to Stani and Kain We can start with Andre first, and then go to Stani and Kain See if this works Ok I think the answer is very simple, that is human speculation The reason why so much money flows into the DeFi field is because the return on investment in this field is extremely high The reason why so much money flows into the DeFi field is because the return on investment in this field is extremely high The reason why so much money flows into the DeFi field is because the return on investment in this field is extremely high The reason why investors make so much money is because they have established a new type of "Ponzi scheme" The reason why investors make so much money is because they have established a new type of "Ponzi scheme" The project issues governance tokens.

These tokens have no economic value, but for some reasons, many people will buy them. The project issues governance tokens. These tokens have no economic value, but for some reasons, many people will buy them. The project issues governance tokens. These tokens have no economic value, but for some reasons, many people will buy them. The people who bought in the first wave then resell to the next wave The people who bought in the first wave then resell to the next wave The people who bought in the first wave then resold to the next wave As the value of the token gets higher and higher, the transaction continues As the value of the token gets higher and higher, the transaction continues This makes many people get rich overnight This makes many people get rich overnight I may have some radical views on this topic, we can discuss in detail I may have some radical views on this topic, we can discuss in detail But I think the token economy is unsustainable in the DeFi field But if we ignore this part for the time being, but directly see the deep core But if we ignore this part for the time being, but directly see the deep core You can find that the value of the agreement itself is actually increasing For example, the ecology of Synthetix Aave's ecology Supporting tools such as Compound And Chainlink These platforms are growing in value Because when the speculative boom passes a year later, these platforms and technologies will continue to exist Because when the speculative boom passes a year later, these platforms and technologies will continue to exist And now a lot of money is pouring into the DeFi field purely because of this round of speculation, which should not be controversial.

And now a large amount of money is pouring into the DeFi field purely because of this round of speculation, which should not be controversial. And now a large amount of money is pouring into the DeFi field purely because of this round of speculation, which should not be controversial. And now a lot of money is pouring into the DeFi field purely because of this round of speculation, which should not be controversial. And now a large amount of money is pouring into the DeFi field purely because of this round of speculation, which should not be controversial.

Stani, what do you think is driving this round of DeFi growth? Stani, what do you think is driving this round of DeFi growth? I wanted to say that Andre is driving the growth of DeFi But he just said that… In fact, what Andre just described is the operating mechanism of the financial market In fact, what Andre just described is the operating mechanism of the financial market Human behavior is driven by some factors Such as being driven by revenue Sometimes the return is very high, and even under normal circumstances, such a high return will not occur Sometimes the return is very high, and even under normal circumstances, such a high return will not occur Sometimes the return is very high, and even under normal circumstances, such a high return will not occur For example, issuing tokens, which generate economic value due to their scarcity For example, issuing tokens, which generate economic value due to their scarcity For example, issuing tokens, which generate economic value due to their scarcity For example, issuing tokens, which generate economic value due to their scarcity Waves of investors buying tokens Waves of investors buying tokens The current liquidity mining mechanism in the DeFi field is very problematic The current liquidity mining mechanism in the DeFi field is very problematic There is not only a problem with the design And there are also problems in the economic operation mechanism And there are also problems in the economic operation mechanism In other words, people can invest capital in different agreements In other words, people can invest capital in different agreements Create a new pass, and then sell the pass Create a new pass, and then sell the pass The person who purchases the token does not own the capital, but can purchase the token created based on the capital The person who purchases the token does not own the capital, but can purchase the token created based on the capital Lack of transparency in risk exposure This mechanism is a bit like a traditional financial system This mechanism is a bit like a traditional financial system And lack of fairness And lack of fairness This is how the market works But under this mechanism, there is a deeper meaning But under this mechanism, there is a deeper meaning This is also the most valuable core in the DeFi field When a technology can improve efficiency For example, what Aave, Synthetix or Year does is to optimize asset returns For example, what Aave, Synthetix or Year does is to optimize asset returns For example, what Aave, Synthetix or Year does is to optimize asset returns What I want to say is once a technology can solve the inefficiency problem What I want to say is once a technology can solve the inefficiency problem Then you can generate huge value and unlock unlimited possibilities Then you can generate huge value and unlock unlimited possibilities I think this is the true value of DeFi So when it comes to the development of DeFi We have made tremendous progress in technology and product development We have made tremendous progress in technology and product development And these are all of long-term value But at the same time there was some confusion Just like speculators who don’t understand financial knowledge enter the financial market will create chaos Just like speculators who don’t understand financial knowledge enter the financial market will create chaos Just like speculators who don’t understand financial knowledge enter the financial market will create chaos And they have to pay for their ignorance And they have to pay for their ignorance This is also the dilemma that the financial industry will face And now this trend in the DeFi field is becoming more and more obvious Because many new technologies have appeared, and many people don’t understand what DeFi does.

Because many new technologies have appeared, and many people don’t understand what DeFi does. Yes, I agree with Stani and Andre Yes, I agree with Stani and Andre I think I think DeFi enables the rebirth of the token economy DeFi enables the rebirth of the token economy Token economy and token design have been renewed with new vitality I think the pass is just a coordination mechanism I think the pass is just a coordination mechanism Similarly, securities in the traditional financial system are also a coordination mechanism Similarly, securities in the traditional financial system are also a coordination mechanism Similarly, securities in the traditional financial system are also a coordination mechanism This mechanism allows investors to capture the value generated by the company This mechanism allows investors to capture the value generated by the company And coordinate the whole process Of course, as Stani just said, there are some inefficiencies in the system.

Of course, as Stani just said, there are some inefficiencies in the system. The emergence of tokens can solve these problems Token can greatly improve coordination efficiency Token can greatly improve coordination efficiency Token can greatly improve coordination efficiency Allow people to make clear rules, create systems, and make sure everyone will follow those rules Allow people to set clear rules, create systems, and make sure that everyone will follow those rules Allow people to make clear rules, create systems, and make sure everyone will follow those rules Allow people to make clear rules, create systems, and make sure everyone will follow those rules We are now transforming the traditional financial system in a more efficient way We are now transforming the traditional financial system in a more efficient way We are now transforming the traditional financial system in a more efficient way The token represents part of the ownership of these new systems The token represents part of the ownership of these new systems This is a very interesting mechanism Because investors can contribute part of the capital Because investors can contribute part of the capital In exchange for partial ownership of the network I think this is an amazing mechanism Also unprecedented In the previous ICO boom You can only spend money to buy a pass You can only spend money to buy a pass And now you can still provide funds This also created a lot of confusion This also created a lot of confusion The previous two have also mentioned it But there are very powerful forces under these hustle and bustle But there are very powerful forces under these hustle and bustle We have personally participated in the transformation of traditional financial systems, transforming these systems into decentralized financial systems We have personally participated in the transformation of traditional financial systems, transforming these systems into decentralized financial systems We have personally participated in the transformation of traditional financial systems, transforming these systems into decentralized financial systems I think all people involved in this process will get a huge reward I think all people involved in this process will get a huge reward I think all people involved in this process will get a huge reward If they invested time and money effectively (they would get a huge return) Yes, I now see two very good phenomena Yes, I see two very good phenomena now Yes, I see two very good phenomena now First, DeFi applications increase usage through incentive mechanisms First, DeFi applications increase usage through incentive mechanisms These incentive mechanisms are similar to those used in the ICO boom of the year These incentive mechanisms are similar to those used in the ICO boom of the year These incentive mechanisms are similar to those used in the ICO boom of the year It’s just that these mechanisms now incentivize the use of new technologies and applications It’s just that these mechanisms now incentivize the use of new technologies and applications Instead of simply issuing a pass So DeFi platforms that hope to increase traffic can benefit from it So DeFi platforms that hope to increase traffic can benefit from it The measurement standard of these platforms is the amount of lock-up The measurement standard of these platforms is the amount of lock-up So this is not much different from the way the platform sends Lamborghini or other rewards So this is not much different from the way the platform sends Lamborghini or other rewards So this is not much different from the way the platform sends Lamborghini or other rewards So this is not much different from the way the platform sends Lamborghini or other rewards From my limited understanding of the cryptocurrency financial market, From my limited understanding of the cryptocurrency financial market, From my limited understanding of the cryptocurrency financial market, Incentive mechanism is a very important part A platform that can create a strong incentive mechanism can attract traffic and value, and create a positive virtuous circle A platform that can create a strong incentive mechanism can attract traffic and value, and create a positive virtuous circle A platform that can create a strong incentive mechanism can attract traffic and value, and create a positive virtuous circle Attract more and more users to your price discovery platform, and use this to consolidate your position Attract more and more users to your price discovery platform, and use this to consolidate your position Attract more and more users to your price discovery platform, and use this to consolidate your position Users will invest a lot of cash resources on this platform Users will invest a lot of cash resources on this platform Now there is a new resource Now there is a new resource How do we efficiently configure this resource through programming logic to achieve the traffic target of the platform How do we efficiently configure this resource through programming logic to achieve the traffic target of the platform How do we efficiently configure this resource through programming logic to achieve the traffic target of the platform How do we efficiently configure this resource through programming logic to achieve the traffic target of the platform So this is an amazing development Especially considering Now the focus has shifted from token sales to the drainage mechanism Now the focus has shifted from token sales to the drainage mechanism The second major development is the realization of the issuance of governance tokens in this way The second major development is the realization of the issuance of governance tokens in this way The second major development is the realization of the issuance of governance tokens in this way Personally, I don’t fully understand how this token issuance mechanism will affect the voting mechanism in the system.

Personally, I don’t fully understand how this token issuance mechanism will affect the voting mechanism in the system. Personally, I don’t fully understand how this token issuance mechanism will affect the voting mechanism in the system. But at least the token is issued to users The platform is at least for issuing tokens to system users The platform is at least for issuing tokens to system users And these users bring traffic to the system Therefore, they should be tied to the interests of the platform Therefore, they should be tied to the interests of the platform Achieved innovation in both dimensions Achieved innovation in both dimensions Then continue this topic to extend it down Regarding how DeFi will develop, some views are more radical, some are more moderate Regarding how DeFi will develop, some views are more radical, some are more moderate Regarding how DeFi will develop, some views are more radical, some are more moderate Regarding how DeFi will develop, some views are more radical, some are more moderate I would like to ask Kain first, you personally participated in and promoted this liquidity mining boom I would like to ask Kain first, you personally participated in and promoted this liquidity mining boom I would like to ask Kain first, you personally participated in and promoted this liquidity mining boom What do you think of these different incentive mechanisms How do you think liquid mining will develop in the next two to three years How do you think liquid mining will develop in the next two to three years What value do you think this mechanism will produce What value do you think this mechanism will produce I think the release of YFI is the most interesting experiment we have seen so far I think YFI is the most interesting experiment we have seen so far I think YFI is the most interesting experiment we have seen so far YAM and YFI are two very interesting experiments YAM and YFI are two very interesting experiments Many people say that YAM is just a game, saying that it is flashy and does not have any core value.

Many people say that YAM is just a game, saying that it is flashy and has no core value. Many people say that YAM is just a game, saying that it is flashy and has no core value. Many people say that YAM is just a game, saying that it is flashy and has no core value. Maybe everyone’s views will change in the future But YFI has a very clear value proposition, and its value will continue to grow But YFI has a very clear value proposition, and its value will continue to grow But YFI has a very clear value proposition, and its value will continue to grow YFI's pass issuance mechanism is 100% fair YFI's pass issuance mechanism is 100% fair No pre-sales, no founder rewards Don't engage in these empty heads Rules of the game everyone is equal Rules of the game everyone is equal Maybe the information will be a little bit asymmetry But this problem is not serious Will not lead to only the giant whale providing liquidity and earning income in the end Will not lead to only the giant whale providing liquidity and earning income in the end Many people were not optimistic about this project before, and then got out of the car Many people were not optimistic about this project before, and then got out of the car But some people have been insisting on providing liquidity or holding currency But some people have been insisting on providing liquidity or holding currency But some people have been insisting on providing liquidity or holding currency The price increase of the final token has also greatly exceeded everyone's expectations The price increase of the final token has also greatly exceeded everyone's expectations The price increase of the final token has also greatly exceeded everyone's expectations Equal rules of the game, no special treatment Equal rules of the game, no special treatment Everyone follows the same rules in the game Everyone follows the same rules in the game I think this is a very powerful mechanism Because it has a very high coordination ability and can reach a consensus in the community Because it has extremely high coordination ability and can reach consensus in the community It's amazing to be able to do this This is an unprecedented innovation This is an unprecedented innovation This mechanism can quickly convene people from all over the world This mechanism can quickly convene people from all over the world Together to form a strong community We will see more experiments and innovations around this in the future We will see more experiments and innovations around this in the future Some experiments will succeed Some will fail But in the end we will all learn many valuable lessons from these experiments But in the end we will all learn many valuable lessons from these experiments So Andre, how do you think the liquidity mining mechanism will develop in the next two to three years? So Andre, how do you think the liquidity mining mechanism will develop in the next two to three years? How do you think this trend in the DeFi field will develop? How do you think this trend in the DeFi field will develop? My instinct tells me that this trend is unsustainable My instinct tells me that this trend is unsustainable But then again, we have never experienced such a development (so no reference) But then again, we have never experienced such a development (so no reference) It’s like if you buy a bottle of Coca-Cola and give you shares in Coca-Cola It’s like if you buy a bottle of Coca-Cola and give you shares in Coca-Cola How do you dispose of these shares? Are you keeping it? Because after all, it’s free to send your stock Are you keeping it? Because after all, it’s free to send your stock So why don't you keep it, maybe it will appreciate later So why don't you keep it, maybe it will appreciate later Or I can use these shares in other places There are many considerations behind this There are many considerations behind this If I answer your question completely intuitively I will tell you that this trend is not sustainable You give something to others for free They will sell Because the real value proposition does not lie in these free gifts Because the real value proposition does not lie in these free gifts So they will definitely replace these with other things The end result is that liquidity is drained A word I often use recently is "mobile locust" Because liquidity providers flood in like locusts, and then suck up the liquidity of the token Because liquidity providers flood in like locusts, and then suck up the liquidity of the token Once the token is no longer return on investment, they will sell without hesitation, and then rush to the next place Once the token is no longer return on investment, they will sell without hesitation, and then rush to the next place So in theory, this trend must be impossible to continue It’s just that we haven’t gone through such a round of process This is a brand new experimental field I was surprised that it lasted so long My view may be proved wrong in the end I think there may be some changes in this trend Because since Synthetix…

I have to insert a sentence here, I still like Compound very much But I mean everyone wants to get traffic quickly So we launched various income incentives So we launched various income incentives But SNX Pool has introduced a liquidity incentive mechanism from the very beginning But SNX Pool has introduced a liquidity incentive mechanism from the very beginning Kain and his team tried many ways to find an effective incentive mechanism Kain and his team tried many ways to find an effective incentive mechanism Kain and his team tried many ways to find an effective incentive mechanism Kain and his team tried many ways to find an effective incentive mechanism As well as the intensity and timeliness of incentives As well as the intensity and timeliness of incentives They made a lot of hard work and tried And they are still using this mechanism So based on their results I must admit that the incentive mechanism is very successful We can see a large amount of liquidity injected into sUSD We can see a large amount of liquidity injected into sUSD Most of it is due to the incentive policies on the platform So this is really amazing So this is really awesome I also hope that this trend will continue for the next two to three years I also hope that this trend will continue for the next two to three years But logically, this mechanism must be changed because it is not sustainable But logically, this mechanism must be changed because it is not sustainable but I think this problem should be divided into long-term and short-term perspectives I think this problem should be divided into long-term and short-term perspectives In the long run, the model will not change much In the long run, the model will not change much But it’s definitely not the crazy way of motivating like now Because incentives far exceed risk and responsibility Because incentives far exceed risk and responsibility And I’m even more worried about everyone’s expectations for this industry in the short term And I’m even more worried about everyone’s expectations for this industry in the short term Is that people expect this trend to continue I think If the yield of DeFi investment drops from the current high to low If the yield of DeFi investment drops from the current high to low suddenly If the yield of DeFi investment drops from the current high to low This will damage the reputation of our industry Everyone will start to panic and think: "Now that the rate of return has fallen from 100% to 10%, it must be unsustainable, then I have to run quickly" Everyone will start to panic and think: "Now that the rate of return has fallen from 100% to 10%, it must be unsustainable, then I have to run quickly" Everyone will start to panic and think: "Now that the rate of return has fallen from 100% to 10%, it must be unsustainable, then I have to run quickly" Everyone will start to panic and think: "Now that the rate of return has fallen from 100% to 10%, it must be unsustainable, then I have to run quickly." This is a logic with token speculators When the price of the token rises Everyone is very happy to see the upward trend Then put the project and the founder to the altar Then put the project and the founder to the altar Then put the project and the founder to the altar Wait until the price of the token drops They start to say that this project is to collect money The project pass is a pile of rubbish, what the hell is this team doing? The entire team should be fired and replaced by a new group of people So in the short term I am worried that this will happen I foresee that this might happen In the long run, I am optimistic Okay thank you Stani, how do you think incentive mechanisms such as liquidity mining will develop in the next two to three years? Stani, how do you think incentive mechanisms such as liquidity mining will develop in the next two to three years? Stani, how do you think incentive mechanisms such as liquidity mining will develop in the next two to three years? How will the incentive mechanism in the DeFi ecosystem evolve? This is a very interesting topic It really depends on the design concept of these mechanisms, who are involved in them, and how they participate It actually depends on the design concept of these mechanisms, who are involved in them, and how they participate It actually depends on the design concept of these mechanisms, who are involved in them, and how they participate It actually depends on the design concept of these mechanisms, who are involved in them, and how they participate It really depends on the design concept of these mechanisms, who are involved in them, and how they participate There are two modes There are two modes The first is to distribute governance rights This is one of the modes Another model is to generate revenue Another model is to generate revenue I think the current situation is that the giant whale is reaping most of the proceeds I think the current situation is that the giant whale is reaping most of the proceeds I think the current situation is that the giant whale is reaping most of the proceeds All sales are carried out by them Because this is their strategy The final question is how do you use the benefits of harvesting The final question is how do you use the benefits of harvesting The final question is how do you use the benefits of harvesting As Andre just said He just mentioned the example of Coca-Cola He just mentioned the example of Coca-Cola Or suppose you buy a Tesla and you get shares in Tesla for every mile you drive Or suppose you buy a Tesla and you get shares in Tesla for every mile you drive And our current model is And our current model is We can freely trade these tokens in the market under the crypto economy We can freely trade these tokens in the market under the crypto economy In other words, you can sell your Tesla shares Used to change into electric energy to charge your Tesla Used to change into electric energy to charge your Tesla So the final result is So the final result is Although these tokens are created for governance But the function of the token has changed in actual application Because we previously assigned governance rights to users in the experiment Because we previously assigned governance rights to users in the experiment Because we previously assigned governance rights to users in the experiment One of the good examples is my country Finland One of the good examples is my country Finland Most banks in Finland are cooperative This model has been developed for more than 100 years This model has been developed for more than 100 years This model has been developed for more than 100 years In other words, when bank customers use banking services, they will get some vouchers similar to points In other words, when bank customers use banking services, they will get some vouchers similar to points In other words, when bank customers use banking services, they will get some vouchers similar to points Customers can use these points to redeem services or vote on bank governance matters Customers can use these points to redeem services or vote on bank governance matters Customers can use these points to redeem services or vote on bank governance matters Customers can use these points to redeem services or vote on bank governance matters But in fact, people are actually not that interested in voting to determine corporate governance matters, or sometimes a professional team is responsible for it.

But in fact, people are actually not that interested in voting to determine corporate governance matters, or sometimes professional teams are responsible for them. But in fact, people are actually not that interested in voting to determine corporate governance matters, or sometimes professional teams are responsible for them. But in fact, people are actually not that interested in voting to determine corporate governance matters, or sometimes a professional team is responsible for it. In this way, the voting process becomes very tasteless, completely formalistic In this way, the voting process becomes very tasteless, completely formalistic In this way, the voting process becomes very tasteless, completely formalistic For example, some supermarkets in the UK and Finland will also adopt this model But in the end it’s hard to escape such a result So whether this model is good or bad ultimately depends on which perspective you look at So whether this model is good or bad ultimately depends on which perspective you look at But I think the problem now is not even traffic But I think the problem now is not even traffic The real problem is: the richest group of people control the entire system For example, users who have harvested all the benefits For example, users who have harvested all the benefits These people also have ultimate control These people also have ultimate control These people also have ultimate control Either way Or a protocol publisher who launched a liquid mining mechanism Or a protocol publisher who launched a liquid mining mechanism Or a protocol publisher who launched a liquid mining mechanism So the final winner is the one with the most assets, they will eventually control the agreement So the final winner is the one with the most assets, they will eventually control the agreement So the final winner is the one with the most assets, they will eventually control the agreement I think traffic is no longer the key issue now I think traffic is no longer the key issue now The so-called traffic refers to how many people use the platform's services in a period of time The so-called traffic refers to how many people use the platform's services in a period of time Then the platform rewards these users with tokens and encourages them to participate in community governance Then the platform rewards these users with tokens and encourages them to participate in community governance This is difficult to achieve in DeFi applications The easiest way is to measure the amount of funds on the platform The easiest way is to measure the amount of funds on the platform Because everyone in the DeFi field now only cares about the lock-up volume and liquidity of the platform Because everyone in the DeFi field now only cares about the lock-up volume and liquidity of the platform I don’t think it makes sense to just look at these I don't think it makes sense to just look at these I understand the logic behind this is to measure how much everyone trusts your smart contract platform I understand the logic behind this is to measure how much people trust your smart contract platform But these indicators do not measure the success of the agreement and the platform But these indicators do not measure the success of the agreement and the platform Nor can it be used to analyze platform user behavior Now it becomes like this: If you provide enough liquidity, you can control the agreement If you provide enough liquidity, you can control the agreement Then the rich will get richer and richer And those who are rich will control one of the most critical infrastructures in the future And those who are rich will control one of the most critical infrastructures in the future That is the financial system of the future This is the scariest part of the current mechanism I understand Next, let’s talk about the interaction between different systems, which is also a very interesting topic.

Next, let’s talk about the interaction between different systems, which is also a very interesting topic. Next, let’s talk about the interaction between different systems, which is also a very interesting topic. Next, let’s talk about the interaction between different systems, which is also a very interesting topic. Andre, you have a lot of experience in this field Andre, you have a lot of experience in this field How do you think various DeFi applications, or what we call "Currency Lego", should be combined to produce greater value How do you think various DeFi applications, or what we call "Currency Lego", should be combined to produce greater value How to properly combine various DeFi infrastructures or protocols How to properly combine various DeFi infrastructures or protocols How to properly combine various DeFi infrastructures or protocols Sergey, thank you for asking me this question first Sergey, thank you for asking me this question first But in fact, I don’t have a clear plan or idea on how to combine currency Lego blocks.

But in fact, I don’t have a clear plan or idea on how to combine currency Lego blocks. My thinking is the same as we usually play real Lego Is nothing more than two choices It's nothing more than two choices Or just follow the instructions Or just follow the instructions Either there is no instruction manual, only a box of loose Lego bricks Either there is no instruction manual, only a box of loose Lego bricks And it’s all kinds of building blocks you have collected over the years You pour all the blocks on the carpet See which ones can be put together and put them together as you imagined in your mind See which ones can be put together and put them together as you imagined in your mind So it ultimately depends on which building blocks I need to complete this task So it ultimately depends on which building blocks I need to complete this task So it ultimately depends on which building blocks I need to complete this task You know, many times you originally wanted to build an exquisite castle You know, many times you originally wanted to build an exquisite castle But you don’t have all the blocks For example, you have one less wall But you have a roof Or the wing of an airplane So you can mix and match, and then think about what you want to make but……

First of all, I have to admit that I definitely have no plans on how to combine these currency Lego First of all, I have to admit that I definitely have no plans on how to combine these currency Lego But I think the key is what you want to achieve But I think the key is what you want to achieve And which building block you want to use to achieve this function What results do you want to avoid And the building blocks together will finally spell one thing This is the most interesting place because… I have experienced this situation many times myself I planned to make XYZ at the beginning Then I started to put the Lego blocks together Spell out the shape I originally imagined Halfway through the spell, I found that I was missing some key blocks and couldn’t spell it out.

Halfway through the spell, I found that I was missing some key blocks and couldn’t spell it out. But I looked at the blocks in my hand I found that I can spell out ABC This ABC is also very good, but it implements completely different functions So for now, the key is not how you put together the building blocks So for now, the key is not how you put together the building blocks So for now, the key is not how you put together the building blocks The key is how to explore and turn in the process of fighting You have to use the blocks you have in your hands to explore and experiment in this process You have to use the blocks you have in your hands to explore and experiment in this process Use the blocks in your hand to make a useful thing and so It’s not that you made a rigorous plan from the beginning It’s not that you made a rigorous plan from the beginning It’s not that you made a rigorous plan from the beginning Many people want to enter this field Many people want to enter this field Many people have entered this field Sets and other projects are doing very well These projects have gradually found the rules If i want to make XYZ Then learn from them But there is still some distance We are still in the exploratory stage dYdX is a good example, I have been using their products for a long time dYdX is a good example, I have been using their products for a long time I don’t even know that they have functions similar to flash loans I don’t even know that they have functions similar to flash loans Because there is no documentation or information that can achieve this function Because there is no documentation or information that can achieve this function Don’t worry Stani, I use Aave now, don’t panic Don’t worry Stani, now I use Aave, don’t panic But before, I didn’t really know that there were still these functions But before, I didn’t really know that there were still these functions This is because their code logic is to first loan and then repay This is because their code logic is to first loan and then repay And precisely because of this design principle Caused them to inadvertently implement a function similar to lightning loan Caused them to inadvertently implement a function similar to lightning loan So they didn’t design this feature on purpose.

So there are many opportunities like this in this field So there are many opportunities like this in this field I think Kain and Stani should have more say than me on this issue I think Kain and Stani should have more say than me on this issue Because I’m focusing on the top consumer side And they are concerned about the underlying protocol Often users will use the platform to make some products beyond your imagination Often users will use the platform to make some products beyond your imagination You never thought they would make something like this You never thought they would make something like this You don't know how they came up with it You are puzzled You are puzzled Then you used it and found it was quite easy to use Then you used it and found it was quite easy to use all in all It’s not so much planning as it is to explore with the blocks you have on your hands. It’s not so much planning, it’s better to explore with the blocks you have on your hands. The existence of these building blocks is of great value The existence of these building blocks is of great value But I really like the name "Currency Lego" Because if you accidentally step on these currency Lego blocks It’s as painful as stepping on real Lego bricks So be careful Ok Thanks for reminding Kain, how do you think these DeFi applications or currency Lego blocks should be combined? Kain, how do you think these DeFi applications or currency Lego blocks should be combined? Kain, how do you think these DeFi applications or currency Lego blocks should be combined? How to put these building blocks together correctly? How to put these building blocks together correctly? Now we can bring great use value to users Now we can bring great use value to users Now we can bring great use value to users Now we can bring great use value to users We have developed a liquidity provider reward contract We invite Anton from 1inch to help us develop Before we were manually assigning rewards, but later we wanted to build a better distribution mechanism Before we were manually assigning rewards, but later we wanted to build a better distribution mechanism Anton is very smart and talented He got it done in a week Later we started to use this mechanism Other people also started using This is also the initial mode of continuous issuance of tokens in the DeFi field This is also the initial mode of continuous issuance of tokens in the DeFi field This is also the initial mode of continuous issuance of tokens in the DeFi field The problem we have recently encountered is We originally thought this was a small modular application that could be plug and play on different platforms We originally thought this was a small modular application that could be plug and play on different platforms We originally thought this was a small modular application that could be plug and play on different platforms But it still looks a little clunky now And now we need a lower-level module The reason is that Make changes to the smart contract every time Need to be reviewed again Need to re-evaluate This creates additional risks In the future, we will develop more compact and lightweight modules In the future, we will develop more compact and lightweight modules Can be easily integrated Plug and play And has been reviewed No need to review again Only need to modify a few parameters You can quickly modify the parameters and think about what function this module wants to achieve You can quickly modify the parameters and think about what function this module wants to achieve This is our direction of development This is our direction of development We now have currency Lego But many of these "Lego" have some problems But many of these "Lego" have some problems Hard to put together Hard to put together So what we need is a clearly defined currency Lego So that it can be put together And know what functions will be implemented I think this will be the next development direction Yes, to ensure the safety of currency Lego Prevent people from "stepping on" them and being tripped I totally agree Next is Stani How do you think that modular DeFi systems, protocols, or currency Lego should be combined to create innovative financial products? How do you think that modular DeFi systems, protocols, or currency Lego should be combined to create innovative financial products? How do you think that modular DeFi systems, protocols or currency Lego should be combined to create innovative financial products? How do you think that modular DeFi systems, protocols or currency Lego should be combined to create innovative financial products? How do you think that modular DeFi systems, protocols, or currency Lego should be combined to create innovative financial products? What are your thoughts? From our point of view, we are developing a base layer From our point of view, we are developing a base layer From our point of view, we are developing a base layer What we developed is a currency loan agreement What we developed is a currency loan agreement There are some interesting functions, but the main function, you can say it is quite satisfactory There are some interesting functions, but the main function, you can say it is quite satisfactory We provide a basic layer for other developers to develop various functions We provide a basic layer for other developers to develop various functions We provide a basic layer for other developers to develop various functions Such as Yearn developed by Andre, or various functions developed by other developers One of DeFi's value propositions is actually underestimated One of DeFi's value propositions is actually underestimated DeFi not only provides consumers with permissionless permissions The more interesting point is It provides developers with permission-free development rights It provides developers with permission-free development rights Developers can develop on the blockchain without restrictions Such as on Ethereum or other blockchain platforms Such as on Ethereum or other blockchain platforms I think this is a very interesting value proposition I think this is a very interesting value proposition Because it means that people in any corner of the world can develop various financial products Because it means that people in any corner of the world can develop various financial products And customized financial experience Combine different modules and elements This is a very powerful point Of course there is a dangerous place here That is DeFi involves high value And DeFi behavior is driven by various incentives And DeFi behavior is driven by various incentives Sometimes greed can make people go to the head If the incentive mechanism is set very well If the incentive mechanism is set very well May achieve huge network effects There will be a lot of money flowing into the platform If you ignore the security of the platform (it will face huge risks) By the way, when Andre was developing, he paid great attention to security By the way, when Andre was developing, he paid great attention to security By the way, when Andre was developing, he paid great attention to security But there are many people who want to quickly deploy features But there are many people who want to quickly deploy features While neglecting security When you combine smart contracts that have been developed and reviewed When you combine smart contracts that have been developed and reviewed When you combine smart contracts that have been developed and reviewed When you combine smart contracts that have been developed and reviewed You still need to review the assembled finished product again It's like you build a house The wall comes from a place The floor comes from another place After the construction is completed, you still need to invite someone to check and accept the quality of the project After the construction is completed, you still need to invite someone to check and accept the quality of the project Make sure everything is good This is actually a general rule for all jobs This is actually a general rule for all work I am very happy to see people combine Aave, Synthetix, sUSD and SNX to achieve various functions I am very happy to see people combine Aave, Synthetix, sUSD and SNX to achieve various functions I am very happy to see people combine Aave, Synthetix, sUSD and SNX to achieve various functions I am very happy to see people combine Aave, Synthetix, sUSD and SNX to achieve various functions These features are very innovative Sometimes I like to see what other people have achieved Sometimes I like to see what other people have achieved Sometimes I like to see what other people have achieved Some of these functions coincide with what I want to achieve Some of these functions coincide with what I want to achieve It’s hard for you to imagine how he came up with some things, his brains are too big It’s hard for you to imagine how he came up with some things, his brains are too big Just like what Andre just said I like thinking about new ideas Many innovative new features have now been developed Many innovative new features have now been developed What I am more worried about now is With the rapid growth of DeFi protocols I am really worried that these agreements will gradually focus on accumulating wealth and eventually become banks I am really worried that these agreements will gradually focus on accumulating wealth and eventually become banks I am really worried that these agreements will gradually focus on accumulating wealth and eventually become banks Didn’t we start DeFi to break the traditional banking system? Didn’t we start DeFi to break the traditional banking system? I am worried that these DeFi agreements only care about profit-seeking in the end I am worried that these DeFi agreements only care about profit-seeking in the end I am worried that these DeFi agreements only care about profit-seeking in the end I only care about how to bring in more funds There is also an implicit concern that modular solutions may be questioned and challenged There is also an implicit concern that modular solutions may be questioned and challenged The agreement may want to develop all modules by itself The agreement may want to develop all modules by itself The agreement may want to develop all modules by itself Develop various functions on their own protocol But only when the various protocols and functions in the protocol realize perfect interaction, can the added value be truly produced.

However, only when various protocols and functions in the protocol achieve perfect interaction, can the added value be truly generated. However, only when various protocols and functions in the protocol achieve perfect interaction, can the added value be truly generated. However, only when various protocols and functions in the protocol achieve perfect interaction, can the added value be truly generated. Only in this way can we achieve synergy, capture value and improve efficiency Only in this way can we achieve synergy, capture value and improve efficiency Only in this way can we make better products and ecology Only in this way can we make better products and ecology This is how we have built DeFi so far But there may be some obstacles and challenges later But there may be some obstacles and challenges later Therefore, all developers in the ecosystem should always pay attention to the modular concept Therefore, all developers in the ecosystem should always pay attention to the modular concept Therefore, all developers in the ecosystem should always pay attention to the modular concept Because this is the core idea of ​​DeFi Yes i totally agree Because in order to accomplish anything, you must be focused and have a clear goal in your heart Because in order to accomplish anything, you must be focused and have a clear goal in your heart Everyone focuses on developing their own technology or process Everyone focuses on developing their own technology or process Everyone devotes limited resources to their areas of focus Everyone devotes limited resources to their areas of focus Because of this, DeFi can develop to today's level Because of this, DeFi can develop to today's level Everyone is focused on developing their own technology Everyone is focused on developing their own technology And combine these different technologies And combine these different technologies Synergistic effect And push the entire field forward But to do this, everyone must focus on what they do Everyone is only responsible for making one of the blocks And to ensure the functionality and flexibility of the module Together these building blocks can generate greater value Having said that, there is another element that promotes the development of DeFi is the oracle.

Having said that, there is another element that promotes the development of DeFi is the oracle. Having said that, there is another element that promotes the development of DeFi is the oracle. I also want to ask you separately, how do you see the role of oracles in the DeFi field? I also want to ask you separately, how do you see the role of oracles in the DeFi field? I also want to ask you separately, how do you see the role of oracles in the DeFi field? And how the oracle affects the prospects of the DeFi field, and what is the significance of the oracle to the development of DeFi And how the oracle affects the prospects of the DeFi field, and what is the significance of the oracle to the development of DeFi And how the oracle affects the prospects of the DeFi field, and what is the significance of the oracle to the development of DeFi And how the oracle affects the prospects of the DeFi field, and what is the significance of the oracle to the development of DeFi This question I want to ask Kain first This question I want to ask Kain first Kain, what do you think the oracle played in the development of DeFi? Kain, what do you think the oracle played in the development of DeFi? Kain, what do you think the oracle played in the development of DeFi? To answer this question, I have to continue my last paragraph DeFi development is inseparable from rigorously vetted and credible modular components DeFi development is inseparable from rigorously vetted and credible modular components And can be plug and play And off-chain data is a very important part And off-chain data is a very important part For example, we want to transfer Bitcoin price data to Ethereum For example, we want to transfer Bitcoin price data to Ethereum We want to trade bitcoin and so on We want to trade bitcoin and so on Features such as price discovery are essential Features such as price discovery are essential Give an example to illustrate the value of openness and modularity Give an example to illustrate the value of openness and modularity Synthetix provides Chainlink with a lot of price data Synthetix provides Chainlink with a lot of price data Aave also provided Chainlink with a lot of price data And send the data to the chain The cost of data transmission to the chain is very high Really are….

Synthetix is ​​still running its own oracle Synthetix is ​​still running its own oracle But the good news is that after 48 hours or 52 hours But the good news is that after 48 hours or 52 hours The exact time should be available We will replace all oracles with Chainlink oracles We will replace all oracles with Chainlink oracles One of the biggest reasons is efficiency Try to eliminate duplication of work The most interesting thing about DeFi is All the work we do, the work Stani and his team do, and the work Chainlnk does, are public on the chain All the work we do, the work Stani and his team do, and the work Chainlnk does, are public on the chain All the work we do, the work done by Stani and his team, and the work done by Chainlnk, are public on the chain All the work we do, the work done by Stani and his team, and the work done by Chainlnk, are public on the chain All the work we do, the work Stani and his team do, and the work Chainlnk does, are public on the chain Anyone can view at any time This is completely different from the traditional model This is completely different from the traditional model In the traditional model, you create a "black box" Put money in Negotiate privately You create an environment isolated from the outside world Only you have permission to access and control The DeFi model is: what you build is a public enterprise All infrastructure and values ​​are open and transparent, accessible to everyone All infrastructure and values ​​are open and transparent, accessible to everyone Let's work together and develop together Let's work together and develop together And this new model can bring great value We need to implement such a model in the financial sector We need to implement such a model in the financial sector This model is open, which is great I am looking forward to it I am looking forward to it I hope that everyone on the Internet will not post my exhausted emoticon again.

I hope that everyone on the Internet will not post my exhausted emoticon again. I assure you that after about 48 hours, I can finally get a good night’s sleep I assure you that after about 48 hours, I can finally get a good night’s sleep Because at that time we will all switch to Chainlink oracles The Chainlink system has very high security We don’t need to spend any more energy to maintain the oracle I must be alive again by then Very good, we are very happy to be able to support you We know you put a lot of effort into this I think what you just said is very good To achieve true security, high costs must be paid This is a point that many people don't fully realize Decentralized computing, if you want to do well, the cost is very high And it must also establish a globally shared data source And it must also establish a globally shared data source Access the DeFi community in an open and modular way Access the DeFi community in an open and modular way So I totally agree with everything you just said So I totally agree with everything you just said I also want to ask Andre’s opinion Andre, what do you think of the oracle's role in promoting DeFi? Andre, what do you think of the oracle's role in promoting DeFi? Andre, what do you think of the oracle's role in promoting DeFi? What value do you think the oracle has brought to the development of DeFi I still want to start from the ICO era At that time, everything was put on the blockchain At that time, everything was put on the blockchain Cheeseburgers and Chihuahuas, all kinds of things are put on the blockchain Cheeseburgers and Chihuahuas, all kinds of things are put on the blockchain Cheeseburgers and Chihuahuas, all kinds of things are put on the blockchain At that time, a blockchain came out with the electronic tag of your cat At that time, a blockchain came out with the electronic tag of your cat At that time, a blockchain came out with the electronic tag of your cat I have always said to others: "You see these various things failed in the end, because the blockchain can't interact with the off-chain world at all" I have always said to others: "You see these various things failed in the end, because the blockchain can't interact with the off-chain world at all" I have always said to others: "You see these various things failed in the end, because the blockchain can't interact with the off-chain world at all." I have always said to others: "You see these various things failed in the end, because the blockchain can't interact with the off-chain world at all." I have always said to others: "You see these various things failed in the end, because the blockchain can't interact with the off-chain world at all" Blockchain can interact perfectly with all data and systems on the chain Blockchain can interact perfectly with all data and systems on the chain Even today, Bitcoin can only interact on the chain Even today, Bitcoin can only interact on the chain But it cannot interact with anything other than the Bitcoin blockchain But it cannot interact with anything other than the Bitcoin blockchain Ethereum can easily interact with Ethereum or other Ethereum assets Ethereum can easily interact with Ethereum or other Ethereum assets But cannot easily interact with data outside of Ethereum But cannot easily interact with data outside of Ethereum Now there are many other solutions, such as cross-chain protocols, etc.

I will not elaborate on them here. Now there are many other solutions, such as cross-chain protocols, etc. I will not elaborate on them here. Now there are many other solutions, such as cross-chain protocols, etc. I will not elaborate on them here. Now there are many other solutions, such as cross-chain protocols, etc. I will not elaborate on them here. But the magic of the oracle is that it can transmit off-chain data to the blockchain But the magic of the oracle is that it can transmit off-chain data to the blockchain And use it on the chain People underestimate the value that this can achieve People underestimate the value that this can achieve The oracle can enrich the amount of data and increase the frequency of data transmission Oracles can enrich the amount of data and increase the frequency of data transmission I know that now you are advancing very carefully I know that now you are advancing very carefully I also agree with this rigorous attitude You are cautiously accessing various off-chain data You are cautiously accessing various off-chain data Because safety is paramount I also totally agree However, once a mature infrastructure is established, it can be seamlessly connected And access any off-chain data and transmit it to the chain And access any off-chain data and transmit it to the chain This covers not only price data This covers not only price data For example, you can access weather data Develop innovative insurance products Develop innovative insurance products Such as accessing flight information Can launch flight destination futures and prediction markets Can launch flight destination futures and prediction markets So once these data are connected to the chain So once this data is connected to the chain Can activate unlimited innovation possibilities Can activate unlimited innovation possibilities I remember discussed before I remember discussed before I forgot who said it Probably Larry Lawmaster What he said exactly echoed what Kain just said What he said exactly echoed what Kain just said He said: You trust a large oracle company He said: You trust a large oracle company This oracle company is equivalent to a technician in the IT department You get a technician He turned on the computer Run your own price data Smart contract on the access chain Smart contract on the access chain You totally believe that he will do everything for you You totally believe that he will do everything for you Ensure safety Defend against attacks And in the end you need 500 such technicians to do the same job And in the end you need 500 such technicians to do the same job So as to ensure robustness Because if you can get stable price data, but this data stays in the network for 10 minutes Because if you can get stable price data, but this data stays in the network for 10 minutes In an open environment without permission Will cause a lot of trouble Some people may think "what does it matter, isn't it just ten minutes?" Some people may think "what does it matter, isn't it just ten minutes?" They think too simple In the current DeFi field, arbitrage is very mature In the current DeFi field, arbitrage is very mature In the current DeFi field, arbitrage is very mature Although it has not yet developed to the stage of intelligence Although it has not yet developed to the stage of intelligence Still manual But you may lose millions in ten minutes But you may lose millions in ten minutes So I think this question should be considered in two aspects on the one hand As the oracle technology continues to mature, the value of its protection will also increase substantially As the oracle technology continues to mature, the value of its guarantee will also increase substantially Blockchain can interact with data and systems under the chain Blockchain can interact with data and systems under the chain on the other hand Chainlink has a very robust and secure infrastructure Kain said very well just now I also agree with him Just connecting to the Chainlink oracle makes me feel at ease We used our own oracle before The first thing I wake up every day is to check if there is a problem with the oracle The first thing I wake up every day is to check if there is a problem with the oracle I can’t sleep at all when I run the oracle by myself I wake up every one and a half hours to two hours Quickly turn on the phone and check the oracle See if there are any problems See how many unread messages on my Telegram At first glance, I found that there were less than a thousand unread messages, indicating that nothing happened.

If more than 10,000 Explain that something big happened, I have to get up immediately So accessing the Chainlink oracle made me feel at ease As a platform developer, I don’t have to worry anymore I can hardly express the importance of this to me in words Therefore, accessing the Chainlink oracle makes me very excited about the functions that can be developed in the next year Therefore, accessing the Chainlink oracle makes me very excited about the functions that can be developed in the next year Therefore, accessing the Chainlink oracle makes me very excited about the functions that can be developed in the next year Therefore, accessing the Chainlink oracle makes me very excited about the functions that can be developed in the next year And in the short term, I feel very relieved and very relaxed And in the short term, I feel very relieved and very relaxed And in the short term, I feel very relieved and very relaxed Because I know the oracle is a huge potential risk And now this problem has professional people to help me solve it And now this problem has professional people to help me solve it I didn't mean to advertise Chainlink I didn't mean to advertise Chainlink But I think if you follow me on Twitter, you will know that I am a fan of Chainlink But I think if you follow me on Twitter, you will know that I am a fan of Chainlink So it’s hard for me to pretend to be a passerby So it’s hard for me to pretend to be a passerby But Chainlink can indeed bring a powerful boost to the DeFi ecosystem But Chainlink can indeed bring a powerful boost to the DeFi ecosystem And now the price data we access can provide value for everyone And now the price data we access can provide value for everyone Now there are several unilateral automated market makers, I am developing with them Now there are several unilateral automated market makers, I am developing with them This is not a function designed in the beginning This is not a function designed in the beginning But as the data points continue to enrich Later, our system will have more rich functions That is for sure To Andre, I also agree with what you just said I'm so relieved to hear you say that We are very happy to support you And expand the function Every time Chainlink launches new price data and creates a new market, new products may enrich the DeFi ecosystem Every time Chainlink launches new price data and creates a new market, new products may enrich the DeFi ecosystem Every time Chainlink launches new price data and creates a new market, new products may enrich the DeFi ecosystem Every time Chainlink launches new price data and creates a new market, new products may enrich the DeFi ecosystem I feel very proud and proud I feel very proud and proud We are very honored to be able to work hand in hand with outstanding developers like Kain, Stani and you to promote the development of DeFi.

We are very honored to be able to work hand in hand with outstanding developers like Kain, Stani and you to promote the development of DeFi. We are very honored to be able to work hand in hand with outstanding developers like Kain, Stani and you to promote the development of DeFi. Speaking of weather insurance We recently released weather data And launched a weather insurance product And launched a weather insurance product Introduced crop insurance in developing countries Introduced crop insurance in developing countries So I totally agree with your second point So I totally agree with your second point As the amount of data continues to grow, market coverage and financial product categories will also continue to expand As the amount of data continues to grow, market coverage and financial product categories will also continue to expand As the volume of data continues to grow, market coverage and types of financial products will also continue to expand As the volume of data continues to grow, market coverage and types of financial products will also continue to expand Stani, I would like to ask what value do you think the oracle will bring to the DeFi field? How will the oracle drive the development of DeFi? Stani, I would like to ask what value do you think the oracle will bring to the DeFi field? How will the oracle drive the development of DeFi? Stani, I would like to ask what value do you think the oracle will bring to the DeFi field? How will the oracle drive the development of DeFi? Stani, I would like to ask what value do you think the oracle will bring to the DeFi field? How will the oracle drive the development of DeFi? Stani, I would like to ask what value do you think the oracle will bring to the DeFi field? How will the oracle drive the development of DeFi? I called you a few years ago I called you a few years ago Or a year ago, I don’t remember the exact time Or a year ago, I don’t remember the exact time I told you that half of the problems we encountered were maintenance problems with the oracle.

I told you that half of the problems we encountered were maintenance problems with oracles. I told you that half of the problems we encountered were maintenance problems with the oracle. Or the problem of maintenance of the oracle machine Or the problem of maintenance of the oracle machine failure The oracle often has problems We have to spend a lot of energy to deal with these problems, which makes our small team overwhelmed We have to spend a lot of energy to deal with these problems, which makes our small team overwhelmed Our team of developers is not as small as Andre’s team Our team of developers is not as small as Andre’s team But it still takes a lot of time and energy So when we finally found a feasible solution And immediately gave up the mode of running the oracle.

The oracle is not our main output product, but only for the security of our product data The oracle is not our main output product, but only for the security of our product data After we have connected the Chainlink oracle machine, we can put the energy of maintaining the oracle machine and fixing bugs on our products. After we have connected the Chainlink oracle machine, we can put the energy of maintaining the oracle machine and fixing bugs on our products. After we have connected the Chainlink oracle machine, we can put the energy of maintaining the oracle machine and fixing bugs on our products. And the data entered into the smart contract is like the blood of the human body And the data entered into the smart contract is like the blood of the human body We need to ensure the accuracy and smoothness of data So once the data transfer is interrupted, as Andre just mentioned Will cause serious problems and economic losses Will cause serious problems and economic losses Therefore, the solution we are looking for needs to have a good enough reputation, and it is reliable and easy to use after practice.

Therefore, the solution we are looking for needs to have a good enough reputation, and it is reliable and easy to use after practice. Therefore, the solution we are looking for needs to have a good enough reputation, and it is reliable and easy to use after practice. So the solution we are looking for needs to have a good enough reputation, and it is reliable and easy to use after practical verification Therefore, the solution we are looking for needs to have a good enough reputation, and it is reliable and easy to use after practice.

Therefore, the solution we are looking for needs to have a good enough reputation, and it is reliable and easy to use after practice. Like Andre, I didn’t mean to advertise Chainlink here on purpose. Like Andre, I didn’t mean to advertise Chainlink here on purpose. Like Andre, I didn’t mean to advertise Chainlink here on purpose. Like Andre, I didn’t mean to advertise Chainlink here on purpose. If you guys read the post I posted when I was drunk or sober If you guys read the post I posted when I was drunk or sober I know I often praise Chainlink Because I really like what you make And the most important thing for me is that the quality of Chainlink is well-known And the most important thing for me is that the quality of Chainlink is well-known Chainlink helps money market platforms like Synthetix, Aave, and Year to better develop products Chainlink helps money market platforms like Synthetix, Aave, and Year to better develop products Chainlink helps money market platforms like Synthetix, Aave, and Year to better develop products Chainlink helps money market platforms like Synthetix, Aave, and Year to better develop products And such platforms especially need high-quality data for normal operation And such platforms especially need high-quality data for normal operation And such platforms especially need high-quality data for normal operation Then talk about the topic of data I think the interesting point is I think the interesting point is Just like the various financial application scenarios mentioned by Andre Just like the various financial application scenarios mentioned by Andre There is a huge amount of data in the real world, and the data types are also colorful And these data can play a huge value on the chain Of course I don’t mean to transfer all data to the chain Of course I don’t mean to transfer all data to the chain Because transmission costs But in addition to DeFi, in addition to financial applications, we can also develop various types of on-chain applications But in addition to DeFi, in addition to financial applications, we can also develop various types of on-chain applications But in addition to DeFi, in addition to financial applications, we can also develop various types of on-chain applications I believe we will develop more DeFi infrastructure and applications in the next few years I believe we will develop more DeFi infrastructure and applications in the next few years I believe we will develop more DeFi infrastructure and applications in the next few years I believe we will develop more DeFi infrastructure and applications in the next few years But what’s more interesting is that we will see the on-chain economy in other areas also begin to develop But what is more interesting is that we will see the on-chain economy in other fields also begin to develop And integrate with DeFi So it’s not just “currency Lego” There will be various types of "Lego", put together at will There will be various types of "Lego", put together at will Access to e-commerce or NFT, etc.

Can develop on-chain economy And data is very valuable And data is very valuable We can look at the value brought by the Chainlink oracle We can look at the value brought by Chainlink oracle We can look at the value brought by Chainlink oracle Chainlink provides guarantee for the development of DeFi ecology Because price data is the blood of the DeFi protocol Because price data is the blood of the DeFi protocol For example, Aave and Synthetix, the incentive mechanism can only take effect if the platform guarantees normal operation For example, Aave and Synthetix, the incentive mechanism can only take effect if the platform guarantees normal operation For example, Aave and Synthetix, the incentive mechanism can only take effect if the platform guarantees normal operation But because running an oracle is not our main value proposition But because running an oracle is not our main value proposition Our main task is to create a very safe and reliable platform Our main task is to create a very safe and reliable platform Make it available for everyone to use and develop Make it available for everyone to use and develop We must ensure that the platform is sufficiently competitive and flexible enough We must ensure that the platform is sufficiently competitive and flexible enough Can attract more people to the platform to promote innovation This is what we should focus on Integrating the Chainlink oracle, we no longer have to worry about this data transmission problem Integrating the Chainlink oracle, we no longer have to worry about this data transmission problem I am very worried about two issues I am very worried about two issues That is the value in oracles and smart contracts That is the value in oracles and smart contracts That is the value in oracles and smart contracts We must try our best to ensure that there are no problems in these two links We must try our best to ensure that there are no problems in these two links And the Aave team should minimize the time spent on maintaining the oracle And the Aave team should minimize the time spent on maintaining the oracle And the Aave team should minimize the time spent on maintaining the oracle And the Aave team should minimize the time spent on maintaining the oracle And the Aave team should minimize the time spent on maintaining the oracle Because in this way we can devote time to the core business logic development Because in this way we can devote time to the core business logic development Yes it is Sergey sorry to interrupt It occurred to me just now that my team, Stani and Kain can finally get a good night’s sleep It occurred to me just now that my team, Stani and Kain can finally get a good night’s sleep This time it's your turn to sleep well Because we transferred the responsibility of running the oracle to you Because we transferred the responsibility of running the oracle to you So thank you very much You’re welcome, I’m happy to help you so that you can focus on product development You’re welcome, I’m happy to help you so that you can focus on product development I have been developing smart contracts for 7 years Blockchain has been developed around tokens for many years Blockchain has been developed around tokens for many years And you have achieved innovation on this basis, which is beyond the scope of token application And you have achieved innovation on this basis, which is beyond the scope of token application You have further realized the potential of blockchain technology You have further realized the potential of blockchain technology So I feel very honored to be able to work with you to promote the development of this industry in a new direction So I feel very honored to be able to work with you to promote the development of this industry in a new direction So I feel very honored to be able to work with you to promote the development of this industry in a new direction Create truly useful financial products Instead of just using tokens to represent ownership So we both perform our duties So we both perform our duties Can work together to create a new generation of blockchain financial products Can work together to create a new generation of blockchain financial products In a few years we will all be very proud of our contribution In a few years we will all be very proud of our contribution So I am very happy to take this responsibility So I am very happy to take this responsibility Thank you so much for choosing us I agree with what Stani just said I also think so That is, each team can focus on making their own core products That is, each team can focus on making their own core products Without worrying about blockchain infrastructure So they can focus on launching many new features and products So they can focus on launching many new features and products Enhance its market competitiveness This trend will definitely continue This trend will definitely continue And we also hope to be able to participate in promoting the development of this trend We hope to help you develop financial products that are truly valuable and attractive We hope to help you develop financial products that are truly valuable and attractive We hope to help you develop financial products that are truly valuable and attractive The second point is about accessing other types of data The second point is about accessing other types of data The second point is about accessing other types of data If other types of data are connected You can develop products such as insurance or NFT And these can also be used as collateral So many new collaterals will appear on the chain Because the token was originally used to represent the collateral Because the token was originally used to represent the collateral This is a type of collateral And now we need to use data to prove that the token can represent the collateral And now we need to use data to prove that the token can represent the collateral So this opens up a whole new type of mortgage The off-chain collateral can be transferred to the chain Such as insurance funds, NFT, etc.

Can be transmitted to the chain through the oracle Then these very safe collateral can be used for DeFi applications Then these very safe collaterals can be used for DeFi applications Then these very safe collateral can be used for DeFi applications Earn interest or participate in various markets So these two factors are driving the rapid development of DeFi So these two factors are driving the rapid development of DeFi Achieve the quality and speed of web applications And at the same time guarantee safety Because it is connected to a professional oracle network to ensure data security Because it is connected to a professional oracle network to ensure data security At the same time, it can also drive other types of data transmission and collateral transmission to the chain At the same time, it can also drive other types of data transmission and collateral transmission to the chain And used in the DeFi protocol Further increase the usage of DeFi applications I think this is the value we can provide in the next phase I think this is the value we can provide in the next phase We first transmit data to ensure the normal operation of the DeFi protocol We first transmit data to ensure the normal operation of the DeFi protocol Then you have to transfer more types of data Create a variety of different collateral Used in DeFi protocol Token is also developed like this Just now Andre also mentioned that off-chain assets are worth several trillion US dollars Just now Andre also mentioned that off-chain assets are worth several trillion U.S.

Dollars Just now Andre also mentioned that off-chain assets are worth several trillion U.S. dollars These assets can be transferred to the chain Many assets not only need to create a token on the chain Also need to be transmitted through the oracle Nice to chat with everyone Nice to chat with everyone Thank you all for developing these systems and sharing your experience with us Thank you everyone for developing these systems and sharing your experience with us Thank you all for developing these systems and sharing your experience with us Every time I hope we can have more time to discuss the future development direction Every time I hope we can have more time to discuss the future development direction Every time I hope we can have more time to discuss the future development direction But this time our discussion will come to an end here Nice to see you all We are in different time zones, some are during the day and some are at night So thank you very much for taking the time to participate in the discussion The discussion just now was very exciting Thanks everyone

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