Block Live Asia 2020
August 31, 2020, Online
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Block Live Asia 2020 - The #Defi Uprising (Week 1)
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About speakers

Ngeow Jiawen
Entrepreneur at We Are Day One
Adam Blumberg
Co-Founder at Interaxis
Sebastian Aldaroso
Worker at DeFi Pulse
Lisa Tan
Founder at Economics Design

Exited 2 venture funded companiesBuilding DayOne - run your offline business from your bedroomAdvising Mintable.app - best in class NFT marketplace I am deeply passionate about all businesses - internet or traditional I am long on code and crypto

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We help educate investors and Financial Professionals about Cryptocurrency, Blockchain and Digital Assets.

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About the talk

Catch up with everything that went down on 31st August, where we invited 5 esteemed speakers to share their valuable insights and give an introduction on #DeFi.

Our Speakers Lineup for Week 1:

1.What is DeFi? - An Introduction | Adam Blumberg, Co-Founder at Interaxis (02:00)

2.A comprehensive set of tools to get started with #yield #farming | DeFi Dad, Educator & Investor(23:08)

3.What you are missing out in DeFi | Sebastian Aldaroso, Writer at Defiant News (49:23)

4.The dark side of DeFi | DeFi Dude, Community Manager at Aave (01:10:59)

5.Why DeFi is more than just a #Ponzi Scam | Lisa JY Tan, Lead Economist at Economics Design(01:33:10)

About Block Live Asia-

Organised by Grounded.Work, Economics Design and First Wave, BLA 2020 is a three-part digital event focusing on the recent trend within the #blockchain and #finance industry - DeFi. The DeFi #economy has grown massively this year as the total value locked is inching towards $9 billion. One day in DeFi is indeed 7 years in traditional finance.

However, the barrier of adopting DeFi as a platform remains, as the general public does not understand the concept of DeFi well. We believe that DeFi is more than a short-term trend and it fundamentally innovates our existing financial system, giving the world access to an unlimited number of financial products and services.

Therefore, we have a Two-fold goal for BLA2020: To educate the masses about the potential of DeFi and inspire mass adoption of this #technology.

BLA2020 Agenda-

Day 1 = Defi Introduction (31st August 2020)

Day 2 = Project Introduction (14th September 2020)

Day 3 = In-Depth Technical Explanation (28th September 2020)

Register for our next event: https://www.eventbrite.sg/e/block-live-asia-2020-the-defi-uprising-tickets-118166957551

Follow our channels for the latest updates!

Website: https://www.blocklive.asia

LinkedIn: https://www.linkedin.com/company/blocklive-asia

Facebook: https://www.facebook.com/blockliveasia

Telegram: https://t.me/blockliveasia

Economics Design-

Website: https://www.economicsdesign.com

Youtube: https://www.youtube.com/c/EconomicsDesign

Grounded.Work-

Website: https://www.grounded.work

Linkedln: https://www.linkedin.com/company/grounded-sg/

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Hi everyone. Welcome welcome. Thank you for joining us here at blocklife. Asia will wait for a few minutes before. Everyone else come in quick introduction of myself. Until when I'm from grounded, grounded. Work as the company, that is an organizer of blocklife Asia. A website is www.medicaid.la.gov, you want to do a project and defy, or you want to introduce your company to defy. We will read and reply to every single email So I can see the numbers are coming in.

Will probably start in a minute also. So maybe, you know, just to get everyone started. If you have any question, you can, you can ask a question. You can also avoid all the presents that you won't answer from your fellow, participants participants. And if we have some time, I'll speakers will choose a few questions to answer the end. Without further Ado, let's jump into the event, we are on a tight schedule. So first I was because today is the co-founder of interaksi exist. So indices a great Advocate, Trinity, 5 space. And you can visit your

YouTube channel, anytime. I'll put it in the bottom of the channel. I am going to bring Adam right onstage. Now I don't know, you'll be on in a few seconds. so, what are we waiting for Adam to do, but just to let you know, they'll be foremost because later today, this is on Alright, you can begin. Can you see me? Okay. You look great. Adam Okay, are you ready? You hear me? Yep. Adam, we could kill you great and we see eye-to-eye with you, I bought you could.

So we're going to talk a little bit about to start this off. What Defy is, and we summon account on you to let me know if we have any questions. Okay, cuz I can't really read my screen from here. We're going to talk a little bit about what Defy is because that's the purpose, I guess that this entire session 2 hours, you put it on. So let me know if we're good and you can hear me, okay? Adam. I think we can give you better now. I can get some background sound. Could you do a test? Say something to us.

Now, we're good. Yes. All right, here we go. Somewhere to talk real quick lie. About what defy it is. Of course, transferred decentralized Finance, the idea of something centralized courses to take out the centralization. So when we start thinking about the centralized, when you have to go back to the origins of defy of crypto, and of course, not as big one. And the idea is that these, this group of people wanted to give us a decentralized form of money, some form of money that would

take us away from the banking system. Take us away from the government's control value of money to control the transfer in the supply of money, centralized money they gave us the ability to give those of us that connects the network, the ability to not only create it, but also to move it back and forth across the work, gave us the first Money. Okay, then he centralized money was really important. This was the ethos, this was the idea but those who created it, weren't sure

it was going to work and they weren't sure that it was going to be successful. And what happened was it became incredibly successful. Things like, drugs and guns and all these other reasons that you might use Bitcoin to transact around the world. But the fact of the matter is, before he has been successful in this ability to transfer transfer money, anywhere in the world at any time, without having to ask anyone's permission. And that's what's so important about

now. The problem with Bitcoin was Bitcoin wasn't really programmable, okay? And of course there's some debate about that but you had decentralized money, decentralized value, they can move back and forth around the world, but we didn't have the ability to actually program it and tell it what to do. So, Some of the Geniuses that created that are developers programmers and such that we really like what Bitcoin has? We like the idea of money that we can move back and forth

around the world, but we can make it better. How do we make it better? We have the ability to program. Money program, Dallas. Decentralized Finance essentially has given us the ability to take money, take his decentralized idea of money and now add program ability against the program ability is really important because now I can take certain functions of money and certain functions of value and failed. Certain things that I can only do previously one-on-one here to appear as

someone I know, I can now scale it. What's an example of that, in our videos, we talked about the ubiquitous Adam and Ron transactions. Okay, if Adam has $100 and Ron needs to borrow $100. I can lend Ron the money and we can do this because we have a level of trust between us because I know him, I know he's probably going to pay me back the money, I can charge him some interest rate based on whatever is going on in my life and his life in the ability to I think he will have to repay this month. Now of course, remember I might give him a

check deposit that check in his bank is bank is going to look at my bank is Adam have the money. My back's going to say, yes, Adam has the money has Banks. It's okay. Wire wire us, $100, will put it in the wrong account. This is all the traditional financing transaction that have to take place before the ability to have a programmable money. You sent was money. First, the idea of what we wanted to do, And now we can take this whole transaction Bitcoin took this transaction. And made a decentralized. Now with

defy, we're taking this transaction and making it through Central on the ability to Outsource is truck. This relationship, why am I doing wrong on a loan in expecting him to pay me back is great, except it doesn't scale. It doesn't go on a on a national worldwide level. Very easily is. Why in the past we've had to Outsource to ask Banks and governments to take on that function of taking this relationship and make it bigger. Then we put that in the hands of banks, we put that in the hands of your

money. Now we can take this relationship and we can stay lit, and we can make it big because now, all that atoms of the world can find all the wrongs of the world. And we don't even have to know each other and we can make this relationship encoded. We can encode it in, in a blockchain. That is that is permanent. That is transparent is immutable all these things because now we can program money. So defy, if if Bitcoin gave us a computer with his monster computers from the 1960s, they

can run like two functions but it can just calculate things really fast that people in a Bitcoin. Defy has given us an operating system. It gives me the ability to go do something on my keyboard and have the computer completely create some other sort of function, do something that I didn't, I didn't have to program it to do it. It just knows how to do that. That's what defy has given its the operating system for month. And once we have that, we can take little relationship like this and still, and talented programmers, talented developers,

finding all sorts of ways that we can program mine. and one of the ways that we seen the program money stablecoins, Right? So they figured out how to program money and say, we want you to equal $1, we want you to equal 107. Now, instead of being a dollar or you're over a Bitcoin, something like A die. We want to be with and how we going to do that. We are going to program. Certain code to give people incentives to put money in to get other people and send it to take money out or going to change interest rates. And we're going to make the scale because of his

ability to program. And we are going to create things like blooms windy again. Just like the example I had with want, once we can program this we can take all the Adam Ron relationship to make them bigger and say, what are we going to do? One more people to borrow money, how do we give it to them? The incentive to borrow money? We lower the interest rate. Okay, now we need money to give to people to borrow. What do we do? The increase this interest rate over here, more people will contribute money to this pool and therefore will have more to land when he

created the man and this can all be programmable statement. If a man drops Lower the interest rate if the demand goes up and there's too much Supply raise the interest rate you can do that. Once it's for Grandpa and now we can take the best of OK. Google Thai have the ability to earn interest on the money that I've I've contributed here. Now what can I do? I can now spend that money, I can send that to somebody else and now they are earning the money that I was hurting. And so you had this program ability to this, unbelievable will be talked to Bill. Take me to post ability

now. Civility is the ability to. Build on top of each other. Okay. So you can have stablecoin Did I can lend? which I can then send someone else can then use as collateral. To borrow. And it all started with the same ass at the fact that it's now, programmable and composable me. But now that the number of things I can do with my money is absolutely astounding and what developers are doing now to build on top of each other and to create an entire Financial

structure. That is the way we would design it. If we had to start, it's not taking the old traditional finance and just barely building on top of each other. It's taking What we know of finance and what we know that we need and going, how we build this now based on the way, the world is in the internet is such, that is the basis of defy artist programmable? What is the operating system of money is giving us a remote control? Now, you can go control the robot, the robot with big point. Now, you can see

opportunities control that I'm going to stop and see what kind of questions we have. Any Lisa. Do we have any questions? Am I doing on time we're good. So what are some of the race concerning defy? Later. I won't get into them too much, but when you have anything with programmable, okay, remember that? I think about when you're using your computer using your phone, right? Every once in awhile, you get Arabic. Okay, so you get some error message on your phone, you get some error message on your computer and what can you do? If you

can reboot, shut down, whatever it might be potentially on your phone or your computer. You restart the music, usually use whatever. But it's on your money and the problem is, if there's a hat, there's an error. So you like that was the problem with the bank, is it centralized? But the good part is, that is centralized. There's an 800 number. I can call. If there's a problem with my decentralised my programmable money, there's no 800 number to call, there's no one. So once

my money is stolen from a particular application or protocol or whatever it might be someone else's wallet. That is easy. Biggest, some of these Protocols are are free new. Haven't been tested their developed by people who are really talented but haven't always have initially been around the financial world for a long time. And they haven't really been around this world and see what is out there. So that's probably the biggest Okay, anything else from the again? Isn't it? Dangerous, that Defy is allowing anyone to

play God in the monetary system. Play God in the monetary system. Do our homework to try to make sure that if I'm going to put my money, if I'm going to put my funds, my ass, that's my email or anyting else inside of any sort of protocol or, or any sort of product like that. I make sure that is all that. I make sure that I'm not putting everything I can in there yet, you can play all sorts of games that you want within the operating system within. But that doesn't mean that other people are going to

put that money. So it's up. It is more incumbents on the on those that are investing or those that are Lending. Letting the banks in the investment companies, handle that and knowing that if there's a problem I can call, now I don't have that anymore. So anyone can go throw out code on on aetherium and I just have to be vigilant. Say maybe, I'm not going to put my money there because I haven't tested it or maybe I'm going to try it out with 50 bucks first, and see what happens for a while. Now, incumbent on us to be much more Vigilant, and

make sure that we're keeping our own money sick. Is that good? What time up? Yep, I think we are. I think I'll time he's up now, or I heard from the audience, that there is a lot of frequency when two speakers together. Same time. So Adam, I've news that you for now. Thank you very much for giving us your time guys. Adams Twitter account is below. Please follow him on Twitter, you can't redeem your questions. I see that you're still a few questions and I answered, you know, I'm sure Adam will be very happy to have that conversation with you guys on on Twitter. He has

YouTube account to. I'll put the link up. Thank you. Adam for your sharing today. Really appreciate it and mix-up we have Define dual. So divided is a comedy manager at. I'll be one of the FrontRunner in the device space. He is also tweeting on Twitter and if I do it I'm going to put up with me the link below while he's speaking. So you guys can follow him at any time. They stop it right now is a very important one. I think we should be discussing all of this. You know. We all know that defies growing very quickly

and everybody's jumping in but what are the downside and what are the risk? So without further Ado, I'll be bringing divided up on stage. LOL. Yeah I just wanted to hop on and say it is defiant dad for so if he doesn't mind I mean I'm more than happy to share right now. I don't know if my dad is Billable. Yeah, let's have him jump on. Everyone, can you hear me, okay? This year, it's so funny because I've talked to you the other week. We're all good to go.

I've talked to defy, dude, so much. And I've actually never seen him in person. He's ever seen me in person either. So, hey, by the way, sorry, I've got like a mattress in the background. We just moved in and we moved across the country. So our house is a mess, but what does it matter? It's kind of hard defy, as it's a little bit messy right now. Thanks for putting this together. Thanks for having me. I really appreciate it. And Adam, great job. All the speakers here are actually wonderful. So I hope you stay the whole time. I'm going to talk to you today about how to get started with the old

farming. And I think it's really important to watch this to the end because I cover the risks of the field farming. And then also pay close attention. Everyone speaking after me, including what Atom discovered because I think it's good to understand those fundamentals that you're not dive. Into something without fully understanding it. So, let's go ahead and share my screen. We just a sec. Here we go. Actually. Where did that go? Oh, there we go. Now, I see it. Let's share.

The application window, there we go. Okay. I'm going to just double-check the chat once more cuz I've given like a 15 minute presentation once and I wasn't sharing my screens. So let me know if you can see my screen. Good. Okay, at Salon. Thank you. I'm all right. So I'm going to hop back and forth between some slides and and actual live examples in my portfolio. So, can we go? All right. So anyways, yeah, so we'll talk all about the Old Farm in today. I'm just a quick background in case you don't follow me or you've

never watched any of my defy tutorial. I have been in the aetherium space for about three years. I've been obsessed with defy for about a year kind of fell in love with it last summer because I recognized compound and tokensets we're really starting to become more exciting. Are there was more liquidity there and and so it was just unreal to me when I realized that compound had 50 million in total value locked while make her head about 500 million. So make her head always been this big but he messed in the room and it was mind-blowing to me that someone

was starting to catch up. And so it seems so long ago but a year ago that was a huge deal. That another team was gaining that for the traction. So anyways I started making Twitter tutorials, just because in my spare time outside of like my day job, I thought it would be fun to demonstrate that defies X2 really easy to use and sorta counter The Narrative out there. That is cerium needed a better, you act. So anyways, I post all these videos now at DFI. Dad. Calm, which reroutes you to my YouTube page. Also follow me at Define underscore

dad on Twitter. What's really cool is this week? I'm actually joining the zapper team and coincidentally, zapper plays into a lot of what I'm going to talk about. I'm it's also one of the most important defy tools that I use daily. It's a tool that I used to monitor my portfolio and I also used it to invest in different defy opportunities because it allows me to do that in just a few clicks. So, we'll talk more about this here, but this is just a quick example, of a Dapper dashboard. So if you're in deep, By one of the nightmare is, is that there's so many applications and there's

so much happening, and if so many tokens that, it would be impossible to keep track of. And I've sort of live through this myself, like, I've lived through the pain of wondering, where all my money is in, keeping open a million tabs and like trying to track it in a trading journal. So what's really cool is Dapper, lets you just connect your wallet and then it lets you visualize everything that's there. So we'll talk a little bit more about that in a bit. I'm at all kind of relates back to these tools needed for yield farming. So here's what we'll cover and I'm going to try to breathe

through this because I want to make sure we end in 12 minutes of the next person can start on time. So we'll talk about recognizing what is the Yelp farming opportunity? What are the common school to get you started? What are a few examples and then what are the risks to consider? So here we go. By the way, I'm going to pause just a moment. Check the chat. Make sure is everybody good. Everyone can see me to fill is my Mike. Okay, everything's okay good good, no no echo or anything like that. Yeah, it looks like it. No feedback.

OK Google sorry just double-checking. I like PTSD from this presentation, I gave like a 15 minute presentation and I found out 15 minutes and that I had just been like a blank screen the whole time. Okay let's go back to Here we go. OK, Google. What's the old farming? It's actually really easy to Define and for some reason it yield farming has been this really confusing Topic in crypto. I think it's mostly the Bitcoin owners that have a tough time following anything other than the orange coin number going

up. But this is what you like by mean. Is it involves providing liquidity? It can also mean that you are lending and then it only requires an ethereum wallet like metamask. So it should require any kyc. And the last, the last set of qualifier for this, is that it involves will. I got the side from using defy, protocols on aetherium and we will see more applications in the future. And there are some out there that are not on a stereo right now. The majority of aetherium aside from that involves learning multiple forms of yield, so those multiple forms of

returns are lending in. Trading or market-making fees. Basically what you earn in something like a uniswap for putting your liquidity into the pool and then the last thing is just what I called pulled rewards. A good example of that is a governance token. If I participate in a yield farming, programme and I lend my money or my liquidity. I am earning a share of that Network or I'm earning a voice in the future of the network, through the form of a government still. It's basically like a customer acquisition cost, but so much better

because you're creating loyalty for folks to participate in your ecosystem in your application, by giving them a voice in the future upgrades and proposals to the protocol. So it just means I have voting rights now aside from that, I'm not going to not acknowledge that governance tokens have of value but it goes beyond what? Happening within the confines of the defy protocol or application. It's because of the fact that we can trade permissionless, Leon tools, like Eunice, La, no one can stop me from putting my governance tokens on the uniswap and then allowing

buyers and sellers to battle each other for what the price is. So at the end of the day teams and defy right now or are I would argue are more focused on creating loyalty and creating an active participating Community using their application. However, these governance tokens can be traded on exchanges. Like and I mean, decentralized exchange is like uniswap or balancer and so that anyways comes with a certain amount of value. All right. So next Beyond was the old farming. Here's the common tools to get started. As there

is lots more that we could talk about but these are the most obvious ones. So to explore, I need metamask. There is no way to get around using metamask. You absolutely need it. You can use other wallets like like a wallet connect compatible wallet. It's a wallet like Argent, where I just scan a QR code on my computer and then I am not able to connect my mobile wallet on my phone so what's on the screen? But I would highly recommend it is it is one of the the best and most secure wallet and the user experience keeps getting better. Then there is a monitoring.

My my D5 access to my liability is that's through zapper and Siri on Siri on. I owed, another wonderful tool, they do really great work and so these are really the two dominant schools. Something about. So there is no I'm and I'm forgetting one more D Bank, D Bank d d e b, a n k i.com. It might be. I do but be bank is also another one. Sorry I forgot them. The next step to participate in. These are the tools that I'm going to start a talk about here for the next few minutes. After allows me to invest in all the

different liquidity, providing opportunities in a few clicks. And then there is the actual applications that were using because Dapper is just opening the door for me is uniswap balancer curve, which is a stablecoin. It's a series of stablecoin pools and it also allows me to trade between tokenized Bitcoins. Animal. A part of that is a urine. Finance which is just an outrageous protocol. It's like fully dedicated to automating the most like, sophisticated defy Transformations. So that you're not finances. One you need to follow because they

they basically will take multiple steps that someone like I would be aware of in order to earn returns and the automated by letting you just deposit. Let's stay stablecoins. And then doing all the magic that someone like me would have done manually. They automated and they make defy really easy for us to use. Last thing is just staying in form part of the hardest challenge to the obinim defy stay informed and updated. So that comes with the following Adam who just spoke at interacts us on Twitter. Follow me

how everyone else here but Lisa should subscribe to the defiant. You should Subscribe to bankless should watch bakeless YouTube. You should check out your farming. Info. This is an incredible. This is incredible free website that you can check out all sorts of opportunities there and then this last one here is a tool that lets you look up all of the different pools in balancer by asset type and Buy returns. So it'll ask me, what sort of returns are being earned there according to how much money you put into the

pool, which makes life really easy. So those are some of the common tools and then let's go ahead and talk to you, a few examples. Check the chat one more time and make sure I'm still alive. All good, okay, nobody's complaining. Yeah, I love that. Lisa, just said about the co Define automate all the nerdy business logic regular people like you and me. Yeah, that is so true. That's a great description for urine. Okay, so the first example, I think one of the easiest examples and yelled farming because again, the goal here is for me to be using a decentralized

applications. I'm I'm not submitting tenant kyc, I'm using an ethereum wallet, and again, not to exclude like we will see applications being built. And there are some built that are not on aetherium but majority are still there on aetherium when we look at the curve pool curve. So check this out. Jojo. Curved provides a utility that is very, very, very valuable that did not exist previously, or at least it didn't exist in the way that we would hope it would, they allow me to trade between

stablecoins? And let me just scroll down here. Here we go. So they allow me to trade between die usdc, Heather and true USD and the binance USD dollar and the synthetics susd. So these are stable coins that are really popular and for one reason or another like you can run through them, they all have their pros and cons. I prefer sq, ft and die until they're actually, I still use the other even though it's like the it it it's, it's the one that has the most baggage, I guess. But anyways, I use all of these and I can trade in

between them and previous the curve. There weren't really great exchange rates on dex's they would fluctuate a lot and they've done Great job of providing more liquidity and enabling these to come to equal a 1/4 one sort of pairing more closely. So anyways. The utility, so if we go back to this, if I want to participate in this in this application, I can just deposit my stablecoin, so I can deposit 334. I, and if I do that I am now turning a portion of the

0.04% trading fees. So, that's the first form of the yield. The second form of the deal is that you don't need to like, fully understand this. But just know that the magic behind the scenes of this is that when I deposit my stablecoins, they're actually being wrapped into a token that is being lent across different. Defy lending Pools by urine. Finances protocol. So all you need to know is that When I drop my stablecoins into curve I'm earning lending interest. Thanks to this like

automated magic thanks to yearn and then I'm also earning the trading fees from Curb so there's two forms of yield their the third form of yield comes into play because there are actually let's go back to our list, we covered lending interest and we cover trading fees. The third form is a pulled a token or like a reward that the protocol provides. So curved just decentralized into a doll. And now they are trying to provide all of us with tokens to continue to participate in to have a voice in voting on

future upgrades to curb. So, anyways, long story short, I can come here When I am here, I deposit my stablecoins and they give me an an IOU. Like I'm I mean it as in the the layman's terms IOU token. It's called the liquidity provider token. It's a biker token. I take the IOU token and I didn't posited here. I do that because that allows curved to know that this wallet is providing liquidity. And here's how much. And thus we owe them a voice in the future of our protocol. So here are however many of our curved

CRV governance tokens. So long story short, I should use that fur, I should go to invest. I look up the Y curve pool. Let me go. I look up the Y curve pool. Here we go. Sexy right there conveniently. I'm here to look up this pool and then I can just add computer. You are so slow today. Can we go? And I can add liquidity. So I was just showing you the multiple applications there, but I could just go here and I could actually just add my, my died and zap it in. And now I'm a liquidity provider and then the final step of that, which I cover in a tutorial that is I

defied ad.com I go here at the final step and Ice. Take the ylp token or deposit. If you ever hear steak it just means deposit. It's just a word that gets used in defy. So I'm earning three forms of yield or just providing stablecoins, and this is why your farming is so addictive. This is why yield farming is so exciting. There are all these different ways for me to earn passive income and not passive income is like passive income on. Steroids because there's just there's all these new opportunities and I would argue that most of the world

doesn't know about it yet. Okay. So I'm going to skip the I know where I'm running low on time or about to run over. So we covered the main example here of earning three forms of BL, the only other one. I just wanted to briefly touch on is I have the ability to automate even more of like, how I'm earning those returns. So earlier, I deposited stablecoins in the curve that was earning interest in trading fees. However, instead of me having to go to the curve Dow and state or deposit, curve ylp tocan, I can instead go to urine. So this is another

yield, farming tool that you got to check out because they unable you to deposit tokens, like the Wi-Fi token, or I or usdc, or they let you deposit the curve ylp token. So I'm earning lending interest, I'm running trading fees because I'm in curved, but then I'm taking that LP token. I'm depositing it here and at this point in time, according to the market numbers, I'm learning about 90% Roi and that's based in US dollars, annualize Are the numbers fluctuate daily, but this has held above 90%

for a few weeks now. It's, it's magic. I mean, I can drop it in and the magic is that someone a team that is very smart, that could have clearly just continue to do all of this on their own and made humongous returns and did not have to share any of this detailed information with us. I think was smart enough to coat it into their protocol and their, their automating all that for me. So now I'm just depositing, my, my liquidity and I'm earning additional returns from that, so that's beyond. That was the other example that are just another way for me to learn on

top of the 10 to 60% on average, that I seen the curb Y pool that has another 90% which is like an outrageous number and like really, it could go away in the next month, we could see it dropped to 50% in down to 20% or whatever. But like what I mean? Who cares? Like Like my bank pays 0.01% right now so you know I mean these are outrageous numbers and this is all possible because this is peer-to-peer finance and we don't have the middle men that we have to pay. The last thing I just want to cover up very quickly cuz I need to hop off is a risk to consider a cover these and every

single D5 video. I know Adam from interaccess is really good about covering these as well. I think, as a community, we have to continually remind each other. Like, if you're telling someone about an opportunity, you should be thinking about the many risks here that they continue to show up in every defy application or show up and quite a few of them, so that we're mindful of them. And we're thinking about how to mitigate that risk. Number one in every, every application you have Smart contract risk, that means there could be a bug and that bug could mean that all of the funds could be

drained out of it. That's why? The Doomsday scenario when you yield Farm you're using multiple protocols, or are you using multiple applications? And those applications are being stacked on top of each other. Well, while the returns are being stalked and that's the most wonderful thing in the world and everyone loves to see more money. You're also stacking risk, so that means that like I'm really adding risk to my exposure to all these different defy applications because I'm using an all at once. The other thing to be aware of which I don't run into as much because I tend

to use the more Premier names in D5 and I'm very careful about the newer stuff that I dabble in even though like that's kind of what makes defy interesting is that anybody can launch anything and they don't have to ask permission. I'm just always thinking about scammers. What if someone wants is an application and hold on to the admin? Keep in other words, what if someone launches it says it's decentralized but really they've maintained administrative control from like think of it like from the back end and now you're depositing money into something that they can just You know, they

can withdraw themselves and walk away with all the money. This is going to happen eventually and it it really I think we've been lucky so far. It hasn't it's going to happen. You should be questioning every time a new device comes out. How do I know that I can trust them, you know, like is there a verifiable team identity? You know, like are there I hate to put this on me but like this is my worst nightmare. I think all, I think about, what if I start using an app and I posted about it and people trust now that that application is safe to use because they saw it on my, on my

YouTube page. So, anyways, this is one of the scariest things. The other thing is, I'm going to skip governance compromise. But it's just referring to, like, what happens if someone games too much control and voting rights? They could technically vote against the best interests of the community but then again, why would you do that? Because if they're holding the token they wanted to go up in value and if you 13 against the interest of the community. Like wooden token, go down in value in permanent loss. This refers to, if if I'm holding liquidity in, like, uniswap,

if, if I go into a pool at a certain price and the price Skyrocket or drops in value of the ratio of the amount of tokens I have is going to change and that could be good or bad depending on what my strategy is Google in permanent loss. It's it's a really important for him to understand last few things are stable coins or tokenized Bitcoins. Those can be packed so they haven't. I mean they've continued to always hold within. I think a reasonable range, but died has traded at nearly a 10% premium. We've seen other

tokens fall. Well, below the dollar, we all worry about, the Black Swan event, like, what happens if like the world melts down, and I'm holding these assets and they become worth half as much. Call you. And then, the last thing is just sort of a general warning, everything in defies interconnected, if you look at the weight curve works in the urine Finance protocol and you look at all the liquidity and uniswap and other protocols. So this is what it's not because it's all like works together in this beautiful sort of symbiotic Harmony. Just be aware of that that like they're there is a lot of

risk in this. And so I think it's important to think about how much money could I lose. To do to something completely unforeseen. Not even like a human error of like, losing your wallet or losing access to a private key. What if something happens totally out of your control, could you continue on with your life? That's how I think about it. And that's how I limit my exposure. So anyways, thanks so much for letting me present. At least I am so sorry for going way over, but I hope this is helpful and follow me. I defy

underscore dad. Also check out. Thank you, defied, that I'll be bringing our next speaker since we're running out of time. So we have the best thing of the sorrowful open and a contributor at defiant. Defiant and bring you up right now. And divide that, if you are listening, you, we had a lot of questions coming for you. You know, feel free to take it on Twitter or later on if in the chat. Sebastian over to you. Hello, everyone, can you hear me on the other end? Cool. Excellent.

Lisa and Joanne for the invitation for putting this up, I think it's th be here. I think that the previous speakers both Adam to find out, they were great show. I would definitely know. I will have a slightly different Focus today at my truck. It's what you're missing, Gandhi fight, so I will start taking my time. So I will try to speak about a little so I will not go alone into the details so she give me a sec. I will go ahead and share my screen. Just a minute, please.

Ripta up camper vent. Okay, so can you still hear me? Is everything cool. So I can put the whole screen. Okay. So what what's what is that? You're missing a D5, my perspective is that you're missing on one of the most vibrant and Innovative Industries on Earth, which is growing at an exponential rate and we're a little experimentation, not only of the technological level. But also at the social level is happening. There's a lot of lot of lot of Interest,

really interesting outcomes that we're seeing. So, first thing that you've been missing this exclamation. Hi, we know it to be discreet. Acura some numbers that it wasn't sure with you in the past, 6 months alone, you like has grown or more than 10 x. This is the total value. Lug nuts for what both of Holiness. Reuses it basically, how much, how much money is Lord of the smart contracts by platform. Now it's like, you know, five months after as we are at almost a billion dollars in the whole industry market. So sorry the whole Define

market. So what you're witnessing is that there's really like Brussels growth going on. I think she said she had started but you know, being interesting. Play one of your Echo because there wasn't much for that. And now in a few months Road 2020, the group has been outstanding and it keeps on growing and almost 700 million. Figured that you see on the left nowadays, that is the proof that we are having weekly. So every week we are adding like 700 or 800 million dollars

in 2025 Well, this is of course, I just joined by a lot of new projects and particles that are being launched in our weekly basis. There are many of these. I'm just sharing a few of the of the many, many, many different product products for Republican, Sindhi by products are lunching with one of those other ones, that decide that mentioned, which is basically, you could think about your Define looks like a money rabbits that are the best opportunities for you in a lie. Calculated way

balance shirt is a fishing lure about it. It has. It is a simple exchange such similar to differences approach. Olympic PC pools and providing those security people so users can interact against them and trade you for an asset. We have Perpetual protocol, we have him stable and many, many other projects of lunch weekly, that's launch excellent, A team's excellent products. And I really never did from the technological aspects and also from the social experiment experimental aspect

which we will diving in a couple of minutes. This is another screen that I wanted to share with you to think about much Financial growth is related with this one or you just like here. So we check out to check this one out total value lug has been more than 10 x. There are many new projects that are lunching on a weekly basis, high-quality products, and which are really real breakthroughs from the technological standpoint. If we take a look at this. Looking up the disciples leaderboard. So these are all like the

prodigal. If we check out on a 24 on the leaderboard. Now in August, a few months afterwards, we have so many that it doesn't even fit on my screen now. So the both of us has really, really going to Macy's. And this is something that continues to happen. It start becoming even for the most like, you know, if I had a user's is becoming increasingly difficult to be able to be on top of everything that is happening. And I like them both mentioned that like Is this her trustless word essentially, a cold, one of those magic things about them. It's not really magic by one of

the great things about all of these projects and protocol sees that they are interconnected so that you're transferring value among them. So if we have better, but I mean when new projects and prodigals get on board and eat pie and add value that we can be transferred with the others and interacting with the others. And in that way, we get like strong Network, effect is basically adding more value to the user. As more users as more users skinny to the network. The network provides more value to the user and abuser.

Also provides Bobby to the network which also happens. Of course, we know when the new project and product timing, so second thing, I thought I was interesting, I will do the same thing that you said that dude, that did to make sure that Can you show me an okay on the other end if you can say yes on the chat yet. Okay, cool. Thank you. So, maybe I'm exaggerating just a little bit, but I think that you're starting to see some signs or something. Yeah, sometimes science. Defiance starting kind of cross

the chasm or the chasm, the truth you say, Casimir Chasm. But she's a real important metrics in in in technology such as you can see, I recommended you if you haven't read it and I, he basically a different Market instances that ever, Technological product goes through until they reach maturity and I until they reach the the mainstream users, if you see here that your Lee Market or are they in the early adopters? And then I would go to the only cereal and defy our steel at the

early Market face of the technological adoption. So I would say that we are at the early adopters. Phase not innovators face so more adoption know. But You're starting to see some little things that are making me think that maybe do you find is becoming ready to get into that early mature itching. So, starting to cross this Jasmine, and become insufferable For Worse that Crossing. So you set an example by shrub. Shrub is a decentralized exchange. They have about 2 billion, 2 billion dollars, weekly bowlium, and about 500, 536 hundred and some days, I think

daily volumes which is some BS Network and you can interact with that truck. Looks really bad music without any intermediary without any middlemen and two days ago. Uniswap for the first time I had them, or it's free to exchange for sure. But it is a company that has centralized would work that you put away Band. This Ol, this article and they have you no more funding. They have, I like your teams, they work directly with Regulators. So they are really different. Like, you can think of,

I don't know if I'll call you back at 5 or at least, I think upon bass lay down, like a Google or a light at JPMorgan of, you know, the bank. So basically, they have more resources, they have their teams and Union, slap is making more daily volume. 10. What they are doing is your past will call me once a business a sign. I think that really Bifocals different products and services are starting to get attached to each other. You know, more mainstream mainstream

products and makes users of a. Hey you're here. Another example. This is like really really new oven money markets protocol similar to compound, but I just think that would be like we wouldn't be fair about because they are waiting on adding new products and services to their to their DIY platform. But I don't want to dive a lot into into Robin at the moment, but I just want to share with you about them is that Less weekly announced that they, you know, how they were approved in the UK to be authorized that wood burning money

institution, which is huge I think pretty tight because this means that David will no sperm reaching. So you know, telling a bridge between traditional finance and type basically consumers and businesses will no be able to do rabbits, get access to payments to currency conversion, and other will also be able to use to electronic many accounts for both consumers and businesses. So I think this is huge because just like we were seeing with Union scrap like starting to get the volume of the

simplest exchanges. Begin, our truck was protocol being a trust this protocol, and we've all looked you're getting his license and starting to like connect the DSi with the only real real world or traditional of Finance. So, I think that like, we were coming by, or there are some signs that it's starting to cross this Castle or Chasm between early adopters and Beardsley school and to finish. And this will overlap a bid with, with talk about you farming, but

I'll go back just for sex. So what you're missing on D V? I think one of the most fiber in which has exponential growth which is showing signs that it is starting to cross the chasm and where the amazing amazing amazing. The interesting social experiment in Capital, One power distribution that are being held today. So, I want to touch a little bit of this deep. I'd also like, touch on this show, so I'll just set it a little bit of compound balancer, but there are many others. I just just elected those three you like,

but no reason. Just, just so like those three. But basically what you're saying about social experiments in capital and power distribution, what what? I mean, he's like, screw the Roo governess tokens, which of these platforms issue official protocol Sky by that they have the room for the wrong. Sorry, this product governance token and basically, through governance tokens, what you get to do, if the distribution of tokens is fair because we have different products and

sometimes and sometimes it is not. Is Daniel Wade that seeks to distribute power distributed decision-making power. Among the community that this gets really interesting because he really disturb distributes the ownership of the prodigal among users of that protocol, and mostly the incentives, which told about show what I mean. But mainly the other incentives, this by providing liquidity positions, you can obtain a governess tokens in exchange for reward for that. You can also buy them in

different exchanges, like you spell, Bannister and others, but stokens provided, by these platforms, they distribute ownership of the protocol among among users with that protocol. So users have the right to vote. They have the right to propose. Changes to this protocol. You know why mainstream companies? Like, I don't know, but, you know, that's not like Google Apple up these companies where you can if you don't have the access tube from the starting moment or the stroke. Starting Yelp. The difference between

those big companies and decentralized protocol set, provide a governess tokens for you to distribute the ownership on the platform use that. And you can do this from scratch and anyone can do it around the world. And the only thing you need is some capital and you need a wallet and that's it. Basically, you can start being a participant in the car right now, so I'll call about your finals for balusters or any other of his prodigal set distribute, government, still open. That is really, really powerful and the

sentence to Define it is the to Define. It is the act of leveraging different defy, protocol some products to earn a yield or a return on their assets through a combination of Lending. Incentives. I wanted to mention this because when we were thinking about us like we were speaking, like I was mentioning story, The governess Tokens that provide you a loaner sheep over this product list and I love you to participate in the decision-making and making changes to this protocol, sent the

way they work. And you'll farming is the initial Way by which these Protocols are distributed, which is basically you at the quiddity to this protocol soon. You get this token exchange and one of the important things I think of field, farming and all like today the Yankee wife like 100% or something else more. So we don't know if those will last but you'll farming was one of the distribution mechanisms that helped a lot. I'm going out to bid. For this, for this

changing in the total love, you lots on device, open April, sensitives, farming did not exist yet. So it started like with again it existed in the past but not as we know it today is it began with comes from compound in. Farming was one of the main reasons why this is growing a lot so distribution of governance tokens among the community. and, That's all I got today. So 19 minutes thank you. If you have any question, have you been, sorry? I don't know if we still have time or not.

Thank you Sebastian for the sharing and guys, if you guys like what you guys the best and shit, you guys can also follow him on the defiant so that the defiant sec.com Dad. I'll be bringing you on right now. Okay, I think defy debt as offline right now. Lisa, do you mind going on next? Oh, okay, if I do it. Sorry guys. Let me bring. All right, guys, everything should be all sorted out now. Define. Dude, is coming on treat? Look like Sorry, I got confused for defy, dad, quite a lot. So no worries there. Hello everyone. I am defy, dude, I do Community

Management over at 8. Today, I'm going to be doing a quick presentation, just let all the risks and defy at is a lot going on, in defy, right now, a lot of crazed and with it, you know, obviously a lot of risks. I'm going to go ahead and share my screen quickly. Can you go see my screen? Okay. And hear me. School. Okay, so we have the Dark Side of defy, we're going to be covering a lot of the risks as I mentioned today. You know, there's a lot going on in DC

right now and there's a lot of really awesome stuff is well, I'm obviously my name is defy, dude. So you know, I'm a huge defy Advocate that, you know, from the start I got into defy. I would say a really big probably around the summer last year. I think, right around Wednesday side, dad got into defy. This kind of been interesting to watch it evolve. It's evolved kind of from, you know, this this new Formal uniform of finance. That is kind of like 30 Innovative than raw, you know, kind of here to watch and develop within the past few months or at least couple months

of feels like, it's almost taken a turn from what we were kind of originally saying. And now it's more, you know, like let's get a bunch of cash. How can we use clam juice that in some of these have value. But I am, you know, lately. I feel like it's some of that value that, you know, I had early on has been leaking away, I think, but there's still a lot more coming in. It's only been getting bigger and bigger. So, justly happy to see it and watch it live. So, what does risk in defy mean? If this little charge here in the middle here, you know,

you've got crypto, an aetherium, right? So there is inherent risk with just using crypto and etherium. I mean, let's say we've got like, see phrases private keys. I don't even have. Parents manage their seed phrase because they, you know, it's very hard to relay the message of like, okay. These 12 words of these 24 worth, this is your master password, you know, there's no username, you can change your password, you can't just change your seat. Praise you quite literally. You know what have to get a whole new of town for or wallet. In that case, back it up, move everything over. So, you

know, so there's risk alone in securing your own, while I'm backing it up making sure. No one can find it. I'm you got volatility as well. Obviously cryptos very volatile. So that's a risk in itself, and things like that. You know, centralized exchange is being hacked, those types of things, then you have the smart contract risks or defy, risks in general. And now, I kind of separate these between defy and D. Jen fi, as I like to call it which is kind of what I would refer to as like the more recent efisd Jen fi. But

going back, the smart contracts and regular defy. I guess I would kind of group those together for risks. So where the risk comes from that, a lot of it is to do with. I mean, there's two big ones, I'm which I'm going to touch on later, but it would be, you know, a regular smart contract exploits as we saw back in 2017. 2018, you get example is the parody multisig exploit and we had over a hundred million dollars and ether just sitting in the multi cig and then some guy comes along and he's like, hey you know, your code is

vulnerable here, you should do something about it. And then, you know, 10 minutes later, oops, I killed it. And, you know, it on the contract is destroyed and, you know, a hundred million dollars or whatever is just Dinner for ever and ever, and ever. So that what you know, is one example of an exploit, except in that case, you know, that hacker didn't get to steal the funds, just lock them. So you got things like that and then you got like admin Keys, whereas, you know, for example, if the contract has an admin key, it could be set up in many different ways, but the general idea of

an admin key is basically okay. So you have a wallet, we're going to give this wallet, you know, admin you no permissions to this contract, which a lot of times could mean you know, this owner could drain all the funds out of this contract. So as an example, let's assume uniswap had an admin key. It does not. But let's just assume it had like a master admin key that What would that mean that makes you could potentially like drain all the liquidity on uniswap if it was set up to do that. So like the admin key could be specifically laid out to, you know, maybe only

adjust the network fee and maybe it has no permission to even touch liquidity. So, you know, it's just something you have to properly research first and then I can get more into admin. Key is I'm, as we go further into this, but then we've got the D jenna fire risks and you know, I guess the DI Jen fi and defy wrist that I would say they do kind of blend in with each other, you know. There are a lot of shared risks between the two, but I would say that Degen Phi in general 10 of has more of the, like experimental risks, as well, on top of like, you do admin Keys, stuff like that.

It's got Is there more like it is hard without a specific used to Kaiser? Like a specific example but more specific to like that token, I guess. And their unique experiment, whatever, they're running it going to turn on how to word it exactly back in touch on this in a little little bit here. So, Is Define inherently risky, you know, more than other aetherium applications. You know, I've seen a lot of people on Twitter recently. A kind of the disregarded defyer kind of discredited all together. Just because of like the recent Sushi farming and all

that sort of stuff in it it was kind of like upsetting I guess to see. I know one person that I'm really thinking of you know they were there no one in aetherium they've been around. So so just see them kind of like discredit defy as a whole and kind of say hey it's not going to go anywhere. This is all just kind of fun and games for now and it'll blow up and it won't matter. I'm not really a fan of that, I don't really get where they're coming from for their. I don't think it's you know inherently more risky than other Assyrian applications are daps on my think, a lot of it has to do with,

you know, these tests and prod, unaudited, towed contracts were two things. Like, obviously, these are going to be more risky because they're unaudited or they're very new. You know, they're just didn't touch the Testament. Of course, those are going to be more risky than other stuff but you know that doctor saying defy itself is more risky, it really, isn't? It makes no sense just because you know there's a contract that has to do with decentralized Finance. It doesn't really add that much risk. I think it's, it's really just where people that are building and defy,

our kind of going right now with with their website risks. I feel like so, you know, a lot of these people building on D fired by choice, you know, releasing it with little audits or things like that. And so obviously, there's more risk and I think people are attributing, bats OG fires a whole, which is not. I mean there's much more to defy, then I'm just arming yams and shrimp and pasta in another thing to. So, as you saw from Sebastian's defy metrics

7.75 billion lakh and Eve hours at is a lot. And it's growing like crazy, crazy day. Awesome to see. And yours only been less than a hundred million lost in defy. So you know, I prove elastic there because this number I cannot track anything down. I mean I looked at DFI Prime's for 2020 how much was lost and then he was like less than 30 million. So I just said okay screwed all throw on some, you don't answer 70 million, whatever, call it a day. So I don't know exactly how much is lost in 2020 but like the amount that's been lost for how much is being you

know, wrist or put up. It is kind of incredible for how much everyone's yelling how risky this all is I'm just you know, how much is lost compared to what we were losing in like 2017-2018. I just decentralized exchange, has we lost so much money and Then I guess you know if you were yelling wrist then but now it's like people are still screaming wrist about this defy stuff. And yet we're still not seeing a whole lot of losses in terms of like catastrophic failure type things are, but that's not to say we want, I mean, cross your fingers there.

So how do we know, how do we warn people about this risk properly? You got kind of two sides of people. I think that I've seen, I'm about the people who are screaming at the top of their lungs. Hey, this is risky. Don't do this. Then you've also got the people who are like, alright, well, you know, maybe there's high-risk high-reward, so it is kind of a double-edged sword, right? People who are screaming? Well, hey, there's super high risk. You'll probably lose your money to this, you know, they're obviously think they're doing a great service, and then sometimes they are on by, by

letting people know about these risks, but at the same time and I'm this is actually like I thought it was my buddy. Cooper, truly who does a lot of great stuff, a governance and defy he mentioned, just when I was watching them on some screaming and he basically said, well, there are people that are attracted to that, right? So a lot of times high-risk is paired with Tyra Ward. So if you have these, you know, top people in defy saying, hey this is super risky. Chances are you going to lose all your money? Well, I risk is high reward. I kind of want that high reward, so maybe I should

look into this, you know, where maybe I should put my money into this because if he's saying that the high reward will or sorry, high-risk, high-reward. So how do we You know what time to meet in the middle there. I mean we don't want to be warning, people only to encourage them. But then at the same time, we don't want to just say hey let's not warn people at all screwed. It's not working. I think it's education really. We need people to make their own decisions and I think that's where a lot of people are going. As far as warning people to understand that, you know,

saying, hey this is super risky isn't just going to stop people from doing it, right? It might stop some, but really like what? I think a lot of people want people to do is go out Juliet, you know, do the research yourself obviously, due diligence. Looking at the stuff em, in this is very hard with Chris, too. This is something that I'm very often, pushing Beyond just defy risk of his education. Education is so important in crypto and defy anything to do with etherium blockchain because it's so it's so hard to navigate a lot. Stuff that anyone who isn't attack. Native growing a

grown up around a computer. It's like this stuff is is navigating like it. You do a Minefield. Basically that you have people out there who can barely manage to log into their Facebook. How are they going to manage, you know, made a mask and words and all these different protocols? And so it's, it's very important that people stay educated and you don't have the right resources to learn about these an easy way. That way they can make their own decision, you know, is this really worth it? Then how do I measure this wrist? Which goes to the next Point, how do we measure this risk?

So it's defy, you know, risk is kind of evolving. There's always new Riske tennis coming in the play I'm in and it's very hard to like give an exact outline of, you know, how do we measure it? So I guess I'm going to share like a couple of things. I personally do to measure the risk and defy and one is audit. Now, this is something that, you know, who screamed every where is audits audits. Do not have decided that if you don't know what an honor it is basically you get people that know or did it reviewing code securing, it making sure it's safe. I guess on their companies that

specialize in this code producers or developers would send off their code. These people would review it basically and say, Hey, you know, we found an exploit here that needs to get fixed. Or they could say, hey yeah, we looked over this looks great. You know, your audit is perfect, here you go. So the more honest they're done it's it's never a sure sign that, you know, nothing bad can happen, just because an audit is done, but it is more of like just an extra sign. I guess it is that it's going to be Maybe most likely a little more safe again,

maybe it is still an audit. Does not mean it will be safe, but it's just something to look out for. It's better if they do have an audit and don't Then we have admin keys, I'm in. This is one of the things that Chris black from the community, who she kind of brought a lot of attention to this, where prior knowledge of people were focusing on this and I actually like a lot of respect him for doing so because I think it's almost like after he made the the video about admin keys and started yelling about it. Everyone's going to pay more attention to crypto risks, or Kristen Define. I guess I

don't want to discredit, you know, Taylor Monaghan she also has done. You do awesome work and yell and the risks about defy publicly, but I'm basically what the admin keys are it is a kind of explain it earlier, I guess. But it's like the master key to a contract, so different contracts, have different admin keys, or no head at all. But a lot of times like these, I can pretty much, you know, play God with these contracts if they wanted to. And one example is like the recent Sushi farming. So they have an admin key and at first, you know, some post on Twitter like hey, this admin key

could steal all the liquidity, you know, what's going on, like shouldn't we be freaking out? And then, you know, the people come on and they're like, well now it's in a two-day time-lock. So you know, if anything wanted to be done, they would have to sign it. And then you have to wait two days before anything can be processed. Well, I mean it's good that, you know, we have to wait two days. So there's a chance that, you know, we could probably just pull our money out which is fine. But at the same time, it's like, defy isn't really defy when, you know something

I guess like be destroyed in 2 days or like, you know, he completely ruin in 2 days or controlled I guess so. It is a start and I know a lot of these projects. Like they do want to move away from Adam and keys in the future. So I'm hoping that that it comes to that, but it's like going from Edmond to say, hey, we now have a one-day or two-day time-lock. That's an improvement, but it's not really. Yeah, removing the risk entirely, so we'll see where that goes. Our location is another one too. If you have like a governance joking, obviously, I always look into,

you know, how much is the BC being allocated, how much is going to the team and actually develop developers, if there's any, like presale things like that you always want to make sure. Because is it really? A governess token. If you know 50% is owned by one party. In the team to, you know, his kind of look into the their background and enneagrams they have a lot of times people would look down upon Anonymous teams and I think you do, they still do and it still right to do in some cases. But it recently there has been like an increase of people that are

I get to advocating for an item seems more like Thea crypto feel like I guess you know that bunch of Anton's working on something I guess. But regardless you know just check out the team. You know, I always look into their background sister, look, reputable, or any red flags are sketchy things that I use. You just see if there's anything else. No, but then I do have noted like they're there are additional risk to that. You really just can't always measure it. Like you just got to. It

depends. Mostly on a project. I guess, an example is yam thing. I had some yams farmed in and out of migration from the first jams, like the new currency am and I like 2 days to move my yams over and I was like, okay, I'll have enough time will I just forgot it was a big deal, wasn't a whole lot but now my yams, you know, they're useless, they're stuck on the first one. There's no way I can ever get him back. So it's like that, you know, that was there was too. Like, you have to be active in the community at that time which most people were like, I'm not trying to blame

yam at all for this, like, it had to be done, but this is something that like, you know, your regular guy. Average Joe is not going to be sitting on a yam Discord and telegram all day. I have to prepare for that so it's just like little respect that that you always, you don't got to be prepared for watch out for that. You might not. Ever know how to even measure up until they happen. So, I must have the title here but what does defy and its risk look like in the future? So if you try to plan or like spec to see more Insurance options, I like Nexus, Mutual they allow you to like

ensure city of the Vault open on makerdao or other things like that. You can actually open up you know, an insurance position on it. Just in case there was a smart contract exploit. So you're kind of like Metal, getting some of that risk removing it, which is always good. If you're a little worried since all, this is very experimental Mouse. We plan on seeing more auditing options and like, companies. It'd be nice to see right now, auditing firms are like weeks and weeks backed up. They've got so much to do on

the pricing is so high, just because the other so much demand for audits is not enough people doing audits. So definitely would be nice to see more. You know, auditing, firms must vegetables, more Innovative long-term projects. You know, some of these things are really cool. You have a Wi-Fi sing. Mmm, Yeah. Me then, like, I do like all these experiments. Personally, I think they're Greek, but, you know, it's not sustainable to release a new vegetable every week. I do think in the future. We're going to start seeing obviously more Innovative long-term projects that I'm could even learn

from some of these experiments, you know, maybe take some of the cool important stuff. Can I wrap up here real quick? If I'm definitely running out of time, do you want to see more test that's being used? That would be nice. People should be using them more and then more docks and education. Again, huge education is absolutely huge. I wish more people were doing it. People that aren't in crypto there, you kind of, like, at the hobby, but if they want to learn, you know, they want something to do to help out in crypto education. Seriously look into it, it whether you write something a blogpost,

make a quick YouTube video anyting. It's very healthful education is very important. So thank you, everyone. I am defy, dude. You can follow me on Twitter. Follow us on an i-vt governance, progress. Lots to come there. So, thank you. Anyway, Thank you. So I think that was a really, really in for ensuring take a lot of us are going to be fine right now, and we all should be made aware of the risks. And this is the reason why we are going to have you been writing when you guys to Boeing the B-52 Ice open. So last but not least, we have

our organizing time from token, economies of token economy if you want to go in the system. So if you don't know anything about that, be sure to take notes and you can also sign up for classes on her website, will pull it up right now. Alright. Lisa should be coming online in about 5 Seconds. Thanks guys for staying on so far. We are about. We're about to reach the end and it's been a very, very interesting night. Thank you for, you know, all of your participation and we see a lot of weight questions coming up, will make sure

that we put it online for those that had to run off or what for Tyler break. Alright, I'm just going to check one time if you guys hear me. All right, if I call good to go. Okay, so thank you so much for staying for so long. This is the last part, and I think this is probably the most important, but then again, I'm biased because it's my part, right? So something that is that is he fire a Ponzi scam? Because there's a lot of pain symptoms. Everything on

Twitter is about Schilling, all these different projects and like all the risks that that he finds, it was saying just now that the risks involved and there is a proper audience that has been done. So a lot of people wondering if this is, if this is a scam you can look at the questions that is on the check. Or is it Ponzi? So here is why I'm telling you to tell you that he fights a lot more than just a Ponzi scheme. Have a couple meetings today and I think I'll call it a bit faster so that you can ask more questions. I don't have a y d v, he was like a monkey and

which is why the some sentiment is that it's very risky is very pointy. Like, I don't want to join defy, the second is why defies not a Ponzi scam and that leaves the future of defy moving forward. So when I talk about because it's not just a specific project because the ecosystem in general has is doing good. But like every other systems in the world you have a lot of scams going on but given the traditional Financial Market there's a lot of scams going on but you can't discredit the entire system has a new system, has a new industry and so

there's some skins coming up but you can use that to define the entire ecosystem is doing some good things. If you just Google define palsy article saying that you don't see find nothing but for Ponzi Define, it's basically Ico 2.0, ft bumping and jumping and how defies all very in with all fluff and just camps. And if you go online, you see that one too. Everything's just means. So we're both these means and with all these, you know, jokes going around. Like, is it was serious? And why should I join? And how is this a legit thing and how hard people

getting money? How is it, you know, hundred hundreds to send returns. I don't like your tongue. Because, where's the money coming from, where are old, is you coming from? Is it just people stopping to visit each other people trading with each other, but it's just within the circle within this little permit in. So, if you look at the mechanisms that we have today and all the other, the farthest we could have talked about it. He mining, you have it on you nice, walk on to that apartment, you have compound, your fam, you have Sushi. You have a lot of these kind of different projects and different

mechanisms and it just you quite like a Ponzi because it feels like the initial people who are in the space. Are these DC has a project. You won't, you need some funds before you get started because you need to hire developers. You need to hire engineers and we can get the funds from your Selena go to the DC. So that he will be giving you some funds and in exchange, that they would keep your tokens. Once the protocol is ready to be used that you have this whole Equity mining thing. And this is also where the lockup. Is done. And these can be putting the tokens out

on the 2nd and Market to be selling. So that's what a lot of people are feeling especially during the end of one of the other two. Before that, something that happened a couple weeks ago with that was huge volatility in prices because the whole thing about to hold a lot of power You don't want to, you want to reduce the risk of whales being involved so that you have more equitable distribution to all the different folders in the space. You don't have one person holding 50%, and everyone else holding a smaller. That's not fair

sentiments. Like this thing that it's just a scam, or when the initial distribution, is not fair enough or when people have too much power because we talked a lot about governance tokens and inherently have some power and some say in how the protocol of this application be moving forward to these are some more research involved. And if you look at the prices of these tokens, they're also going up like crazy. So this is a Young finance. Everyone has talked about you and finance great project. Great great guy waiting by the phone and you can see the prices actually started from do. So in fact

the developer that traitor it say that the token has zero Valley, zero Financial value, zero monetary value, it has some economical value because it is the government's token of some sort in the ecosystem but real Financial value. It's so he did say that he and then now it's it's way more than Bitcoin prices and it hit like $44,000 yesterday for one token from zero and this is just like a month ago. So the prices of the prices, soaring like crazy people are

shooting these tokens, like crazy and everything seems to go out of him which fuse kind of like a ponies get, right? So is it the thing is it's not true because if you look at the police, get me swear. If you look at a distribution of all the economic value, all the value in the ecosystem, as a pie and a Ponzi scheme is where you are extracting the value when someone else is coming in. So that means the pie doesn't change much. I'm only adding interest on money, only any money because I want some soccer is coming in and I'm taking his money and that's

all. Go will take another suckas money. They just came into the system so that is where the pipe is that none. But the thing about it is that it's the pie keeps growing. There are more the more projects being built the demo protocols being built. Just maybe the beginning of the year. They were only a couple projects around new testing and trying out this very slim. Volume Asset Management. Protocols these decentralized exchange protocols and they don't try to catch the license fire financial Market because finances a big thing, right? If your leverage

you have your broker agent ever. So everyone is every protocol is trying to specialize on a small little respect and then they kind of like little Lego blocks that you just put the Lego blocks together to create some form of interesting, interesting Empire or interesting building. So this is what I'll compose compose the ability that Sebastian's. It just now all these protocols can interact with each other and because they get you into each other, this is what the pie gross stuff that they got. The pipe organ. Think of we're going to make a pie and we're going to be a lot of

ingredients. Do we have the feeling we have to follow the egg sugar? The salt, and all these little. For the cost of the landing protocol is, is bringing in the part of the Philippines. The Leverage protocol is bringing in the salt. The other the derivative protocol is bringing in some sugar and together we come together to build the pie and to keep growing apart. This is why it's so interesting and it's so exciting. And that's just on the political side. The thing is with all these for the cause of all these little ecosystem in applications, you buting your own community of

people and these communities can only grow when the internet was other. Each other, is that the platforms are just a pretty neutral cuz you're just technology, right? You at comes from connecting the bias and the salad. So if you want to play Different Strokes for different applications, what do just trying to do is to do in this layer. This, thank you and suppliers and buyers can come in to interact with each other. The most direct the most value. Economic venue at is

created and the pain just keeps going. So that's where the pie keeps going. The exciting part. I think Super exciting. It's a new business models. So if you look at it from an economic perspective, cuz it's right, if you look at all the previous business models, it's usually one side. So for example, going back to the pipes and I am a baker and I bake pies and if you want to buy it, if I succumb to my bakery and buy the parts, but there's nothing much I can do. I can probably ask some people as the regulars. You want to try this new flavor or whatever, but it's still quite a static kind

of business model, the supply and demand is still very independent. However, I know, 5 to 10 years is, there's a small platform, Amazon Airbnb. Uber delivery food pentagram and all this other project, their platform activity, a platform business models. That means they just provide the technology, and it connect to size of the ecosystem together to transact. And this is where a lot of economic value is being. No because I'm an economist one thing they call him so trying to do, how do

we quantify this economic value being created? And then we can account for them in a GDP because they GDP is the value of what the ecosystem. The countries created by these values. Beliefs, that forms, you can only calculate the value at, you know, Dee Dee GDP, kind of value, as with all this transaction piece of value or economic value dollar to call them with, connecting to size of two, sides of the platforms to get the buyer, and the seller is very, very easily, that's where you can have increase in economic

value at ages and ages into. Now, we're still researching about that. It's just very focus on digital digital economy. And how do you account for them in our GDP into real GDP? And I realize in Defy, is that what we're trying to do with all these native token, cuz we're closing the economic value of this ecosystem, into a token economic value of the system and when they're treated in such a remark it. So when I take you, I have I to guns and trade it on uniform or trade on binance to

coinbase or whatever you want. You can get Discovery by the secondary market and have a belly to that. So, in that way, we are now a signing, a monetary value to the economic value, their systems are creating and then we can account for them in the GDP mind-blowing and it's so exciting. That is this a very like, the economic explanation to why this thing is very interesting and very cool. The other way, the other interesting part is that we're developing new PDP incentive models that you want to call. It is to remove intermediaries. So, instead of

having a few people, like these top investment Banks, holding all the power of voting power, and all the equity of the top, the top 500 companies will also removing the commercial Banks power, to be selling to invest has ever given me the power all back to people. So it's very retail-focused, the cool thing about that is that now we have no money to be Distributing right instead of giving money to all these intermediaries because every time I'm like a company gets to Ikea, if you go to a bank. So

let's say it back and don't your bank will be doing whatever things, get a huge sum of money and then helping this company to be listed on the couch, or whatever, whatever stop. Now, we don't want to make any more that we can do that in the in defense was fine. If you just missed it on you, you have your liquidity Mining and all these kind of incentives in place to be incentive model of intermediaries. The cool part is that. Now we don't have those suckers which are getting a lot of money. That thing is that now we have a lot of money, how the hell do we do that? How do we just do

that? How do you say? I look at that Audrey. What? The right type of people and I would say that this will be a thing moving for it because we realize that capitalism does not work so much anymore, cuz it's not going to be sustainable in the long run that we're looking at new forms of capitalism. Maybe a social capitalism kind of thing. So we need to have a lot more. And where is the best place to test the best message to time is defy, which is what we're all doing right now. I'm with you farming, Valdese, different interesting, Mining and incentive mechanism was trying out different. T2p

incentive models, And this is, where is very exciting because this means a lot to the P-trap. He fight two things right now, as you can imagine, it's just within the device space, right? You don't have that much transactions in the real world which goes back to my point of the whole GDP accountability because right now we're just training nominal value there isn't much real value been treated unless you exist exit, those pictures face and you transfer your a Bitcoin or the compound has a Wi-Fi into USD and then change it to the USD in your back, otherwise you can't

really is quite. So I know. Everything is due within the Unchained. Equals ecosystem are unchanged, are the future is to allow all this testing and all these experiments to translate into an Austrian warm. Because the option what is super inefficient? The financial system is very inefficient and efficient as you can imagine. I want to work with all these Protocols are, all these are girls are all these Bridges to Lincoln City of Janesville. And then we can also, we cannot breach these two worlds

together and that's super exciting. The other thing is over, now we can better account for all the economic value that has Bing been created from a very small ecosystem perspective. And now, we can also translates into the Archangel and account for them in a much more comfortable with Sarah, we do that. When it comes to government governance has better resources best data points to be accounting for all these different changes. This going on in the world. So that is a quick summary of defy and police came. And I would say this is not a Ponzi scheme

about that before those experiments of all the, all the fall. Other speakers have also mentioned that experimental face and it's very interesting to just play around with it at 2 to look into Explorer. Kind of social experiments that could be, what kind of capital allocation that could be, what kind of government systems that could be. Because I'm going to tell you that there's so much I can make it out there talking about the technical and economic aspect of all these experiments. But we never really had a chance to explore them. Still a

lot of interesting monetary policy mechanisms in academic paper. Open episodes Heaven. Diesel 3 in Project, doesn't exist anymore or I think it was faces but there are a lot of dynamic. Available that you can play with in the device face and all we can actually try out. All these experiments have been talking about for a very, very long time. In fact, in the economic economic space, A lot of people are actually taking all these old papers, always research papers and try to test them out right now on the phone. So that is a

very, very cool way to be trying to experiment and if this works this could be you and this will be huge and this will absolutely Divine the future moving forward. That's a lot of content but I think it's very important to understand from that perspective, as you entered the fight because you can look and see if I have to weigh to, no talk. You talk us into your portfolio and grow it as I do that if you want. But you're also part of this experiment to test out. If this is going to be off, if I just talked about more tests Nets, right? I would say that there's 10 minutes for for crypto

and the crypto is a testament for all strains so they don't change things. Everything in me doing is basically a chestnut And then how it would interact with the of General, how it will react with your funeral. If you think about it, all the people on the untrained staff selecting interested in the destructors. And so it's easier to play on Explorer. But as we move to an option. You have a greater variety of people. So what kind of what kind of social contracts are we going to consider? What kind of a

monetary policy may need to consider? What are all these other than that? We have to consider when we are remodeling our ecosystem. So that's actually like super fascinating and this is right now, one of the best times to be and do check out all the different YouTube channels out there or the Twitter accounts out there. And this is my YouTube channel, I do receive on some naughty stuff, but I think it's very important to understand, not just from investment perspective, but also from a education suspected, cuz if you don't need to get yourself, the space is moving so fast 1 hour. One hour in

defy, it's like 7 years in the real world. It's one hour behind the industry. That Innovation is moving pretty fast to supposed to get educated and not just get educated educated because this will start changing the world. And this will be defining what the future is going to be like, And see if you have any. Low. Right. Thank you, Lisa. so, guys thinks we've come to the end of The weather now, with super, super thankful, and happy that all of you guys

came in at $10 and you know, stay the whole way and learned about. If I with us, I think all of the speakers today has a lot to share and you know, that's a lot that we can learn from them too and I will make sure that we reach out to the speakers to answer to any other wise. You know, we'll put it on a website. You guys have your ways of reaching out to them? I think he said that's a pretty good topic on, you know, the good bad and ugly, I can't really remember. But, you know, it's been, it's been a long way there

now. And we want to know if you guys go off. So before we go off, just ignore that all of tonight, Sharon will be made available on YouTube on a website on economics designs, you too. And we are coming back to you in two weeks on 14th, September And will be again, this time around will be bringing some very exciting project. Some of the best project in the space, some of the projects that you need to absolutely get into to do well and be fine and we will have a surprise for you do. So thank you, everyone. This is this event was brought to you by round it and I'm telling

us about the night. Thanks everyone bye-bye.

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