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Acala co-founder Ruitao Su, Hypersphere partner Jack Platts, Parity VP Fabian Gompf and LedgerPrime managing partner Shiliang Tang talked about the Boka ecology and new opportunities for DeFi development.
DeFi is undoubtedly the center of this year’s crypto world. In addition, the launch of the cross-chain superstar Polkadot has also attracted a lot of attention. With the launch of Polkadot’s mainnet and the approach of the parachain, the development of DeFi also ushered in new opportunities.
At 8 pm on October 12th, Beijing time, the first issue of the Crypto Tonight Polkadot topic “Yes, Polkadot!”, we discussed the Polkadot ecology and the development of DeFi with Acala co-founder , Hypersphere partner , Parity VP and LedgerPrime managing partner New opportunities.
Core Aspects of This Issue
- Vice President of Parity: DeFi market needs high-value infrastructure
- Co-founder of Acala: Acala pioneer network Karura will first connect to Kusama to become a parachain, and launch LKSM, an asset that releases Kusama’s liquidity
- Web3 Foundation consultant: Polkadot technical features reduce development time and support large-scale DeFi projects to accelerate iteration
Guests of this episode
- Ruitao Su, co-founder of Acala
- Jack Platts, partner of Hypersphere
- Fabian Gompf, Parity VP
- Shiliang Tang, LedgerPrime Managing Partner
To view the complete program video, you can click here to review it. The following is a transcript of the entire program of this issue, and the content has been edited.
Yama: Good morning, good afternoon, and good evening everyone. Welcome to the first episode of the Polkadot series hosted by Winkrypto : Yes! Polkadot. I’m still learning about Polkadot-related content, so tonight, we all learn about what Polkadot is. For this event, we have invited several guests who are very influential in the Polkadot ecology. They are Hypersphere fund partner, Web3 Foundation and Acala consultant Jack, Acala co-founder Ruitao, Parity VP Fabian and LedgerPrime CIO & managing partner Shiliang, thank you again for participating in this event, then we started to invite a few guests separately To introduce yourself, first ask Jack to introduce himself.
Jack: Hello, everyone. Thank you for the introduction of the host. This is Jack. I have joined the Web3 Foundation since 2017. I am mainly responsible for marketing, technical cooperation and some things about Polkadot’s native token DOT. The Hypersphere Fund was established in February this year, a few months ago. Hypersphere is a technology-driven fund company that will bring huge investment returns through on-chain governance. We also have an important business focus on DOT market value management, focusing on the operation of DOT and related derivatives markets. Of course, from the perspective of the fund, we will also do our best to help the team grow.
Yama: Thank you Jack, then Shiliang is the next one.
Shiliang: Thank you again for the invitation of the organizer. I am Shiliang, the CIO of the hedge fund Ledgerprime. Our Ledgerprime was established in 2017 and mainly focuses on systemic and market neutral strategies. We first used related technologies to make markets for derivatives and futures. Of course, I am very excited to witness the launch of DOT this year, and look forward to helping the market liquidity increase in the DOT ecosystem.
Yama: Thank you Shiliang. Just like Jack, you both got up early. Thank you very much for supporting us in this event! Okay, then Fabian is the next one.
Fabian: I also thank the organizer for the invitation. I am the VP of Parity. Parity is a technology company with core infrastructure in the blockchain field. I was already a member of the team when the company was founded. Parity first focused on the Ethereum ecosystem, and now most of its energy is focused on Zaoboka, leading a team of engineers to develop a series of core protocols and infrastructure tools, especially the blockchain infrastructure framework Substrate we released. Polkadot is using Based on this framework, this is also the most important infrastructure for the development of Polkadot.
Yama: Thank you, Fabian, I have Ruitao next!
Ruitao: Hello everyone, thank the organizer for the invitation. I am Ruitao and the co-founder of Acala. Acala is a parallel chain network based on the Polkadot ecology and using Substrate. Simply put, Acala is the Polkadot Ecological DeFi Center. We have a series of financial components out of the box, and we are constantly exploring the possibilities of the Substrate framework. In addition, we will continue to explore all the possibilities of Polkadot’s technology, ecology and economic system, and strive to improve the flexibility and convenience of ordinary users using DeFi products.
How do you view Ethereum and Polkadot DeFi?
Yama: Thank you for your introduction, then we will now start our theme tonight-DeFi. At present, most of the DeFi projects are built on top of Ethereum, so what do you think of the DeFi ecosystem on Ethereum? Ruitao, first talk about your opinion.
Ruitao: I think the current DeFi market is still in a very early stage. We can see the possibilities that DeFi can bring, because DeFi brings much more possibilities than traditional markets, but now we can start to see By the time we have established a large number of financial primitive commissions on top of ETH, we have seen many end users whose value cannot be brought to us. At present, DeFi is entirely a game of giant whales, which cannot bring users with small capital This game is mostly due to high fees and high thresholds, so I think DeFi is still at a very early stage and there is still a lot of room for growth in the future. Fortunately, we are still seeing more and more users I began to sink my heart to enter the DeFi field, and more and more regulatory agencies have entered the DeFi field, so I think that DeFi still has great development potential at present, and I can already see that this field is changing this traditional finance.
Yama: Can you talk about the DeFi of Polkadot?
Ruitao: Regarding the DeFi of the Polkadot ecology, what I want to say is that I have indeed learned a lot of experience from the Ethereum DeFi ecology, but I think it will definitely be more complete. The current Ethereum DeFi is like a Lego game promoted by money. A Dapp is on top of another Dapp. Therefore, Ethereum DeFi is the most impressive and composability, but we have now seen the limitations of Ethereum. , I think most Bitcoin holders want to see that the practical value of their assets can be released in the DeFi field. For example, using Bitcoin as collateral, we have seen that wBTC is doing such things in the Ethereum ecosystem. And it continues to grow, and Polkadot’s DeFi ecosystem also has solutions. We at Acala are already trying to introduce assets (renBTC) through protocols or applications, and we can also attract additional assets through the interconnected blockchain network (polkadot). Enter, and another benefit of developing on Polkadot is based on the Substrate framework, because you will have great flexibility in customization. In the current DeFi field, you can apply all customized rules to specific Deployed in the protocol, but you can’t really get fully customizable at the core level. I mean, you can’t customize all the rules you want at the bottom level, but based on Polkadot and Substrate, we include other developers Both can be fully customizable in the blockchain network constructed based on Substrate, so at the level of Acala, we have complete blockchain network components and complete customization capabilities. And we only focus on the customizability in the financial sector. I think this is very, very exciting because you can do more things that are hard to do at the application level.
Yama: Thanks, Jack, what do you think? How do you think Polkadot’s market should expand?
Jack: This is a very good question. I think it’s like Bitcoin, and we see that Ethereum has a very high market value at present, and lower frequency transactions are slowly crowding out everything else. So many small transactions, such as games, are blocked by high handling fees as Ruitao just said. Almost every transaction requires 10-30 US dollars as a handling fee. Polkadot itself is different from other shards. That is to say, the parachain already has good scalability, especially by bridging Polkadot and Ethereum through a trustless way. You can see that many teams are beginning to need to cross-chain, especially some large DeFi teams are also working on Cross-chain technology is constantly proposing solutions, but I think just like Ruitao’s example, when you are developing blockchain networks or smart contracts, you need more flexibility. Find a team as an example. Ruitao started to develop Acala in January and successfully wrote the stable currency module of the decentralized exchange and staking derivatives into the Runtime layer, and it took about 9 months. And they are now exploring more directions, such as integrating the smart contract module of EVM and Ink, so Acala is a universal platform embedded in the actual core logic of the blockchain. All these successes only took 9 months. I think it will take about 4 years for MakerDao to achieve the same function. Polymath is another example. So you will find that the time to develop a project with Substrate will be greatly reduced, and because of this, I also expect innovation to increase, so I hope This situation can continue, and with greater throughput and more experiments in the future, more new application cases can be generated.
Yama: Thank you. As most of the DeFi we are discussing now, if the market value is more than half below the highest point and the DeFi bubble bursts, can you tell us what DeFi you are looking forward to? Or can Polkadot be the future of finance?
Ruitao: Maybe before you share your views, I can talk about my views. We still have a long-term optimistic view. We still believe that we are still in a very early stage. Any promising technology will be accompanied by speculation and excessive market hype. For Acala, what is our current focus or our main value proposition, we will not have too much speculation on the price, but we are more concerned about the fundamentals of the project, in essence Need to find out how much value is created, most of the excess mortgage loans are generated, how many transactions can be processed at the same time, how many DOTs can be cast into LDOTs through our Acala? Does it have a growth curve? How many teams actually cooperate with Acala? How many developers are there in the Acala ecosystem? These are the fundamentals that I value. In the long run, we are convinced that this market is still at a very early stage, and the future possibilities are definitely not limited to the current ones.
Yama: Thank you, Fabian, what do you think?
Fabian: Yes, I also think that the development of DeFi will be a long-distance race. I have experienced many cycles of encrypted assets. Looking back on the past, such as the ICO craziness before, and the climax of NFT and DAO, the same DeFi is now In the face of hype, everyone has participated madly. In my opinion, ICO has become the core of blockchain fundraising, NFT has become the core of blockchain games, and DAO has become blockchain governance and automatic Market business mechanism and the core of liquidity digging and so on. So there are reasons for existence, and these evolutions are very interesting. For our infrastructure providers, we don’t care if the price of DeFi drops by 20% today. More importantly, what is the core of the development based on 2 or 5 years? We can promote the development of infrastructure and truly become as highly available as we expected, so this is why we have to work hard to do Polkadot and all the development tools around Polkadot. So I think I definitely think DeFi will not end. Perhaps the price of DeFi may not be as high as it is now, but at present some DeFi does bring about many very important innovations in guiding liquidity and token distribution, and this is also an interesting aspect we want to focus on at present.
Yama: Thank you Fabian. Next, I have to ask Shiliang. From the background of DeFi, what do you think is the demand for DeFi that drives real buyers?
Shiliang: Regarding the last point you just mentioned, I think there are two ways. I think from the price point of view, take the peak value as an example. This is crazy, but it seems that it has cooled down a bit. But if you It was from the beginning of the year, or even from the end of last year. I just want to see the projects that have appeared before and the speed of development. We still have a long way to go. From a development perspective, this is a very correct start. Therefore, although it has declined compared with summer trading, it has made great progress. Therefore, I am very very excited to see this. I think we are at the stage where the people who initially participated in testing, building and trading DeFi are from a crypto country, they are native participants and have been in this field for a while. But I think that now we are beginning to see some applications are being built to connect this highly technical world with new individuals and retail. They are curious about this space. Therefore, I believe that the momentum for the next round of gains will be attributed more to new individuals, new investors and interested parties who have not participated in the first establishment of DeFi. Therefore, it is exciting, expectant and hopeful.
What are the advantages of using parachain to develop DeFi?
Yama: In conclusion, do more DeFi! Thank you everyone. Why is Polkadot’s understanding important? How will it change not only the encryption industry but also the entire world in the next few years? So let’s take a closer look at the Polkadot ecology. I will ask Jack, Ruitao and Fabian. are you ready? My first question is to ask Jack, why use parachain to develop DeFi compared to smart contracts?
Jack: I started with a simple answer to the first question. We basically don’t just rely on the virtual machine of Ethereum. If we really compare with Ethereum, if you want to use the Substrate framework, then you can create your own virtual machine, and you can use different smart contract languages, and you can also have different consensus mechanisms. So all your transactions, take Acala as an example, such as the transaction sequence of the oracle in the runtime module of Acala, which is different from the general oracle queue. We saw that the Maker CDP in March cannot be in the oracle transaction queue. After the price feed for the clearing auction occurs, the price feed of the oracle becomes crucial, so you can choose whether to pay the transaction fee, but perhaps because the end user does not have ETH, your transaction cannot be completed. It depends on the type of blockchain you build. Therefore, a lot of experiments are still needed. Moreover, I hope everyone can consider using Substrate to build and then connect it to Polkadot Layer 0 for powerful functions. Therefore, the market still has a lot of education work to be done, such as whether Polkadot is a smart contract or a platform. Now you can’t change to directly develop any smart contract application on Polkadot. If you think of developing smart contracts, you can choose Acala’s smart contract module or other potential parachain projects.
Yama: Thank you Jack. The transaction fees you mentioned have indeed been a big topic and worry. My second question is to ask Fabian, how does the Parachain calculate the transaction fee in the Polkadot ecosystem?
Fabian: This depends on the technology stack of some Polkadot mentioned by Jack just now. But I think the general concept that Polkadot brings is what I think, or what makes me feel very excited, if you know that the frequently used DeFi products can have a way to upgrade or update. For example, you use Uniswap. Uniswap paid a total of about US$1,000 w in handling fees last month. Essentially, this is a payment for security, that is, a payment for the infrastructure provided by Ethereum. You can also deploy products like Uniswap on the chain like Acala. This is the same as using Uniswap now, and when it becomes a module of the native parachain, it will have an upgrade path. If you can’t afford such a large cost, then you need to have a different economic model later, because you need some capital expenditure to lock DOT into a parachain. We are more thinking that perhaps the handling fee for a year will only cost 1 million a year instead of 10 million a month. So suddenly you have to start designing an economic model. You can initiate an update of the application or protocol at any time. It is not subject to other fee models in the Polkadot ecology, because we need to calculate each execution step and add a fee to it. Then everyone must pay this transaction fee. Just because the market is determined by demand, if more and more people need to use it, it may become unaffordable and expensive. Obviously, if you build your own blockchain, you will have all the rights. You are the king of your little kingdom. You have the right to choose the economic model on the chain, no matter which currency you want to use as a fee, such as DOT or other. So I think it is actually difficult for Polkadot to communicate because it is not a simple smart contract platform. You can complete the previous functions, and there are more contracts to deploy, but now it is capable or attractive, just like in fact we only have more choices, which may confuse people, but it also makes it more powerful .
Yama: So each parachain can have its own transaction or economic model, which can adapt to its own needs more flexibly. Thank you, the next question is for Ruitao, can you tell me something about DeX and how the lending platform works on parachains?
Ruitao: We all know that parachains share security with the relay chain, so on the current Ethereum, if you want to deploy a Dapp, this is a payment goal and a security model. Basically, it pays for network security. . Therefore, on the parachain, the project can customize almost every aspect of the logical working principle of the particular parachain, including costs. For example, Acala’s built-in decentralized exchange, users can use Acala to stabilize aUSD as a network transaction fee. Similarly, if you want to trade renBTC on Acala, you can also use renBTC as a transaction fee. On the premise of ensuring network security, users can use other assets as handling fees, which is very different, so this is one of our innovations. Another point is how decentralized exchanges and lending platforms work. Regarding lending agreements, users need to have enough positions, that is, they need to mortgage sufficient collateral. Of course, the agreement also uses flexible fee settings. Regarding the governance of Substrate-based parachains, you can refer to the current on-chain governance of Polkadot.
Yama: You can briefly talk about how to deploy decentralized exchanges on the blockchain and how the parallel chains communicate with each other?
Ruitao: Fabian just mentioned that it can be developed through smart contracts or parachains. The relay chain brings 3 major benefits to the parachain. The first is security. The security here means that you can make your own rules, and all the rules you make are executed by the relay chain. The relay chain also provides cross-chain communication with other different projects. Finally, the relay chain also provides some governance-related content, this time involving some related agreements of the parachain. If the parachains want to communicate with each other, they need to use Polkadot’s cross-chain protocol XCMP, which allows the parachains to transfer messages safely and quickly. Moreover, a large amount of messages can be transmitted between the parachain and the relay chain. In this way, the cross-chain interaction between the parachain to the relay chain and the parachain to the parachain is completed. And the process in between is realized in a decentralized way. So we can call Acala a financial chain, and then there is a game chain. Assuming that the game is particularly popular, and both chains need to be parachains, then the two chains need to communicate with each other, and the game chain needs to use aUSD as the game Currency, because the two days are parallel chains, the two chains can directly interact in a decentralized way. In addition, the application can also be deployed based on the game chain or Acala. For example, some game applications for lottery can be deployed on the game chain, and some applications on DeFi can also be deployed on Acala. Therefore, development in the Polkadot ecology can not only become a parachain, but also build on a parachain. Dapp.
Yama: Thank you Ruitao. I wonder if Fabian and Jack have anything to add here?
Fabian: I don’t have anything to add, because there are still many methods, such as parallel threads, and some around how to actually deploy shards to provide different economic models, but in general, I think this is a new The concept is that we are no longer just talking about deploying smart contracts, in fact, we are getting a new abstraction layer. Suddenly, we are like an ecosystem. This is the real reason that makes Polkadot powerful.
Jack: Let me add something. First of all, we need to continue to educate the market about Polkadot. Polkadot’s native token is DOT, which needs to be pledged to ensure the security of the PoS network and be used for governance. We can participate in governance, which is the governance right in Polkadot, because Polkadot uses technologies such as Webassembly. Of course, the second point is obviously staking, and the third thing is the parachain slot auction that has not yet been launched. Therefore, in the DOT economic model, 50% of DOT will be used for staking to ensure network security, and 30% will be used for parachain slot auctions. Therefore, the parachain needs to lock the DOT to obtain the parachain slot. About 20% is circulated in the market, so circulated DOT is a scarce resource. Parachain slots are like Bitcoin’s bits and types of computing on Ethereum. Let us imagine that in the future, a total of 100 parachains will use 30% of the total DOT to participate in the parachain slot auction. In other words, each parachain requires millions of DOTs to participate in the auction. Of course you will get back the DOT after the Parachain Slot auction is over. So this is not a very intuitive cost. But the key point is that only 20% of DOT is circulated and traded in the upper layer, or for liquidity mining. So DOT is not a token with good liquidity. So it is precisely because of this important reason, I think, just like what Hypersphere and Ledgerprime are currently doing, they are engaged in some things in the DOT-related derivatives market. So I see two problems. I realize that many developer projects need DOT to build, and Polkadot also needs liquidity. After that, for example, once they obtain these and start developing on the Polkadot ecosystem, what financial plans are needed to solve them? DOT is not a stable currency, and its price fluctuates online. Just like Bitcoin and Ethereum. So it is necessary to create a DOT derivatives market.
I think that Polkadot has reached a market value of 3 billion U.S. dollars as soon as it went online in the first few months. I think this is the largest market value project in the history of blockchain. But this is only the beginning. Therefore, the financial market needs to be built around DOT. DOT instantly became everyone’s first choice. We are continuing to create the derivatives market. But you can’t participate in one-stop network. You want to promote DOT, although we are already trying to create products so that you can promote without artificially increasing the price of DOT. Because you don’t actually use it, it may happen that, for example, the Acala team may launch the first parachain release in the future. They will recruit a large number of DOT holders to help Acala become a parachain user, and then Acala will give them ACA to do this. If parachain slot auctions become very popular in the future, the price of DOT will rise in a short period of time, but this is actually not the most ideal for parachain slot auctions. How to eliminate basic fluctuations? For example, you contributed your DOT to two parachains. You are actually betting whether the revenue from the tokens of the two parachain projects you get can exceed the increase in the DOT itself or the staking revenue. Therefore, there is currently about 10% inflation. So there will be two situations. You are taking the risk of choosing the direction, and the tokens you get may not have the risk of high returns from staking. So how do we simplify it? How do we have a product that can be reduced to one or two variables? Therefore, it is basically necessary to design a large number of economic models on the first day, and when you are trying to build an inflation model based on your own, DOT-based inflation models help people in the capital market, liquidity and derivatives Education, which allows people to bet with DOT without affecting liquidity, or develop based on DOT without taking unnecessary financial burdens.
How do DOT derivatives develop?
Yama: Thank you Jack. You just mentioned DOT many times. To be honest, I bought some DOT last night. This is not a joke. I really bought some DOT from the derivatives and exchanges you mentioned. Next, I would like to ask Shiliang about this DOT market and your views on trading trends and derivatives and spot products?
Shiliang: I think it’s just to quickly establish Jack’s point of view. I think there have been some companies like Hypersphere from day one, which is really great. Others may be more focused on the token economic model, and we want to know more about the financial plans of other different project teams based on Polkadot. I think many people may have missed 2017 because there were many, many projects on Ethereum at that time. I think there will be a comprehensive strategy in the ecosystem. Then, for many of these projects, they raised a lot of money and Ethereum. Now, they are planning for the roadmap and project start-up, but only managing the capital operation. What I want to say is that this is actually not a strategy for many projects. Obviously, from a general point of view, there are many differences between ETH and Polkadot. Wise capital was extremely lacking and lacking at the time. What I want to say is that this encouraged the Polkadot ecosystem to take a different perspective. Then, most importantly, one thing I think is like the analogy of four DOTs and a killer that I see in the trading world, because a huge problem in the cryptocurrency capital market is cross-platform.
Another idea is that, in a sense, trading in cryptocurrency is still extremely capital and effective, which means that you have multiple trading venues and physical locations in derivatives that do not necessarily cancel each other out. Even though their risk point of view is correct, so now I say that as a trader and fund manager, I look at the Polkadot ecosystem from a certain angle, like cross-platform, enough interoperability, just like through a staking pool. The tokenization of derivatives, and thus become high-quality assets, is almost like what is lacking in explaining the world, making this cross-platform and cloud service the same. In this way, users can obtain different assets and ultimately link them together. Even from the perspective of training, I think from the perspective of capital efficiency and opportunity, it contains great hope. Finally, as Jack said, this is still different. In the Bitcoin ecosystem, for miners or lenders who must manage their own, this is a kind of management of operations and funds. Therefore, from a derivative perspective, for a certain kind of work, it makes a lot of sense to develop this ecosystem to eliminate the volatility that exists in any crypto assets, so that developers and builders can keep a low profile and focus on not having to worry about the inherent in crypto assets Great price fluctuations. For simple things such as power generation, some kind of downside protection is the structure we have seen, which is why people are interested in the Polkadot ecosystem. I think that many companies like us are trying to make these products uniform and as easy to use as possible.
Yama: Thank you shiliang, what is your opinion on this issue Ruitao?
Ruitao: Yes, a very innovative point of Acala is that we launched DOT derivatives in a decentralized way. This is one of Acala’s out-of-the-box DeFi core protocols, which we call Liquidity DOT. The liquidity DOT is actually realized through the concept of a decentralized pool. In fact, we put forward a concept, for example, if you want to participate in staking, but you don’t want to lose liquidity, then you can replace DOT with LDOT through Acala. Users can vote to govern and choose validator nodes, but users understand us Economic model and some advanced operations on LDOT. On Acala, we launched a one-click exchange interface for DOT and LDOT. DOT staking is done in a decentralized way, and through on-chain governance, the nomination of validators is considered and other things. When users click to redeem, they can get LDOT. All staking proceeds will enter this decentralized staking pool. So when a user holds LDOT, it means that the user holds both the principal and the staking income. Of course, redeeming the DOT is also very simple. We are very flexible in the redemption function. Because users need to wait for a 28-day unlock period when unbinding on the Polkadot network. But Acala provides users with the option to unbind immediately. Once you choose this option, all assets will be in your wallet after deducting the immediate redemption fee. I think this liquidity release function is very attractive to traders, users, and developers. This is our ongoing project. So I think our product is still very unique. At present, we have launched an article on our pioneer network Kurura. We plan to connect to Kusama to become a parachain. We will also launch LKSM to release the liquidity of the Kusama network.
Yama: Thank you Ruitao, thank you very much for such a detailed explanation. My next question is to ask Fabian, what role is the most important for the Polkadot ecology?
Fabian: Yes. I think there are many ways to classify roles, and I can name them. But I don’t think this helps much. I have a mental model of how to view the participants in the Polkadot ecosystem, especially at the chain level, which is not so important at the application level. The lines there are blurry. In fact, it is more like a mental model than a real barrel. You can dispatch each team. But usually these are horizontal teams, so one needs to be a domain-specific chain. Therefore, generally speaking, everything is related to the specialized domain blockchain, and we will have common functions, such as very practical modules on Polkadot. I think they have a place. But I think they are not necessarily as interesting as changes, because this is the real meaning of Polkadot. Therefore, if we look at the custom chain, there needs to be a specific chain, which means that they choose a problem area and build a change from scratch to solve that problem area. For example, there is a project called Plasm, they mainly do a scalable two-tier solution. There is a project called Kilt, and they are mainly doing a customized chain of identity verification and proof. This is the problem area they have chosen and is being resolved. Later, they will engage in specific chains in some related industries.
As the vertical application field of blockchain, DeFi also has Acala’s financial customization chain, and games are also made into a customized chain of application vertical fields. You would say, well, we didn’t consider too many issues. You come from the user’s point of view, and the application side needs to think about what we need in the chain to enable vertical application use cases. The third one is actually like an application-specific chain. Therefore, we really want to say, as if we have a potential consumer-oriented application in our mind. We have established a chain, an application, and a paradigm. The entire chain revolves around this application. Obviously, you will see a mix of these things. But this is the general classification of chains. In fact, I think that the main specific and vertical specific chains of the industry may win out at least at the beginning because there are real costs to deploying parachains, at least at the beginning, and only changing their own platforms is worth it. . Right? As I described before, there may be an upgrade path, and then four chains will be built on these platforms. They need to be parallel threads or parachains. But at the beginning, I think it will be a platform platform In this case, most of the parachains are optimized for specific problems, main or specific application work.
Yama: Thank you, so you can talk about how Polkadot’s scalability has become better? Ruitao, please answer.
Ruitao: I think Polkadot’s scalability is better in the current PoS network. PoS networks have been found to have better performance. As a relay chain, Polkadot plans to launch 100 parallel chains in order to optimize the TPS to 1000.那么每一个独立的项目都是一个拥有可定制化的完整区块链网络。所有平行链都会在同一时间在波卡生态中运行。既然这样，当100 条平行链接入波卡，届时波卡的TPS 将是所有平行链与中继链的TPS 乘积。当然还有一种方法，不过这是之后要发生的事情。我想相信未来，平行链也可以增加TPS 的扩展性。简单来说就是中继链接上中继链。其中另外一个方面我所研究扩展性的工作室如何解决不同分片之间的跨链通信的问题，是否是不同方式的执行。当然这是XCMP 协议需要去解决的，未来平行链以及XCMP 实现可用后，波卡的扩展性将会变得更加完善。
Fabian： ，我认同Ruitao 的说法。确实有这样的概念，一个波卡嵌入另一个波卡，就好像一颗中继链与平行链的大树。我们已经可以推断出它的样子了。显然，我们首先要满足一些核心特性，也就是波卡白皮书中的内容。但是，关于这个问题已经有很多想法了。我认为最终将启用的是一个非常渐进的频谱方式，以平衡可伸缩性和延迟。但我是非常对中增加扩展性的结果感兴趣，这还有待观察像这样的东西是如何发展的，以及如何在这样的网络中像平行链分配和应用程序分配。 但就路径而言我们如何让波卡在架构层面上更具可扩展性呢? 我想这可能是我们能做的最有趣的事情了。但在那之前，我认为有很多东西只是优化，第二层，在波卡上的缩放解决方案等等将解决问题，像不那么激进的方式。我想说，它们就像我们连接波卡一样。
Yama：谢谢Fabian ，接下去我最后一个问题是问Jack 的，我知道你们专注于投资波卡生态，哪个是你们最喜欢的项目？
Jack： 这个有点难，因为我的工作就是在某些方面选择我自己看准的项目。 在我们Hypersphere ，我们以及投资了中继链包括波卡和Kusama ， 然后我们目前仅完成了对2 个-3 个项目的投资。 也就是Acala ，Laminar，Polkawallet 。 我们非常高兴能在种子轮的时候就参与其中，并发现了他们强大的执行力与宏大的愿景。Moonbeam 我们最近领投了他们，他们是专注于智能合约链，致力于以太坊虚拟机EVM 在Substrate 上实现。 CEO Derek 是一个非常棒的企业家。 当然还有一个尚未宣布的项目，对了，我们还参与了Plasm 的Lockdrop，所以目前我们大约投资了5-6 个项目。
Yama： 谢谢Jack ，总的来说，波卡真的超级有趣，超级重要。 并且我们非常期待Acala 的快速成长壮大。 所以我说Acala 是集Maker 、Compound 还有Uniswap 为一体的项目，对吗？ 任何伟大的事情都需要时间。 因此，让我们耐心等待，并建立更好的未来去中心化金融。 现在最后，每位嘉宾，只需短短一句话，即可结束我们今晚的活动。我们就先从Shiliang 开始吧。
Shiliang： 是的，我知道。 我认为看到这样的才华来建立这个领域真是令人兴奋。 而今天，进入波卡生态系统的人才数量非常令人鼓舞，正是人们在不断构建生态系统，让我很期待未来强大的美好波卡生态。
Fabian： 是的，我最兴奋的是在不久的将来所要发生的事情。我已经为波卡工作快4 年了，真的，从白皮书开始。而且看到了平行链确实真的要到来了，还有越来越多的工具被利用并作出非常酷的产品。 未来波卡生态的发展是我目前最期待看到的。
Yama： 谢谢，Jack 到你了。
Jack： 是，我在六个月前决定加倍投入波卡，我曾为Web3 基金会工作，着力推动波卡的发展，目前我在hypersphere ，或多或少还集中在波卡身上，也从波卡上学习到很多东西。所以，在听现场的观众前往不要看到一些新词就气馁，比如平行链，跨链通信等等，只需要简单的接受就行了。我们会做好更多的科普教育，对于大多数人来说，也许我们可以做更好的类比和比喻来说明这和现实世界中的其他系统有什么相似之处，通过民族国家或者公司，或者其他什么。希望我们能够简化科普知识，帮助用户降低进入波卡的门槛，更容易进入波卡生态。我们深知任重道远。
当然还有许多资金与资源等着即将进入波卡生态的用户、开发者与项目，这不仅仅是来源于Web3 基金会还有Hypersphere 等等，当然还有波卡自己本身，大约4 千万美金生态发展资金正在等待使用。所以快去建立社区吧！ !我知道加密市场有很多嘈杂的声音，确实很难选择一个切入点，但是要尝试做一些可以证明未来并与之相关的事情。
Ruitao： 我们是开发者，所以我们更加为之兴奋， 期待接下即将将要上线的产品。 我个人想要补充的一点就是关于在Substrate 与波卡上开发的都是一家人，如果你们有想要利用Substrate 进行开发，请尽管联系我们，包括Jack ，这或许是进入波卡的最好时机，我们每个人都是伙伴，Substrate 技术也是一种学习曲线， 但是一旦习惯了，一旦你有好的想法并有能力构建，那就去做。
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