Keyin Capital went back to its portfolio in 2020, and pointed out that in 2021, it will focus on areas such as new public chains, privacy, NFT, and derivatives.
Original Title: “2020-2021 Annual Review of Science Bank Capital: Our Thinking and Practice in the Undecided Situation of Blockchain”
Written by: Science Bank Capital
Koyin Capital’s industry observations in 2020 and 2021
In the past year, the flywheel of the crypto world has been launched quickly in a short period of time. As a witness and participant of this historical advance, Keyin Capital noticed that the participants in the entire market are no longer only gold diggers, but a variety of technical geeks, as well as those with solid professional backgrounds and strong funds. Financial practitioners, the latter has injected more than 100 billion U.S. dollars in capital on the basis of the technology developed by the former.
At the same time, the fascinating narrative method in the crypto world has begun to change in all aspects. Everyone no longer discusses whether blockchain finance is a forward-looking demand or a scam conspired by thousands of people. “War” directly cuts into the “battle between centralization and decentralization” initiated by DeFi, as well as “conceptual wars” and “track wars” that have intensified as the bull market progresses.
It all started with the creation of decentralized financial fertile ground by Ethereum, with Uniswap catalyzing AMM to become a mainstream smart contract as the pavement, and the first horn of Compound’s first issue of governance token COMP on the entire network and the launch of liquidity mining in June 2020. DeFi has grown into a 100 billion-level market in less than a year, shaking the foundation of the centralized financial system, and we have also witnessed value rotation taking place in the crypto world-DeFi upstarts Tether, BNB, DOT, and DOGE defeated the mainstream mainstream Encrypted assets XME, XLM, NEO, EOS, jumped into the top ten.
Interestingly, Tether, BNB, DOT, and DOGE seem to represent the four types of roles in this round of DeFi boom:
- The rising decentralized financial instrument oligarch represented by Tether;
- Led by Binance Smart Chain, new funds with low threshold and high return, new users grabbing hands and Ethereum value transferers;
- An explorer of facilities and technological innovation schemes represented by DOT;
- MEME and FOMO emotional traffickers represented by DOGE.
Koyin Capital’s portfolio in the past year happened to include these four categories, and at the same time, we have also reached a broader area.
Keyin Capital’s 2020 portfolio review
The rise of DeFi indicates the establishment of new rules and new orders in the blockchain world. During the investment process, we cannot ignore the rising decentralized system. Therefore, some new generations of DeFi have been added to the portfolio, spanning applications and foundations. There are three levels of facilities and services; in addition, we also focus on further layout in the centralized system. For a long time in the future, the links that DeFi cannot achieve will still rely on more practical centralized solutions. In fact, we believe that a truly effective system will not be extremely decentralized or extremely centralized. We hope to add the advantages of the two in the investment universe of Koyin.
Regardless of the past or the future, no matter which system it is in, Keyin has always been based on the assumption that everything in the blockchain world is undecided, identifying high-quality targets that are revolutionary, experiential, and constructive.
DODO/AMM
DODO is the first AMM to use active market-making strategies to improve the flexibility of the on-chain trading market.
AMM is one of the greatest innovations of DeFi that has been verified. It uses a written algorithm to replace the role of market maker in the traditional trading market. The current market has been flooded with a large number of homogenized products imitating Uniswap, and has captured more than 30% of the DeFi market share. But they also have a common problem: they cannot flexibly respond to the changing market, and are constrained by the dilemma of Ethereum, resulting in low capital efficiency, insufficient liquidity, high cost of use, and the risk of capital being attacked by MEV at any time.
Before the Ethereum expansion problem is really solved, we can only look forward to alleviating these problems from the optimization of top-level applications, so Keyin chose to invest in DODO. We started to contact the DODO team very early, and solved the active market making (PMM) algorithm, which can ensure that the transaction curve is smoother near the market price, and the liquidity supply is always concentrated around the market price, which relatively completely solves most of the inherent risks of AMM. At that time, we predicted that the PMM algorithm will become one of the most professional liquidity components, and DODO will also be among the top applications.
Facts have proved that DODO has not only grown into the top ten DEX in a short period of time, but also immediately reached many significant needs in the DeFi market: through DODO Private Pools (DPP) attracting a large number of professional market makers on the chain; layout of the long-tail asset market , To build a new currency issuance platform with the lowest liquidity threshold; continue to make efforts in gas quotations and gas subsidies to reduce user transaction costs; DODO also develops the front-end with the best user experience in the DeFi world.
We look forward to the DODO team with strong product design and technical implementation capabilities to realize their exciting innovation vision step by step.
BitWell/ Derivatives
It is a well-known fact that there is a huge gap between digital currency derivatives and spot trading volume, and there is a huge gap in the traditional financial world. This is one of the clues for us to actively enter the derivatives track. We also determined that in the path of digital currency derivatives market catching up with traditional finance, centralized platform solutions will precede the outbreak of decentralization, and we will first start with BitWell.
In June last year, Keyin made a strategic investment of US$1.5 million in BitWell.
We have noticed that the exchange track will eventually tend to severely homogenize business categories, so grasping the first-mover advantage is the key to the exchange’s competitiveness. Derivatives trading platform was a fairly blank track at that time, and no products with monopoly capabilities had appeared. Based on the trust of the BitWell team’s deep and complex experience in finance, the Internet and blockchain, their market sense and product design Recognition of ability and innovation ability, we chose to become a strategic partner with BitWell. We fully believe that BitWell has the ability to enter the top three of this track and develop the potential of a leading institution-level derivatives service platform.
So far, BitWell is equipped with a self-developed multi-layer cold wallet system, a high-performance and high-stability trading system, a top professional derivatives team, and a low-threshold and high-flexible white option product. What is gratifying is that BitWell is still A fairly fair and transparent platform, with institutional norms first. BitWell now has a daily trading volume of US$350 million, and our investment in BitWell has achieved a return of nearly 674%.
Polkadot/web3
Since 2017, the cross-chain, expansion and Web3.0 vision have been the three most ambitious themes in the crypto world. Polkadot, developed by the proponent of Web3.0 and presided over by the designer Gavin Wood, has brought these themes to the extreme. In the past year, Substrate2.0 has become one of the most popular development frameworks for developers, directly promoting the endless stream of Polkadot innovation projects. As of writing date, Polkadot has gathered 439 projects, and Polkadot has reached 380 worldwide. The market value of 100 million U.S. dollars.
An important task of Polkadot is to encourage the prosperity of parachains and break the monopoly of single chains. Under the impact of Ethereum DeFi last year, the topic of cross-chain and capacity expansion temporarily faded out of public view, and the Ethereum myth became a popular mainstream story. It was not until the surge in Ethereum usage made it difficult for users to bear gas costs. It has become a general trend again, and the public chain explosion has kicked off in early 2021 with BSC as the leader. Perhaps it is no extravagant talk to produce several giants no less than the market value of Ethereum, and once Polkadot landed, they will finally converge. Yu Boca.
Koyin participated in the two rounds of public offerings of Polkadot in 2017 and 2019. We tend to think that Polkadot is the next stage in the development of blockchain technology. Like Bitcoin and Ethereum, it is a revolutionary iteration of blockchain technology. , Their degree of generalization is gradually increasing, and they gradually carry a greater vision of political economy. The successful landing of Polkadot will open the era of blockchain 3.0.
BlackOcean/ privacy, liquidity
With the launch of this big bull market, the DeFi ecosystem is experimenting with new financial structures at an astonishing speed. A large number of tools based on the pain points of the bull market have also shown a Cambrian outbreak. BlackOcean is a very groundbreaking case.
BlackOcean is a liquidity supply and privacy trading platform incubated by European high-frequency quantitative trading company VRM. VRM is one of the three major market makers in the crypto market. The essence of BlackOcean is a liquidity pool and an anonymous OTC platform that provides services for institutions, market makers, and large users. It is called a dark pool in the traditional financial world.
Dark pool is not a new concept, but it is a missing existence for the crypto world. In the traditional market, there have always been high-frequency traders who specialize in inquiring inside information to obtain preemptive trading opportunities in order to obtain deterministic gains. Such rat warehouse behaviors are rampant in the Ethereum dark forest, and the signals of large transactions are monitored at any time. , Once it takes off, it will be immediately rushed or trailed by the arbitrage robot. When the transaction is executed, it has already paid a very high cost. There are already some solutions to save transactions, such as designating a mining pool or taker and maker for packaged transactions to ensure that transaction orders will not be viciously competed. Tai Chi Network and Tokenlon are providing such services.
The dark pool on the chain created by BlackOcean is another solution. As a trading place, it hides all market data and pending orders, thereby bypassing the monitoring of arbitrage robots. The difficulty of this solution lies in its high reliance on accurate quotation and excellent liquidity, both of which happen to be the strengths of VRM.
Keyin and BlackOcean are in-depth partners. They fully understand that BlackOcean’s creation of a professional platform for block trading services is an important step to promote the maturity of the crypto-finance market. Professional dark pools are a trading infrastructure that will surely appear in the crypto world. Build a better market order. As BlackOcean takes a historic step, the concept of dark pools will become one of the meta-cognitions in the crypto world, and BlackOcean will also become the leading project of this new track of dark pools due to its strong team strength.
Republic / crowdfunding, issuance
Republic (republic.co) was launched in 2016. It is a crowdfunding platform that is fully compliant under the US judicial system. Its compliance allows retail investors from most countries in the world to participate in the financing of start-ups or projects on Republic.
Keyin pays attention to Republic’s user positioning based on retail accounts. This positioning will undoubtedly promote the civilianization of the venture capital economy.
Information and opportunities are the most precious resources in the financial field, and they are also resources that vested interests in the traditional world can instinctively monopolize to build wealth barriers. Republic has arrived with the mission of breaking primary market barriers and solidification, so that ordinary people can share the rapid growth of independence. The interests of hornbeasts and the industry, this is the reason why it is bound to be a great project. However, the vision alone is not enough. When the market conditions are relatively bleak, Koyin is optimistic about Republic, in essence, it is optimistic about Republic’s team background and business blueprint.
Republic is a spin-off and independent company from AngelList, the world’s largest investment platform. AngelList is well-known in Silicon Valley and the world’s investment community. It has helped thousands of companies including Robinhood, Cruise, Calm, and Notion raise more than one billion U.S. dollars, making it easier for Republic to obtain U.S. compliance permits also have more experience and ability to protect the investment interests of ordinary people.
The Republic product line involves venture capital, private equity and fundraising. Its essence is an Internet investment bank that uses blockchain verification technology. It sells high-quality assets that would have shut them out to retail investors. Republic’s crowdfunding threshold is only 10 US dollars. In addition to equity crowdfunding, Republic also has a strong private equity investment department as a support. At the beginning of last year, Republic acquired the leading independent game crowdfunding company Fig and the real estate financing platform getcompound, which enabled Republic to obtain more top-quality project resources.
Public issuance of equity and currency rights, participation of rights-holding users in decision-making project development directions, and accompanying project growth have become commonplace in the DeFi field, and it has proven to be a mutually beneficial and win-win model for users and project parties. Republic relies on strong capital and product capabilities to play this model to the extreme. Angel investment can also become a kind of MEME. We look forward to the day when Republic will start the nation’s angel investment boom.
Jasmy/ data cloud, privacy
“Data is the oil of the digital age” and “data ownership and usage rights should be returned to individuals” are indisputable facts. Data sovereignty and privacy freedom are part of our assumptions about blockchain landing scenarios, but it is difficult to say clearly. How to achieve it. When we received Jasmy’s project white paper, we saw the embryonic form of a new era of data privacy.
Jasmy loT Platform is a technical facility designed to create a secure data environment. It integrates IoT encryption and distributed storage, and provides each user with a “personal data cabinet”. Individual users can not only keep and manage in this data cabinet For important personal data, you can also freely decide whether you are willing to provide personal data to the company and conduct data tracking management. Technically realizing data privacy sovereignty is the first step in the data rights revolution. Jasmy is also innovating on commercial data smart devices. As a key project officially recognized by the Japanese government to promote the development of smart cities, it is currently constructing a well-known Hokkaido building. Focus on the new landmark baseball stadium complex, with a total investment of 600 million U.S. dollars.
What problems the blockchain can solve is the permanent Socrates question of the early practitioners. An important main line of Koyin’s investment portfolio is blockchain applications other than finance. We choose to pay attention to the data and privacy security issues left over from the Internet era and web3 .0 track, they are the next evolutionary direction of the Internet industry, and are naturally adapted to the blockchain. We look forward to discovering more technical explorations like Jasmy with a solid team and integrated with industry. We firmly believe that this will give blockchain technology. A deeper meaning and longer vitality.
Keyin 2020 DeFi Investment Portfolio
In addition to the above-mentioned blockchain-based CeFi and industrial projects, Keyin has also concentrated on investing in a number of DeFi products in the past year. We are involved in lending, middleware, DAO, and aggregation platforms, and many high-quality targets are online Later it became a star product.
DeFiner (lending) has always focused on opening up the lending market with high customization, privacy, and multi-chain. Recently, it has been updated to version 2.0 to open unconditional access permissions for long-tail assets with low liquidity and create a smart contract black box to protect access to users款信息。 Section information. DeFiner focuses on optimizing the functions of lending products and lowering the threshold, and the user experience is constantly upgraded. In the long run, it will be easier to capture users than other lending contracts.
Unifi (Infrastructure) is a multi-chain smart contract initiated entirely by the community. In essence, it is a complete set of DeFi basic components born for generalization. Developers can develop various DeFi products based on UniFi, plus it has a huge The user and developer communities have caused many new public chains to rush to deploy Unifi on their own chains. Unifi has now landed on TRON, Ontology, Harmony, BSC, and will soon be listed on Ethereum. Its governance token, UNFI, was launched in November last year. Binance will be launched this month.
PowerPool is the result of thinking about the governance rights of DeFi. It is forked from Compound. It collects governance tokens from other DeFi contracts through borrowing. Retail investors can lend the tokens needed for governance in PowerPool, thereby increasing their voting weight. It is usually difficult for retail investors to play a substantial role in governance. PowerPool enables small retail investors to obtain governance power comparable to that of giant whales in the DeFi ecosystem, and can also obtain token CVP through PowerPool’s pledge pool mining, and then CVP Invest in Uniswap to provide liquidity governance to earn interest. PowerPool is a new type of DeFi experiment. It may only inspire people’s awareness of governance by paying interest, and gradually develop into the governance center of the DeFi ecosystem.
Bella is a one-click DeFi asset management agency that prioritizes usage costs and product experience. It can help users complete the complex operation steps of mainstream Dapps with one click. At the same time, it also develops native revenue aggregation, lending and robo-advisor products based on the one click concept. The basic categories of DeFi products have been well-formed and gradually ushered in a window period for product experience updates. With simpler product logic to attract a wider range of funds and users, Bella is one of the use cases.
The future is here: Koyin Capital will focus on these directions in 2021
DeFi has grown savagely over the past year, and people always compare it with the encryption wave of 2017, which inevitably breeds a lot of skeptical arguments—prosperity is an illusion and growth is a bubble. However, it is actually very easy for us to get rid of these pseudo-logics that confuse emotions with fundamentals. Only market sentiment will be converted by bulls and bears, and financial development will never stop. Emotions will always lag behind the speed of technological progress, and the investment principle of Koyin is to find opportunities earlier than the market.
Before the market sentiment was completely boiled this time, Keyin Capital laid out an investment portfolio with infrastructure as the mainstay and supplemented by innovation and product experience. In the future, we will continue to target DeFi in the infrastructure stack (new public chain, privacy, Value investment is made in three major directions: NFT), user experience optimization (borrowing), and lack of financial demand (financial derivatives).
New public chain
The new public chain competition kicked off in early 2021. This round is led by BSC. New public chains such as DOT, NEAR, Solana, AVAX, Flow, and Mina have all become important places for Ethereum’s capital flight and new capital to reside. One reason why the new public chain is sought after by the market is that the expansion plan of Ethereum has not been realized. At the same time, the possibility of the new public chain to replace Ethereum has been verified on BSC. Every new or undiscovered public chain intends to re The wealth created by BSC at the beginning of this year is brilliant. The speculative funds pouring into the new public chain will continue to exert force from this, but there are deeper reasons why Keyin is optimistic about the ecology of the new public chain.
The new public chain is known as the killer of Ethereum, and when the expansion of Ethereum is completed, we should think that the new public chain will be reversed by Ethereum. The same killer theory also existed between Ethereum and Bitcoin. Because Ethereum has better throughput and scalability than Bitcoin, people think that as Ethereum develops, it will completely replace Bitcoin. Since the development of Ethereum and Bitcoin, after several rounds of refurbishment, there is no longer any overlap. Many public chains are actually completely different from the consensus of Ethereum. They should not be roughly positioned as a substitute for Ethereum. We tend to coexist with multiple chains in the future, and tested public chains will serve specific groups of people and In the scenario, the current situation of severe business homogeneity will no longer exist, and the division of labor will shift to multiple chains.
We will look for public chain investment targets with clearer positioning and greater landing possibilities. As a complement to Ethereum, we can predict that other high-quality public chains will catch up with Ethereum’s 400 billion US dollars market value.
privacy
Although the cryptocurrencies represented by Bitcoin and Ethereum have native anonymity, the blockchain does not protect address privacy. Once the address is combined with the real identity, all the behavioral data and assets on the chain will be completely exposed. Although the privacy issues of some cryptocurrencies have now been resolved, smart contract transactions still lack anonymity and privacy, which leads to at least three current situations that need to be resolved:
- First, the metadata on the chain is purposefully screened and tracked, revealing a large amount of financial privacy, and some even involve enterprise-level secrets;
- Second, on-chain behaviors, especially transactions, are publicly broadcast to all nodes, leading to a large number of malicious attacks and arbitrage incidents.
- Third, as the supervision becomes more stringent, one day the on-chain addresses will be supervised and forced to associate with off-chain identities. Blockchain, a tool that originally represented democracy and freedom, will become a space for the whole society to monitor users on the chain.
The expansion of DeFi participants from individual retail accounts to large-scale institutional enterprises is an inevitable development trend, but the solution to the privacy problem is a prerequisite for the on-chain financial tools to attract enterprise-level customers and undertake the gradual transfer of traditional finance. With the development of smart contract privacy algorithms, privacy currency, anonymous mining, metadata block encryption protection, and encrypted transactions have the basic prototypes. In the split state, they can each guarantee the anonymity and confidentiality of some user information, but these agreements They are not compatible with each other and with other DeFi protocols, and they are still far from being usable and easy to use.
The current privacy track is becoming more lively, and users’ awareness of privacy on the chain is gradually awakening. In 2021, we have unlimited expectations for privacy coins, privacy functional components, privacy platforms, privacy public chains, or more imaginative privacy solutions.
NFT
NFT is the track that Keyin focuses on deployment. Originally, NFT was only a niche area of the encryption circle, but in 2021 it will quickly become one of the most imaginative tracks in the encryption world. Its entertainment and low cognitive threshold make it easier to connect with the public and groups of different attributes. Although practitioners in the crypto circle undoubtedly regard NFT as the best export for breaking the circle in the crypto world, we are more concerned about how the current NFT, whose total sales have just exceeded 600 million US dollars, will undertake the global trillion-scale cultural industry.
NFT is full of use cases, NFT+IP, NFT+music, NFT+collectibles, NFT+copyright, NFT+finance, NFT+game, NFT+social, NFT+fan economy…
Some products have appeared in the use cases we described and have grown. However, there is still a huge gap between the size of the current NFT market and the size of the traditional culture market. This distance is enough to make us confident in the value carrying capacity of various combinations derived from NFT. At present, we have seen that the NFT investment event continues to intensify. Many KOLs, celebrities, and brands have entered the market for blessing, and the myth of high-priced auctions and strong alliances is constantly escalating. NFT spreads like a social movement. The more complete public chain infrastructure increases the scalability of the NFT platform and removes the technical barriers to participating in the NFT. We are sure that the value input surrounding the NFT has just begun.
Keyin’s investment in NFT will range from the most basic gameplay of NFT to a deeper NFT experiment. NFT unintentionally caused a large-scale social experiment. It put on a glamorous artistic cloak, and quietly reshaped many economic and ideological realities in real life. Many people currently do not fully understand NFT except for speculation and speculation. The source of value, but once the content and rights are transformed into digital form, NFT will be the basic tool for the next stage of consciousness.
Borrow
Transaction and lending are the two basic elements of DeFi. Lending is a permanent demand in the DeFi world. Because lending contract users and liquidity providers have profit-driven and no-threshold exit autonomy, and experience orientation, lending contracts will never be able to An absolute monopoly is created, which means that this track will always be full of possibilities.
There is already a leading product in the lending field, Compound, with a total amount of up to 9 billion U.S. dollars in a single day, and the total amount of borrowing in the Ethereum network-wide loan agreement on that day is about 18.8 billion U.S. dollars. Although Compound has occupied half of the lending market, we still believe that lending is a blue ocean with great potential for development in the long run.
Such a judgment is mainly based on the fact that most of the current DeFi loan contracts have only one of the most basic forms, such as over-collateralization and the model of mainstream encrypted assets and blue chip DeFi assets as the main collateral, which makes users have to withstand high frequency and severe fluctuations in the market at all times. The liquidation risk brought about, as a facility to undertake the traditional world’s lending system, it drags down capital efficiency and is far from mature and complete. In the future, only innovations in collateral, mortgage rate and liquidation risk will bring transformational development to this track.
The loan agreement will also be backed by the derivatives track in the future. After the expansion of Ethereum is completed, the scale of derivatives transactions on the chain is expected to grow dozens of times more than the scale of spot transactions. Players’ leverage needs to rely on the capital reserves of the loan contract. We anticipate that the loan agreement will have a higher degree of coupling with the derivatives agreement in the future, and we also look forward to the development of a series of on-chain reputation systems, real assets on-chain and evaluation systems in conjunction with reception agreements. We will actively look for projects capable of implementing these programs to enrich the ecological layout of the loan track.
Financial derivatives
Keyin always believes that every growing market will naturally develop its own derivatives market, and derivatives have always been the main force driving the growth of the financial industry. We believe that the trading volume of crypto derivatives will rise steadily in 2021, especially Centralized derivatives exchanges are the lead, and the forward path of derivatives exchanges and trading instruments in 2021 will be based on the continuous upgrading and updating of original projects. The number of new derivatives projects will not increase explosively. The reasons are as follows:
Market volatility has always been high, and high volatility will drive the volume of derivatives transactions. Centralized exchanges rely on technological advantages, product innovation, traffic accumulation, and spot market conversion to achieve rapid market share growth. However, due to the limitations of tools, on-chain The development speed of derivatives is not as fast as many other practitioners expected. In the process of digital currency derivatives catching up with the volume of traditional financial derivatives, the centralized platform will break the situation earlier than the decentralized platform.
In addition, most of the participants in the derivatives market are individual retail investors. We confirm that the huge opportunities in the crypto field will be noticed by more and more hedge fund trading experts, who may carry huge liquidity and demand for derivatives trading. Entering the market, excellent products will help this group of professionals enter the market, and they will also feed back the market and nurture more mature derivatives tools.
Finally, although the growth rate of DeFi derivatives is slow, considering that its birth time is less than two years, it has already brought huge financial innovations. Synthetic assets, perpetual contracts, swap contracts, derivative AMM… just the current Ethereum Unable to support these innovative products to enter the market, DeFi derivatives are now undergoing the difficult development and promotion phase of the ancient DeFi blue chip projects. We believe that now may be the best time to discover unicorns and gain early participation opportunities.
Conclusion-Welcome to the era of encryption
Keyin witnessed the rapid rise of DeFi in 2020, and was fortunate to be deeply involved in the complete cycle of many projects from creativity to implementation. Keyin’s investment has achieved a super high rate of return and industry recognition, and won many awards in one fell swoop; including gold Finance and Economics sponsors the 2020 “Create with the Times” Ceremony, the most popular investment institution award for entrepreneurs in 2020; DeepChain 2020 sponsored by DeepChain Finance, the most influential investment institution award of the year, PANews annual most powerful investment institution, Nova2020 blockchain annual activity TOP20 investment institutions, etc.
Keyin China CEO Xu Yinglong’s insightful investment vision won DeepChain 2020 sponsored by DeepChain Finance, the most influential investor of the year, the leader of PANews of the year, and the TOP30 of Nova2020 Blockchain Investor of the Year.
While gaining returns and honors, Keyin Capital has always adhered to the tradition of advancing and retreating together with the invested projects. We insist on post-investment empowerment for projects. From 2020 to 2021, Keyin Capital will continue to build a community ecology for the invested projects , Docking traditional financial and business policy support, organizing internal and external exchanges in the industry, hosting offline meetups for 34 project parties, friendly support for dozens of industry technical exchange activities, continuing to assist project parties in brand public relations, and exporting more than 20 submissions Research report.
As a veteran blockchain venture capital institution established in 2015, years of financial experience have taught us that the Matthew effect and the first three theories are invariable axioms in all market operations, but the history of the crypto world illustrates a fact: It is best at breaking this axiom. We are pleasantly surprised that in the crypto world, everything is still undecided. It is full of ups and downs and full of upward channels. In spite of countless shipwrecks, human beings are still sailing out to sea. The investment in the crypto world is a great voyage. We will always believe that in this great game field, in the flywheel of history, all institutions, including us, are just flying. And the ordinary people on top.
Next, the battle between centralization and decentralization in the crypto world will gradually come to a climax. More than 180 years ago, because of the incompatibility between the two systems of the continent and the ocean, and the extremely crude communication protocol at that time, the two systems collided strongly, and then merged with each other through war to produce a new world order. Now, 180 years later, the two systems of centralized and decentralized systems are currently extremely poorly compatible. The current communication protocol also has many problems that need to be resolved. As a pioneer, no matter whether we can recreate a new world order, we will be in history. There is a rich and colorful stroke left in the long river of China.
