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hello everyone i'm bless ceo and co-founder of nicktail and i'm here to discuss about decentralized finance and yale farming trends maybe at first a little bit of context about me so at nigtel we developed blockchain analytics and business intelligence services are on crypto asset and decentralized application so our aim is to better understand the investment and usage behaviors around this specific asset class and this new kind of application and also to better understand the fundamental value of this specific asset so we are like an observatory position to analyze and monitor the development of the blockchain industry and that's also why we want to speak about the centralized finance today as it's one of the most host topic this year around the blockchain industry so what's what's the central defense it's basically applications that are providing alternative means to deliver digital financial services it's one of the latest innovations that has emerged from decentralized economy it basically follows the idea of rebuilding the infrastructure of financial services and moving it into decentralized networks to take the industry from a centralized system full of monopolies towards a trustworthy and transparent world that runs with no intermediaries defy applications do not do not need intermediaries or arbitrators the code specifies the resolution of every possible dispute and the users always maintain control over their funds it reduces the cost associated with providing and using this product and allows for more frictionless financial system monetary banking services are an obvious use case for them can include insurance of stablecoin of mortgage of insurance policy etc and all this application has been built primarily on the sram network to represent currently one of the main application types for cryptocurrencies which bring non-custodial financial services to the mass market by leveraging ethereum interoperability and smart contract capabilities so these innovative tools aim at transforming the financial system in a more decentralized innovative interoperable borderless and transparent way currently there is almost 10 billion of value locked in decentralized finance product at the beginning of the year it was just slightly above 500 million so this year has seen like a huge growth around decentralized financial services and we are observing decentralized exchange lending and borrowing platform insurance services so it's really a flourishing and growing final parallel financial system that is setting new standards for access resilience and transparency now let's take the time to analyze a few major case studies around this space just to better understand what type of product we can find there let's begin by maker maker thereo is by far one of the most recognized decentralized finance application in the market it's a credit platform that supports dii a stablecoin whose value is paid to the dollar and it's one of the most used stable coin in the cryptocurrency industry but uh it it's not working in the same way that other traditional stablecoin providers in the case of maker derog it allows anyone to open a vault to lock in crypto collateral on this vault and then generate a stable coin against that collateral so there is no dollars in the bank account to maintain the peg on the stable coin but instead of this it's using smart contracts and collateral in the form of other cryptocurrency to maintain the peg and all the governance and the system use automation use smart contract to perform the lending and the stabilization function without a central identity at the end it's like fully automated smart contract services that enable anyone to generate a stable coin and to create a credit adept on a specific collateral to edit this double coin so it's stable coins are like the on-ramp the easy enrollment to access other define product or the d5 services so this type of project is really needed in the ecosystem to avoid having to deal with the volatility and the fluctuation of crypto asset volatility so once you have access to a stable coin maybe you would like to exchange it for other tokens for other crypto assets that's where you might need to use a centralized actions platform like uni-swap kyber network or orig just to mention a few in the case of uniswap it's a decentralized exchange platform that enable user to convert any tokens on-chain in a private secure and non-constitutional miner via an easy-to-use user interface so instead of user order book like in traditional actions platform uniswap make use of what they call liquidity pools that help to boost the protocol exchange liquidity they truly act as a fully digitalized exchange and it offers different services and other action platform by using this liquidity pulse and by incentivizing investor to bring liquidity to the protocol and then to provide a free user experience for traders and investors that want to perform a transaction and all transactions are written within the blockchain ledger and on this case on the atm platform so now you are able to emit a stablecoin to exchange your stablecoin for other tokens maybe you would like to pay and to use your crypto assets like in the real life that's where payment services come most popular are applications like crypto.com or monolith so it's basically the centralized banking platform built on a terror ram where you can spend your token in the real world with a visa debit card but instead of nailbonk like revolut you won't have a bank account you will always only deal with token address with wallet where you can exchange your token using decentralization so there is a direct bridge between payment services and decentralization and you can also access thanks to the services to other applications in the device space specifically if you would like to generate some yield on top of your asset you would like maybe to interact with peer-to-peer lending protocols but this new type of protocols have emerged all along this year it's really the type of protocol that can generate a highly interesting and significant yield furnace on the d5 ecosystem so in the case of rv it's a product that have been launched at the beginning of this year it's a decentralized non-cultural money market maker which enables landing and borrowing in a peer-to-peer ways between uh between users so anyone can lend its asset for an annual percentage yield and also use them as a collateral to take a loan in stablecoin or other crypto assets so a lot of investors and traders are using this product as it's enabled either to leverage your position on a given asset or to short the market believing the it will uh it will decrease in term of value so it's like a specific type of product which has become a k building block of the old decentralized finance industry then if you begin to use these services maybe you could be afraid about the associated risk because you are dealing with smart contracts sometimes there is a hack or exploit that can make you lose your friends and then you would like to get an insurance policy around your activity in the face base that's where projects like nexus material come so it's basically a community owned insurance platforms where member pull and share insurance risk so basically you can get a smart contract insurance that will cover your usage of specific defi products and services and you can basically cover any type of product or services which is verify on etherscan it's a community owned tools that just label a different type of transaction platform and smart contract so through all these different tools you see that at the end you are able to generate a stable coin to trade in a peer-to-peer way to access payment services lend or borrow some money and also get some insurance services around all this type of product so it's really important to understand that all these typical financial products that were existing on the traditional market are now available on decentralized network and it's only the beginning of the development of this new industry so really the device space represents an entirely new financial infrastructure stack with financial primitives automatic market marker priceless synthetic asset reflexive bonds etc in defies there is really a unique competitive advantage which lie in the combinatorial innovation capacity to enable the development of new products and services in a fully organic and unexpected ways so basically new product new services are interacting with all existing tools within the space and they are always trying to create more value for everyone for the user for the other product just making great synergy within the overall base and this financial technology can become the building block for future innovation promoting new combination and new products and if successful this decentralized business model have really the potential to reshape the fintech industry and to create a new landscape for entrepreneurship and innovation we also have been talking about stablecoin and this asset are really important for the defense base the last in the last few months and the last few years they are rising in popularity uh with uh some experiments from facebook and libra like private stablecoin or also from central bank which are all thinking about emitting central bank digital currencies so all this initiative will bring a mainstream uh adoption around stablecoin and then as stablecoin are a non-worm from defy space it could bring to user a broader variety of services and providers for now there is still some problems some issues because it's not regulated enough so if you want to comply with kara ic and anti-money laundering procedures you will need to deal with custody wallet providers for knowing the default space there is not that much of this type of wallet and the lack of regulation could create some concern for those who want to invest large amounts into the market however this lack of regulation it's also a sign of the early stage of maturity of this space so we are still in the initial state of development and there are plenty of opportunities for higher revenue and better product or services that could be built within this ecosystem so now we could understand quite well what g5 means and what type of products there is in this space let's focus on the specific trend that has emerged the last few months which is called yell farming and which is basically a new way of bootstrapping defined project so the concept of help farming has been introduced as a developing mechanism to distribute rewards to early adopters of new decentralized initiatives it's basically a token compensation mechanism to encourage users to adopt a new product and to give them a share in governance or future revenue in exchange of uh the usage of the product so the best example of this magazine mechanism has been seen around decentralized exchange platforms which were struggling to bootstrap liquidity in the absence of market makers as international markets this decentralized trading platforms were in the need to incentivize investors to bring liquidity to their platform as a preliminary step to provide a free trading experience to users liquidity mining has been conceived as a way to onboard liquidity providers are on decentralized exchange platforms and it's basically rewarding them with the project native tokens so in this way this legacy providers earn an additional reward for their participation in an emerging community and it's incentivizing them to become long-term support as their yearly rewards in the native token could provide them with a higher return on investment if the platform becomes successful then gl farming that's why yale farming has become one of the most popular mechanism to bootstrap a user community around defy solution so it allows early adopters to receive an interest for interacting with the product and it really creates senior age of new governance token that are given to the community members who contribute to the product so the result is an instant community collision and vitality in a way that was impossible to achieve before for this yell farming mechanism at the end it shares some similar premise that the one behind ico basically the trend that we uh we discovered in 2017 and where the emission of token has really begun so the objective of ico at this time was to get ownership into the end of many and have the many become incentivized to be stewards and custodian of the product it's almost the same uh the same objective for real farming but at the end it's a significant upgrade from the icu model for different reasons at first it does not put capital at risk because this bootstrap mechanism can be set up without any initial investment so you get a share in the protocol just for being a user and then you become in investors without having to invest a given asset in this product in this way it's also more difficult for vc and wealthy investors to capture a significant portion of the supply so it creates a really more effective way to distribute to distribute wealth around a given community and as the labor involved with farming creates long-term adherence and cooperation with the social contract of the product then you really are able to build a consistent community that will be loyal to the product and to the to the service which is offered so this is an highly interesting mechanism but which is not perfect yet so defy project can collapse from the same breakdown of incentives that broke the ico model when basically too many projects appeared with the intent to defect and market them their tokens on individuals on the last few weeks we have seen in cd5 space many projects that at the end were only scam and that were trying just to attract uh naive investors and to to get their front without any real promise behind so seeing this maybe it means that we have reached a certain uh certain point in the development of the device space where now there is almost as much as bad and malicious initiatives and good ones but the yell farming mechanism might still be slightly more resistant to this outcome that basically made the ico model not work anymore so it's offer stronger for the foundation even if it's by no means a perfect solution and if you are interested to invest in this space if you are interested uh to develop a product and services uh in cd5 space always take care of the fundamentals behind a given product behind a given community so you need to analyze the strengths the face the whole business of a given community and also the same type of factors for the product and the service itself and maybe just to finish let's highlight a few remaining challenges around the default space so as we said it's an industry which is emerging so there is a lot of opportunity but also a lot of risks first risk is the risk of user error so basically defy application transfer all the responsibility from the intermediaries to the user and sometimes this can be a negative aspect for many so you have to design products that minimize the risk of user error and it's particularly particularly challenging when you deal with products that are deployed on top of immutable blockchain so it's happened all the time sometimes users are sending their phone to a bad address and then they can't recover the font which would never happen on the traditional financial system so we need as builder in the space to find a way to minimize the risk of user error and to improve the user experience so the bad user experience is also a critical uh aspect of the space for now if you want to use define application it really requires an extra effort on the user part and if we want this application to become a core element of the global financial system we must provide tangible benefits that will incentivize users to switch over from the traditional system so for now it's still really really and it's not we are not able to generate mass adoption with the current level of user experience within the space and the last challenge which might be one of the most important it's like defy it's a cluttered ecosystem it's an overcrowded space where there is every day every week a lot of projects that are occurring and sometimes it can be a daunting task to find the application which will e the most suitable for a specific use case so user must have the ability to find the best choice and for now it's really difficult to understand all the specificities around different products and services and the challenge is not only to build a new application but to think about how it will fit with the broader def ecosystem so as we said before there is a composability uh aspect on the default space which makes make it very strong so all new projects are always leveraging the value added by other existing products and services and all successful initiatives manage to create great synergy with all existing products and services so it means as a builder an entrepreneur in this space that you need to understand basically all k application or a project in some specific application segments and to find the best positioning just to create as much synergy as possible and then providing a lot of value to your to your own customer so that's uh that's all for today are on deep frye and yale farming i hope to you enjoy the the talk and the presentation do not hesitate to come back to us at nicktale if you are looking for more understanding of the default space and maybe if you would like to have access to unique performance indicators about k projects in the in this space and in any case i hope to talk to you soon