With the popularity of the algorithmic stablecoin concept, a new round of DeFi mining craze has been set off, but with the frequent congestion of Ethereum and the emergence of a large number of new products and strategies, traditional aggregators have become increasingly unable to meet the new cycle. For the needs of miners, the YFII moon landing plan came into being, and the YSD project as a mature stablecoin trading medium is the focus of the YFII moon landing plan.
As a well-known developer in the industry, YSD developer Kojima has maintained his own unique observations on the endless new things emerging in the industry from the early game development to the current Unisave and Matataki. This time, the chain catcher had an in-depth exchange with Xiaodao, and talked about his views on DeFi, public chain development, and developer community construction.
Author/ Loners Liu
01
DeFi scientist and development experience
Chain Catcher: When you were in college, you used to read the book "The Hacker and the Painter" in the library. What views do you think in this book have always been useful for your entrepreneurship?
Kojima: "The Hacker and the Painter" should benefit me the most from three places: The first is the ten hacking guidelines, one of which is that "any information should be free". I think this is related to the design in the blockchain. It is consistent. For example, if you want to check what kind of actions a scientist has on the chain, you can find out through some methods; the second book teaches me some basic knowledge about startup; the third is about development Methodology, such as how do you go to Hacker, how to solve problems through Hacker and so on.
Chain Catcher: Speaking of scientists, what are the classifications of DeFi scientists in your mind?
Kojima: Everyone disagrees on the definition of a scientist. Some say you are going to hack, and some think that as long as you use the code to adjust the contract, you are considered a scientist. I am the latter.
Scientists can be divided into broad and narrow senses, or scientists can also be divided into several levels.
The first type is to use the etherscan contract to interact. For example, if a Uniswap website is blocked today, it may happen that the website is dropped or people in a certain country or region are prohibited from accessing it. At this time, you want to directly use etherscan to transfer Sexual release is actually a relatively simple scientist.
The second type is to use scripts for contract interaction. For example, when EOS was first launched, some scientists would generate some accounts in batches. For example, uniswap will send airdrops. If users open many accounts, each account will make a transaction with it, which can be regarded as a scientist.
The third category is a scientist who knows how to look at smart contracts and can analyze what the smart contract is doing.
The fourth category is white hat scientists or hackers. They see the danger hidden in the contract in advance, and this category belongs to the top scientists.
Chain Catcher: You have done games, Y3D, Unisave and many other projects before. Review your past development experience. If you have any lessons, we can share.
Kojima: I now conclude that if you want to learn smart contracts, in fact, the best way is to make a copy of the disk. If you can innovate on the basis of the copy, it means that you have mastered it. There are too many things to learn in the Crypto industry, and there are innovations every day. You can also pay attention to some super scientists, such as YFI founder Andre Cronje, who will selflessly put his new ideas and insights on the project before the project has not been released. Previously updated in his blog.
In addition, you can also communicate with the community more to know what products they need and where the pain points are. Many retail investors not only have to pay high handling fees, but also bear the decline in currency prices when they dig their heads. Therefore, they must have a large amount of funds to make money, so that they have a demand for products such as machine gun pools. The YFII moon landing version also has a machine gun pool dedicated to mining heads. Talk to the community and miners more, and you will know what kind of products people need.
Chain Catcher: Recently, on-chain fees have increased significantly. What solutions does YSD have? And what is the original intention of YSD?
Kojima: The high transaction fee on the chain is a problem that has always existed with the entire life cycle of Ethereum. I now prefer Ethereum's transaction fee to be part of its moat, which is certain for maintaining the ecological health of Ethereum positive effects. Project parties can also migrate to Layer 2, including the recent Binance Smart Chain, Huobi Ecological Chain, and OKExchain. For us YSD, it may be released on BSC first, and then transplanted to Ethereum after maturity to avoid making some mistakes.
The original intention of YSD was that we found that the market urgently needed a neutral stablecoin as a medium of exchange between stablecoins. Because if you want to provide exchanges between different stablecoins, you need to establish a trading pair between the two stablecoins. The liquidity will be relatively dispersed. Hope that all stablecoins will be connected through a trading medium for users A better trading experience, it happens that algorithmic stablecoins can take on this function.
The current algorithmic stablecoins are all in the experimental stage and lack application scenarios for landing. Most of the use scenarios are users buying their own bonds. The core function of YSD is to act as a medium between stablecoins. Mining also uses LPs between YSD and other stablecoins. YSD is really used as a currency rather than as an object of speculation.
02
Market opportunities and risks
Chain catcher: YFI founders quickly merged some projects, how to understand the value and risk of composability?
Kojima: To give an example, for example, our Unisave token is mined in dForce, dForce borrows in Cream, and everyone goes to mine. As a result, the USDT loan rate is instantly pulled to 100%, which will lead to Unisave in a short time. There is no way to trade because USDT has been lent out.
Therefore, for Unisave, the bottom layer cannot use all the DeFi products of the loan category, because it may not be available in some cycles of skyrocketing and falling. If we are trading USDT and ETH, the unavailability of the USDT trading pair within a short period of time will result in the failure of this trading pair, which will result in price errors and losses to traders.
Therefore, for composability, its value is precisely in the risk. As a developer, you must have a clear understanding of what functions and risks are in each layer, how to minimize such risks, and Ensure that this risk is within a controllable range, such as not using loan projects for bottom mining, etc.
Chain Catcher: You started to develop on EOS. In the past two years, it has gone downhill overall. What do you think of this phenomenon?
Kojima: This question is very interesting. As a developer myself, I hope to remain neutral with the public chain, and only look at the technical design. But the EOS story tells me that the success of a public chain is not simply related to technology, but also related to token holdings, distribution status, distribution logic, community building, and whether the main creative team is doing things. It is very related to many factors.
Regarding the end of EOS, I think it is a result of long-term accumulation. The biggest problem is mainly whether Blockone wants to do EOS well. Block.one has basically done no substantive work in the past year or two, which is not proportional to the amount of funds they raised.
The best force in the EOS community is that they have a project like DFS (Great Harvest), and recently they have the power to push EOS really forward, but I think that EOS is going to the end and Block.one cannot shirk the blame.
In comparison, TRON has worked much harder than EOS. We can see that Brother Sun often participates in various AMAs and has been closely interacting with the community and the developer community. I think the biggest problem with EOS is that its development team is somewhat slack. This is the core issue.
Chain Catcher: Why does Ethereum have the most active developer community in the crypto world? What activities does the YFII community have for developers?
Kojima: This is inseparable from the various developer activities they have promoted for a long time. It is still compared with EOS. EOS had 4 EOS issues when it was launched on the main network in the first year, and it was not held in 2018 or 2019. After a developer event, I only held a very failed meeting. Compared with Ethereum, Ethereum has to hold at least 5-6 events in various cities and countries every year. Even if this year's epidemic, Ethereum also has ETHOline events.
EOS can only do what they can do in the first year, and they can give 80 points. Later, their attention is not on the community. In addition, the various super nodes of EOS work independently, sucking blood in this ecology, and are not united to do things for this ecology.
For a public chain community, I think it would be great to have Ethereum. We now have a committee meeting in the YFI community every Sunday to discuss some development issues. We have an open AMA every Tuesday, and we will invite various project parties to do roadshows to talk about what our own ecology is doing. The YFII community is very active, which is what my ideal decentralized community should do.
Chain Catcher: Last year, many NFT games were more popular. Is it because players pay more attention to their game assets or because of what reason? What are the key conditions for the explosion of crypto games?
Kojima: From a general perspective, as the price of Bitcoin continues to break through, more and more users will learn about the entire blockchain industry, and everyone will pay more and more attention to the issue of asset confirmation. The only problem may be that the threshold for ordinary players is high, and the transaction fee on the chain is also high. As a result, Dapps in this category of subdivisions are not as popular as DeFi in this cycle, but this is something that will definitely happen in the future.
The first key condition for the outbreak of chain games is the need for a mature Layer 2 solution. In addition, there must be a relatively low threshold for small users to get started, and UI/UX must be very friendly to some light players. Now it seems that BSC is good, with relatively low thresholds and handling fees, compatibility with Ethereum is also relatively good, and users can easily put his NFT assets on BSC.
Chain Catcher: Where do you think the DeFi field may be innovative in 2021?
Kojima: Algorithmic stablecoin and social token. I think social tokens are a very important direction, which can open an incremental market to the crypto community. The biggest problem now is how to accept such new things for ordinary users, I think this is a very challenging thing.
An intuitive idea is that, driven by the continuous wave of individualism, people are increasingly expressing themselves openly on the Internet and publishing their own content (blogs, Twitter, short videos), but these In fact, most user-created content (UGC) does not get the incentives they deserve. Especially in the Chinese world, there is no tipping culture. The value generated by most creators is actually captured by the platform free of charge, while a small number of creators can survive only by receiving advertisements and writing soft articles.
The instant Matataki we are currently doing hopes to attract creators with independent spirit around interesting topics and in-depth thinking, build a unique content value network, cooperate with unique algorithms to make high-quality content emerge, and use digital currency and fan tokens to allow creators, Participants receive continuous returns.
It is worth checking out:
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