1/ Shoutout to @SkaleNetwork for hosting @Terra on their panel “Bringing Crypto Mainstream”! As requested, here is the video and some highlights from our CEO @d0h0k1 on #DeFi moving forward:
2/ #Interoperability - “One of the things that we’re pushing at Terra is to have our stablecoins available on multiple chains. We announced Terra stablecoins on @Solana earlier this year.”
3/ “What would be great about having multiple stablecoins living together is 1) it gives exposure to developer ecosystems on various communities 2) all of these stablecoins are going to have first class citizen rights in all of our different #fintech and payments assets.”
4/ “We’re working with @RenProtocol on building a wrapped version of $LUNA and Terra stablecoins to be bridged into #Ethereum. We’d be creating pools on @Bancor or there could be #Uniswap applications that could immediately pop up.”
5/ #Diversification- “Today, the problem is that while there are interesting things going on in #DeFi, there are no analogs to traditional finance. There is no ability to buy exposure to real-world assets and no ability to borrow money in a way isn’t fully crypto-collateralized.”
6/ “In my mind, it’s a question of going back to the drawing board and defining financial products that are simple to understand and are analogous to what users can get in the real world, except with a couple of features that are different - better accessibility, better rates”
7/ “At @Terra, that’s what we’re focusing on. Through @Anchor_protocol, we're trying to create better interest rates on passive income.”
8/ #Evolution - “We’re reliving a lot of the evolution that fintech mobile wallets went through in the early to mid-2000s today in blockchain. Back in 2010, they were mainly competing on the vectors of UX.”
9/ “Now, a lot of the differentiation in #fintech happens around commercial terms: how many merchants does this hook up to; what sort of features does it have; does it offer more benefits, etc. The same thing happened in the credit card industry as well.”
10/ “I see similar patterns play out in crypto wallet to custody providers-benefits that top wallets offer communities are 1) support for the assets that they want, which is mainly a coverage question 2) promotions around exchanges (e.g. user promotions around token airdrops)”
11/ “While a lot of the wallets are still competing on UX/UI, going forward a pattern I see is that the dialogue will shift more and more towards competing on commercial vectors of what these wallets can do with different assets. These benefits will start to become repackaged.”
12/ “Instead of just doing token air drops, these wallet providers might try to negotiate with service providers (like @Netflix or @Starbucks) to get preferred pricing for payments made through their respective wallets.”
14/ “At the moment, these are the main growth drivers for @Terra and CHAI. Merchants offer promotions to different users and users come into the application to check out the various promotions.”
15/ “That creates a virtuous cycle where merchants provide more promotions and users use the service more based on those promotions. I'm excited to see how the wallet and custody businesses will look moving forward.”
16/ #MovingForward - “Once there is a sufficient number of players saying that this is the financial innovation that needs to happen, that’s when regulations and best practices are going to evolve to accommodate the types of UX that we need.”
