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Lin Jiapeng, founder of LinkVC: The most important feature of Bitcoin is anti-fragility



The "2021 Co-working·Innovation Conference" hosted by Jinse Finance was held in Shanghai on April 11. The theme of this conference was "Innovation and Advancement of DeFi". At the scene, Lin Jiapeng, the founder of LinkVC, gave a keynote speech "New Trends in Encryption Ecology".

He believes that there are three major trends in the encryption ecosystem in 2021: Bitcoin, DeFi programmable finance, and NFT. In terms of Bitcoin, it is gradually included in the ranks of mainstream assets. Bitcoin shows anti-fragility, but the uncertainty is becoming stronger and stronger. DeFi programmable finance: In addition to ETH, multiple collaterals such as WBTC and stable coins promote the rapid development of DeFi; DeFi users continue to grow and are on the eve of the outbreak. In 2021, Q1 DeFi users will exceed 1.8 million, with 458,000 independent active-zce wallet users; NFT : NFT ushered in rapid growth, and the acceleration of encryption art made NFT enter the mainstream.

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The following is the transcript of the speech:

Good afternoon everyone, I am very glad to share with you the new trend of encryption ecology here.

There are three main topics. The first one is to talk about Bitcoin. I guess many people here are concerned about how the currency price will go. So let’s talk about some situations of Bitcoin in the general environment first. The second one is to share with you some interesting things about DeFi, and the third one is to talk about the opportunities of the lowest popular NFT.

One of the most important features of Bitcoin is anti-fragility. For example, since the epidemic last year, Bitcoin has gone out of a very alarming trend, far outperforming all assets, including the US stock index, silver and gold, and it is the best among all assets in the world. Jue Chen. This means that when most of the markets were still emerging markets, large institutions and large players have not yet fully entered the market. Now we can see the world's richest man buying, and Tesla using Bitcoin as an asset reserve. Bitcoin is a very good asset in the context of loose global liquidity.

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The second thing everyone cares about is who is buying Bitcoin. The most important point is overseas investors. Overseas investors can buy Bitcoin with one click. The other is the Grayscale Bitcoin Fund, which is more familiar in the circle. We can see that Grayscale has managed a total of 650,000 Bitcoins since its establishment, accounting for 3.5% of the entire Bitcoin circulation. We see that more institutions are also gradually increasing their holdings of Bitcoin, through different funds, different methods, and different entities. On the whole, the speed, quantity and quality of Bitcoin purchases by the entire institution are increasing significantly. The main targets for the increase in holdings are overseas investors, and overseas institutional investors. They buy bitcoins unlike retail investors who buy bitcoins. Tesla will not sell them, and Musk will not buy them on Twitter. , we will not sell. The bitcoins produced every day will not be sold after being purchased by large institutions and large enterprises. They are used as asset reserves, which have many advantages. First, they can issue bonds, understand them as collateral, and refinance them. So the utilization rate of capital is very high, which is a growth factor.

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In addition to the spot market, a very important point is derivatives. The derivatives market is several times that of the spot market.

Bitcoin has gone through 12 years. The most recent halving, before the halving, was 312, bloodbathed the entire currency circle, no matter the ups and downs after 12 years, it is still strong, and after each trough, it ushers in a new high, and after the new high, it goes further and further High, so Bitcoin fully embodies anti-fragility, and through each evolution, it can reach a better state than before.

In the second part, I will tell you about DeFi, about programmable finance. We can see that as of April 7th, the third-party data of the entire locked assets exceeded 82.5 billion U.S. dollars. When I wrote the PPT a year ago, it was 15 billion U.S. dollars, an increase of 7-8 times in 6 months. The speed is very amazing. The transaction volume of Ethereum 63 billion, the transaction volume on the chain is very large.

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There are various protocol collaterals on DeFi, stable coins, synthetic assets, Bitcoin, Ethereum, you can turn Bitcoin into WBTC, or HBTC. In the past, Bitcoin obtained interest or arbitrage through third-party lending. Now Bitcoin is lending through the form of the chain, through the contract to ensure security, and the current interest rate is about 15%, which is an amazing speed. DeFi is so amazing. Q1 The number of independent daily active-zce wallets in the entire blockchain industry is 458,000.

The growth of stable currency is very good. Why is the market rising so much? When it was issued in the past, it was 50 million U.S. dollars, an increase of 100 million U.S. dollars, and recently it is 1 billion. A unicorn listed on the US stock market is 1 billion U.S. dollars. This number has grown very much. Surprisingly, stablecoins that have not yet added other synthetic assets will continue to grow, such as algorithmic stablecoins and collateralized stablecoins of various assets.

Of course we have said so much, DeFi is so good, that is good, with so much funds, does it have any problems, there are many challenges, there is a lot of room for imagination, there are things in the financial market, DeFi can have, insurance, banks, For matching and payment, we see that the traditional financial market has done better, and it is available on the chain. There are relatively large opportunities and certainty.

The problem is loopholes, and loopholes are a big problem. DeFi also has a nesting doll problem, systemic risk. If there is a problem in any link, if there is a problem with the capital at the top, and the entire market falls into a relatively passive situation, this is very likely to happen. I think there are two major challenges in this market. The loss will lead to a joint reaction of downstream assets. The second is that similar to the file currency hype is too high, and it will fall a lot at once. This is a huge bubble risk.

The third topic is NFT, asset on-chain, NFT is something closely related to ordinary physical industries. On the chain of assets, you can query the asset certificate certificate on the chain, whether your real estate is yours, check on the chain, whether you are married, you can query on the chain, and many interesting things can be done on the chain.

NFT is 60 billion U.S. dollars, and 1.5 billion U.S. dollars in Q1, a large number of which are self-transactions, indicating that the market is small, new ecology, new things, and new opportunities. Now NFT assets are much more virtual than Ethereum, but this kind of trend, the trend represents strength, is very small compared with the entire DeFi ecosystem, but the growth rate is particularly large. Let’s see the NBA Top Shot, NBA Top Shot that is running relatively well. It is also made by the company and team of CryptoKitties, which is very interesting and attracts many users.

NFT everyone mainly sees works of art in the encrypted market. There is a painting that users buy as NFTs, non-tongzhi tokens. The entire market is very early, and the early application is very limited. Let me expand the idea for everyone. There are artworks, domain names, and virtual items. , game assets, music, all traditional assets can be made into NFT, and there will be a variety of collections in the future. We voted for 4-5 projects about NFT. I think NFT is very imaginative and more closely integrated with traditional entities , such a thing that is easier to get out of the circle.

The above is my sharing, thank you all.


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