The first half of 2019 is definitely the most lively six months in the history of digital currency.
This kind of excitement is not only the star project of Polkadot, Cosmos, Algorand, but also the blossoming of the exchange track. First of all, new exchanges such as Biki ran out. Secondly, IEO, STO, resonance coins, model coins, Staking, platform coin repo destruction, leveraged futures, etc., you sing me.
There are more and more gameplays and the model is evolving. Will this change the existing landscape of the trading platform? Are new funds new traffic running? Will IEO and platform coins create a new “100-dollar coin”? Under the dilemma of supervision and innovation, where is the birthplace and where is the dead end? The 14th issue of Chainge Technology Salon "Broken: New Forms of Digital Asset Trading" invited nine industry leaders to conduct two round tables, and conducted a comprehensive analysis on the above issues. After Babbitt finishing, the essence of the content is as follows.
- IEO re-burns the ring of rich dreams, how long can the dozens of income myths go?
- A picture to understand the difference between Bakkt's bitcoin futures and "traditional" futures
- Bitfinex abolishes the minimum balance threshold of $10,000
- Eat Reason Rationally | Who is the real winner of the Steem incident?
- Exchange captures EOS super nodes
- Bibox and SKR staged the coin ring, and the IEO gambling nature became more intense.
More than the original chain CTO
Leo Su, General Manager, Assets, BiKi.com
Jiang Jinze, Senior Analyst, Coin Research Institute
Hu Fu Hoo co-founder / CMO Chen Xiaohai
1Token founder gate digital asset aggregation trading platform
Slow fog technology security leader, One Piece
DFG Crypto Partner Ni Kuang
Dex.top Eco Partner Liu Rejo
Zhan Chaoyang, Director of Trading Operations, Matrixport
Digital currency exchanges, opportunities in new assets, new flows or new mechanisms?
“Whenever there are new asset classes, there will always be some new opportunities in the market. Boxing these new assets will generate new dividends and new flows. To talk about the future structure of the exchange, the core is to talk about assets.” Digital Asset Aggregation The founder of the trading platform 1Tokne said.
“The industry is still in a very early stage. There are new assets and new ways of playing. The pattern will definitely change and there is a lot of space.” Leo Su is the general manager of Biki Assets, which was founded in In the middle of 2018, the exchange was the new mechanism for new assets and new flows. It rose rapidly in the first half of 2019 and became a force in the new exchange.
"The exchange industry is nothing more than looking for traffic ahead, and then doing the assets well." Jiang Jinze, a senior analyst at the Coin Research Institute, believes that the exchange integrates multiple identities such as exchanges, brokerages, the audit committee, and the Securities and Futures Commission in traditional financial markets. It is not easy to do any line. “Transactions all of a very important social welfare function, it has to promote better allocation of social resources. So there is no ability to identify the project, there is no flow to allocate funds to these good projects, currently it may be a A very core function (task), like the launchPad of the currency, is equal to the credit of the indirect consumer currency to endorse those projects, which is what we hope to make the resources better configured."
The exchange is scuffled. Is it possible to kill the slap in the middle? The door gives a data. There are 58 currencies in which the currency security, fire currency and OK are all online. There are no exchange currency in 300, and there are nearly 2,000 online currency on the first- or second-tier exchange.
“The new assets create a new generation of exchanges, but the assets are scattered. Behind the dispersal of assets, the flow is actually scattered.” The door divides the customer image of the transaction into four categories, namely, retail, service volume and platform for retail investors. Professional traders and upstream and downstream customers in the industry chain. Retail investors need investment advice, professional traders need investment tools, and industry players need OTC liquidity. It is precisely the current exchange that does not provide them with a good service experience, which gives birth to opportunities. Perhaps the opportunity for Matrixport is here. This is a platform with an endorsement of Bitland and Wu Jihan. Zhan Chaoyang, director of its trading business operations, introduced it in the sharing. Matrixport has three lines of business: trading, pledge lending and custody. In the case of trading, Matrixport provides inquiry trading, which can provide high-volume trading services for large investors.
“Distribution and aggregation are two key words. Decentralization means that the flow of traffic is divided into many places. Aggregation means that the traffic entry must be aggregated globally and externally. The final order execution is also done in the exchange. Or is it a counterparty with OTC’s liquidity provider, which is the entire market we can see.” The door believes that “the future market is getting bigger and bigger, with millions of tens of billions of people coming in, The division of labor must be clear, and we are working together to expand the market."
“The exchange seems to be more than the project, but there is no very high-quality assets to go.” Compared with the original chain CTO, he added that the players on the exchange stage quickly iterate, often leading to certain industry events. The exchange pattern changed, and he summed it up to three points, regulation, security and ideology. “There are highs and lows in the industry. There are very few transactions in the trough, but the expenses are still there. In fact, most of them give up on their own, not hacked or otherwise.”
▲ Roundtable Forum
How to be invincible? Sustainable innovation is the only way out
In 2019, around the transaction, the digital currency field gave birth to dazzling gameplay, or innovation, then, what kind of innovation is sustainable, and at the same time it can bring benefits to the industry?
“Innovation in asset innovation and access is important, but the architecture after five years determines what we are going to do today, so the architecture is the most we consider.” The door believes that architectural innovation will ultimately be close to market demand. First, secondary market transactions make asset flow easier, more convenient, and less costly. Second, do a good job in the market trading scenario. “Innovation close to the market in the next five years and ten years of development, and innovation that meets the needs of all kinds of people in the market is good.”
On this issue, Leo Su, general manager of BiKi.com's assets, summed up three points. First, it meets the needs of the industry itself. Second, solve the pain points of investment users and project parties (customers). Third, innovation must start from the inside out, from its own business and needs. "From last year's trading mining to this year's platform currency repurchase and destruction, including complex financial derivatives such as futures and options, in fact, it is to distinguish themselves from other exchanges, to reflect their own advantages, imitation and plagiarism. It is difficult to survive in the competition."
According to Jiang Jinze, senior analyst of the Institute of Credit Research, at the asset level, the core objective of the exchange is to promote the optimal allocation of resources. The project side receives funds and the investors who take risks are rewarded. Coin security is a good project to invest in incubation, and then put it into a good asset to the market. From the investor's point of view, the first is to provide better protection, and the second is to provide more trading tools, such as leverage. However, he also strongly agrees that future traffic must be obtained by some intermediaries, which may be an important innovation direction in the future.
As the only public chain project on the spot, the CTO is more than the original chain CTO, which draws the discussion dimension out of the small track of the exchange. He divides the innovation direction into two types: commercial paradigm and regulatory paradigm innovation. He believes that the blockchain first financing and then doing things is a business paradigm innovation. "First of all, suddenly there is a lot of money, whether you are willing to take the initiative to take the initiative, rather than passive slack. This is a test, no one has ever encountered money. Secondly, the company does not have any legal income, But you need to pay, can you still insist on doing this industry? Moreover, due to supervision and various reasons, landing will not be particularly smooth, will you continue?"
The so-called regulatory paradigm refers to whether Token can trade, and whether it can trade derivatives such as futures options. The exchange between Token and French currency can not match.
Lang Yu believes that the breakthrough of these two points can make the blockchain really apply and then become a market worth looking forward to. If it's just pure speculation, there will be ceilings.
▲Leo Su, General Manager of Assets, BiKi.com
Regulatory and innovative, can fish and bear's paws have both?
The Usdt storm and Libra are regulated globally, which is undoubtedly the two most intense confrontation between current regulation and innovation. How do players on the exchange track take advantage of innovation and regulation?
Ni Kuang is a partner at DFG Crypto, who believes that the exchange is licensed and unlicensed (compliance and non-compliance). "Small and medium-sized exchanges have grown very fast since 2019. There is some logic that can make money if you can pull more users. It is essentially a business, just like a casino. Although it makes a lot of money every year, it is not a business. It will be relatively short-sighted. The essential difference between business and business is that it is difficult for businesses to use PE to value. We will help these exchanges that we hatch to get a license and turn it into a business. Through this path we let They are compliant, and then let the mainstream funds enter the market and get the money from the mainstream PE. In the true sense, they will make the currency circle bigger and the cake bigger."
For this problem, the leader of the slow fog technology security, One Piece, shared his insights from another dimension. He believes that each country's policies and regulations are different, or even completely different, and there are some problems in getting cards. "It takes a time to work together with everyone."
Hu Xiaohua co-founder and CMO Chen Xiaohai added that she very much hopes to have supervision and embrace supervision. "This is an emerging industry, the relevant departments of the world (official). In fact, it has not yet formulated a comprehensive regulatory policy according to some rules of its own country. The reckless setting of supervision rules will only hinder innovation and stifle innovation. It is not necessarily a mature system because the industry is still early."
As for the current situation that the current supervision cannot be fully implemented, Chen Xiaohai believes that the industry needs self-discipline first. Second, establish industry awareness and grasp the investment targets. "I don't think we should stop our efforts when the rules are not down. If this is the case, we should not be in the blockchain industry. We will not say that we are in a very new field, we are innovative. a group."
"When the regulation of the currency circle must be produced in practice. The Internet, including the earlier private ownership of the land, was through some breakthrough innovations, and then repeatedly polished, and finally some regulations gradually appeared." dex.top ecological partner Liu Regent said.