In the chain-sponsored event hosted by InVault on June 5th, Axonomy CEO Tao Quming said: There are three waves in the blockchain industry. The first time was the Bitcoin era, which was a consensus in the geek circle, with a market value of one billion dollars. The second time is the ICO era, which belongs to the currency circle consensus. The exchange played a central role in depository, the user threshold was lowered, and the market value of Bitcoin rose to $100 billion. The third wave started this year is the wave of DeFi. But today, DeFi has not yet become popular. First, technology is not friendly to retail investors. Second, the overall native digital assets are too small, and the scale of users is too small. In the future, DeFi's boom will be based on two factors: one is to create more entrepreneurial teams to improve the user experience of the product, and the other is to increase the market value of digital assets.