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hello do you hear me all right hi well thank you so much for uh coming today its a bit easier here today because of the strike but thank you so much for making it uh were super excited we have a very special guest today its alex adagi from bnb chain and finance labs so its very uh special moment for us so uh today we will talk about uh innovation about uh would be in the uh chain um with big chain will share their best practices and um make sure you have questions you have all the time in the world to grill alex the best you can so um yes um but before we begin alex um if you could tell us a bit about yourself about your journey to crypto uh what brought you uh where you are uh now and um how how did that happen yeah thanks a lot so hi everyone its a pleasure to be here um yeah so i id like to share my journey how i came to work full-time in crypto um at the largest crypto uh organization there is um i i started in traditional finance i used to work in investment banking in m a covering um technology companies mostly and it was kind of around that point that i started being more actively involved with crypto on kind of personal side making personal investments the reason for that was very simple it was because in investment banking being on the private side youre not allowed to invest in pretty much anything so no stocks no bonds with with some few exceptions like market indices which are super boring um that was the only thing right so i came across uh ethereum in 2016 i went to the compliance team and asked hey can i can i invest in ethereum and they said what the hell is this so actually the question was is this gambling and i said well sort of its a bet on the future um so yeah i took home a pretty big chunk of my bonus money from investment banking and put it in ethereum um and done so so that that went well you know made a lot of money but then 2017 came around um it did very well like december 17 was or actually all the way to january 18 was the peak bull market right but throughout 17 the ico boom was unfolding and there were projects coming up all like every day it was very hard to follow and i invested in a lot of them made a lot of money as well but lost even more um and i learned a lot it was like a great learning experience you know at that point there were no decentralized exchanges there were a bunch of centralized ones but theyre kind of clunky um it was a completely different sort of space as well so its actually very surprising how quickly everything changed uh from 20 from the previous cycle to this one the number of people that joined the also the credibility that the industry got so you know for example in 2017 if i if there were a few people at um at my um employer and i was working from one of the largest investment banks around that were interested in crypto but it was very hushed down people werent like if you were doing crypto in 17 you you were looked at in a very funny way people thought you were like either special uh or yeah it was a completely different um sort of credibility attached to the industry and web as well right yeah and now its less so crypto and more so blockchain right so and now even my previous employer is doing that right they they have a desk they have a team that covers it so theyre trading some of the assets on the wealth management side their clients have been asking to provide services to get exposure to to digital assets and its uh its a completely yeah different different world and i think as we go into the future is going to be even more exciting and i look forward to see who are the winners uh that will come out of this bear market because theres gonna be some very interesting uh projects that will will come out and are currently being built absolutely and today were talking about innovation and uh its all about yes what will come out uh out of this um these two three years and uh which industries will be disrupted and so on so um but before we go deeper into innovation lets just establish what innovation is this is something im studying in my uni right now and first thing when they started talking about it they said lets make sure we understand what innovation is and that it is not equal to invention so what do we understand under uh under innovation in the blockchain space in opinion yeah i think to me it seems that innovation has been used quite a lot especially in twitter debates these days like people are trying to argue for a lot of the use cases which might seem innovative on the surface but theyre not right theyre just a reinvention of old ways that dont work as well i think the true innovation comes with uh mass adoption of uh of technology so when something is is really innovative it creates a lot of value um and thats what weve seen with some of the use cases um from the previous cycle so for example chain link is one right thats something that and i remember this quite well because in 2017 there were no oracles oracles was not a concept at the beginning of the previous cycle right but if you wanted to do um to have projects that rely on sort of physical natural data it was very hard to to feed that data into whatever decision or or logic you wanted to put through so um people were using were like scrapping websites and you know taking centralized data which was not really cleaned or like it was very poor quality and a lot of those projects blew up because the core the premise of those for example remember some projects again from personal experience on uh sports betting right there was no like data which came from a a trusted source they were like scrapping it from i know like bbc child right so and and then bbc went down for or the data feed was was wrong so um and and then the the logic of of some of those sports betting uh got decided based on wrong data and it gets written to the blockchain and thats it you cant reverse it so the whole thing disappears so so we back then the industry needed an oracle or the concept of an oracle and kind of that thats how we came up with uh with innovation right so we decided that its time that there is a um a way to feed data and one of the first ones were um feeding like crypto pricing data right so its actually a very very easy question to ask whats the price of of bitcoin but like how many of you can can answer what is the actual price of bitcoin like the underlying answer is actually a bit more complex right because and theres different ways to approach it but you know is it the price thats listed on binance or is it like coinbase or is it on a dex uh or or like what is it right so if you if you start making applications that rely on that answer you better have a very good way to to provide that answer right so um you need an innovative way to to go about it and just not just block it from a random source because and we weve been through that because with with um relying on feeding data from centralized sources can break all quite uh quite often so you rely on the single point of failure you get a single point of failure at the worst time so yeah the price of bitcoin can be a an average of all of those it could be a median of those it could be another definition that you want to establish for for yourself or for the project theres a lot of sort of thinking that went behind it um to to make that simple question have a very reliable answer so thats innovation and that we had that situation when one of the websites was showing that bitcoin cost 50 million dollars and it only lasted like one hour or two but um yeah uh it caused a lot of uh trouble to many people exactly imagine like if you you make a bet through some financial derivative and that uh that platform where you made the bad has and you made the bet on the other side right you thought the bitcoin will be lower so you get liquidated because of some some uh error in in the data field well its actually not the case right so um you you need that and now i think as as we go into the future theres gonna be a lot more applications um you know having reliable data feeds not just for for uh prices uh well talk about prices uh and how they relate to bmb chain but for um for anything like weather data you know thats thats interesting um it could be stock data again do you take it where do you take it its a very very interesting question to have as well and um theres going to be a lot more use cases where like very simple answers have uh sorry very simple questions have not so simple answers yeah its all uh on the surface and it all looks very easy exactly uh your point and uh another uh like to switch gears here and to talk more about innovation when we see new projects theyre coming up every day and amazon twitter theyre happening pretty much every hour depending how many accounts you follow uh but uh what end consumers us as end consumers what we dont see is how much work is actually put into getting those projects off the ground um weve barely scratched the surface about uh how oracles empower uh projects but uh also um you know funding smart contract developers so finding the right platform uh finding the idea that is innovative enough to capture peoples attention so maybe you could walk us through how it works on at b b chain and how it empowers innovation exactly the uh topic of our uh discussion maybe a few examples yeah sure so i think id like to approach this um from kind of the beginning of bnb chain or the way used to be called bse which stands for binance smart chain so this was launched as a sort of more of an experimental initiative back in 2020 at that point there werent a lot of layer one chains besides ethereum um and in fact the bmb chain when it launched was th the first chain that got such a huge adoption in such a short amount of time um because it was a um it was relying on on ethereum right so as its an evm chain and we love ethereum a lot because you know its uh its a great um its its a its a great uh team with a lot of great innovation behind them as well but i think the the issue that they had and still have is uh the cost of admission if you want to participate in in the ethereum network you have to pay a high price in both in terms of the transaction fee but also the time so if if you can afford that thats great but you know the idea behind bmp chain is that it it has to be scalable so you can attract millions of of users and were looking for mass adoption so that was the premise how bmb chain came came about and um that impart a lot of a lot of people to come on now one side is is obviously the the demand function of this which is you know demand from users for for highly scalable very cheap very fast layer ones but at the same time we had to attract developers to develop great projects and in fact actually thats the main thing that you should start with like having great projects will probably attract more users which then will attract more developers to build and then you create this virtual cycle so um we we had a some great projects from the very beginning one of them still is pancake swap is probably the largest d5 protocol around but the largest on bmb chain um and uh alongside pancake swap came out a lot of other projects because they ultimately had this very large um very engaged user base that came with it so just to give you a few a few figures on uh on that level at the peak time the transactions that were taking place on bmb chain were were a factor like um an order of magnitude higher than than than ethereum and it was double the amount of daily active users than ethereum um now the the tvl is is a different story because there is more tvl stored on ethereum but the actual usage of the network was way higher than what weve seen anywhere and there are other layer ones that claim to be able to support you know millions of users but actually in in life in in actual real time use case no one has uh reached that so we we managed to get to two million daily active users on the network around november last year i think that was the peak and the network had zero downtime for it actually since the inception it had zero downtime so highly scalable very high performance and no downtime at all thats what enables but what we have in stock for the future is a lot more and this is how you actually enable a lot of adoption is by having very performant and reliable infrastructure and well bring chain link into the the picture in a bit but um channeling is also very core part of the whole infrastructure set of of the crypto industry so in order to have that adoption and innovation on top of of bmb chain you have to have this very reliable performance that never goes down actually network downtime should not be a thing in in blockchain thats like because of decentralization that just should not be a concept likewise descent you know ddos attacks on a on a on a blockchain should not be a thing this combination of words should not exist and when we hear some some references that this layer one chain has been attacked and it had like a denial of service every time i read that i immediately think that this is not a layer one chain well at least its not a blockchain in the sense in the true sense of decentralization yeah so when it uh when we talk about launching a project uh on um b and b chain and uh we all know that every uh layer one as you said where rightly uh needs adoption and almost all layer ones uh they support that adoption and they have numerous programs to boost and attract more smart contract developers more projects and uh what does bnb uh chain do in that uh department great question so um now were going to smart contract developers here im sure they would be super interested to learn and um yep amazing so we started building blocks right so first thing we established that we have a great infrastructure layer so that never goes down its very cheap so you rely on that set of facts and then we add another set of incentives for you to build on bnb chain and we have a lot of those so number one is that um the the bnb chain was launched with a lot of support from binance right its a decentralized chain it operates fully with its set of validators and uh yeah its its decentralized and highly performant but uh we offer from um from binance side but also together with the bmb chain team we we offer a lot of uh support um which is not limited to opening up the the entire the access to the entire binance ecosystem you know through introductions um through investments i actually sit in the investment team at binance and we will look a lot we look for great projects that build on bmb chain so investments for great teams is is always available but we also have very dedicated uh programs one of them is the most valuable builder program and thats a one of the two incubation and accelerator programs that we have internally the the mvb is uh running currently in its fifth iteration every time it gets bigger and bigger we have hundreds of applications from different teams and there are a few few things that i want to mention here and number one is that were looking for projects that build or want to build on bmb chain so have a an interest launching their project on bmb chain and they theyre somewhat early in their journey although we dont have a specific stage we can we can really look at projects across stages from not yet deployed to someone who has an mvp or or is in test test net mode or to someone whos actually already deployed and theyre kind of seeing very early stages of traction and they just want to get a lot more and this a lot more includes getting coaching getting access to different teams within bmv chain and binance so that could be someone from the bd side um it could be someone from security technology we make introductions from um various um verticals within the crypto industry so we have partners like chain link for example we have partners in the security audit space we would bring experts that know everything about what it means to to to have a secure protocol they share their knowledge how you should think about security audits we make introductions to two prior winners of our incubation program so you could imagine that someone who participated in the first cohort theyve had quite a lot of growth and they also learned a lot along the way so we we invite them over to the latest uh iterations of the program for them to share all their knowledge and an experience that theyve had along the way um and what they you know what it means for them to build on bnb chain and basically answer any questions that the new new incomers have and then lastly we also offer investment to projects that are interested and there is a mutual kind of fit for for us to invest and thats not just limited to to us to our team we also make introductions to external investors that we have very good relationships with so and by the way were still taking applications for mvb5 feel free if youre if youre on your own project you can still go ahead you just google mvb5 application there will be a google form that will show up feel free to to send and express your interest we read every single application awesome um mvb is like a word play with mvp which is a minimum viable product it stands for sort of it stands for a most valuable builder okay i figured there was some play words between the two um and um always always we are interested whats uh your take on what will be the projects that we havent seen yet what will be the industries that will disrupt next someone said very interesting thought its quite obvious when you read it but when i read it first it was so profound in two years smart contract developers basically reinvented finance the whole financial industry in two years and its been around for hundreds and hundreds of years so what who do you think is next on our plate thats a very good question if if i had the if i were an oracle like in in the traditional sense uh the definition of this word i i would be probably the best investor there is but im not so i try to to stay in the human world and make decisions with incomplete information um i think finance is not yet done being decentralized and you know being disrupted but but youre definitely right about how much innovation weve seen and i think i always go back to similar conclusion that you had that you know finance and capital markets have been around for ages um i think uh at the very least from kind of the 17th century when the very primitive capital market started to pop up and and then defy came along and said well we actually can do a lot more here so thats how we got liquidity pools which was a very interesting i guess innovation as well as invention i mean it was invented some time ago there were academic papers about it there were theres actually a lot of a lot of the innovation that were seeing right now in defy has been written about by academics it was just like put on a in a drawer somewhere and everyone forgot like someone wrote their phd thesis or their master thesis and no one used it because its very hard to change stuff in traditional finance like if you go to the new york stock exchange and say hey lets use liquidity pools instead of instead of like order books i think theyll show you the room uh the the exit to the room but you know uniform for ambulance yeah but unisop is not the new york stock exchange so they said yeah lets go lets do it so you create this liquidity pulse you put two assets like one apple two oranges and now you have a a price which is established through a completely different mechanism where its a ratio between those two and its very fascinating how it works because you have marketplaces you know like binance for example uses order books you have decentralized ones like dydx have also used all the books you have um uni swap you use liquidity pools you have others that use like differential curves it can become very complex as well um which is great because it allows for for application of of this un uh tested uh so mechanism uses use cases to be tried out in the open and if it were not for the crypto industry and for the like technology behind for blockchain this would have been left at the academic paper uh stage for forever so now we can we can see a lot of the that being brought up from a lot of brain power and and time that has been put into a lot of this mathematical finance and even before crypto was around like people were thinking about them and they just bring them into actual use cases some of them will probably fail maybe most of them will but what sticks around is going to disrupt the next um itll be the next sort of phase of disruption which will likely create a lot of value for whoever does it so which industries do you have in mind surely being beach in and finance labs and at large uh think about okay uh should we think about insurance yes five year down five years down the line or should we think about i dont know supply commodities supply chains what what is it that youre looking for maybe that isnt there yet in terms of projects yeah its um yes so to to to go to be more specific um within within finance i think uh were still looking for interesting projects that this that look at building derivatives like decentralized derivatives um insurance is a very interesting use case that hasnt been really solved in in crypto in fact most of the insurance protocols that we currently have are very limited in scope and i think unlike other areas of finance insurance is still very much reliant on the same traditional model where you collect premiums to create like this like security like is this fund that will allow you to cover um unlikely events than when a security when an insurance event is triggered right and and in crypto that doesnt work a lot because the level of volatility and what people think are black swan events they happen almost like on a weekly basis right so especially over the past month or so so you cant really use the same traditional insurance model to assess the risk and price the risk accurately so were looking for more innovative projects in the insurance space as well i think weve had the first wave of game five projects which was not around in the previous cycle and this one has showed us that there is some use case although the the quality of the projects that weve seen are uh somewhat limited so i think gaming and entertain in the entertainment space is very prone for disruption as i mentioned its just the very beginning of that phase so were looking for projects that actually cater to the to to make uh very engaging experiences very fun for for users to play more than actual um you know financial reward so so thats something which were looking for a lot and then i think on the infrastructure side were very keen to to find any any sort of solutions that allow you to to become either faster cheaper or more secure and ideally all of those three in one solution and weve seen a lot of um a lot of talk about optimistic roll-ups and zero-knowledge proofs and but i think this technology is yet to be kind of to see a mass adoption and when we see when we get there and we can talk a bit more about bnb chain and what we do in in that space but i think when we get there is going to unlock a lot more um infrastructure use cases that we havent really thought about it about them yet but because its its so cheap fast and secure it actually becomes much more viable so some of these use cases actually i would not be able even to contemplate them what they would be right now um this sounds really yeah so for on b b chain we realized something very uh very early on is that if you want to have mass adoption you actually need to have the infrastructure for for mass adoption so um were actually seeing the the development of um you know the project that i mentioned um the very first first one in the game fight space the play turn was axe infinity because it was so successful it was taking close to 50 percent of the entire ethereum network which was obviously not not viable you know like the gas fees were going up network was very clogged and they decided to spin up a side chain and uh and put all the the users on that side chain so what that means is that even and i think now as well with most of the chains even if you say that you want to to have this mass adoption like very high transaction throughput projects its very likely that the infrastructure behind it would not support it so imagine like if we launch an application today and tomorrow like a million users show up youre gonna have very difficult problem to solve in terms of scalability if you were to do that on aws or or any centralized um solutions that would be the best of your problems i mean it would be a great problem to have because its very easily solvable right so we want to get there as well and thats what were doing on bnb chain we weve introduced a few scaling measures one of them is actually already being rolled out with with a few partners of ours so we weve introduced um the bnb chains side chains so theyre dedicated side chains for applications there could be an infinity of them i mean right now were working with a few partners to to roll those out but in essence what that is is um you basically can create your own side chain which has its own validators you can configure them it has its own gas fee and you can even set your own token for it for gas to be paid in that token those are permission side chains so it allows you to really offload if you have an application you run it centrally or you run it on the main um bnb chain you can offload some of the some parts of the application to write to run on a sidechain and it makes the whole thing much cheaper much faster and much more scalable to the tune that you can have like millions and millions of users which you cannot do on other layer ones as easily um then we also introduced um uh were actually going to roll that this out uh at some point in the near future there will be a um bnb chain zero knowledge uh pro roll ups as well so what big alpha here pay attention people so that is going to to to make it even even more scalable so just to give you a sense on the on the ethereum network you have um so block times of around like 13 to 15 seconds on bmb chain um its about three seconds on the side chain is even lower and the gas fees on on on ethereum they at some point theyre like 200 bucks right for to sign ones transaction on um bmb chain there are 30 cents i think that was the peak and then on the side chain you can set them to whatever you want as long as its not zero so it can be just above zero or near zero um and then zk roll ups theyre theyre almost gas less as well so it makes the whole thing so much more scalable again this is i as we go out of this um this cycle well have a lot more projects that will try to build for mass adoption and i think were now somewhere i think the number of um of people that are using wallets like generally its probably somewhere in between 300 and 500 and our goal at bmb chain and also binance labs is to have at least one billion users like crypto adopters you know in the next year or so so thats a big goal and the only way to do it is you have the right infrastructure behind it thats a big cheap pair of shoes to feel wow and um just to add here how we work together with with with channeling i think chain link is weve had a great relationship and and partnership i believe that bnb chain is the second largest um or second most active chain that you know works with um with channeling theres about 140 or just shy of 150 assets that are tracked by um by channeling so that you can actually get the price fees for those and we see a lot of a lot of projects asking us is this asset supported by chain link so there is a lot of um so a lot of synergy if i can call it that having this very close partnership with with chairlink because it offers us the possibility to enable other projects to build on top of bmb chain while using some of the the the features that chain link offers to them by you know virtue of uh providing for example price fees not only this is one of them uh you guys do a lot more than that but this is one of the the most requested feature right and the more we have the better i think ethereum probably has doubled that so uh we want to together and probably even more thank you and im sure there is um a lot of questions in the audience um if someone is ready with their questions we can begin taking questions do you have any questions hey alex so you said you would like to see insurance and derivatives projects on b b this is the ones that you invest in those were kind of a few of them but you know we can we can talk a lot more through the entire list of of of areas that would be interested in i think from from our incubation program we really look at everything there is no specific so guidance that there is in terms of where this project should should focus on thats how we actually find some very interesting use cases is by having the um you know really open to anyone who has an idea and really wants to build on b b chains so for for our incubation program it could be literally anything you know starting from d5 game fi social fi metaverse um yeah like infrastructure absolutely every single um area that you think that would uh would be interested in in the mvp program we accept applications uh some of the the things that we mentioned were more about where we think that the kind of the next wave of innovation might come um but that doesnt mean that thats just like limited to those those areas you know those were just a few that i mentioned um among others okay so you said about the mvb program that somebody is you are reading each application yes so if i submit my project yeah game you somebody will reply like why its bad or you just read it and nobody will reply so we have about five people on our team who look at that um we might we might reply if we have more questions but at the very least youll get um a uh kind of an answer that you have not been selected okay so at least an answer i have not been selected yeah thank you so you can have more questions so about insurance if you talk about insurance of crypto projects its extremely complicated because the risk is so high yeah that the insurance premium would need to be like 80 percent so thats why they are not there so so youre touching problematic stuff derivatives people want derivatives of products which are strongly regulated and you can go to jail for running them without regulations so can you give a hint like what insurance projects would be viable and what derivatives project would be viable right thats uh its a good question um yeah with regards to regulatory aspect i think we we dont have we havent got to a sort of clear well-defined framework i think when it comes to centralized exchanges there is more expectation about about regulatory thing um being kind of core um core to the operations um when i said about derivatives it was more on the decentralized part and i think that getting to a um a phase where the decentralized exchanges will be regulated that might come as well but i think as far as it as it stands right now thats probably not going to to be a major um uh you know major thing uh i think will and this is my personal opinion im not a regulator and i as far as i would like to to say that i know what the regulator will do i cant but it seems like theyre very focused on the centralized uh operations right now so you know the trying to regulate that part and then by the time when they get to looking into decentralized projects there might be a clear way and path how they do that so for example um some of the decentralized exchanges you know wed like to see some of the kind of feature parity or functionality that you you have with with the centralized exchanges so derivatives is one area in fact there you had like small features like setting limit orders that were not a thing on the centralized exchanges so you know like and and that came only like in the last i know like six months or so like before when you go to binance and set up an instruction i want to buy bitcoin if it falls to x thousand dollars you could not do that on a decentralized like on uni swap that was not possible you had to go and just physically press and sign the transaction right so its very small things like that that enable makes it much more viable and easier user experience for for people to to participate in the d5 space and i think we actually have a theme that um we try to enable and we call it the cd5 just kind of bridging the centralized uh finance to decentralized finance and i think like this the centralized exchanges for the most of their history which is very short in itself were the main gateway for newcomers and early adopters to come to crypto and d5 is kind of the next level that you do after you kind of get your your first intro into the crypto space you you try out the centralized um exchanges and then you might want to either learn something new or maybe your risk appetite goes up and then you want to to participate in some some interesting c d5 projects um so then you decide to join those and then you find out that actually the experience sucks so you go back to your centralized exchanges and and you know keep trading with them and thats not a bad thing i mean if if thats what you want thats thats great but i think with that push you know therell be a pool factor as well that will come and well see more um tools around defy that will make it much easier much safer the ui much more intuitive the whole experience will be so so great that it wont feel to you like its you know the moment you open it your brain will tell oh this is a scam you want the complete opposite to say this is great like experience thats what i want this is what i want to use to you know manage my personal finances so i think i think were seeing a lot of those tools uh being built right now and uh i look forward to see what comes out on the other side of of this downturn yes dydx is like the best one now they are launching on cosmos so they might be closer to bnb chain yes thank you alex yeah i can give some comments but you can go ahead we have time thanks uh yeah so as a non-developer as a person whos not technical at all could you explain to me the difference the your value proposition of bmb chain compared to other layer one solutions for developers and for users because there seem to be a plethora of layer one solutions that position themselves as cheaper ethereums and uh yeah so what differentiates you guys other than you know the monetary rewards that your team specifically can provide what differentiates your value proposition your network compared to others yeah thats a good question so um some of the things i mentioned earlier i can just summarize very quickly but some i want to kind of emphasize more so the first thing just to summarize bmb chain is highly scalable its very cheap very fast um and its were working on it becoming even more scalable and more secure so thats kind of fact right so we established that and then the thing that we offer compared to other even compared to ethereum is the largest community and the largest user base there is for any layer one we are were larger than ethereum by a factor of two in terms of number of users or daily active users so thats and you can see that with a lot of the game five projects for example we have very engaged very active users yes they dont have as much um so tvl behind them which is kind of the valid if you can think of it like the amount of value thats locked in ethereum versus the bnb chain but uh yeah theyre a lot more engaged than they theyre trying out uh theyre interacting with all of the new projects that are launched on on the bnb chain and this is a a massive benefit to anyone who wants to launch their their project because theyll have a lot of um a lot of very interested early adopters from day one especially if you talk to us and we invest or you participate in our incubation program youll have the full marketing support behind your project and we have millions of followers on our social media accounts we have a ton of great partnerships just like the one we have with chain link um with a lot of other core kind of infrastructure providers investors and we can make any of those connections sort of like in a second and uh just by being the being attached bnb chain having this special relationship with binance and binance being the largest uh crypto ecosystem uh it offers a lot of value to any project any founding team there is to to build on b and b chain so thats my answer thank you oh hi um i think probably for this question uh i would like to ask both of you because especially we have channeling here so you know we have probably entered you know very bad a very bad bear market and it seems like a lot of people now is asking what sort of real world problems are we solving and is it necessary that a lot of problems have to be solved on chain so uh because like this question probably both of you because channeling is very important in terms of fitting real world data onto the chain so what what kind of the direction are you seeing like in which sort of areas sector that you can see that you know these data from the real world coming to on chain and what kind of you know solutions to solve them okay yeah i think so the use cases that you see being solved with with with blockchain are i would class them in two parts so that you absolutely have projects which do not need a token or tokenomic model or even like a blockchain behind behind it i think it might work a thousand times better with like a centralized sql database behind it um and theyre in in there for the wrong reasons and i think what the bear market does it flushes out exactly those types of projects because they join crypto for the wrong reasons typically those are to make a quick buck or you know try and be out there in the candidate follow the hype curve and all of the other reasons that are not the right ones to to build and at binance we actually have a we say that bmb stands for build and build and i think this is the exactly time to do that and whoever is passionate enough to build during a bear market will build for something that has a great utility and will ultimately find a great product market fit not always but if you really stick around for for the right reason i think you have a very kind of great chance to to make it um especially that there is a lot of support behind the projects that really build something innovative so being more specific which areas we think i think will um will benefit for for actually like real utility um just by the nature of um of blockchain and crypto i think finance is still kind of the number one area where youll see a lot more use cases that are being brought from um from kind of the traditional finance onto a decentralized finance and make it a lot easier to you know to to scale for example one area that i was looking at is doing percent cross border payments with um kind of stable coins for example versus trying to send money even through you know fintech solutions like you know transferwise or revolut it covers a lot of the use cases but you might have some edge case which is either going to be very costly or a lot is going to be very slow and in crypto thats just not the case because the entire kind of payments uh and rails are completely detached from the legacy banking system and you can just transfer value for example in stable coins you know theres a lot of a lot of comments on crypto not being the the right unit of exchange because very volatile but then we invented stable coins right so those are attached to just kind of they have a reference price and they typically dont deviate unless theyre kind of algorithmic algorithmically um enabled those do blow up as weve seen recently but even that i think we still havent answered um like if someone asks right now whether algorithmic stable coins is a dead end im not sure what the answer is because like weve just tested kind of one or maybe two so two frameworks and um that didnt work out but and it created a lot of value destruction so maybe we should try another model but i think the iterative approach to innovation is going to get us to ultimately a solution which is very efficient but nevertheless you have for example fiat back stable coins which are quite theyre they enabled a lot of use cases which traditional banking system was not able to to do theyre very cheap to to operate um if done in the right way even in the current regulatory framework which was not devised to have stable coins some projects found a way to to have operating stable coins that are um regulated that have that are highly transparent they have audits behind them um and uh it enabled some great use cases which were again theyre not possible with traditional banking rails and were going to see a lot more in that space i think uh especially that we have clear regulatory framework what it means to to have a stable coin kind of what what um reserves can you can have behind them uh and so on so uh when we go out of this uh this bear market will have a a ton of really great like payments like account to account payments solutions again cross-border detached from the the current card networks detached from the entire kind of banking banking infrastructure you will not need all of this allegedly new innovation uh like open banking initiatives you know sharing apis sharing the infrastructure because you have a totally new new infrastructure that is just much more superior to to operate and use so that thats one example well i think alex gave a very detailed question and uh i completely agree with everything he said what i would add its an ongoing conversation what should or shouldnt be on chain um but there is also a conversation about what should or shouldnt be decentralized because there can be permissioned uh blockchains and a lot of enterprises are using it for um you know their uh business goals um does everything have to be uh decentralized uh maybe not and if you want it decentralized there are so many questions that arise about privacy about um verifications a lot of other things depending on which what were talking which industry were talking about here um but one thing for sure that a blockchain permissioned or permissionless will definitely improve uh efficiency whichever industry it is so thats my first sense isnt decentralization like the main value of blockchain so okay so weve got like i see two use cases for for crypto and blockchains money goes up people have fun and decentralization if you if the blockchain is centralized why not just put it on aws and have it 1000 times cheaper cheaper so like really 21 proof of uh authority validators is not very decentralized so i sorry i just dont agree with with that not all another solutions have to be decentralized its the biggest value of blockchains i would say sorry im sorry um i probably havent phrased it correctly what i meant was uh permissioned or permissionless and enterprises will probably want to have their businesses restructured on permissioned blockchains to preserve their privacy but of course uh decentralization is what were here for absolutely what im saying is that should we talk in terms of what needs or doesnt need to be decentralized versus which blockchain which type of blockchain should each i dont know use case have permission or permissionless and im i was mainly referring to enterprises lufthansa a number of banks theyre using blockchain for some parts of their um infrastructure and more likely than not it will stay permissioned thats what i was referring to i just want to clarify thank you sorry yeah i can add more so i think theres huge value in decentralizing different processes or even organizations or entities so ill give you an example which ive seen very recently if you follow commodity markets commodities went up a lot if you look very closely to what happened with base metals so nickel copper most of the volumes globally are traded here in london on the lme and lme had like a complete collapse in terms of settling transactions and actually thats thats what happens when you have um sort of different kind of dislocations in the market whether you know prices go up a lot very short period of time or go down a lot so um its just not a good way to to do it blockchain is a way more superior technology to settle those types of transactions yes yeah so like they literally just stopped trading because they couldnt settle settle transactions and nico went a lot up a lot uh because there are some contracts that kind of blew up with with the price going up you know blockchain doesnt care it just like executes the logic behind it and it settles the transactions in the way that that they were meant to be settled any day of the week any hour of the day it just works and thats like just a much more spirit way to run things in in in finance um i mean same thing with you know there you had this interesting case with um with meme stocks and and clearing um settlement times right like with with gamestop in january of last yeah was last year 2021 and the reason behind it it was that you basically had transactions which had to be settled well you you do transactions kind of on a on a um almost like second or millisecond frame so you have a set of shares that are being traded against an amount of dollars and you kind of think that that transaction is done but its actually not done theres a lot that happens in in kind of one day one day and a half after that and you need to have the capital and you have you need to have the shares to clear the transaction right and this is just stupid it takes you two days to clear something which is just like it can be done on a blockchain in like seconds so again like this is much much better technology that traditional finance is yet to to to implement for this kind of trades um or for this kind of use cases again if its if its decentralized none cares if if the price of gamestop goes to like thousands or not if the thats what it means to be and thats what the logic behind and that those were kind of the the rules of of um of the marketplace this is what is going to be executed and written into the blockchain and and thats it and i think this is a much better way to run things when when you have that versus some obscure uh way to really like you shut down part of the market as it happened with the lme uh or with gamestop you kind of disable some participants i mean it was done for for the purpose of meeting the regulatory capital requirements but those capital requirements were not needed in the first place if you settle transaction the moment you actually uh you know buy or sell which is exactly whats happening on blockchain the transaction is settled the moment you exit well it you execute and it settles very shortly after not like one or two days after so thats another use case but theres a lot more which you know we can sit here and think about and its its im sure like after well go through a few of these iterations well probably end up in a in a place where blockchain will permeate a lot of these use cases just because its a more superior technology and whether thats a permission or or like fully permissionless is yet to be seen but the underlying technology of of blockchain is going to be quite disruptive for some of these processes theres a good question on like the future of crypto and where do you think like in like per se like when when governments do try to regulate it where does binance and chain actually stand on that point as well right so the question was with regards to regulation where we stand yeah we start we stand on the right side of regulation all the time we work very closely with regulators in some countries already got full fully licensed for example in france weve got a virtual asset provider license very recently it enables us to provide the full suite of services on the centralized side in similarly in italy we work very closely in a lot of jurisdictions including the uk i think whats important is that the regulator have not just one but all of the regulators show interest in coming up with a framework that is very clear its um easy to to implement as well and i think all of the all of the players in the crypto industry would just be very happy to play um following the those rules i think were way past the time when we actually need that regulatory direction and some regulators have been quite active and have been um have been working quite hard to to provide that regulatory clarity so we from our end we do everything possible in order to to follow and implement all the regulatory requirements that that are needed so yeah thats my answer cool thank you once again and if you have more questions and im sure you do um just come and speak to alex and just network and you know enjoy yourselves here grab some food some beer audio and lets chat thank you so much [Applause] you In this fireside chat with Investment Director at Binance Labs, Alex Odagiu, explore how BNB Chain supports new and existing builders, educates their community around the world, and more. Odagiu also discusses how Chainlink trust-minimized services help underpin innovation in the BNB Chain ecosystem. Featured guest: Alex Odagiu, investment director at Binance Labs. Learn more about Binance Labs: About Chainlink Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains. Learn more about Chainlink: Website: Docs: Twitter: