Connect with us

News

DeFiRev.com EXCLUSIVE: INTERVIEW with NISCHAL SHETTY, CEO OF WAZIRX

rss

This week DeFiRev.com caught up with Nischal Shetty, the talented CEO of WazirX, India’s largest cryptocurrency exchange.

wazirx

What a year! Congrats on all of your success thus far Nischal and to the whole WazirX Team! Tell us about how this year has been for you through your eyes.

This year has been pretty great. We kicked off the year with WRX IEO and listing on Binance Launchpad. The crypto banking ban was struck down by the Supreme Court of India, and it was a huge win for the ecosystem. We also launched Blockchain for India fund with Binance to support Indian entrepreneurs trying to build in this space. Looking back, our team has done quite a lot of work within these 6 months. Coronavirus has been a bummer though, and I hope we get out of this pandemic soon.

How did you first get into bitcoin & cryptocurrencies?

I’ve been a believer in blockchain for many years, but it was in 2017 that I went down the blockchain rabbit hole. It’s when centralised social networks like Twitter and Instagram started cutting off API access, that I got serious about Crypto. I realised that you cannot depend on centralised companies because they can change the rules of the game anytime they want. The global decentralised ecosystem is very nascent right now but I’m determined to contribute towards its growth so that someday decentralisation becomes a way of life on the internet.

In 2017, I also tried using Indian cryptocurrency exchanges, and was disappointed with the UX and lack of transparency. Having built Crowdfire, a social media management product with 20 Million users, we understood what it takes to build and scale a global tech product out of India. We love challenges, and decided to build WazirX – a cryptocurrency exchange which offers people world-class UX, transparency & trust. WazirX is available on the Web, Android, iOS in India and around the world.

What sort of growth do you expect for WazirX this year?

Ever since the Supreme Court verdict, we’re seeing a steady growth in our user signups. Moreover, the nationwide lockdown has given people more time in hand to read more about crypto which leads them to WazirX to buy crypto for the first time. We are also seeing a monthly average growth of 66% in our monthly trading volume. So overall, I’m optimistic about our growth.

China largely fueled the first bullrun for bitcoin in 2013, and in 2017, Japan and South Korea did the same. I think India is next. What do you think?

Absolutely! With a population of 1 Billion, the Indian market is a sleeping giant. There are more than 5 Million crypto users in India. Positive regulation will further boost crypto adoption in India.

You were very wise to develop WazirX as a principally mobile-focused app, that was great foresight. The WazirX App is great by the way. What other trends do you forecast?

India being predominantly mobile heavy as a country, it was important to get the mobile apps to be lightweight and simple to use. We’re glad that WazirX mobile app is the highest rated crypto exchange app in the country today.

While it’s hard to predict trends, I see the need to make crypto products as simple as possible in order to gain the attention of mass audiences. 

DeFi is growing fast and I believe it’ll attract millions of users in the next couple of years. 

wazirx
WazirX App in the Apple App Store

Please share with our viewers, who may not know, the latest updates in terms of crypto regulation in India. What’s your take?

Currently, the Internet and Mobile Association of India (IAMAI) is working on a code of conduct for cryptocurrency companies in India. We have a draft version ready and are working on updating the guidelines in line with the technology changes that have happened in the last few years. The code of conduct lays out a guideline for KYC/AML and other regulatory-related features. We look forward to helping our government formulate the right crypto regulations for the country.

Do you think digital assets can help to bridge the gap between the huge disparity of wealth distribution in India? 

Definitely! For the new younger generation, digital assets are the opportunity to be early participants. If you look at traditional assets such as Real Estate, Gold etc., we’re too late to the party there. But digital assets are new, unknown, difficult to understand. As an early mover, you can have an edge here. Decentralised aspect of digital assets is yet another positive point that ensures everyone gets equal opportunity to participate in this innovation. 

What has been your favorite moment in crypto history thus far?

It has to be the Supreme Court’s crypto verdict. It was a long fight of 2 years. The verdict was over 100 pages long, and it was amazing to see that our judge bench had done a thorough research on the subject. It also implies that as a country, India is pro-innovation.

When you’re not working, what do you like to do for fun? What are your favorite hobbies?

I like to read and learn new stuff. I like to travel, however, the pandemic has put a temporary stop to that. I’ve been brushing up on my software coding skills during the lockdown. 

wazirx

What are a few of your favorite books?  What are some that have made a long-lasting impact on you?  (Can be fiction or nonfiction)

The Godfather was one of those books that I read during my college days which made me think about work, ethics and code of conduct as a businessman. 

More recently, it was good to read Sapiens to gain perspective about the progress we’ve made as a species. The Anarchy by William Dalrymple is yet another book I enjoyed reading and learning from. 

What has it been like working so closely with Changpeng Zhao, another instrumental and widely revered figure in the space, and Binance?

It’s been amazing! CZ has a ton of experience and it shows in the way he makes decisions (fast). I’ve been picking up a lot of learnings from the way he’s set up Binance team and the way teams within Binance function.

I’m applying those learnings to WazirX product and team. We’ve grown 10X in under 6 months of getting acquired by Binance. The learnings and support we’ve gotten from CZ, Wei (Binance CFO) and team has been very helpful in helping WazirX achieve this explosive growth.

wazirx

Is there anything you would like to share, unveil, or tease in terms of new features or releases for our viewers regarding WazirX this year?

We’re working on some amazing things, and will unveil to our users very soon!

DeFi has taken the world by storm this year. What excites you the most about DeFi?

DeFi allows anyone, anywhere in the world to participate and build financial products. It has been the dark horse of crypto. Having grown over 600% in 2019, I’m confident that DeFi is poised to grow even faster this year. For India to be able to participate in DeFi, we need positive crypto regulations. It will help hundreds & thousands of Indian devs to build their own DeFi apps. It is the future and I’m planning to learn as much as I can. 


Nischal, thanks so much for taking the time to do this interview! You are truly a pioneer and so many in the world now look up to you as a true leader and role model.

On behalf of DeFiRev.com and all of us in the sector, we wanted to say thank you for advancing the space.

On the WazirX website it says under your name that “He’s on a mission to involve everyone in the blockchain revolution!” We love that! 

We’re on a mission to involve everyone in the DeFi Revolution!  And it’s coming…

-The DeFi Rev Team


DeFiRev.com is #1 in DeFi News. Check back in soon to find out the latest in DeFi News.

Make sure to check out more DeFi Revolution articles and sign up for our exclusive newsletter + get access to *VIP DeFi Networking* here.


DeFiRev.com – HOME
DeFiRev.com – DeFi Market Watch

Facebooktwitterredditlinkedinmail
rss
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

DeFiRev.com Exclusive: Inside the Mind of Sam Bankman-Fried, the genius behind FTX & Alameda Research.

rss

This Week DeFiRev.com caught up with one of the most talented young individuals in the space: Sam Bankman-Fried!

sam bankman-fried

Sam congrats on all your success thus far!  Tell us about your origin story.

Sam Bankman-Fried: I went to MIT, and worked as a trader at Jane Street after that.  In 2017 I started up Alameda Research, a crypto quant trading firm; in 2019 I started FTX; and now there’s also Serum.  My goal, in the end, is to be able to help the world however I can, and for now that means finding ways to donate as much as I can to the world’s most effective charities (earning to give).

You graduated with a degree in Physics from MIT, what was school like for you there? 

Massachusetts Institute of Technology logo vector - Logo MIT vector

Sam Bankman-Fried: I had a lot of fun getting to know myself and making a lot of really important friends and connects (including Gary, my eventual co-founder).  I guess I realized that I probably wasn’t really meant for academic research, though, which made the classes less exciting.

One thing that always fascinated me is that out of the four fundamental forces, we can link together the electromagnetic force,  the strong nuclear force, and the weak nuclear force, but not gravity. Why? For as much as we say we understand gravity, it seems there is so much about it we still don’t understand. What’s your take?

Sam Bankman-Fried: Honestly I’m not the best person to answer that 🙂 .  But coming up with a real TOE has been one of the main goals of physics over the last few decades.

How did you first get into quant trading? I read that you interned as a quantitative trader at Jane Street Capital. What was that like and what did you learn?

Sam Bankman-Fried: I had some friends who had interned at JS and liked it, so I decided to; it also seemed like a good place to earn to give.  I ended up really liking it–it was a great place to push myself, learn a lot about acting and thinking under time pressure, building longer-term projects, and communicating with people on a team.

Tell us about Alameda Research and how it started.

Sam Bankman-Fried: Alameda Research started up in late 2017 in light of the huge arbitrage opportunities on exchanges then–many sometimes many percent even just between different US exchanges.  We scaled up over the end of 2017 and start of 2018 to be able to do arbs, provide liquidity, and generally trade across the majority of the world’s crypto exchanges.  Over the years it’s grown to trade ~$1b/day globally.

sam bankman-fried

What made you decide to move to Hong Kong?

Sam Bankman-Fried: I came out to Macao for a conference in late 2018 and quickly found that there were more business meetings and opportunities here than I had anticipated.  So I canceled my flight back and rented out a WeWork in Causeway Bay.  It’s ended up being a really good place to be able to connect to the majority of the world’s crypto trading population!

When did you first decide that you wanted to build FTX?

Sam Bankman-Fried:  Around the same time as I moved to Hong Kong it was becoming clear that there was a lot of work to do on the major crypto derivatives exchanges.  And eventually there was sort of this “fuck it, we can do this better” attitude, so we start building.

File:FTX log.png - Wikipedia

Binance purchased shares in FTX in December 2019, tell us the backstory on how that came to fruition.

Sam Bankman-Fried:  It was a long time coming; we’d worked with them on a number of initiatives over the last few years including liquidity, OTC, etc.  But we eventually really started talking about ways we could work together; CZ and I both wanted to get a deal done here, so we made it work.

You guys are growing fast and have about 35 employees, what do you expect the growth to be like in the next year?

Sam Bankman-Fried:  It’s hard to tell!  And in fact since that last 35 employee figure came out we’ve grown a bit more.  I’d guess our doubling time is around 1 year now in most respects, which is a lot.

What are some of your favorite books that you have read?  Favorite films?

Sam Bankman-Fried:  I really like Marvel TV shows and some Christopher Nolan films (Dark Night, Inception, etc).  I also watch way too much TV — Bojack, Elementary, The Magicians, etc.

defirev.com
We’re looking forward to Tenet!

You have written some really good tweet threads lately about DeFi, tell us what potential you see in the rapidly emerging DeFi space. ( Obviously, we’re biased too, we love DeFi!)

Sam Bankman-Fried: I think that DeFi has the potential to rebuild a lot of the world’s financial infrastructure on totally open systems, which would be super exciting!  It has to keep focused on building good products, though, instead of getting lost in the weeds of hyperinflating yield.

Do you have hobbies that you love that would surprise people?

Sam Bankman-Fried: I watch a decent amount of sports–baseball, football, and basketball mostly (yeah, pretty boring).  I also play some Magic: The Gathering online when I’m bored (or during phone calls sometimes–they’re often sloooooooooow).

defirev.com
We at DeFiRev.com had some killer decks too!

As someone who is extremely well versed in pattern recognition what trends and microtrends do you anticipate next in the DeFi space?

Sam Bankman-Fried: At some point Yield Farming will die down and I think people will start to focus more on the products there’s long term demand for–and I think that product design and usability and power will start to become really important.

Some say being in the right place at the right time is a key to success.  Undoubtedly, you are immensely talented.  How much do you attribute the Bitmex Leaderboard to the eventual success of FTX?  Tell our viewers about that experience.

sam bankman-fried

Sam Bankman-Fried: That definitely helped!  But more generally we did a pretty concerted campaign around early 2019 to build up our brand, including a lot of OTC trading.  It’s really helped get us some recognition.

What future plans or new developments and features are you looking forward to rolling out for FTX?  Any projects you are particularly excited about?

Sam Bankman-Fried: I’m really excited to see additions to the Quant Zone, improvements to our options UI, and much more over the rest of the year.

yearnfinance
FTX recently listed $YFI (Yearn.Finance)

As someone who is very successful under the age of 30, what advice do you have for the younger generations in terms of becoming successful, building things, and doing what they love?

Sam Bankman-Fried: I guess–find a way of working and living that works for you.  And when you find that, really push it as much as you can–a lot of the EV is in the tails.

Where do you see the DeFi and Blockchain landscape in 5 years? What do you think will surprise us?

Sam Bankman-Fried: Really hard to know!  But I think that if everything goes well DeFi in particular could really explode.


Thanks Sam! DeFiRev.com is really looking forward to seeing what you and FTX come up with next! You guys are always trailblazing. Until next time!

-The DeFiRev Team

defirev.com

DeFiRev.com is #1 in DeFi News. Check back in soon to find out the latest in DeFi News.


Make sure to check out more DeFiRev articles and sign up for our exclusive newsletter + get access to VIP DeFi Networking here.


DeFiRev.com – HOME
DeFiRev.com – DeFi Market Watch


Facebooktwitterredditlinkedinmail
rss
Continue Reading

News

UniSwap Heating up BIG TIME! Is this the end of IEOs? New DeFi Projects fundraising on Uniswap.

rss

Uniswap charting major growth plans with V2, becoming the defacto industry leader.

uniswap

Dharma, the Coinbase-backed DeFi startup has decided to add token-exchange protocol Uniswap as its latest in-app offering. Dharma users will now be able to trade any ERC20 token for another in addition to earning interest on Ethereum stablecoins. 

Uniswap is one of the most popular DeFi applications on Ethereum giving Ethereum users the ability to swap ETH and ERC20 tokens like MTA or YFI with any other Ethereum based token. It currently possesses $43 million of liquidity assets locked into the protocol. Instead of using the traditional order book model, Uniswap collates tokens into smart contracts allowing users to trade against the liquidity pools provided. Anyone on Uniswap can swap tokens or even add tokens to a pool to earn fees.

The Uniswap V2 was launched as the second iteration of Uniswap including several new features and upgrades. In the new version, any ERC20 token can be directly pooled with any other ERC20 Token. Wrapped Ether or WETH is used instead of native ETH in the core contracts. In the earlier version, all liquidity pools are between single ERC20 Token and ETH. 

uniswap

The introduction of ERC20 token/ERC20 token pools in V2 will be useful for liquidity providers who have the potential to maintain a diverse ERC20 Token denominational position without the need to have an exposure to ETH. Some added features of V2 are:

Price Oracles

Uniswap V2 has implemented a novel functionality that allows for a highly decentralized and a manipulation-resistant on-chain price feed. This is essentially achieved by measuring prices and collating historical data to its potential allowing smart contracts to generate gas-efficient Uniswap prices across any timeline.

Flash Swaps

The V2 flash swaps allow the users to withdraw as much ERC20 token as wanted with no upfront costs. The withdrawals can be used for any purpose provided that at the end of transaction execution users pay for all ERC20 tokens withdrawn or pay a percentage of ERC20 tokens while returning the rest or finally opting for returning all ERC20 tokens withdrawn.

uniswap

Technical upgrades

Uniswap V2 has also included some significant changes and improvements as given below:

  • Uniswap V2 efficiently takes care of ‘missing return’ ERC20 tokens that were not on the earlier version.
  • Smart contracts are now written in solidity rather than Vyper
  • Mutex to strengthen re-entrancy protection adding more support for ERC777 with other ERC20 non-standard tokens.
  • Error messages have become more figurative, meaning that they have become more descriptive. 

The protocol upgrade has been one of the best things with Uniswap this year. It has been trending over the past few days with sharp rises in trade volumes. A majority of the trade now happening on its new version, with a 24-hour trading volume of over USD 125 M on the upgraded protocol compared to 3.5 M on V1. 

Check out the trading volume over the last 2 months:

uniswap
Source: CoinGecko

With Uniswap V2 reaching such high volumes, it is also being compared to exchange giants like Coinbase and Kraken. 

uniswap

DEXs are permanently popular but despite their popularity, many have warned of the dangers of using decentralized exchanges like Uniswap considering that it is becoming vulnerable to becoming look-alikes of popular tokens. Uniswap has many imposter tokens because there is an almost zero barrier to entry and any ERC-20 token can be traced on it. 

Despite these claims, Uniswap is the largest DEX over the course of the second quarter this year even before V2 took off.

Uniswap is the perfect candidate for exploring the on-chain cash flows. Even without any additional growth, it has the potential to generate more than $5M + in liquidity provider fees this year. 

DeFiRev.com is #1 in DeFi News. Check back in soon to find out the latest in DeFi News.


Make sure to check out more DeFiRev articles and sign up for our exclusive newsletter + get access to VIP DeFi Networking here.


DeFiRev.com – HOME
DeFiRev.com – DeFi Market Watch

Facebooktwitterredditlinkedinmail
rss
Continue Reading

News

Yearn.Finance Explosive Growth! Want to farm YFI? Here’s How. Yield Farming $YFI 101.

rss
yearn.finance

Yearn.Finance: Yield farmers are betting on YFI Yield farming

Why has YFI become so great that traders are yearning over their crypto to get it? The team said it’s valueless!

“We have released YFI, a completely valueless 0 supply token. We reiterate, it has 0 financial value. There is no premine, there is no sale, no you cannot buy it, no, it won’t be on Uniswap, no, there won’t be an auction. We don’t’ have any of it”

This is a flippant way to showcase that the token can be earned only with the yEarn platform with a total supply of 30,000 tokens that will be distributed to stakers in the liquidity pools of the platform. Like many DeFi tokens, it was not sold in any IDO. When YFI was announced, the tool pools that went live were:

  • yEarn to stake yCurve LP tokens to earn YFI
  • Balancer pool for stake balancer LP tokens for DAI/YFI pool to earn YFI.

A token once declared valueless by its issuers is now standing proud by driving over $150 million of deposits with more than 80-times growth achieved virtually overnight. Yield farming with yEarn’s YFI token has yielded annual returns of 1000% also to some traders. 

yearn.finance

What is Yield farming

Yield farming is a concept that is growing exponentially not just in the crypto markets but also in the mind space of the traders. Yield farming is to actually put your crypto assets to work and generate maximum returns on those assets. Yield farming lets traders earn a fixed or a variable interest by investing crypto in a DeFi market. So, investing in ETH is not Yield farming but lending out ETH on a DeFi platform above the ETH price appreciation is yield farming.

About yEarn

yEarn is a liquidity aggregator offering automated yield farming strategies with the help of diverse lending pools. Yearn.finance is the most popular lending pool in the protocol providing the best return on liquidity to lenders. yEarn has also created something called a Curve’s Y pool that consists of top stablecoins like TUSD, USDC, etc. Recently yEarn released a native governance token, YFI which can be earned through liquidity money on different pools. It is earned by staking proof of liquidity. It is one of those DeFi tokens that has been launched with no pre-mine or DEX offering. 

The yield aggregator invests the capital into different and hot DeFi projects which are selected based on which projects have the highest yield and ROI. The capital reserves are distributed to be lent to different protocols like Aave, Compound, and dYdX. The protocol is looking at consistently adding a new pool so that it can make the most out of the DeFi platforms all across. 

yearn.finance
On the Yearn.Finance Website

Earning YFI token

The Y pool on Curve. Fi is considered the smartest way to access the pool. The pool is a collection of stablecoins that automatically is invested in lending protocols. One of the most common and much-talked-about yield farming strategies is liquidity mining. At the core of the concept, users stake their Proof of liquidity in any one supported ygov.finance pools in exchange for YFI rewards. Every pool has a cap of 10,000 YFI each till the governance modifies the inflation with on-chain voting. 

Here is a great video showing you how to yield farm YFI by DeFi Dad:

The incentivized Balancer pool also requires the staking $YFI that would further limit supply. DeFi farmers are staking up YFI and DAI in a bid to get BPT tokens which can be further staked on ygov.finance so that supplementary $YFI can be earned.

The YFI token in itself has no intrinsic value per se but the current hype, as well as token dynamics, has driven the value of the token to unimaginable heights. The value of the token comes from voting on the future course of the protocol. 


An interesting point to note is the max supply of YFI is only 30,000 units.


At present, there are 3 ways with which $YFI tokens can be obtained with liquidity mining. These methods have one thing in common and that is the inclusivity of staking capital in the form of stable coins. There are 3 active pools that produce 10,000 YFI per week. 

  • Staking on Y pool with Curve which is the most-used and the best way to access the Y liquidity pool.
  • Adding more liquidity to 2% YFI: 98% DAI pool on Balancer allowing for staking the BPT tokens on ygov.finance. 
  • The third way is to add liquidity to 2% YFI:98% yCurve Pool on Balancer and then staking BPT tokens on yGov.finance
Current price of $YFI as of 7/28/20, 7:28pm PST

DeFiRev.com is #1 in DeFi News. Check back in soon to find out the latest in DeFi News.


Make sure to check out more DeFiRev articles and sign up for our exclusive newsletter + get access to VIP DeFi Networking here.


DeFiRev.com – HOME
DeFiRev.com – DeFi Market Watch

Facebooktwitterredditlinkedinmail
rss
Continue Reading
bitcoin
Bitcoin (BTC) $ 11,115.96
ethereum
Ethereum (ETH) $ 386.80
ripple
XRP (XRP) $ 0.300171
tether
Tether (USDT) $ 0.999298
bitcoin-cash
Bitcoin Cash (BCH) $ 287.55
cardano
Cardano (ADA) $ 0.137688
bitcoin-cash-sv
Bitcoin SV (BSV) $ 227.42
litecoin
Litecoin (LTC) $ 57.31
chainlink
ChainLink (LINK) $ 9.36
binancecoin
Binance Coin (BNB) $ 21.72
crypto-com-chain
Crypto.com Coin (CRO) $ 0.156643
eos
EOS (EOS) $ 3.00
tezos
Tezos (XTZ) $ 3.19
stellar
Stellar (XLM) $ 0.107236
okb
OKB (OKB) $ 5.92
monero
Monero (XMR) $ 86.25
tron
TRON (TRX) $ 0.020133
leo-token
LEO Token (LEO) $ 1.27
vechain
VeChain (VET) $ 0.017719
cdai
cDAI (CDAI) $ 0.020878
huobi-token
Huobi Token (HT) $ 4.76
usd-coin
USD Coin (USDC) $ 0.997926
cosmos
Cosmos (ATOM) $ 3.90
neo
NEO (NEO) $ 12.45
iota
IOTA (MIOTA) $ 0.300929
ethereum-classic
Ethereum Classic (ETC) $ 7.10
dash
Dash (DASH) $ 86.35
zcash
Zcash (ZEC) $ 81.22
maker
Maker (MKR) $ 593.11
nem
NEM (XEM) $ 0.054176
havven
Synthetix Network Token (SNX) $ 4.29
ontology
Ontology (ONT) $ 0.694178
dogecoin
Dogecoin (DOGE) $ 0.003471
compound-governance-token
Compound (COMP) $ 129.82
compound-ether
cETH (CETH) $ 7.76
ethlend
Aave (LEND) $ 0.312084
dai
Dai (DAI) $ 1.02
basic-attention-token
Basic Attention Token (BAT) $ 0.252921
digibyte
DigiByte (DGB) $ 0.026212
ftx-token
FTX Token (FTT) $ 3.44
ampleforth
Ampleforth (AMPL) $ 0.841693
theta-token
Theta Network (THETA) $ 0.308610
elrond
Elrond (ERD) $ 0.021398
qtum
Qtum (QTUM) $ 2.76
0x
0x (ZRX) $ 0.390440
kyber-network
Kyber Network (KNC) $ 1.42
algorand
Algorand (ALGO) $ 0.322401
paxos-standard
Paxos Standard (PAX) $ 0.998190
uma
UMA (UMA) $ 4.34
hedera-hashgraph
Hedera Hashgraph (HBAR) $ 0.042551