Host: Hi all, we’re muting the group as we are about to start the AMA.
Flow of AMA
There will be 2 parts to the AMA and it will last approximately an hour. We will be muting in some parts of the AMA.
1. Introduction & Interview to @herokim78 from @BingbonYas
2. Chat unmuted for live questions
Hero: Hi, thank you for inviting me here~!! So nice to meet you all.
Host: I have just muted the chat to make the 1st part easier. We will start with some questions to help our community learn more about DeFi, and then we will jump into community Q&A.
Great to have you here 😁 @herokim78, can you first introduce yourself to the AMA room? Give us some background info of how you got involved in crypto.
Hero: Okay. The first time I encountered Bitcoin was in 2016. The concept of decentralized digital assets touched my heart. When the blockchain boom was booming globally in 2018, we decided to invest in a new market because we wanted to take an opportunity.
For now as a Partner of Coinin, which is aBlockchain project incubating, marketing, investing company, I am currently in charge of business development and Korea-China market strategy.
Host: Great introduction and team backgrounds! 👍As we know Altcoin has been a hot topic lately and continue to make headlines. What do you think is the relationship between Altcoin and DeFi?
Hero: Yes that’s right. These days the price of altcoin was adjusted. I wonder what part of the relationship between Altcoin and DeFi should talk about.
Altcoins rise as bitcoin prices rise and crossroads. In other words, as expectations for the coin market and overall value rise which led by Bitcoin brings prices rise of alt coins. With the popularity of DeFi these days, many DeFi projects and coins are pouring out.
These coins are DeFi Altcoins that made a surprise appearance at the top of the market. I think DeFi Altcoin will lead the price increase in the 2021 altcoin market.
Host: Good to know this. As the saying goes — Bitcoin to the moon! 🌙 How has the increased price or rather the market situation of Bitcoin been impacting DeFi?
Hero: Right, Bitcoin has risen a lot recently. Bitcoin’s price or market situation is believed to affect DeFi. DeFi can be seen as a decentralized bank. For some people, it will take time to trust DeFi because they are accustomed to using the Central Bank.
And I think Bitcoin’s price plays a role in increasing its credibility. But there are other effects, too. If the price of BTC and ETH goes down, existing users of DeFi are happy to see gas fee bleeding😜.
In conclusion, whether Bitcoin’s price drops or rises, I think it has a positive impact on DeFi.
Host: agree.🌝 Interesting stuff. Hope everyone reads that. 😁 Well what is the DeFi environment like now compared to two years ago?
Hero: DeFi has been a rising market since 2019. However, maybe because Crypto Market was not on the rise in general, only some early adopters used it. It was unfamiliar to use a decentralized exchange as there was not much information.
And many investors didn’t feel the need for DeFi because they thought trading alone would make enough money. However, the 2021 DeFi boom is a bit different. Crypto Market continues to rise overall, and many institutions and individuals are aiming for investment opportunities.
I think investors of traditional markets have a more conservative and stable investment tendency. For these people, lending or Staking of DeFi would be a good option. And for those who can take more risk, projects that can participate in liquidity mining and seek higher returns would be a good option.
As DeFi is hot these days, many projects are pouring out, so I hope you are careful about your investment.
Host: Totally agree with you @herokim78. Crypto is still in its infancy in terms of economic maturity, while DeFi is even earlier. DeFi has exploded over the past 12 months. Assuming that Bingbon is going to launch some popular DeFi asset trading pairs, which do you prefer?
Hero: Wow, that’s good news. There are many DEFI coins which people love to trade.There are Sushi, 1inch, aave, crv, comp, mkr, snx and so on. I prefer GRT, REP, ALGO, COSMOS which are the most popular and Korean traders like to trade.😃
Host: See~ Thank you for sharing all this info. @herokim78😄
Hero:Thank you
Host: Now Let’s open the chat up for a couple questions from the community. Select 5 questions to answer as you @herokim78 like! 😁
Selected questions asked by the community and the corresponding answers
Q: What is your long-term vision about the industry which you are working on? Are you afraid some day there will be another project with more innovative technology can replace your project?
Hero: First of all, thank you for your interest and questions.
My long-term vision of the industry is that there is more room to grow. There are many projects that I am in charge of at Coinin, but I think DeFi projects and trading platforms have the most vision.
DeFi is a decentralized finance and can be seen as the flower of cryptocurrency. Currently, many projects are releasing products such as lending, and liquidity mining etc that existing financial services have shown, and the market response is hot. But it is true that there are some unstable services.
However, I think the services will develop further if the current situation continues with more participants entering the market continues.
Q: As you know Covid-19 has a large impact in the crypto Market, So How can your company maintain its project and also the team that are working hard during this pandemic?
Hero: The changes that Covid-19 brought about are huge indeed. This has also had a significant impact on the financial industry. Stock and cryptocurrency have benefited.
Speaking of cryptocurrency, many assets were released to the market through the pandemic and they didn’t know where to go. At that time, there was a cryptocurrency.
Cryptocurrency has emerged as a means to replace the existing currency system based on national credibility. After the Pandemic, the world will become closer and unconnected. And there are countries where national credibility has collapsed or is collapsing. That’s why cryptocurrency has emerged as an investment tool for the future.
Q: What is the team’s orientation and development plan for 2021 in the DeFi region, why do you think DeFi, this immature term, has a future? What results do you expect to achieve?
Hero: A very optimistic opinion is that DeFi can absorb some existing finance. Previously, people used to save money in banks and trade only stocks, but now they’re not the only option. People aren’t fools. If the industry is more mature and reliable and stable, there is no reason not to move to DeFi, which gives more benefits than existing finance.
Q: DeFi and Dapps are two pillars primed to rule cryptocurrencies and the blockchain industry, what’s your strategy to DeFi and Dapps?
Hero: That’s right. DeFi and Dapp are the core of the blockchain industry. DeFi believes that there is a future where a lot of money can be raised if market maturity and stability are resolved as I mentioned before. My strategy is to find a good project team and launch a better DeFi service.
The early Dapps were made by inserting blockchain technology into existing services. I think there were many services that were not well used. In the future, Dapps will not use blockchain technology to show themselves, but will go toward solving problems that have not been solved unless they are blockchain. Security, transparency, non-forgery, etc. are used.
Q: Explain your plans on global expansion,
Q1) is it only market you are focusing All the time?
Q2) Or you focus on building or developing and getting customers and users, or partnerships?
Hero: I’m focusing on both Q1,Q2. There is only one thing that cannot be considered when expansion a new market. Conduct sufficient customer research, market research, and create customization strategies.
Q: What do you think are the biggest challenges associated with DeFi currently?
Hero: There are still many tasks to solve because they have exploded in a short time. DeFi’s basic operations are often anonymous, so it seems that they should make efforts to increase security and stability.
Many people asked me questions, so it was really hard to choose.
Thank you all!
Host: can’t agree more🤗
Thanks for all the answers @herokim78! 😘 Appreciate your time here with the Bingbon community. Also appreciate everyone’s time on the AMA tonight!👏
Hero: See you again~!
Have a good day All~!
Host: Thanks again @herokim78
