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Arbilink Hong Kong
Recorded: April 7, 2025 Duration: 3:57:13Space Recording
Short Summary
The Arbitrum Foundation's recent event in Hong Kong marked the launch of the Mandarin Ambassador Program, showcasing significant growth and strategic partnerships aimed at expanding its community. With over 132 active ambassadors and a focus on decentralized finance, the event highlighted emerging trends and fundraising efforts within the Arbitrum ecosystem.
Full Transcription
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just play the video right Hi everyone, welcome to RB Ling Hong Kong.
I'm Shin, the APEC Community Manager at the Arbitron Foundation, and now BRMC for today.
We're thrilled to have you here with us for an exciting day ahead.
Our packed agenda includes programs like Executive Roundtables with Industry Thought Leaders,
Hands-On Stylist Workshop with Off-Chain Labs experts, and conclude with an evening of happy hour. Before we begin, I'd like to extend
our sincere gratitude to our co-sponsor, DGFT, for their support in this event. And now, without
further ado, please join me in welcoming Ed Felton, co-founder and chief scientist of off-chain labs,
for our opening remarks.
Thanks. It's great to be back in Hong Kong. I'm very happy to see all of you here,
excited for what's going to happen here at Arbalink. When I started out as a young computer
scientist, Hong Kong and China seemed very far away. And having grown up in a small city in the center of the U.S.,
I didn't have much direct experience in meeting or interacting with folks from this region.
But when I became a new faculty member, I was lucky, a professor, I was lucky enough to do
that at Princeton, and I got a chance to meet some amazing Chinese computer scientists,
and I learned very quickly what the Chinese computer science community is about. In fact,
my first mentor as a faculty member, as a young 28-year-old professor was Kai Li, a Chinese computer scientist, very distinguished,
who grew up here and was trained in the mainland. And Kai really taught me how to be a scientist
and how to think about not only how to do this work, but how to do it in a way that thinks about the broader world.
I also was very lucky at Princeton to have as my, not only my office neighbor, but as
my home neighbor, Andy Yao, a very distinguished Chinese computer scientist.
And one of the first things I did at Princeton, I think, was to go to a party celebrating
Andy winning the Turing Award, which is sort
of the Nobel Prize for computer science.
And I also learned a tremendous amount for him.
Andy, of course, has emigrated back to the mainland and is now one of the giants of Chinese
computer science research.
In addition to all of that, thanks to having Kai and Andy and other Chinese computer scientists at Princeton, we had this amazing pipeline of super talented Chinese students.
And some of my earliest experiences, I think the first scientific paper I wrote as a professor was co-written with Chinese students. And so at that time, I really,
really learned to appreciate the Chinese computer scientists and to start to think about the pool
of talent and of energy that exists in this region. As we started to grow Arbitrum, we realized that really the success of a technology like this grows out of the community and that that community is international. launching this Arbolink event. This is a three-day event where we're going to bring people together
to connect and collaborate and learn. It's all about building bridges to each other. It's about
building bridges between the local and the Chinese language Arbitrum communities and the rest of the worldwide Arbitrum community.
We've heard loud and clear from folks here that you're interested in connecting to the Arbitrum
world and that we need to show up here and we as an Arbitrum team need to show up here
and develop those relationships and to help foster the growth of Arbitrum in this region.
So the team designed this three-day event to be packed, to be focused on builders for the greater Chinese community and Web3 thought leaders.
So we're excited to be here and to be carrying out these events. Another piece of news that I'm really excited to be talking about here is that today here in Hong Kong we're launching the Mandarin Ambassador Program for Arbitrum.
The Arbitrum Ambassador Program is a worldwide initiative to have ambassadors, as the name would
suggest, ambassadors for Arbitrum in communities all around the world.
We currently have 132 active ambassadors
in five countries globally.
The ambassadors create online content,
they host events and meetups, developer workshops,
and generally work to drive awareness of and adoption
of the Arbitrum ecosystem.
So greater China today becomes the sixth region,
together with the Philippines, to launch the program today, further building out the growth
of Arbitrum into this community. So those of you who are joining on LiveScan, you can scan the QR apply.
All right, that's all from me. Thank you and enjoy the show.
Thank you, Ed, for the warm remarks.
We'll now move on to the first program of the day,
Executive Roundtable on Policy Meets Innovation,
Navigating Hong Kong's Role in Global Crypto Investment and Infrastructure.
I'd like to invite John, head of Korea at the Arbitron Foundation to take the stage as a moderator for this session.
Hello, hello. Good morning everyone. Thanks for coming. So I'd like to call up on
the stage Stephen Goldfeder, co-founder and CEO of OCL.
And Josie from IOSG, founding partner.
And Gavin from SNG, chief investment officer.
Please sit.
How are we doing? Good.
Perfect.
Great.
Perfect.
So I think we'll go right into questions.
But before that, can you guys introduce yourself and what you guys do for Arbitrum ecosystem?
All right.
Yeah. Thank you so much.
It's a great honor to have Arbitrum team here.
So I'm Gavin.
I'm chief investment officer for S&Z Holding and S&Z Capital.
So for S&Z, we have been in the industry for roughly 10 years.
We backed Vitalik and Ethereum since day one.
We used to run large development community in Great China.
We focused on community building, incubation, and also investment.
We invested in Arbitron at early runs,
and we are thinking them is a very promising project
since several years ago.
And we continue to work with them on partnership, ecosystem
building, and all this stuff.
Because I'm based in Hong Kong, so I'm very excited to have the team to come to Hong Kong Asia. partnership, ecosystem building, and all this stuff.
I'm based in Hong Kong, so I'm very excited to have the team to come to Hong Kong Asia.
I'm Zoxi, founding partner of IOC Ventures.
IOC Ventures, we are the first threat,
crypto fund investing in the future of Web3.
So we are the CCS-driven fund,
and helping fund us to build
the community-driven protocol.
Yeah, and we also invest in
Arbitrum around 2021.
Yeah, and in the past
three, four years, yeah, we have
several conversations every year
and quarterly with Stephen,
with Ed. Yeah, so I'm so
great to see them just
come to Hong Kong and to see
what happened in Hong Kong and what happened in the Apple Market. So thank you.
Hey everyone, I'm Stephen. I'm co-founder and CEO of Offchain Labs. And together with Ed,
who you just met a few moments ago, Arbitrum began as an academic project for me when I was
a PhD student at Princeton and really saw it through from its very early stages as an idea to being published as an academic paper all the way to being
commercialized in a company and launched on Maynet and up to today. And today, this is actually,
I just got off the plane this morning. This is my very first time in Hong Kong. So super excited
to be here. But fortunately, we have really excellent people that I've known for a long time that
have been representing Arbitrum and helping Arbitrum grow in Hong Kong.
And that includes everyone here in the room, but of course, our friends at SNZ and IOSG
and other funds who took a bet in off-chain labs and the Arbitrum ecosystem early on.
So really, really great to be here today.
It feels like it's long overdue.
And I can tell you, even though it's a little bit late, it won't be my last time here.
I'm excited to be here today and to continue
to engage with the local community here.
Thanks.
Thanks for that, guys.
And I'd like to ask a bit more about Hong Kong
and where it stands in the crypto market.
I think Hong Kong is reopening to a lot of the crypto
projects and exchanges as well and investors.
As Hong Kong positions itself as an emerging hub for crypto,
what do you think is Hong Kong's advantage in terms of investment and technical development?
Yeah, probably I can take this question because I just share a little bit more background about myself.
I used to be working for UBS for nearly eight years. My entire career was in Hong Kong,
focusing in FinTech and business service industry.
So I major in finance and law,
and nowadays I even also serve on the subcommittee
for Hong Kong Web3 advisory board.
So I think I can share a little bit more what I observe.
I think for the advantage of Hong Kong,
first of all, Hong Kong is the intersection of Eastern
world and Western world, right?
As everyone's aware, in this era,
the world got a little bit more isolated,
which means intersection, in that sense,
could be even more important.
I mean, so for Hong Kong connecting, domestic for developers, for kind of investors, for builders, you know, there's very lots of resources and also connecting the rest of the world, you know, free markets, like money, like more capital, et cetera.
So that's a I think that's the first thing.
The second thing in Hong Kong is a good...
Because Hong Kong...
Everyone is aware China has one country, two schemes, right?
So which means in Hong Kong, it's a common law.
And also the legal framework is more accessible
and much easier for foreign investors to understand.
To give you an example, right?
So in Hong Kong, the government is very supportive
in terms of legislative process.
They have already issued the exchange license to OSL and Hashkey,
and there's several of the others getting a VATP license.
And the stablecoin legislative bill has been reviewed for the first time already.
We are about to get a stable call license to be issued within this year.
So there are lots of very constructive progress we can see in Hong Kong.
I think they could boost the confidence for all the people to participate,
like all the activities in Hong Kong. I think the last one, I would say Hong Kong is very open-minded and energetic.
Also essentially you can understand Hong Kong needs new assets and new capital as well.
Because Hong Kong used to have three pillars of a kind of industry right so if we uh like the the um the ports or like the finance
the real estate real estate maybe also like a little bit like consumer products as well
but like recently in past few years hong kong got its own um pressure as well which means that hong
kong needs more kind of breakthrough in innovation etc that's the other kind of breakthrough in innovation, et cetera. That's the other kind of internal incentive
for the government to be more supportive, right?
As people are aware, like Duncan Chu and Johnny Ernie,
and also from the legislative council perspective,
and also from government perspective,
it's very supportive.
So I will encourage all the friends here,
or also online, to come and see.
And of course, they have a huge Arbitrum community.
Yeah, Gavin, he's the expert here in the Hong Kong
policy side.
So I just throw out his ..
I like to say, Hong Kong is a pretty romantic and a very
lovely city. I live live here around four years.
I also watch so many projects and founders.
They just move to here.
So I like to bring some different perspectives
from the investment perspective,
like more projects side,
how they grow here in the past three to four years.
So I just write down some notes.
So I have to watch my iPad. So maybe you guys also know so many new projects that will happen in
Hong Kong. Recently we discussed a lot about the SaaS application and to consumer application.
And the one very famous here we discussed recently is that GMGN and KITO and DeepShake and Manus.
We are pretty familiar with GMGN's story in the past.
They have gone from Beta Universe and then Pernice,
always cooperating the tools and the products the user really did in the past several years.
And GMGN right now, they're in over 50 million revenue.
Yeah, so it's pretty large milestone.
Yeah, and KITO, on the other hand, they just took 85 days from launching their product
and to their token TGE.
So it's also very interesting.
Yeah.
And it took them at least three years for Kaito
to look for the PMF.
Yeah.
And finally, they only spent 85 days
to get the product, deliver the product and the token.
Yeah.
And then we just look back to the iPad ProGS.
Yeah.
And Kaito is very similar like Project Galaxy.
They have this similar targeting product and community.
So they built from five years ago, like Galaxy.
And both are very focused on the attention economy,
and good PMF and demands.
So we also keep talking about some other action projects
like the bank and Pendle, which have really
seen in recent years.
Pendle has introduced a ton of innovations
in restaking and defy, becoming a bit of the host
in this cycle.
With the bank, they just released the rabbit worry and they
have so many users recently uh around 25 percent of the evm worry yeah they are in the rabbit worry
yeah so most of them yeah they are the app team and most of their team members are running hong
kong yeah in china yeah so uh yeah so the common history among all these projects,
they are run by the Chinese teams.
Yeah, so at IOC, we have invested in action teams
around in the past seven years.
We have invested so many action teams here,
and their numbers are only going to growth.
These Chinese founders have a serious commitment to building products.
And the Chinese founders have a very different staff environment.
Maybe most of you guys come from Western.
You don't know what happened for Chinese founders.
They are very damaged for uh stuffs yeah how to build
the stuff because the chinese government yeah they bend the crypto yeah so most of the founder
they have to move yeah uh from the their hometown and leave their family yeah and to start from the
new uh country yeah like hong kong yeah like us yeah and so so I'm sure. Yeah. Yeah. So they would be very commitment.
Yeah.
To build their product.
Yeah.
And yeah.
So usually, yeah, their past either lead or to fail or an incredible success story.
Yeah.
I like to say.
Thanks.
Thanks, Josieose for sharing that and uh you know i think
that's an incredible story of like how you know asian builders are up and rising right now and
hong kong is a place to build it seems like uh steven can you share a bit more about you know
your connection to hong kong greater china with the ios g and sng guys and how you know you guys
been working together on the arbitrary ecosystem as investors and builders?
Yes, absolutely.
So just generally, if I think about crypto in general and what we're trying to do, one
of the big things that we're trying to accomplish, not as Arbotsdam only, but really as a community
and as a philosophy, is trying to increase accessibility, increase interconnectedness
of the world.
Today, we have financial systems.
I live in the US and the financial system basically works. But when you try to innovate, that's where
you start hitting barriers, right? So walls go up and it's very, very hard to innovate in the
existing financial system. If you want to do things that are cross-border, if you want to
export your technology, whether that's local equities or that's even just moving dollars
cross-border, you start running into
lots of intermediaries and lots of, I'll call them more archaic processes. And sometimes
these processes add weeks or more to doing simple things that we can do on a blockchain
in seconds in a single transaction. So one of the main motivating things for me generally
is not to say, hey, we have this good technology, let's build something locally, but it's, hey,
how do we build this in a way that we can export great innovation from all over the world? It's not to say, hey, we have this good technology. Let's build something locally. But it's, hey, how do we build this in a way that we can export great innovation from all over the world?
It's not only saying, hey, let's take the U.S. equities and bring them here.
It's a let's take excellent products.
You mentioned Pendle.
There are so many amazing innovators that we work with that are based in Asia.
And actually, even our teammates.
We have some of our best engineers based here.
How do we bring that innovation to the rest of the world as well?
So this, you know, cross-pollination of innovation, which is so important to me.
That's why early on, you know, even before Arbitrum was live as as clear as it is today that hong kong was
one of those really really important places that we need to uh be represented and make sure that
we are connected with the absolute best um and that's uh who we have sitting on stage with us
today so um you know we've we uh made sure to connect very early to this ecosystem and are only
continuing to invest you know ed mentioned the ambassador program early today. We're continuing to invest and trying to strengthen the ties
both with large investors as well as individual students
who can all contribute to the greater arbitral vision
and ultimately to the interconnectedness
of the new financial system.
Sorry, John, can I supplement to one point here?
Yes.
So I just want to share a very interesting small story.
Just like two years ago, like during WebStream Festival time,
and that was the first WebStream Festival hosted in Hong Kong
because initially that was kind of a Wansheng Blahoching
festival in Shanghai.
So back then, Ad and Steven, unfortunately,
couldn't make it to Hong Kong, but they did two kind of video.
We invited them to do two kind of a video presentation on the main
stage in web story festival and during the four days like arbitram searched for 45 percent well
that indicates yeah that's that indicates several things first of all it's like uh uh everyone is
very kind of uh bullish about arbitral because if you remember like two years ago it's just kind of
the time we initially launched the mainnet launch the the token, and it was like the tech wise.
And so, you know, so although like an early stage, but it's budding.
So everyone has a very good, like, you know, has a loss of expectation.
And secondly, I mean, in Asia, there are large community.
It's like a, because, you know, you got lots of uh buying demand and supporters
from the tech from investor perspective the the last point it means that are still uh maybe we
are back then we were not uh we still need more kind of more awareness in asia right otherwise it
cannot be a huge like like like jump right if you so uh since then we have been but just like
john asked about like the connection with uh asia etc since then i mean been, just like John asked about the connection with Asia, etc.
Since then, Arbitrum and Foundation of Chainlabs and everyone have been working together for lots of things.
And finally we got Stephen here. Hopefully this could be a very productive and effective trip.
Absolutely, yes. It's great to finally be here.
And actually, I didn't mention before, but that was before we sort of launched a product that we made sure that we were well represented
here. But actually, if you looked at the even early numbers of Arbitrum transactions and
Arbitrum activity or what's happening, it was very, very clear to us early on that Asia was
a strong point of Arbitrum community adoption and Arbitrum activity. And that's something that
actually made us very, very proud.
I used to joke, I don't think I've ever said this publicly,
it was a joke that there were like only like one or two areas in the world
where Arbitrum is not the most popular there too.
And one of them was in like Silicon Valley, right?
Because we really never played to that like US centric game of like,
hey, let's try to like, you know, play the game.
We really want, always wanted to branch out and say,
how do we bring this, you know, to the rest of the rest of the world so ironically you know it was in our own backyard where maybe we uh
were not the preferred solution but globally i think that's where we really um you know it was
a priority for us to build a network and build a community and um it's great to actually be here in
person this this time around yeah i think uh yeah for me, when I joined Arbitrum as well,
it was hugely getting popular in Asia.
First, I think it was a wave of fanatics
that's following Arbitrum.
And I think we sort of started the airdrop season as well.
So yeah, it's a great community story.
And going back to the community stories,
Steven, I want to ask you,
what other supports that Arbitrum as an ecosystem is providing to the builders?
And especially there are things that we are providing to the builders in Greater China or Hong Kong.
Can you just highlight a few?
Absolutely. you uh you know absolutely so one of the things that uh differentiated arbitram in the early days
uh was the builder support that we gave as an ecosystem and actually if you look back to 2021
this is the era where some of the biggest arbitram giants emerged where gmx came from
you know nothing to one of the largest projects in d5 uh the arbitram protocol didn't have a token
yet there was no token so there were no like chain grants.
There were competitors that were giving literally billions of dollars in grants.
But somehow Arbitrum was attracting, you know, the strongest builders in the ecosystem.
And people would come to me and expect me to have the answers and say, why is that?
So, of course, I had to figure out the answer or make it up.
But actually, the real reason is is is because i think it's
because of the support that we gave to builders arbitram started off with a fair launch uh um
a fair launch which basically meant that all builders were on the same footing that nobody
got unfair advantage and everyone was on day one of arbitram launching every builder was welcome
and everyone was already set up because the way we did it was we launched Arbitrum to developers in May of 21.
Three months later, we launched to builders and we gave developers wide access.
But, you know, people said, so what is it? Why is Arbitrum succeeding and not giving any grant money?
And their answer was, I think, the builder support that we gave.
So from the very, very, you know, first days of Arbitrum, we had Jason on our integration engineering team who was, you know, giving direct support to the local community um you know um you know to the local community here he's based in china but here in
asia broadly um we invest very very heavily there from our builder support um today fast forward a
couple years later the arbitram dao and foundation does exist they do they do have grants and those
grants are also you know um have a very large focus here as well we have patrick
mccorry at the arbitrage foundation who's based here in hong kong as well so we really have a
strong presence from the top top level levels of leadership in the foundation down to the you know
lowest level on the ground you know people doing the most important work the arbitrage ambassador
is a great example of others doing that work to really make sure that we're investing in the
ecosystem and actually you know even uh more, if you have some idea of something we could be doing,
I'm here this week, we have Ed's here this week, we have plenty others as well, let us
know how we can directly support the best ideas we have come from people on the ground.
So if there's an opportunity that you feel that we can be doing more here, we want to
hear about that and help invest more in the ecosystem and the region here.
Fantastic. Fantastic. I want to build on that and help invest more in the ecosystem in the region here fantastic fantastic well i want to build on arbitrum as well
this is small for josie and kevin um so you know uh what what areas uh do you want to see this you
know create arbitrum builders building on and what kind of investment verticals are you guys looking into at this moment in time? Yeah, so we also discussed a lot internally, because we also
have really supported for the layer 2 space. But as well as we know for Ethereum, the country,
most of the guys are pretty embarrassed about Ethereum. So for layer 2, how to look for the NAS,
We are very surprised about Ethereum.
Yeah, so for layer 2, how to look for the net,
mass adoption apps, it's very hard.
But I remember when we started investing in 2017,
we pretty believe about the Fed protocol thesis.
So we invest everything at protocol level.
And it's not only for token.
We trust, we believe protocol can catch up the value.
But right now now we try to
yeah we are not sticking anymore yeah like infra yeah so we try to do
something here in the application side yeah so the first thing we believe is
either to web to clients SaaS application yeah so we just talked with some projects.
They provide some decentralized
data service for the
web2.ai
unicorns. And their revenue in the past
one year is around $50 million.
It's also very exciting.
It's the web3 project and they build on-trend.
It's very fantastic.
So it's the web2.js
model we have seen.
And we also really believe that to consumer side It's very fantastic. Yeah. So it's the Web2 SaaS model. Yeah. We have seen.
Yeah.
And we also really believe that 2C, 2C consumer side application.
Yeah.
So in the, yeah, I like to say, 2Web2 side and 2Web3 consumer side, there's very interesting
different parts.
Yeah.
Like Frontech and Forecaster, pumping up in the, yeah,
they have some good traditions, yeah.
They just built around, you guys know FramTech,
they just are ranking the revenue 24 million,
and they has around 1 million users.
And Pundlefong is sitting at around 600 million in revenue.
And Polymarket, they have around $10 million revenue.
So we can assume that there might be something similar to
Biden's in the web3 space.
Most of you guys know Biden's in web2.
They have TikTok.
They have ..
They have so many apps.
So in the web3 side, we have something similar
with Binance in the app in Hong Kong.
So how to look for this, the next generation apps in Arbitrum
is very important.
So I think the talent dynasty for application consumer
development in China, in world China, is incredibly high.
But right now, Web3's influence in China is still pretty limited.
Yeah, so it's not quite enough to join the top tier talents yet.
Yeah, so we all know about DeepShake and menus come from China.
Right now, what Web3 really lacks its own application.
Yeah, I'm super bullish
Chinese founders in depth
in application in SaaS.
Yeah, they are focused on
finding product market-free
and innovating beyond
what's currently available.
Yeah, I think Arbitrum should be more
aggressively. Yeah, it's
promoting better
consumer apps or SaaS apps on-chain
and looking for some market-driven strategy
to really catch up on these things.
Additionally, the Arbitrum Foundation can pay more attention
and trust more in the Chinese community and product team,
like how to bet more more how to deploy more
how to allocate more capital in this market that's very important yeah so they have go the potential
to have arbitram secure get the next ticket yeah to mass adoption yeah so um from our perspective
like very high level we got to investment thesis.
The first one is about digital asset as an alternative asset class.
The penetration and wallet share are picking up, which we think is an inevitable trend,
which is already happening since 2023, when BTC ETF got recognized.
This is the most big kind of staff in this cycle
the industry has achieved.
The second thesis we're having is more about tech innovation
and business model innovation, which
may bring a generational, a structural opportunity
for the entire industry, similar, i.e., from Web 2 to Web 3.
So for the first one that we think is happening,
it's very feasible and just when, where, who can benefit.
The second thing is that we think
still need more efforts for the entire industry
to pay more efforts, to be more patient, to build longer.
Internally, we have three sectors.
The first one is called infra.
Like Josie had mentioned, we all
have been heavily investing in that space.
We think it's to some extent like we need to, it's not like I rely on kind of building on future, building on dreams.
Like since we have already developed a certain very good infra, we need to focus on how to make the best use of those infra. And the second sector we have internally called it's like a
financial related includes DeFi and the CeFi which are our current focus and also my personal focus
given my background was in traditional fintai and listed most of the Chinese Asian fintai unicorn
in Nasdaq and YC and Hong Kong exchange. We think this is very feasible and there is a
massive opportunity. I will circle back to this.
The last sector internally we call application and content
is focusing more on emerging apps, which we think
is super important, super interesting,
but still needs a bit more time, and especially needs,
also like Josie pointed out, needs top founders coming,
giving them more time, more patience
to go through the cycle to build more.
I think for the second part of the financial related stuff,
Arbitrum has every advantage for both DeFi and SeFi.
And also, DeFi, my personal two cents,
it's like Ethereum has a huge advantage
about giving decentralization. That's the
guarantee for security, right? That's the reason why most of the DeFi still happens on Ethereum.
And also Arbitron is a leading kind of a layer two in the DeFi space. And we are expecting more
kind of an innovation opportunity here. Also, Josie mentioned that Pando. Pando is definitely
doing good, even in a bear market. Even you are looking at the operational stats
and financial stats, it's very, very impressive.
So we believe there are more and more existing players
could play good.
And also, we've seen a newcomer on the Arbitrum system.
Or even for the C5 space, I saw Henry here, Thomas here,
DigiFit, Aloax, all are very close on partnerships. even for the c5 space right i saw like henry here like thomas here at digitfit aloax i say oh
are very close our partnership so we also you know bridge the discussion with arbitram like they are
definitely doing fantastic job like bridging the web to web three bridging the d5 and c5 stuff or
we um also we used to introduce like a ubs to work with arbitram used to uh blue like stablecoin
i mean there are lots of very good things happening on the
C5 world. I think because just now John asked was asking Stephen what's the advantage of Arbitrum.
I think in addition to developer support I think Arbitrum has a very kind of a comprehensive
closed-loop support even beyond like we we call DGEM blockchain developers,
but also traditional financial institutions.
So Arbitrum is the seldom who can speak
the financial institution's language,
who can convince them to really adopt that in massive sense.
Well, that's my thought. Thanks.
Yeah, I would say, I mean, I agree with all those as well,
but I would say that, particularly on the last know, Arbitrum is in a very unique position, you know, degen, crypto native communities as well.
And then we have the stack called Arbitrum Orbit, which is also a top stack where others can actually use this to launch their own chains.
You have over 100 chains that are building today, including some, you know, really incredible communities like Korn, ApeCoin has ApeChain, Azuki has anime.com.
And there's, you know, this dual strategy where you have both a top blockchain where anyone who
wants to use a public infrastructure can use, as well as a top blockchain staff, where anyone who
wants to take the next step to actually build their own blockchain can also customize their
chain is really unprecedented. But the thing that actually ties it all together for me is,
and the thing that's super unique about Arbitrum,
is if you look at any other ecosystem,
who are the beneficiaries of, you know, the, say, the community programs?
Often it's like a foundation or it's some development company.
But Arbitrum is unique in the sense that the on-chain token holders,
the DAO,
the treasury, actually is in full control. It's in full control of the technological
decisions. Just a couple of days ago, the DAO decided to vote on TimeBoost, which is a new
transaction ordering policy that will collect MEV for the DAO, completely decided by the DAO
and completely voted on. And that's what makes it self know, it's self-executing. So the Dow actually has the power to make that technical discussion, but also on the financial side,
both on the incoming transaction fees and otherwise, all the fees that go to the
Arbitrum Network, don't go to the foundation, don't go to some company or some investors,
they go to the Dow. But today, the Dow has collected over 20,000 ETH in fees that sit
in the Dow treasury. And on the outbound side, it's the Dow token holders that get to vote where that goes.
So it doesn't happen in backroom deals.
The Dow decides exactly where its funds go.
And there is the Arbitrum Foundation, of course, which has its own budget.
But actually, and maybe I shouldn't publicize this, but the Dow even has control to remove
and replace the directors of the Arbitrum Foundation.
So it's an experiment in decentralization like no other and really in
control of the community. And I'll give one last example. There's something called the Arbitrum
GCP, which is a gaming fund, which is very, very controversial in some circles. So I won't get
into that too much today. But actually, if you look at the structure, it just compounds this
image completely. So you have, on the one hand, you have many ecosystems have gaming funds. And
what is the point of a gaming fund? They say, well, it's to make the ecosystem gaming take off and spur innovation in gaming. And if the gaming
fund hits 100x bet, that's great because now you brought this great game and all these users in
the ecosystem. And there are many, many ecosystems that have these gaming funds, but the arbitrary one
is completely unique because that's true. But then you say, well, who is the beneficiary? So
if the gaming fund has 100x bet, sure, the ecosystem does well because there's a big game there.
But who actually gets that return?
Who gets that 100x return?
In every single other ecosystem, whether gaming or otherwise, it goes to investors.
It goes to maybe the company, maybe their investors.
In the Arbitrum ecosystem, there's one LP of the Arbitrum Gaming Fund.
And that is the Arbitrum DAO token holders.
So it's a growing business that's diversifying and actually building the on-chain DAO treasury
that directly accrues to and is controlled in the token holders like no other.
And that to me probably is the uniqueness of the protocol
that really make it stand out from just about any other ecosystem.
Wow.
So if you are trying to build on a truly decentralized ecosystem,
truly community-driven, it's definitely our true yeah
i would say thank you guys we are up we are up thank you guys yeah thank you Thank you. Terima kasih. Thank you. That was a very insightful discussion.
Thank you, John, and all of our panelists.
Now, moving on to our next panel discussion
on Arbitrum and the Future of RWA,
Opportunities and Challenges.
I'd like to invite Ryan,
head of APAC at Offching Labs,
to take the stage as the moderator for this session.
Thanks, Jane.
Hey, everyone.
Excited to be here to be talking about Arbitrum
and the future of RWA,
some of the opportunities and challenges.
So with me, we have folks across the RWA vertical,
you know, trying to solve some of the different issues
within the value chain.
So we have Henry, who is the founder and CEO of DGFT.
We have Thomas, who is the head of digital asset and family offices at China AMC, as
well as Alexander, head of SE Ventures for Hong Kong.
So without further ado, I would love to give the panelists some time to introduce themselves.
But before that, maybe a quick introduction as well on how we thought about coming up with this panel.
So RWA has been a huge driver for us from an ecosystem perspective.
So when we look at RWA, in 2024 for Arbitrum, when we started off the year, we had less than 1 million in TVL.
And fast forward to end of 2024, we grew less than $1 million in TVL. And fast forward to end of 2024, we grew that to over $115 million in TVL.
Today, on my way here, I was checking out our Dune dashboard, and we have up to $250 million in TVL.
So we have a lot of high-quality assets that are coming on-chain today,
as well as different asset classes from treasuries, we have private credit,
and also some of the alternatives, such as real estate.
So yeah, to kick start, maybe Alexander,
you could give us a quick introduction about yourself,
as well as what excites you in the RWA vertical.
ALEXANDER CHAT- OK, thank you.
Thank you for having me today.
So I'm Alexander Chath.
I'm heading SE Ventures in Hong Kong kong and for the gcna region
and i'm also in charge of the business development of libera the tokenization platform incubated by
sc ventures my background is a very stratified i've been 20 years in the bond origination and
structuring space and moving to the amazing rWA space for the past 18 months, two years.
And really, to answer your question around the excitement, is really what tokenization
is allowing each and every one of us to do. You can be the actor of your own wealth management going forward and
having structured bonds for many many years. When I look at all the
intermediaries, the inefficient steps along the way, moving from a trust-based
system with a custodian, someone who can certify the ownership you're moving to the
truth-based system and i think that's for me the the best thing that can happen there that's
amazing and next up for you uh thomas you know curious on how you guys are looking at it from
uh an asset management perspective you know and also what excites you most about the space yeah uh thank you abitram and ryan's invitation so as one of the largest asset management company
in the region we're committed to the web street development in hong kong so since the launch of
the stu circular by the s fc we have been working very closely with our partners from Standard Chartered Bank
and Libera on tokenization. So on February 29th this year, we launched our tokenized
Money Market Fund. So it was the first retail tokenized product launched in Asia. And it's very significant because for the mass adoption
of the RWA, you really need to face the retail market. And facing the retail market requires the
local regulatory approval. So also includes a lot of the ecosystem needs to be licensed so we are helping the ecosystem to be
regulated and to launch something commercial so we're very proud about hong kong's development
and we're also very grateful for our partners contribution thank you what about you henry
what excites you and you know could you give us a quick uh introduction as well around like dgft what you guys are working on yeah uh good morning dgft is in a marketplace
you can call it exchange um i founded this company four years ago from day one uh decided on three
key positionings as a marketplace number one one, DGFT is a digital marketplace
for now called RWAs, not cryptocurrencies, go beyond cryptocurrencies. It's the real assets.
Number two, in terms of technology, DGFT is an on-chain exchange. That's why we have a very close collaboration with Arbitron.
On-chain exchange has another name people call the DEX, decentralized exchange,
which means we are deployed on public chain, non-custodian, so the investors can bring their own wallet,
connect to DGFT and keep their money in their wallet.
And of course, we are all working on a public blockchain.
We call it open exchange or open network. Number three, in terms of, as we are dealing with
security tokens, RWAs, it is a regulated product. So this business must be regulated to a certain extent. So DGFT is a licensed on-chain exchange for RWA.
In terms of the licensing, we are the first one in the world to get the license from a Tier 1 regulator in the world.
We first get the license from Singapore.
Two licenses, similar to Hong Kong 1 and 7.
So we have a primary market and we have a secondary market trading.
And just last month, actually three weeks ago,
we got the approval in principle in Hong Kong for our Type 1 as well.
So we are going to operate in Hong Kong with an SFC license
and we are already operating in Singapore.
And also, as Ryan mentioned, in terms of deploys various RWSS,
DGFT is probably one of the leading ones in the market
in terms of how many products launched.
And we have almost two and a half years in operations.
Recently, we also launched a private credit,
one of the funds issued by Invesco, one of the leading asset
managers in the world.
We deployed this private credit fund token on Arbitron.
Thank you, Henry.
So when we talk about the RWA vertical,
something Stephen likes to say is,
be it DeFi, RWA, we envision a future whereby we just call everything finance. you know the rwa vertical something stephen likes to say is you know beat defy rwa you know we
envision a future whereby we just call everything finance yeah um i want to understand from the
speaker as well maybe we'll start with uh henry you know what are some of the opportunities and
challenges you see you know from uh you know being a regulated player in the space how do you think
you know um for our dgfp perspective, how can you guys capitalize on that?
Yeah, I would say two things.
One is we are dealing with regulated financial products.
If we go beyond cryptocurrency, even cryptocurrency as an asset, more and more jurisdictions, in more and more jurisdictions, it's become a regulated asset.
jurisdictions it's become a regulated asset and the rwa no matter the treasury funds and others
they are regulated financial instruments so when we're doing rwa bring on chain you cannot avoid
this topic of being regulated and i think being regulated also has a lot of good things but of
course being regulated we need to take care a lot other things, but it's for the big good.
So dealing with regulations always, when you get supported, you get a blessing.
But on the other side, you need to so-called fulfill your obligations and responsibilities.
That's one thing.
Second point I want to maybe contribute to this discussion is when talking about RWA,
more and more people agree on the direction, but we are all confused or even frustrated
about the slow adoptions as of today.
Then I would say RWA tokenization will be three stages.
Number one is tokenization.
Number two is distribution number three is
application uh tokenization is relatively easy why because it's more technical thing it is not
very complicated technology technical work and a tokenization does not need a license. So entry barrier is low. But number two, coming to the distribution,
distribution in the license,
distributing a financial product, you need a license.
And the current discussions are all around the distribution.
No matter BlackRock is selling the build-all,
I know we're selling UBS, U-Mint,
we have a China AMC as a product we need to sell.
It's the distribution.
But as of today, actually distribution is not a big phenomenon, no matter who.
Because why?
Because the people will ask, why do I buy the TBO?
Why do I buy the money market fund in a token way?
There are some immediate use cases like a replacement of deposit, etc.
But the people just don't feel very excited about it.
So should go to the phase three is application.
In other words, is why do I use these financial instruments in a token way?
How can I use it?
That would be the next phase.
I think the developers, including us, are exploring and try to bring some solutions to the market
i will save the other discussions later part of the panel thank you henry what about you thomas
you know uh from a perspective of an asset manager what are you guys hoping to solve
for and what are some of the challenges that you have experienced yeah i think as henry just mentioned uh tokenization is a commodity right
now in hong kong and in the world we have a lot of organization technology providers
however i think the key uh kind of benefits or key inputs of those companies are the comprehensive solution that they can put together from the upstream
of the smart contract to the custody
and all the way down to the distribution,
whether it's on DeFi or on centralized platforms.
I think who can provide that comprehensive strategy
will win the market.
And I think our very closest partner uh standard
charter bank and libera i think they are a great team so they are our they are our solution provider
when we launched our asia's first retail tokenized money market fund and i see that
tokenized money market fund. And I see that the trend is going forward. So you need to provide
that comprehensive solution. And for Arbitron, the different blockchain providers, I think their
input is also quite important because they can find the ultimate use case. as what Henry mentioned, the third important part is the application,
so whether the tokenized assets can be used as treasury for the foundation, for the stablecoin
issuers, or it can be used for on-chain yield parking and on-chain wealth management and seeing a lot of those applications,
their first contact is actually the public chain.
So I think for Arbitron, those type of public chain,
they also have a very important position in this whole ecosystem.
And for us, we are the issuers.
The issuers here is important because the brand and the trust is extremely important for Web3 from the DeFi to TriFi integration.
So for memes, you are chasing for the speculation.
However, for the tokenization, you want the certainty
and you want the safety.
And for larger issuers, we bring the years of experience
and also the trusted platform and the whole management procedures.
That gives the comfort to the different holders so i think we all give the
ecosystem an important element for the ecosystem to grow thank you thomas and maybe alexander from
you you know um sc ventures has been very uh involved in the digital asset there's the asset space with you know zodiac custody
with their markets but also in your role with uh libera you know what are some of the opportunities
you guys see as you know a tokenization platform yeah no no maybe also uh looking at uh the previous
questions and uh the angle from the distributor from the asset manager uh i've been involved and
very closely worked with Thomas
on the China MC retail tokenized money market fund.
And you can see also that from a bank's perspective,
and that's where Libera can enter into play,
tokenization can solve many of the challenges
that the banks are facing.
Looking at the very traditional side of the equation you have a fund administrator
transfer agent distributor all of those players have their own
record ledger their own record keeping systems and the bank is at the center of that trying to reconcile and I think with tokenization
you can really solve for this type of data fragmentation issue and hopefully have on
one single ledger a transparent vision of your holding so I think that's something that
tokenization will enable and that will solve a lot of the issues that the banks are facing today.
Obviously, the settlement efficiency is also something that we are all aiming for.
China MC, the T plus zero is very efficient, but most of the assets out there, traditional or even in the tokenized format are not instant settlements so uh the blockchain and the tokenization
will uh will allow that uh type of uh efficiency so i'm very bullish also in terms of all the
issues that the traditional world is facing that could be solved with the with tokenization so yeah
hopefully libera can contribute also to that it's amazing so we have heard from the panelists in terms of what are some of the challenges that you
guys are seeing and how they are looking to address this.
But also I noticed from our speakers, there are different assets that they have issued.
So for example, with Libera working with the Wellington team to launch Ultra.
Thomas said earlier that they are launching the world's first retail market fund.
As well as Henry, you talked about the Invesco private credit
fund.
So now to dive a little bit deeper,
could you share with the audience who are the target market
for some of these tokenized products on chain?
And why would they purchase some of these tokenized assets
instead of going through the traditional route?
So maybe Henry, you want to talk a bit about the investor product?
Yeah, happy to pick up this question. You know the tokenization of RWS is early stage
The future would be like talk about trillions right now is billions
You can say billions is very small but from billion to trillion means 1,000 times upside
So people get excited when the things start is and we start with the
money market fund like many players money market fund tbus i think it make a lot of sense two
things one it is a simple straightforward product you didn't you don't need many education on the
product itself people understand uh number two this is the, is the raw material or the fundamentals for many other products.
That's why the TBO's money market fund has a trillions, tens of trillions kind of a supply in the traditional market.
There's a need.
Just like Amazon, when they start with, what do they sell?
Amazon only selling books.
That's why I'm making Amazon today. If Amazon from day one started selling seafood,
they probably failed because the ecosystem has not been there.
The delivery cannot be there.
But the books you're selling three days, 30 days,
it's still a very nice book.
So now the things looks like a repeat again,
but in a big way, financial RWA is starting with these products,
simple, straightforward products. again but in a big way financial RWA is starting with these products simple
straightforward products but it quickly evolves go to other products like Ryan
mentioned we last month literally last month we together with Invesco launched
this senior private credit fund it is still a fund but the underlying is not tpu it underlying is so called the uh the
private credit you can talk about it's a loans it's a loans to the company usually the loan is
provided by the banks but in the market like the us a lot of loan is provided by the so-called
the private lenders that's That's called the private credit.
It is a trillion level market.
And the Investco is a leading name in the industry.
Introduce this product, allow the investors to enjoy higher return.
This is not investment advice.
I need to make it a very clear disclaimer.
But this is public information.
You know, this fund as of today, year two today, I don't know today, not really today, what happened tonight.
But the fund year two last Friday, the return is 7.3%.
So you have increased some additional yield above the T-bill.
But of course, you take some extra credit,
but manage it by a professional fund manager.
If you trust Invesco, they need to promote hard
why you should trust Invesco.
Then you get an additional credit.
But this is a tier one asset manager.
So they do have some good features.
They provide the daily liquidity, which means you can buy and sell every day. So you can make in a token, we can increase the accessibility, but it's still not good enough because this fund is a T plus five settlement.
It's a daily, unique in the world, but it's a T plus five.
Some investors coming to us and say, can you guys in a token, can you do T plus five seconds?
Can you trade on weekends, like a 24 seven?
I think it is a very legitimate ask and also possible because things make on token on a
chain like Arbitron, it enables possibilities in terms of 24-70 plus second settlement.
But there's a couple of steps that need to be fulfilled before we can announce to the
market and say, let's do 24-7.
Thank you, Henry.
And what about you, Thomas?
For the retail money market fund that you guys launched, obviously the target segment
is retail, but is there a specific customer segment that you guys are you know uh obviously the target segment is retail but is there a specific
customer segment that you guys are looking to tap into when you you guys launch this fun yeah so we
are very optimistic about the hong kong stablecoin uh ecosystem that's soon gonna be launched so for
stablecoin holders they need a yield parking place.
So our product is designed and targeted for this group of audience.
So that later on, when they open the wallet, they pay for their taxi bill, right?
For any remaining inside of their wallet, they can instantly get the yield. So I think to provide that facility for the
users is very important. In mainland China, we have Ant, they have a Yuebong. It's a
trillions of dollars product. And we think in the stablecoin era will have something similar so that's one of the target uh the
investors and the second would be the different licensed crypto exchanges investors so when you send in the stables to trade, the stables won't generate any yield.
But by purchasing this money market fund token or collateralize that money market fund token,
you will be able to enjoy the trading side of the RFID upside while enjoying the underlying asset yield.
So that's the second group of
investors lastly i will say a lot of the family offices now nowadays they have the the crypto
portfolio but within the crypto portfolio for example in last you know 72 hours people are very risk off in that period of time uh i don't think anyone gonna off ramp their stable to fiat and put in a bank to buy stocks
no what they are doing is they are selling their cryptos and then parking with stables and waiting for the opportunities to buy right so when that
opportunity is come we want to provide that yield for those uh kind of trading oriented investors
so those are the just three that we we think is uh the main target but obviously it's a retail
product we can we can do marketing we have been doing marketing
and we can face a lot of different users so we're very um uh we're a big believer of this
huge adoption and the growth of this type of product and we also have a lot of strong partners working with us to to working on the
distribution and also to design the uh i don't want to call it derivative but it's a kind of
a mirror or wrap token type of version of this underlying asset so uh if we look at the undo in
the in the in the us um they are a wrap token of builder right so we are
launching we launched the builder type of product and then we're looking for and working with
different uh under type of partners and if any of you are interested uh we're happy to engage
thank you and great point you brought up about, you know, family officers looking to move to a more like risk of holding stables and how timely, especially with all the
volatility we have seen this morning. Yeah, maybe next to you, Alexander. So with the Wellington
product, you know, we've seen quite a number of tokenized money market with the BlackRock
fiddle, Franklin Templeton, Benji. But I was wondering if you could share
what are some of the unique differentiation.
I know I've heard it a couple of times,
but if you could share with the audience on who
are these user customer segments that you guys are trying
to target as well, and how is this Ultra product?
Different elements out there.
FRANCESC CAMPOYOVANI- Yeah, so obviously,
so the Ultra token is a product that Libera developed
with Wellington, so the well-known asset manager in the US.
We are working with an asset manager in Singapore because Libera is not a licensed company.
So Fundbridge is actually issuing a sub fund that Wellington is sub advising.
And the strategy is managing the US treasury the u.s treasury so wellington is
doing what they do best managing money and uh fundbridge and libera are doing uh the the
tokenization piece and the distribution uh to professional investors so uh contrary to the
china mc fund the ultra is uh professional investors. So from a distribution standpoint, we try to target a similar client base.
So obviously stablecoin issuers are the go-to place.
Crypto exchanges are also current holders of the token.
But obviously what we try to do also with the Ultra is to differentiate
among all the tokenized money market funds.
And Ultra is actually the highest rated.
We rated the token through Moody's, S&P in particular.
And I'm proud to say that it's the highest rated tokenized money market fund out there.
generated tokenized money market fund out there.
So that's also a differentiating factor.
So that's also a differentiating factor.
Maybe not so much for the web 3 investor,
but more and more traditional investors are coming on chain.
And to Thomas' point on the family offices,
you see a lot of the next gen coming to crypto
from the cryptocurrency standpoint but more and more to test the water
with the rwa so you will have a huge transfer of wealth in the in the coming years and rwa will be
a strong uh recipient of that uh wealth so not only you will have pure web-free money coming to those type of products, but more and more traditional money that will grow TBL on those assets.
So yeah, that's for me the great thing.
And to Thomas' point, I think the great opportunity of token is the mobility.
So you can transfer token from what listed investor to the mobility. So you can transfer token from one listed investor
to the other.
I think going in the permissionless world is the next phase.
So hopefully, in collaboration with Thomas,
we will be able to find ways to bring these permission-based
tokens into the more DeFi environment.
And that's actually a great point and a great segue into the more DeFi environment.
And that's actually a great point and a great segue to the next question I have.
So with a lot of these RWA assets today, these are permission-based,
and you talk about trying to move that into a more permissionless DeFi ecosystem.
So maybe I'll start with Henry first.
So I guess when you guys are looking for which ecosystems or infrastructure or chains to launch on like what are some of the consideration is it more of a
technical consideration or do you guys look more from like an ecosystem i know you spoke earlier
about you know having the application layer as well like how important is that for you guys at
yeah this is a very important question actually it, it's a challenging question. It's when we're moving tokenization, the people like Libera is very expert on that can deliver. We have a distribution and also have a product. We have a China AMC, we have an ultra, we have a investable UBS.
seems already but it's not a phenomenon yet it's about how to the go-to market the product go to
market that's the question about how to answer that is an uh i think thomas also mentioned
something i already totally agree we need to look at when we move rwa on chain called rwa tokens
chain called rwa tokens why web three people i mean web three means the people holding stables
and the web two people means they're holding fiat currencies why do they want to buy those rwas
just say money market fund in a token way i have partial of the answers i welcome other inputs and
also from the audience one first of all I'm a firm
believer about the RWA has a bright feature definitely will come just a matter when why
because RWA especially institutional grade RWAs has some unique features which crypto assets does not have don't have number one most of the crypto assets
do not to provide sustainable yield i will call the native sustainable yield the asset itself
would generate cash yield most of them know they are volatile assets they are treatable assets but
that does not provide sustainable yield a lot of real real assets is even like as boring as Tibus.
They have a 4%.
Number two is talk about secure.
Because RWA has a challenge.
You need to do the wrapping.
You have RWA off-chain.
You need to wrap it.
It looks like a disadvantage, but also it is an advantage why
because you have the ss off chain and the token is just a certificate on chain so even the token has
been stolen or hacked to certain extent the off-chain part is still there so you still have a
way to put in a stop there so called secure so sometimes disadvantage
is advantage number three very very important institutional grade institutional grade so no
matter alex talking about the ultra is institutional grade and a china amc very institutional grade
China AMC, very institutional grade.
UBS and Invesco, they're all very institutional grade.
It makes a lot of sense.
I'm just making a small bet today,
now the market is very volatile, right?
You see, once the market becomes very volatile,
you will see some funny things happen.
It's a test.
It's a stress test for the quality of the organizers.
So there's a weak quality organizers.
Things will,
funny things will happen.
So some projects will go busted.
Then you will see
because it's not very well managed.
So-called very well managed
is so-called institutional grade.
So this volatile time is a testing time
so institutional grade secured sustainable yield that's something rw has but the the general
crypto assets does not have so that's a match that's a match uh thanks for that henry very
insightful and especially around like the consolidation that you expect to see in the market.
Definitely consolidation will come again.
The downtime is a consolidation time.
And maybe next up, Thomas, we have
seen the likes of Biddle that are multi-chain, Benji as well.
Curious from the perspective of an asset manager,
what is the direction that you guys are taking when it comes to chain expansion?
So China asset management was established in 1998 in Beijing. It's one of the earliest
mutual fund issuer in China. And we came hong kong in 2008 so it has been uh over
17 years right so in these 17 years we have built our asset management portfolio from zero
asset management portfolio from zero to 2.8 trillion RMB.
We're the second largest asset manager in greater China
and also the largest ETF issuer.
So from the ETF perspective,
we own about 25% of the market share
and the second place is about 10%.
So we dominate in this world of etf
so from the etf to the tokenized fund our view is very simple we want to provide a diverse tool
of products to the investors the trend investors, they have their own pick of different
type of assets. We launched the Asia's first, and right now is the largest Bitcoin spot ETF last
year. We also launched the world's first Ethereum spot ETF last year.
So by offering those products, we provide the tools for investors to access the markets, whether it's traditional markets or the crypto markets.
So our view is in the next 10 years, we're going to grow our portfolio, maybe double,
maybe triple, I don't know. But the goal is to duplicate what we have in the traditional
markets, the ETFs, the money market funds, and all the way mirror that to the crypto world and put that on chain.
So that is a strategy we're taking.
We have been leading the asset management industry for the last 20 years.
And we'll continue believing innovation.
And also we believe in the new technologies.
and also we believe in the new technologies so the next 10 years i think will come from
different ways of thinking of investments the investors will have more options and choices
and the products will be more global and diverse so that's why when we launched our tokenized money market fund on the 28th of February,
in a week, we already registered that in Singapore.
So we're talking with Henry and DGFT to distribute that to other regions.
And we also have plans to expand that to Middle East as well as other area.
Same as our traditional products.
We have that in Hong Kong and then we distribute and register that in different other regions.
So I think for the crypto products, the tokenized products, the speed will be faster.
And with the trusted partners, I think we can achieve that mass adoption.
And from the west side, you saw Fidelity, Wellington, BlackRock, they all have their products.
But from the east side, we are the first one doing the retail product.
And we hope that we one doing the retail product.
And we hope that we can help the ecosystem to grow. So we're also sharing a lot of knowledge with our peers.
And we want to elevate the whole market into the blockchain era.
So stay tuned.
And we will have more products and more exciting news to share.
I'm very excited for that to hear what's coming. And last but not least, Alexander.
I think we are not competitors, obviously. We build the ultra token with Wellington, but we are contributing with China MC.
You can post a list on DGFT. Exactly. So that's what we are currently doing, by the way.
So the whole idea of this ecosystem is to grow the pie.
And the bigger the pie, the better for everyone.
So you said around Beetle going multi-chain, and I think Ultra was launched on mainnet
first. Ultra was launched on Mainnet first, but we're also looking at
expanding to other chains
and looking at the various
chains, and Arbitrum is
one of the next that we
will deploy on.
It's not just a technical
decision, and I think looking
into the hood
and really looking at
the differentiating factors between the chains,
you see that it's really a strategic decision. When you go there, I think Stephen mentioned
around the community and the governance, which is something very important, but the technical
maturity of the chain is key. So you need, as an institutional grade token, you need as a institutional grade token you need something that is reliable uh that can
manage vulnerability so that's uh for me something that uh that is key and the depth of the ecosystem
i i think and uh the capacity to connect stable connechers to uh oracles to wallet you need to have your token in a global ecosystem not just on a digital island and
remote for from everything so that's what i'm looking uh when i'm looking at additional chain
and i think arbitrum can clearly help us grow that ecosystem yeah thanks for the feedback
alec that's uh super helpful and maybe the last question for the feedback, Alexander. That's super helpful.
And maybe the last question for the panelists,
and I want to switch gears a bit,
talk a bit about regulation.
So we have folks here that are regulated
in different jurisdictions.
We have heard about the Hong Kong stablecoin bill.
There are also some of these regulatory
sandboxes that are coming out.
So when we look at um rwas you know
um how are you guys navigating it maybe starting with henry in a multi-jurisdictional environment
you know it's the approach to get regulated in every jurisdiction or are you guys thinking of
like you know potential like partnership and jurisdictions whereby might be too far from your
home base yeah quickly i would say number one you cannot avoid regulation
uh especially nomad even rw definitely cannot avoid regulation because it's regulated activity
already very well defined um but even the crypto assets native crypto assets some will be regulated
to a certain extent um so you cannot avoid that um but on the other side we do encourage regulators
and the regulations will evolve itself to accommodated innovations uh we've totally
understand regulation is behind innovation not another way around you cannot expect the regulation
ahead of innovation no always innovation then regulations come along. So we are patient.
But on the other side, we do see the regulators are coming along.
Hong Kong, Singapore, Japan, even US, Europe.
They're coming along.
That's very good, very different from 24 months ago, even 12 months ago.
But it takes time.
We just hope they can be quicker because everybody wants to be quick.
Everybody wants to be quick.
So this is the first point. Second point, I would say I'm pretty positive. hope they can be quicker because everybody wants to be quick. Everybody wants to be quick.
So this is the first point.
Second point, I would say I'm pretty positive
in terms of for the people, especially in this panel,
we choose to be a responsible way,
which is the institutional approach
because it's sustainable, responsible, right?
Regulation, why I mentioned that is,
when the regulation coming to also give us a so-called
regulatory clarity.
We know what can be done, what cannot be done.
And also in favor of those guys choose this approach.
Think about it is when regulation comes in means you can apply for license.
But on the other side is it make very clear you don't have license, you cannot operate.
You cannot operate.
Before license, everybody can operate.
So it's always the regulation coming, the pattern.
So when the regulation coming in, without license, you cannot do it.
So that will be the trend.
So I will say those unregulated activities, the room will be smaller.
The room will be smaller.
And the room for the regulated part will be bigger
but again again i want the regulation also be friendly right also be market driven and friendly
to support innovation not just regulation coming here to constrain regulation coming here to share
also promote so i just contribute these two points thank you henry and what about you thomas you know
from the perspective of an asset managers when finding partners to work with the distribution distributors tokenization uh providers
like how do you assess uh some of these uh regulatory uh compliance that you know your
partners have yeah i think uh it's very important to see the to work very closely with regulators because regulators they
need inputs right that's why they have so many sandboxes in singapore you have guardian in hong
kong we have uh the uh ensemble and the e-hong kong dollar plus those type of sandboxes so engage
with the regulators and uh early and closely i think that's very important. So we have a constant dialogue with different regulatory bodies in Hong Kong.
And I personally attended a few chief executive policy units meetings to give the inputs to the whole Web3 ecosystem roadmap in Hong Kong.
roadmap in Hong Kong. So I found that they are very open-minded, believe it or not. A lot of
So I found that they are very open minded.
you think maybe they are very restricted on certain products and very conservative on certain areas,
but you also need to think about if it's a retail product or it's a retail market,
they need to protect the individuals, right? So that is very important to engage and communicate.
And a second is to also learn from the global policies, right?
In Europe, you have Mika.
It's already launched, and a lot of firms are adopting Mika
in their certain license and expansion.
In the US, you will have the Stablecoin
Act and you have the SEC just give the clarification of what is Stablecoin, what is Memecoin,
what is security token. So they have been giving the clarification. So constantly tracking those
information and then share with your local regulators is also important. They also want
to know what industry participants are thinking about different regulations. And then try to
learn from the parts that can be massively adopted and learn those elements and then try to input into your local regulators framework.
And I think it's very important.
And lastly, is working with someone who has global compliance and legal framework knowledge.
That's why the product we're working on is with Standard Chartered Bank.
They have their legal and compliance globally.
They understand the
different jurisdictions and different regulations so they can help us to uh to screen out the
potential uh weak uh weak points so we can build a product that is uh solid and also can be a world
wildly distributed so i think those are important thank you thomas
those are great points and alexander what about you guys you know you talked about um getting one
of the highest free-time products but yeah yeah no i i think you have to embrace regulation uh
there is no other option so uh to thomas's point you have to contribute to local sandboxes. You have to
give your input from a technology standpoint. And I think obviously being owned by a standard
chartered bank, a note issuing bank here in Hong Kong, we've been involved in all the various sandboxes in Hong Kong the
stable coin the EHKD the project ensemble we do a similar approach in Singapore
very much involved in project Guardian so trying to make sure that regulator can
also learn from each other which is a very important and even going beyond
just those two big Asia markets, Hong Kong and Singapore.
I'm following also the footprint of Standard Chartered, which is very much Asia, Middle East, Africa.
And I'm engaged in regulators in Southeast Asia, in the Middle East, in Africa,
on some specific discussion around tokenization of bonds, tokenization of bonds in a Sukuk format
for the Middle East in particular.
So you have to make sure that you bring regulators aligned together
and we see the convergence in terms of regulation.
Obviously, it's much clearer now what is
a security, what is a payment instrument,
and more and more
you will see this type of convergence
between regulators, and
that will make, obviously, our life
easier. Obviously, I
hope, Thomas, you will continue to work with
Standard Chartered Bank to get the guidance,
obviously, but yeah, that
will make our life easier easier and that will help us
uh to my earlier point grow the pie yeah uh thanks so much alexander thomas and henry for
such a insightful uh panel on rwa hopefully that gave uh you know the audience some uh perspective
from the different players within the tokenization value chain. So thank you so much. Thank you.
Thanks.
Thanks.
Thank you, Ryan, and all our panelists.
We'll now take a one hour lunch break upstairs.
Please return to the room by 1pm for our afternoon session featuring
stylist workshop, code along and happy hour.
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This is the first time I was in the studio.
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yeah Yeah. Thank you. so yeah Music um
Thank you. Music E aí I E aí so so so I'm going to go to the next video. Welcome back everyone. Now we're moving into our first session in the afternoon,
the Stylus Workshop. Jason, integration engineers at Offchain Lab will guide you
through the basic of Arbitrum Stylus. Please join me in welcoming Jason in leading this session.
JASON HENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENGENG Okay, let's start. So from first, if you haven't heard of Stereos, okay, so this is the main point, what is Stereos?
So Stereos is a technology which can let you run
both Watsang language and also EWAM on the same blockchain.
So we have Parano VM for smart contracts.
Any language can compare to Watsang,
then you can deploy it to Stelius.
So what is a good point of if you want to use Stelius?
Stelius can have 70 times above the fast computation
and also for memory, it will be super cheaper,
like 1,000 times cheaper.
So if you want to write some high-way computation
and your program needs a lot of memory,
so you are good to use the stylus.
Some example is about the matrix multiplication.
So if you use that, I think you can't deploy a metric computation on solidity.
If the metric is so large, you will get out of the case.
But with stereos, you can do a huge computation and a super big metrics on that.
Okay, besides that, I know some other blockchain
also can let you to deploy WASSAN and EOM.
But on Stereos, the WASSAN and EOM can communicate
with each other, like you can call EOM contract
from a WASSAN program. You can also call WASSAN from a WASAM program.
You can also call a WASAM program from UAM contract.
Okay, so other benefits of Stereos is
because Stereos can let you to deploy program
with any language which can be compared to WASAM.
So if you are a big fan of other language,
but you don't like Solidity,
so this is a good point of view so you can use it.
For example, many devs from Web2 may love to use Rust
or C++, so sales can let you to write
the smart contract
with those language.
Okay, so if you want to get started with Rust, okay, so here we have some resource
which can let you onboard easily.
The first resource is our documentation.
So you can find a lot of useful resource on this.
We will guide you how to write a simple
status program, one step by one step.
And we also have some, we also have a page
which is status by example.
The status by example can give you some basic example
and also some application example
to write the program using Rust language.
Okay, if you use the VS Code to program,
there is some extension you can use something like Rust.
Okay, so how to deploy and test?
We provide some ways.
If you want to build some tools on your local laptop
or on your local service, you can deploy a new chain,
new local chain on your computers.
There is a page named run a local dev load on our docs.
You can find it under the run a load page.
So it will guide you to run a local load very easily.
You just need one command
so you can set up your load super quick.
And if you don't want to set up your load
to run your stylus program,
you can also use our public testlet.
Our public test is Arbitron-Syporia.
This is a testlet which built on Syporia-L1.
So you can just use it to deploy your last.
Here is the RPC of our RPC on Suporia.
Recently, we also supported the unit test
without any testnet.
So if you want to have your program to support the unit
test, we also have the docs to guide you how to set it up.
Also, I will talk about how to use the unit test tomorrow.
If you are interested in about this,
welcome to find us tomorrow.
So let me have your guide about what is RAST.
Because RAST is the first language we support in the studios,
so I will get you some basic points of RAST.
If you already know about RAST, this will be super easy for you to understand.
So what is the benefit of RAST?
RAST is strongly typed and also is super fast,
especially super fast than solidity.
So, okay, so how to write a Rust language,
how to define your variables.
Here is the example.
So every variable on Rust is immutable. So if you want
to make your variable to be mutable, you need to add a mute here, just like the second one.
You need to define a variable like this. If you define like this, then it's immutable and you can't change its value like this.
If you want to change six to the variable,
it will compare field.
And for the data types, it's just like the Solidity.
The Rust also support a lot of int types,
like the unsigned and assigned,
and you can also assign the decimal hex binary
or bytes for you to it.
It's quite simple.
So for other data types,
we also, you know,
it's Rust also supports the boolean
and also other language supports.
So for foundation is quite similar to Solidity.
You can just define a foundation like this.
It's quite simple.
So for another, if you want to return a warrior, here is the example you need to use a row
to define your return types.
If you want to return an int,
so you can just define like this.
So here is a line which will return the type,
return the volume.
And if you want to call a foundation,
it's just like Solidity,
just call the foundation directly
and it will return user volume.
So how about the structs?
The structs is super frequently used in status.
It's super frequently using status.
So we will also talk about the structs here.
The structs can be defined like this.
The first one is your field name
and the second one is your field type.
The structs just like the other OOP language, but it sounds different, but not so huge difference.
Like here, if you want to create a new struct instance, you just create like this, and then it will be created.
So here, the struct defined here with the types, but when you want to create a new instance,
you need to give it two values like the 30 and 50 here.
Okay, so what if you want to use another code blocks like this.
There is an implement like this, and you can define the method inside and give it a field lambda self so it can visit your
struct fit.
So what about the enlangs? The enlangs just like,
I think it's quite similar to C language.
So a enlang can be defined like this
and if you want to call it or use it inside a foundation,
If you want to call it or use it inside a foundation,
you can define this so it will match the ELAMs
and the returns a value like you want.
About the control follow.
The control follow is a future in theAS language and it's quite useful when you want to return the control follow to the value.
So it will check what the value is.
And if it has a value, then you can execute the following code.
If it doesn't, it will turn into the second line of this match
and will give you another code to execute.
So for tools, this one can be used
to your other structure like the OOP.
So if you want to implement some foundation
to some structure, you can use this.
And this is quite powerful for you to subtract, and if you want to implement some traits, you can just like this.
So for the RUST, there is a micros, but micros, you don't need to understand what is this. It doesn't matter if you want to write a status program.
This is how we make the status program powerful under the hook.
So if you are only a beginner of the status,
you don't need to understand it.
But you just need to understand this is running during the computer
and can make your status program have some useful use case
to it.
We will introduce how to use this later.
OK, so back to our Stelius Rust SDK.
We designed this to make it work similar to Solidity.
So if you are familiar with Solidity, we don't want you to have a lot of start to use it.
So you can just use it very easily to use it. And you don't even know much about how rust works,
you just need to know how solidity works,
then you can easily onboard the slalos.
And the second one, we use the third party allioles
party alloys to make it to support some solidity types,
like the solidity types like some, because the solidity,
I don't know if you, have you heard about how solidity types
work under the hook?
This one can make your, you define the solidity types
in our status program.
And also we design this.
If you want to write some advanced ROST codes,
the status can also let you to use some third party libraries
to make your program more powerful,
like you can use some PRNG or other library
to enter your RUST program.
So, okay, so if you want to use the ACO,
we provide the COI to let you to start your,
start and create your status program.
For example, for this line, the cargo status,
the following is your project's name.
So for this example, we named the program
is my first contract.
So you just type this, and it will help you create a new
program names my first contract, and you can write your code
based on this.
It's just like an NPM initial command.
Okay, so after this you can start to write your code.
What if you finish writing your code and you want to check if your code can be deployed
on our testnet or our mainnet, you can use this command which is cargo status check. It will give you some information about your program,
like how large is your contract size,
and if it can be successful deployed on our mainnet or not.
If it can be deployed, it will show like this.
It will show your WASN size and will give you some information about this.
So for the WASN program size, it's limited to 24 kilobytes. So if your contract size is larger than this,
you need to speed it to different program
and deploy it one by one.
OK, so for now, if you want to deploy your program,
here is a command for you to deploy it on our, to our mainnet.
So here's a local host that is local load.
Basically, if you want to test your program,
we suggest, we suggest you to run a load
based on the local development.
If you finish the test, then you can deploy it to the public test like that.
And after you deploy it, you can just test it by how you call the solidity contract,
then you can call the same way you call the status program.
We also support the ABI here.
If you want to call a contract from a solidity contract
to another solidity contract, you follow the ABI to call that.
So it's the same in the status we also support the abi ways to call your foundation
okay so let's have a super simple introduction to how status sdk works the sdk
Oh works super easy. Here is some example if you want to assign some like the int or some
uint 20 to 15.6 you can just define axis. Also we always support some future in the Solidity
program like the address.
The address type is not supported in the primitive
RAS language, but we add some future to this.
So it can let you to define the address like this.
For the variables, we have three type of variables, just like Solidity in our ROST SDK.
The first variable is local variables. Local variable is defined within a foundation body
and is stored storing the memory.
The memory in cellules is very cheap,
so you don't need to worry too much as you define the word
or seeing solidity.
The memory is much more cheaper than solidity.
So for a stable word, because a stable word
is still stored on chain, so the cost of a stable world, because the stable world is still storage on chain, so the cost of stable
world is the same as the UAM smart contract, but we will find some way to reduce it maybe in the future.
And the third world is the global word. The global word is like some block time stamp or block number and chain ID like that. You can get it in our Rust SDK just so you get it in Solidity smart contract.
smart contract.
OK, if you want to define a new smart contract,
so here is a way to define it.
To define the states of the smart contract,
you can define like this.
Those types are like this.
The storage pool is the pool pool in Solidity program and only just like that, you can define like this. And if you want to make some OV code to it, like the S store or S load,
those type are needed to define under the storage micros.
And also here is an entry point.
The entry point is to tell your competitor,
to let it know this is the start of your contract.
And if you want to define your contract foundation,
you need to define like this.
So this way is for you to define public foundation
inside your contract.
Here it is. But you need to make sure that the lem here
need to be the same here.
For example, if you want to define a counter here,
and you shouldn't write it as a counter,
but you need to write it as a counter like this.
And then your foundation can get access to it very easily. So okay,
maybe it's harder to understand just by slide, so I will show you how it works in the code.
Okay, here it is.
Let's get started with a super simple smart contract.
This contract, we name it as the counter.
So it just has one state, which is the count.
So if you want to get access to the count, you can get it like this.
There is self and dot count,
and then get it by the foundation name get but it it it uh but it
this it depends on which type of storage you want to get if you want to get the string uh you should
call get s key or uh foundation uh foundation here but most most of those stable storage, you just use the get to get it.
So if you want to set a new variable to your state, you can call the set here.
And it will help you to set the new value to this state of world.
You can see here, here is the way that you tell your compare
or your runtime if it's executed successfully or not.
If it execute successfully, then it will,
you need to write OK here, and if you don't with anything, just give it none here.
It's OK.
So if you want to increase it just like this,
you call the INSAVE method here and give it.
And it will get this and set the value here.
So it can be set successfully.
Okay, so this is quite a simple program.
So if you want to write some more difficult,
more powerful program,
like if you want to use mapping in status,
here is the way we show you how to define it.
Of course, we have, actually, we have two ways to define your variables.
The first way is just like what I introduced, is this by the RAS native way. So you define a struct here and you give it a storage micro here and it will know this is a
status program here and you can define the state variables inside the struct.
But if you are more familiar with Solana Solidity language, so here is the way to define it.
Like this.
If you want to define it like the solidity ways, here is the way.
So define like this is quite similar to how solidity defines the variables. Like the mapping here, you just name the mapping as my map.
And here is the type of mapping store.
Just like this.
Those two are similar to each other.
You can just find a way you are much more familiar to.
So how about you want to get the value from a final mapping?
Here is the way to get.
It's just like how you get the variables
in other primitive states.
You just need to call the get foundation
and give it the ID of the map,
the key of the map, and it will give you the results.
Okay, so what about the listed map?
Because listed map is quite,
is super frequently used in Solidity,
like the NFT or ERC-20 smart contracts.
So here is a way to define, here is a way to get
and set the net-lessed mapping here.
It's quite different from how you get it in solidity.
So you need to get twice of the mapping here.
The first case is to get the next mapping
inside your last state mapping.
And the second one is to get your value here.
Okay, so how to set it?
For the mapping, you need to get a setter here.
The setter here is to, if you want to set a value
to a key of the mapping, you need first
that you call the setter here.
So the setter here will give you a variable,
the state here, the state to you,
and then you try to call the set here.
So you can set the new value to your mappings.
For how it works under the status TBI,
we'll introduce this in our third day workshop.
If you are interested about this,
welcome to join us on Wednesday.
About how to set a new value to the listed mapping,
it's quite similar to the normal mapping.
It's similar to the normal mapping.
You need to get the trials of the setter
and then finally set it to it.
Okay, so this is how mapping works here.
And for other advanced usage or like encoding
and hashing.
We encode this,
if you want to encode a new,
encode multiple variables into one byte,
you need first to let your compare know
which types you need to encode. Like here, it will encode those five types together.
So you need to define here,
and then you get your variables here
and call the ABI encode sequence.
Then it will give you the encoding.
And for hushing, you just call the foundation
inside our status SDK.
The status SDK will call the KCogHush
by the native UAM ways.
It will call the pre-compare of the UAM
and then give you the KCock Hush result back.
Okay, so for other features like the sending easers.
Sending easers is quite frequently used in Solidity.
So here is a way to be used in Solidity, so here is a way to be used.
We provide multiple ways to transfer your users, just like what are the ways you can
use in Solidity, like for the normal transfer.
The most easiest way is just to call the transfer
is under our status SDK.
It will just call the transfer to other address
and with the value you said.
But if you want to do it, we are call ways.
Here is also the way to call it.
Just like the Solidity program,
just use a call and with the value here.
Then with the long bytes here, and you can just send it
either to the target address.
Also, if you want to set guess limit to it because you want to avoid some hack
or some other situation you can call
with the guess amount you customize it.
Okay, so other ways is just like this.
And this is how we sending users to different address.
Those examples are under our Stereos by example page.
If you want to learn more about how to use the Stereos,
you can go to visit our website.
Here.
Here is the website to visit. And you can get much more information on this.
So let's introduce some usage of the unit test.
The unit test is quite like other tests in Rust. First here is our example program here, we still use the counter program to make this example.
So the stable of this contract is only number. We define this use the solidity ways.
And you want to get your number, you just get here and here is some method to
you want to get your number, you just get here.
And here is some method to this program,
like the eight number and eight from the message
volume like this.
So if you want to write a unit test to this contract,
you can define a test.
You need a test here.
And then, right under the test,
each foundation is a single unit test here.
Like this, if you want to test it,
you need to first to get a default test VM here,
and then create your contract instance here by from my method to get the contract inside the test VM,
and then you can call the foundation of this contract.
After you call the foundation of this contract. After you call the foundation of this contract, you can use a set to make
sure your output is the same as your expectations. So here is the way. And we not only provide how to interact with the smart contract, but we also provide some
the way to test the logs here and the call here.
If you want to learn more about the status test, we suggest you to StyroStase.
StyroStase, we suggest you to visit our, this, you can take a picture here and you, we suggest us to write, sorry, to write, to read through this link and it will give you much more information about how you want to use the unit test and something more.
Okay, here is how the serious SDK codes
write in your program.
So you can also test your status program using the Fungzui
SEOI tools.
You can call your program through the 4G SEOI tools.
You can get the forge here like this.
After you download the foundry,
the foundry allows you to call your contract,
deploy it on-chain,
and you can call it just like what you call them on solidity.
Okay, so that is the topic I provided today.
And if you want to learn more about how styles work, here are some resources you can use.
You can take a picture here if you are interested in how it works here.
And if you want to write some more program in silos, you can welcome to contact me and
I will give you some more information here.
So thanks. Hi, everyone.
Sorry, I'm just going to wait for the slides to change.
Yeah.
Was that Iliumware?
Very nice.
Oh, no, it's a dragon.
So I have one question.
Who's brought their laptop with them today?
Raise your hand if you have a laptop.
Awesome.
Great, because you're all going to do some programming
if you want to participate.
This is very much a hands-on coding exercise so i'm
very excited um well wait till this pops up how many engineers does it take the chance a laptop
it's a nice laptop though .
Oh, let me check what time it is.
Do, do, do, 2 o'clock.
