Hello, hello, how's it going today?
doing great. How are you guys doing today?
Yeah, very good to, very good to. This is the first event. Yeah, this is the first panel discussion from Wolfblatt. So thank you everyone for joining to our panel discussion today.
So let's me to quickly introduce about our topic of discussion today and our speakers. So we have here, Mita Echin Tuna, is the head of incubator
from voice labs. We have Mitakan Head of Research for Maintenance Capital and last but not least, Mitakan Embraer from Daefund and Crypto Securities. And today we're going to talk about how decentralized exchange can surpass decentralized
change. Maybe to start we're going to spend few minutes for Embray, Akin and Ken to introduce about them. All right perfect thank you so much Josephine for the introduction and just a
big thanks to the Wave's Labs team for inviting me over. So a little bit about myself, my name is Emre. I'm the co-founder of Dow Fund, which is a crypto-focused venture capital, where we're specializing in investments of early stage projects, typically in Web 3 blockchain infrastructure.
structure and defy. And also the co-founder of crypto executives, which is basically the largest sea level network in the industry. And basically at the moment we're consisting of about 1,700 sea levels currently partnered with about 300 venture capitals and have also connected with
about 250 token-based projects and we're also advising about a dozen projects and additionally we're also very closely partnered with about 40 of the centralized exchanges of the top 100 and we also partnered with a few decentralized exchanges which I think for this topic is a very good coincidence.
We're also hosting events. We're starting off with event hosting in Dubai, bringing together to crypto communities together, and additionally, we're also helping many other people with different areas ranging on the connection sphere. That's a little bit about myself, what we're doing. Again, big thanks to the Waves team for inviting me over and looking forward to this discussion.
That's very impressive. Thank you, Embrane. Last but not least, we are good partners and that's why we welcomed you here today. Next, maybe can you introduce a little bit about yourself?
Yeah, hey guys, thank you so much for having me. He shout out to the Wave Slabs team for getting me on here. We're really good friends and partners of ours. So yeah, just want to make an introduction. I'm Ken. I'm the head of research from Magnus. Been in the crypto space since 2014 mainly as a capital allocator, as a
I've been in tradfinely with research and trading and equities of work with local brokerages here and also work in alternative assets for a company named Prequin. Transition and trading and analyzing crypto assets, seeing the value of blockchain afterwards. Also got hired for
firm in a multi-strategy blockchain fund founded in 2017. And over the years, we've invested in more than 250 plus companies providing support, strategic partners, incubators, advisors, and valid providers. So our mission here, and Ethos, is centered on empowering projects, teams, and ideas. Thanks for having me today, guys.
Thank you, I have a pleasure to have you here today. And, Akin, how about you?
- Hey, great introduction guys. I'm very happy to have awesome partners like yourselves. So I'm Ekin. I'm the head of business development nowadays in the way it's labs. So, then in the crypto space for quite some time,
used to work with them back in the day when that project was founded before waste that was in Oasis and nowadays on that waste. What we do at Waves Labs, we support the waste ecosystem. That means that we invest either in cash or development services or event marketing services, whatever
is needed for the project to succeed. So our mission is to grow and strengthen the wave ecosystem. Wave is a blockchain that has been around already for many years. So I believe at the time the largest ICO, but that was done in the time of mid-point
But 2016 was the founding year of waves and you know it's been in seven years already. It's been on our own road but we're here alive and we're kicking. We're proceeding going further. Super excited about this talk. Emre, Ken and Josephine, really excited. Thanks to everybody for being here.
Yeah, thank you so much guys. So I'm sure with all of you guys here today, we're going to have the very interesting banner discussion. So I won't let people waste more time. Let's jump straight to the first question.
Before we talk about how decentralized chain can sell Pat the centralized chains, let me raise a very simple question. Are you guys using centralized chain or decentralized chain for trading right now? Ken, why don't you start first?
Yeah, so I think there's benefits to both and I really am using both as a way to trade and really swap platforms. Some of the platforms that I really use are like Uniswap, PancakeSwap, SushiSwap, Bankor,
I've been getting into the ArborTrum ecosystem, some training on some of our projects too. Like, let's say, Vellix Change and the Hair and Finance. These are very interesting platforms.
I think that's really me just using both. So from the central exchange side of part I would use Binance mostly in gate I/O because Binance doesn't really offer a lot of tokens compared to let's say gate and crew coin and so I just really use a mix of all these
platforms. Yeah. And I would say that each have their own pros and cons. So of course, finance and your other such exchanges will have more volume liquidity. It's much easier to transact there and you're at less risk of getting frontruns.
And the slippage is a lot more complex than trading on decentralized exchanges wherein just a tiny fat finger trade could fuck up a bit of your funds. And every bit of your funds counts. And so when I'm trading on both platforms,
It's really important to outweigh the pros, you know, compared to the cons, right? So with decentralized exchanges, I think I mainly trade on there for really early stage projects. Now, there are projects out there in the space that can't be listed on central exchanges.
Just because perhaps they don't have the means to do so yet, but they have a very strong team building around it and really a dex is only the way they can be listed and have a token out there. So really, really use a mix of both compared to this too.
Very close choice. You exactly know how to handle your fun and your trading. So, Embray, how about you? I'm sure that you've been in this market for a few years.
definitely. So I'm actually very agreeing with Ken on this as well. So what I do is I again use both. So both centralized and decentralized, usually depending on the purpose. So you know, generally speaking centralized exchanges have more users because it's much more easy and
user-friendly and have a lot more customer support, hence for bigger trades, bigger orders, there's much less slippage on centralized exchanges such as Binance than there is on decentralized exchanges, which slippage basically is the difference in price after the order is initiated.
that's one big thing I would say is very important. Other than that, in my usage of centralized exchanges, it's mostly for the features that it provides, right? So there's a lot of different trading features like margin trading, futures, and additionally as well is that the tokens have a lot of liquidity.
So I use centralized exchanges typically for large trades on those main tokens that are on the top 100 of coin market cap. And for the decentralized exchanges, I typically like UniSwap a lot. I also like 1 inch and sushi swap. And also aip swap, great friends of mine. And with decentralized
So for those DeFi gem tokens and early
early stage tokens, I personally like using exchanges as I've said, decentralized ones to kind of get utilize the access to those early stage tokens for potential investment and holdings that you cannot really find with centralized exchanges. So that's what I would say in my opinions.
I agree with you guys among you guys, but how about Akin? I'm a college with Akin and I know he's a deaf player, so sometimes you might have a different part than us. What do you think about this Akin? Tell us.
Yeah, yeah, I'm okay. So I see the benefits of this using centralized exchanges, but so okay, so for work purposes, okay, sometimes You know, there really isn't enough liquidity or there's too much sleep. It's let's say
So you have to use centralized exchanges, but let me just like talk about that personally in my life I tried to avoid centralized exchanges as much as possible even if there's like, you know, if there's a bit more slippage Like I've noticed it doesn't really like unless you execute like some giant orders like it
The amount is so different, especially because I don't trade actually. I just do longer term investments, maybe like three to 12 months or a bit longer than that. So I don't know, I try to avoid the central-estate exchanges for that and only
case when I use it is for off-ramping. So by the way, here's a bit of a feedback to CryptoCom as well if there's any CryptoCom folks listening. But I think for the regulatory reasons that we have now, it's basically, it's so risky because you don't know when
accounts are going to be frozen and you can't get the money out. This happened actually with crypto.com now. So I don't know for kind of just the distrust towards these kind of centralized organizations, I don't really like use them personally so much. Let's say like that.
Okay, so like we have a big fan of decentralized change right now and actually recently I do see a big move from centralized change to decentralized change. Maybe it's calm after what you know the negative things happen with FTX exchange or
People go there because it's less government regulation, it's more privacy and transparent. What do you guys think? What is the main reason why people choose decentralized chain nowadays? Let's start with Embry again.
I think this is important to outline what benefits actually decentralized exchange is offered to understand this question. So the difference between centralized and decentralized is that in Dex's there is no centralized
intermediary to basically perform all the operations on trading. So basically on the side of Dex is I think the biggest aspect or the biggest ones have been the fact that well number one is it's decentralized and users actually control their funds. So I think
Everyone here has heard the phrase not your keys, not your crypto, right? And in the current sphere and the current market with what's happening on the centralized exchanges, I think there's been a lot of fear that's really got into a lot of people that are using centralized exchanges. So I think that's kind of opened up a little bit of eyes on the risks that
that impose not owning your keys in terms of trading, which the centralized option does force you to basically own your keys, which has its own all of its benefits. But on the negative side of this, it could be a little bit more difficult for new leads to use decentralized alternatives, which I think over time will improve.
Additionally, I think a very big bonus is that there is no KYC process or personal information needed when using decentralized exchanges. So, you know, that's always a very big aspect in the decentralized world is anonymous, you know, being anonymous. And I think the decentralized
exchange approach also allows people to basically continue staying anonymous, which is also a very big benefit. Other than that, just like how I briefed on the centralized intermediary, so the way the centralized exchanges work with this is they basically replace that centralized intermediary
with a smart contract. Smart contracts are open source meaning everyone can view it. Smart contracts are so completely immutable and additionally they're much more efficient and code is much better than humans. I think we all can agree on that. So it's so much faster, it's much cheaper, it's
I think that's been one of the main things that has been affecting that. And additionally, I would also add that decentralized exchanges are also slowly developing. So I think there is a little bit of a gap between the, I guess, the difference between centralized exchanges.
and decentralized exchanges and what they offer. And over the last few years, and especially the last few months, we've seen more and more unique products on these areas for decentralized exchanges that have slowly been increasing the competitiveness as to what they can offer. So those would be my remarks on that.
Cool. Maybe I could go next. Oh, sorry. Yeah, sure. Sure, sure. Please go ahead.
Cool. Yeah, okay. So I think they're a factor of this sort of exodus that people are moving from central exchanges to decentralized exchanges. But I think there are still a lot of hurdles. But among these factors that helps people to transfer to a more decentralized way to trade would be
First and foremost, of course, decentralization. You know, Dexas are built on blockchain. They can operate without any central authorities or institutions making them more secure and resistant to hacks. At the same time, if you think about it, institutions have always been greedy. First and foremost, so there's a lot of
abuse that has been happening in our current financial system. For example, when GME was trading at its really all-time highs, Robinhood just removed the buy button on GME. So that's something
that was for me self, I guess, fueled. It was selfish of them to do. And there's this element of censorship that happens there. Another part would be privacy. If we were to trade, there's no one watching. I mean, there is an element of everything being transparent.
But if you wanted to do something in your trades, you can create your own wallet that's less trackable. So you won't have to reveal your personal information or KYC. That's going to go to a certain system. You have control over your funds, of course, which is a huge part in our industry, which is self-cultivated.
And I definitely agree with what Emra said and it's a huge thing crypto of course not your keys not your crypto so on a dex you can hold our own private keys We have full control over our funds. This is no central I guess authorities that increase or access our assets and of course
I would say that the permission list and immutable layer of decentralized exchanges is what really is the topping. Take this for example, if we were to send emails right now, how would you guys feel if someone muted your access or censored your access to sending
just email to your friend because they think perhaps it's linked to illegal action. You may be just talking about something illegal, but you're not doing anything illegal at all. Think of a financial system that is the same way. Why should I
need the permission of someone to send money to someone. We should be able to send money as we freely want, as we see fit with our money. That's exactly what the bedrock of DeFi
about and why we should be using decentralized exchanges compared to sexist which perhaps needs KYC needs a lot of these centralized institutions to manage them and there's just so much limitations compared to having everything decentralized. Yeah those are my thoughts.
Yeah, I agree. Like a lot of my friends they try to avoid using central IT chain related to like they don't sometimes they don't want to KYC, you know, they don't want to be under government regulation or government control. Even though it's out
you know, my a little bit not that good from them that why they need to hide the information but sometimes people just want to keep their privacy and not public it because that's how privacy nowadays becomes very important so that's why I 100% support for decentralized change
And for me trading on decentralized chain is much more, you know, I can trade on the more potential tokens like reason that Embrane can just mention about. So now we're going to go with aching.
Central eye chain or decentralized chain which one do you want to choose? Is it decentralized chain? But you say again, still decentralized chain? Yeah, it's still decentralized exchange. So I think there's no changing course at this point. But I have
to agree with what Ken and Emre mentioned about the importance of privacy. Not to repeat the points, but like, you know, like there's this some thought experiment, it's very famous on me. So, you know, somebody is asking like, "I have nothing to hide," and so on. But if you would have to give your email,
address password to somebody that wouldn't be comfortable right. So the same logic applies to any transaction. So you know, it's not like a special privilege to have, you know, when you go and buy a like a carton of milk from a store that nobody can monitor your data. So you're your transaction
So that's something that should be a kind of almost like a human rights because everybody should have right to privacy and definitely dex is guaranteed and much better than centralized exchanges because you know we all know like what ends up happening is there's like on chain analytics companies these companies they basically scrape information from all
all forms and online and they generate entities. These entities are like, let's say, Binance gives your withdrawal address, or I don't know, not saying names better to say no names here, but centralized exchanges can reveal to regulators what addresses are yours.
And that can be used to trace your information and your transactions across everywhere. And similarly, your information on Twitter and Facebook can be combined to this. And this generates a profile of you online. So for those reasons, like decentralized exchanges are just superior when it comes to
privacy aspects. There's one other very interesting topic of discussion has now like I noticed recently like CBDCs have been you know they're very much on the forefront now on all the regulatory technology updates but there's there's quite an interesting concept with them because when money becomes programmable
you know you can just turn off access to that money. So if you have a really fully digital currency that is controlled by central entity that has access to your wallet data, you know, knows we are in social media so one, it becomes very easy to limit your life like just by
blocking access to finance. So maybe you want to travel somewhere, but in reality, suddenly you can buy a buying a fly of playing tickets. So these kind of things are concerning, I think, for just on a global scale. And I think what was interesting, we saw very recently was signature bank.
that I think they prevented from transactions like PR transactions out of crypto exchanges less than 100k which I mean, you know, basically that's the off-ramp for many, many exchanges but that means that no retail investor is going to be able to off-ramp out of a centralized exchange.
So yeah, it's important. I think to or decent was exchange is on my choice of poison here. Let's say like this.
And I think like final points, living in Turkey, it's kind of like you see the normal people, especially when they deal with the inflation, right? So Lira, which is Turkish currency, is very, very highly inflated.
inflation rate last year was like 80% or something. So basically what happened was that the government then issued a limit into actually carries the current version. So you can have converged Lira into dollars anymore. And you know this obviously is done so that you know there is a like massive
selling of Lyra by the general audience of the public. So they actually, they become like forced bag holders, you know. So that's another thing that's, that's very dangerous. So decentralized exchanges being permissionless allow these users then to obtain
that other currency that is less volatile and make sure that they're financially better protected. So, you know, also for that's another manifestation of this. Very interesting opinion. Before I move to the next
next question for you all. I hope that everything in Turkey is, I think, in the other part of the name, so I like. So you know, I will hear for you guys who from Turkey.
very sorry for what happened. But I can see that some big centralite chain are able to block transaction and tax a decentralized chain didn't do that. So is it good or bad, you think?
So I think you got out there, but are you saying is it good or bad that Dixis cannot block transactions? Yeah, the central I change there's some big central I change that they are able to block
the transaction or the users due to some, you know, private reasons. So is it good and bad? Is it good or bad? What do you think about it?
Let me answer it this way. Blocking a transaction is a tool to have the ability to block a transaction is a tool for when that is needed. Like any tool, you can use it for a bit or bad thing.
You know, if you have somebody that obviously does criminal activity, it's right hold the block, their transaction. But on the other hand, if you have a, we could say regulatory body or governmental body that,
It goes in the wrong direction and tries to use that blocking power to control a population in a wrongful way. That is that. It's responsibility. When you have a tool, it's how you use it.
like a lot of the crypto ethos has been counter to this, this having this ability because there's a lot of you know thinkers who think that if you you know have a tool then you know probabilistically at some point it's going to be misused. So I think in that vein of thinking like
I'm personally more in the camp of like it's better not to block any transactions or even have that ability because You know it can be misused now of course there's different topics with like minor extricable value and so on but that minor is can you know be makes action completely
appliances while they validate the blocks, but maybe that's a different topic here. Yeah, I'm asking this because it's about the security, because as I know that finance did that kind of action recently to retry
the stolen funds. So what do you think about that Ken? Do you think it's good or is that? Are you support for the big Central H&D? Do that sometimes or not?
that they are able to block the transaction users to retrieve these stolen funds like what Binance did.
Yeah, I think there are times where it's really valid and there are times where it's good to do this, right? So I tend to agree with it again. And you know, if it's criminal, if it's, you know, with wrongdoing, if it's linked to, I guess, terrorism.
activities, then this would most likely be again way to do this, right? But there are times where this is, I guess, not called for. For example, if you just transacted or have relations to anyone that had transacted with Trinado Cash, you would
instantly blocked off. Take this for example, if I want to donate something to let's say victims of the war in Ukraine, I can't do that directly because I may be targeted. So I have to do it through a fund mixture and now these funds that are going to
refugees, they may not even receive them or off ramp them just because central exchanges have blocked them. So it's really case to case basis, right? And there has to be a way for them to see the good and the bad and not just see that, you know, it's like to something or a wallet that's suspicious.
And it's really hard to just see everything, right? And if you think about it, censorship is really hard because we should always have complete control of our funds, especially when we send it out to people. So yeah, those are my thoughts.
Great. That's very interesting, Todd. How about you, Embray? Are you with Central H&N in Disclose? Are you not?
Yeah, so I think I completely agree with Ikin and Ken on this the I mean it really depends honestly like there's good purposes and good you know solutions for censoring and blocking transactions if it's actually for probable cause
But the problem with this again is that, you know, as Ken mentioned, there could be circumstances where it's something that has nothing to do with something that could be censored or blocked. And the idea that, you know, centralized exchanges, I know it's in the name, but.
having the possibility, because at the end of the day, the ones that are going to be the ones to decide who basically what is not good to keep on the exchange or what to basically block and censor, will most likely be completely done by the exchange. So the question is, who exactly
exactly what exactly qualifies to be blocked and not really being able to use on the exchange. So I think this would have to be structured in a very proper way before it's even begun. As again, I don't really feel too safe knowing that
you know, oh, I can deposit something on an exchange and there's a risk for something being censored. I can send it and it could be censored. For something I know is not bad. So it's again going back to the topic of centralization, which is not the best thing in this space. And
Again, it just depends on what really they look at and how they justify what needs to be censored or blocked, which it really comes down to, which again, this could be stuff around money laundering or terrorism, but this is a pretty big thing that needs to be structured. So I'm relatively again,
against this honestly, I know there's good areas that this could be implemented onto. However, until it's completely structured in the way where everyone's aware of it and it can be tracked and verified, I don't really see this to be a very good thing at the moment, unfortunately.
Yeah, I see the point. Very good points. I think it's very important if there can be more transparent on central light change because nobody likes to deposit money into it and then the next day you work up and then who is it?
Okay, now let's move to the next one. So you know on which we did one research in December 2022. Now we're asking around 6,000 people in our ecosystem.
We do research about the essential item in order to collect their opinions and understand about their taste, which one will refer better. We have the numbers come out that
27% do not know the difference between a centralized chain and a decentralized chain. And 22% of the people got interview, feel the main advantage and this advantage of using centralized chain versus decentralized
potentialized chance in misunderstood. So, as you guys opinions, what are the difficulties that the central AIHN need to surpass in order to attract the users? Maybe this time I'll ask Emperor to start first, please.
Did you hear the question quite clear? Do you need me to repeat that?
Hello, Ember. Do you need me to repeat the question? So the question is, yeah, the question is what are difficulties that decentralized each and need to surpass in order to increase the number of users? Yeah, got it. Okay. Sorry. Because
Yeah, yeah, now I got it perfect. So I think there's a lot of topics and factors that I think sexes are currently doing better than decentralized exchanges. I think one of the end the results of the the you know the question that you guys got really also
makes up for this. I think the biggest thing that's really affecting Dex's is just the ease of usage. Centralized exchanges are incredibly easy to use. They're very, very user-friendly. When we look at the market and the people entering the market, they always start off with centralized exchanges.
Right. Because it's the easiest one. So the typical path of people using decentralized exchanges is always starting relatively. Most people start off with sexes and then these after using a little bit. They go on to the decentralized option, right? And one of the there's a many reasons why centralized is easier than dexis, which is a very big factor that
that Dex doesn't need to find ways to kind of fix on the product level. Being that number one centralized exchange is very simple in terms of logging in and managing. And there's also that side of customer support that really helps out. So if you do a mistake on the centralized exchange, the centralized
exchange can basically help you sometimes recover the funds. Whereas in a decentralized exchange, just like, you know, it's all your funds, your keys, your crypto, your mistake, your loss, right? So I think that's one very big factor that decentralized exchange needs to suppress. Additionally, I think the another very big crisis I see
in the DeFi space is the aspect of liquidity in the tokens on decentralized exchanges. Now, I'll brief on this a little bit. It's basically on the topic of liquidity mining. I think this is a very key thing that I've kind of noticed that could be very aggressively improved on. And Vitalik, as well as CZ, has also
a lot on the liquidity side of decentralized exchange tokens that need to be a bit more sustainable. So the conventional way liquidity is built on decentralized exchanges is you know projects launch. They have not money, you know, not much disposable capital for liquidity. So what they do
do is they basically give out tokens in return for liquidity providers, which are basically people that provide the token pair into the exchange. So this is a very big thing that I'm seeing just directly looking, analyzing it everything. It's a short-term solution to a long-term problem because
What this does is the project gives out free tokens, emissions, the ROI is 0%, and over time what this does is those farmers, those yield farmers eventually begin selling out. And because the project does not own their own liquidity, because it's technically rented and they're giving free tokens, the liquidity side is not
sustainable in the long term. So this is basically trying to find a way to do sustainable liquidity mining. So it's always good for the project to own their own liquidity on a DEX, which by the way, almost all projects on decentralized exchanges use a liquidity renting.
from LPs. So I think that's one huge factor that every exchange, decentralized exchange, is doing is unsustainable ways that projects can basically build up their liquidity that will help them in the long term. I'm not saying it's bad, but only for the short term it can be used. So that's one, just
The most technical thing that I've noticed that Dex could do is the side of sustainability on the liquidity mining and the building of liquidity because again, one of the biggest issues that is stopping the big volumes from adapting decentralized exchanges is the slippage. You have big traders, big institutions, big companies all using
centralized exchanges due to slippage, right? Or a majority of them. So I think that's another very big factor that can be done. And also above that as well is potentially finding a way to raise a bit of awareness and educating. So this kind of comes back to my first point of ease of usage. It is a little bit
difficult for someone who's never really ventured into the web 3 space to kind of use a decentralized exchange with their own wallet with their own keys blockchains transactions blah blah blah but I think if some form of education can be made because looking at the statistics that you guys have done is that 37% of people do not
not know the difference between a sex and a dex, right? That's, that says a lot, you know, knowing that 6,000 people kind of parts fit into that and 22% are not aware of the advantages and disadvantages either. So it seems that there's a lot of, a lot lack of knowledge, I would say, in the sense of the benefits
that decentralized exchange is solved. And I think by somewhat in some way, with more people learning about it, learning how to use it, and kind of being educated on it, that can also be a big sway. So I'm just talking in the terms of the exchange side and what they can improve and what they can do on the product level.
And the interface level potentially and additionally on the side of people and potentially companies kind of raising awareness of basically what these centralized exchanges are. So I think those would be some very key things I'll be looking at. Additionally, I would also say that the features of Dex's need to be slowly, you know, matching the centralized exchange side.
Although these centralized exchanges are still relatively new compared to centralized ones, they are developing really, really fast and they're catching up. There's still a little bit of room to kind of continue, right? In terms of development, until it really is a very close match to centralized exchanges. So I think
I think those would be one of the main things I would be looking at in terms of how Dexas can suppress. Obviously there's a lot of pros and cons to these areas that I've talked about, but this will all happen over time and I think over time with the current way the markets and the decentralized exchanges are developing is that these problems will slowly be solved.
And just hindsight, these are my very big opinions on what they need to do to kind of improve and suppress centralized exchanges. Yeah, I agree with you. Education is very important. Like, when there is a trend, the first stage of centralized
I for five years, but yeah, around that time it takes time for people to to get know about that need a lot of marketing need here to mention about that so education is very important if we really want to attract the number of users out there who not yet
in WebTree, but trying to use decentralized chain. How about this? One factor related to the listing, the project token got listed on the decentralized chain is way much more easier processed than centralized chain.
It might bring to you know some you know negative effect where you know there can be a scam project. So do you guys think it's a difficult for people to choose decentralized agents as well because the the pair that is got listed is
enough because some project talk and they need to sub the
Just, can you repeat the question? Adjust the fit?
Yeah, I think we cut you got cut off at the last part as a question. Yeah.
Can you repeat the question, Joseph? Yeah. Yes, please.
Hello, I hope you guys can hear me clear now.
Yeah, thanks for being coming through.
Yeah, sure. So I'm gonna repeat.
To 100% agree with what Ambridge just mentioned that we do need to have, you know, education over the people who get in WebTree more about decentralized change. And also we need to, you know, make sure that it can be more and more
people from traditional market and also in the web tree, know more about decentralized change and its benefits. So it can help to bring the number of users into it. Some of my friends who trade on centralized change, they say that it's very hard for them to move to decentralized change.
Okay, look like my research is not good. I think I understood a little bit of that. I think the question was still like what kind of difficulties and how do we attract users to decentralize the changes? Yes. Okay, great.
Yeah, I would love to answer that too and definitely agree with Emory talking about what his thoughts were earlier. I think user experience currently is very confusing, right? It's hard for non-technical users. It's hard for your grandma to use and decentralize exchange compared to something like
let's say, itaro or robin hood where it's much easier. You buy in selling asset and see everything much easier, right? For you to perhaps trade on a decentralized exchange, there's so much shifting that has to happen, right? You have to set up a wallet, you have to set up a slippage, you have to set up this,
that you have to do the pairs. And so it's really a hard, hard experience for anyone that's new, which is coming into this. So if we want to scale this up, I think we have to really fix the user experience. I think if we're going to track more user compared to centralized exchanges, we have
to fix the problem of onboarding. It comes from the wallet side of things to people buying every asset and the overall experience and the products of actually removing the crypto side of things, removing the blockchain side of things and just making it very simple. I think if you want to scale Web 3 solutions like a decentralized
exchanges, we have to make it seem that it's very, very simple for anyone to use, right? Keep it simple, keep it stupid. I think that's one part of how we should scale it up. And of course going back to liquidity and volume is very important to have a robust market if you want to make more
market is more mature. And the reason why centralized exchanges have an easier time doing perpetuals is because and derivatives is because they have the volume. And so these are also things that we need to implement within decentralized exchanges is that have more volume, increase the
assets that are offered and kinds of instruments that are offered in the sense that there's going to be margin accounts or there's going to be for petrols that turn a hyper scale to growth of different kinds of ways we can trade. Other ways we can also, I guess, scale up decentralized exchanges
is put a sense of regulation to it. I'm not saying censorship, but a sense of regulation. It doesn't have to be, I guess, a centralized institution taking care of everything. It could be perhaps a doubt. It could be perhaps a, you know, a voting mechanism. But what I mean by this is that
centralized exchanges only list tokens that are available, that have actual use cases, have actual utility, and have proper builders on top of them. If you get listed on Binance, you're a proper project and you're doing something right. If you get unlisted from Binance,
you're probably not doing something right. And so we have to have that kind of element where in we do also block out people in the space who are bad actors, right? And it's very hard to do that with decentralized exchanges. I think it comes with a healthy mix of blocking out the bad actors.
and bad players in the space. It's actually rewarding the good builders, the good teams, and good projects in the space. So I think these are some key factors that we can help out with, some key factors that will hyperscale Texas compared to Texas. So yeah.
Thank you for your answers is very interesting. I do agree with what you guys just mentioned about, you know, education and also a decentralized chain they need to get more influence into the industry in order to
to be known by more people. There is one factor that just now I have mentioned, however my connection was not good, I hope it's better now. So I did say a little bit about the listing process on the central
of tokens over there is more secure and is
So what do you think about that?
to perform a desensual agent to come get with central agent.
Maybe Josephine, can you repeat? It sounded like it was a bit quiet when you said it.
Can you guys hear me better now?
Yes, yes, it's a bit quiet.
Um, not really. Not really. Okay, no worries. So, um, yeah, I got it. Oh, that's very strange.
All right, there we go. Back to the stage. Thank you so much. And yeah, apologize. I don't know what really happened. Okay, so let me repeat what I just say. I say that I totally agree with what Ember and Ken just
share about that we need more education so people can understand better the benefits of decentralized change so if on that they can have the you know decision that they're going to try on decentralized change or centralized change. However, there is one thing that I've been discussing with
my friends that you know the listing process on the centralized chain is much easier than centralized chain. So that's why for the new users who come to WebTree, they refer centralized chain even though they need to surpass the KYC process. But
because they think that Central H&N is going to have more experience team to qualify the project before they listed. For example, like Top 10 Central H&N or Binance or Coinbase, they are very difficult to choose
any project to be listed on their exchange. So is it the difficult factor? That's why the people try to avoid decentralized chain because it's not that high quality projects over there might be some scamming coming up. What do you think about that?
Yeah, all right, so you want to go ahead? I can no no my God. Thank you. But yeah, so I think this comes back to the topic that people I think are a bit unaware a lot of the tokens are already trading on decentralized exchange
So on the topic of accessibility, decentralized exchanges are always on top as they also offer tokens that are not listed on centralized exchanges. Yes, it's true. Again, the centralized exchange side is much more user friendly with tokens that have been vetoed and qualified by
the team. And so that's one thing that kind of can lower the rate of Ruck pulls, obviously not completely as we've seen over the last year. But there's a little bit more sense of security with the tokens on centralized exchanges in comparison to decentralized ones as basically anyone can list the token
on decentralized exchanges and everyone has to check the token address as people can make tokens with the same tickers representing a real one that's pretty big. So there's a potential of potentially having a fraud token that you're trying to buy yourself.
So I think the area on this would be that, you know, in terms of people that are using centralized exchanges because of the listed tokens, again, it's all listed on mostly decentralized exchanges as well. However, you could argue that a very big benefit that centralized exchanges provide here is that you can trade
cryptocurrencies between blockchains. Most decentralized exchanges, you can only trade cryptos with other cryptos in the same blockchain. Yes, there are blockchain bridges, but that's its own discussion of complexity compared to this. I think that's a little bit of an advantage.
that decentralized exchanges could maybe improve on, that centralized ones do provide. But on the topic of tokens being listed, basically all tokens are also existingly on decentralized exchanges. I think it just comes back to the topic of people not really knowing, people being a little bit scared.
to go with the decentralized option as they don't really have someone helping them and kind of quote unquote protecting their assets and additionally as well as much more difficult let's say for new people but I would just remark on that topic as a good yeah so they need to take their own risk they need to know how to manage
and also do more research and understanding about the tokens that they are trading on decentralized chain. They might need to do more more works compared to, you know, centralized chain. But, you know, this industry is, I believe in this
industry because I believe in decentralized method. That's why I'm 100% support for decentralized change. Even though that requires me a lot of time to really reshared and understand about a project that I might do, you know, buying their tokens.
But it's worth it because you learn about new things, you learn about good things every single day and understand more about this industry. Yeah, that's amazing to me. So this is also the last question.
for our topic today. So I want to send the last talk to Akin over this and then yeah, any message that you guys want to share with our audience today. I'm happy to hear from that as well.
And thanks so much for joining our topic today. So, Akin, do you want to take a mic and then share a little bit about what the difficulties that decentralized chains need to do to get a number of users?
Yeah, sure. So I mean, MRE and Ken were extremely comprehensive in that. So, you know, there's a lot of issues. I think maybe about the list things. I don't know, like, because the problem is that anybody can list their token there.
maybe there can be some governance processes like like a DexDal for example, some voting mechanisms or at least in committee or something like this. That can kind of alleviate some of these concerns and especially the risks of people losing their money because there is a very big risk with that. So some sort of regulation there
would be internal regulation that would be very beneficial, I think, as Ken mentioned. I think maybe just for my point of view, of course all these issues are real, but maybe the wallet management I see kind of as the biggest one.
So, having to have your ledger to configure it, it's hardware wallets and keep your password list safe in some bank vault and distribute those across multiple people. That's really a very tedious process.
So I think like whenever that is resolved, so you know it's like the thing like it's not your keys, not your coins, that's true but probably like in the future there should be something a bit more simple like some you know account recovery, some
some sort of an email-based account. I don't know how technically to do it, but that probably would be the one single thing that would drive adaptation for Dex's the most. Because it's really very for new users especially, and even for better users, it's scary to store your own keys because if you
lose your money, it's gone completely. You have no way of, and lose meaning, I mean, you just forget the key. You can displace it somewhere. It doesn't even have to be stolen. So maybe like one thing would be that, whoever finds a solution for that, I mean, after that, we'll see a lot more adaption into Dex's.
Yeah, I think that if they're decentralized each and if they have a team to you know, I'm thinking about a small solution of it. So if there is some good options that decentralized and team they think it's good they can put like a tag or a symbol of worth like it's qualified or like
You know some name over their tokens when they list it with the simple attack on it so it can help at the listing part where people know that OK this already revealed by the Central HTML management team before it got listed that might be our option to solve the things that I'm asking as well.
Don't you guys think so? Anyway, this is a very good topic and many, many, many good information, knowledge and points that being shared by Embrane. Akin and Ken, for today. Thank you so much.
much again for joining us today. And if you guys have any last message to our audience here today, please go ahead and once again, our pleasure to have you guys, all of you guys here today. Thank you.
Thank you guys. Thank you guys so much. Thank you for having me. Yeah, thank you, friends. Bye. Bye. Bye, guys. Bye.