Solving the liquidity issue on blockchain
In Conversation with Sunny Jain, Head of Products at Kyber Network
Introducing — Sunny Jain — Our Guest
Sunny Jain is the Product head for Kyber Network, an On-Chain Liqidity protocol that aggregates liquidity from a wide range of reserves , he has experience crafting strategy and has launched four fintech products from scratch .
Salient points of our conversation
In our conversation today we discussed some salient features of the DeFi ecosystem and the work that Kyber Network is doing to bring positive changes. Here are some valuable take-aways from our conversation:
What is Kyber Network doing to improve the DeFi Space?
- Liquidity, or the ease with which you can convert one asset to another, when taken to a decentralised infrastructure like the blockchain, becomes decentralised liquidity.
- The issue with liquidity on the blockchain is that it is scattered amongst the many reserves that exist to convert an asset from one form to another.
- Kyber Network has solved this challenge by creating a protocol that aggregates the liquidity from these (45) resources across 70+ coins and guarantees the best rate to the user.
“One function call, That’s all you have to do and then Kyber takes care of everything.” — Sunny Jain
The Waterloo project
- Kyber believes in complete decentralization and has been adamant to solve the issue of converting assets across chains in a trustless manner.
- Assume for a moment that you wanted to swap Ether for EOS, Kyber would lock in the Ether in a smart-contract which would then notify the EOS chain of this transaction and then mint the Ether equivalent from EOS and then swap it, all of which will happen in real time without the use of any centralized server or third party.
Kyber’s contribution to supporting new developers
- Kyber’s developer portal offers some simple yet informative steps on building a dApp for the first time.
- API Level : The most basic way to interact with the Kyber protocol is through Kyber APIs without having the need to write smart contracts or interact directly with the blockchain but by simply calling an API input.
“A simple KyberSwap replica can be made in 1 week”
- Web3JS Level: More experienced developers can explore the WEB3JS library , which gives you a gateway to interact with blockchain, again without directly being involved. 60–70% of the entire application could be built solely on WEB3JS.
- Smart Contracts: For expert developers there are smart contracts , writing maybe two or three at most and quite often less than 1000 lines of code
- Moving through these 3 stages, a developer could become an expert in the field within a quarter.
- Kyber network not only provides protocol and technical support for those apps utilising Kyber but also provides advisory, marketing support, business support and in some cases even funding.
- InstaDApp and Nuo Network are two Indian companies that are currently on Kyber.
Scope for DeFi in India
- DeFi is a hot topic now in India and the motivation for developers to leverage this is the fact that it does not require a large team.
- The concept of DeFi is essentially taking the traditional banking structure and putting it on the blockchain.
“One or two guys alone can actually build a whole bank on the blockchain” — Sunny Jain
- When you make an investment in a smart contract you’re not putting your faith in a company.
- You’re putting your faith in code, and the code will always work the way it’s meant to.
- This brings a more trustless nature and adds value to the user.
- Our governments also show a keen interest in this technology and have been closely tracking the progress of the industry.
- Moreover, they seem to be pro-blockchain and it may be safe to say that it’s only a matter of time till we see a more robust regulation around blockchain and De-Fi in India.
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