 Hello everyone. My name is Loi Liu and I'm a CEO and co-founder of Kyber Network. Yes, today I'm super excited to be here to give you an update about what Kyber has been doing, especially in connecting decentralized liquidity for decentralized finance. Before we go to the details, let's just define what is liquidity. I think a lot of us have heard about liquidity but not many of us understand what exactly that term means. So liquidity really represents the degree in which an asset can be sold quickly in the market without impacting the price. Like for fiat currency like USD and Japanese yen, they are super liquid. For assets like Bitcoin and Ether, they are also very liquid. But for many of the ESC20 tokens, they are not as liquid. And when it comes to liquidity, there are two main parties. The liquidity takers are people who buy and sell the asset. And they are also the liquidity providers are people who actually make the offer for other to buy and sell. And they work closely together every time. So the main incentive for the market makers is that they're going to get the profit from the trading. But they also have the reach of holding the inventory and sometimes the market moves against the direction. But what is decentralized liquidity? There's literally no definition of this term on the internet. So this is really our first attempt. Decentralized liquidity in our definition is the liquidity that is available in the decentralized ecosystem. And there are two important properties of decentralized liquidity. First of all, there has to be a trustless relationship between the taker and the providers. So that means when they do the trade, there's no need for trust, right? There's no middleman sitting in the middle to settle the trade. And all the parameters including rates, amount and all these things have to be transparent and verifiable. So that people can detect everything and can verify everything before they enter the trade. And most importantly, it has to be utilizable by decentralized application or smart contract on public blockchains. So this is the current state of all the decentralized liquidity in Ethereum ecosystem. So we have several players like Uniswap, Kyber Reserve, Oasis from Maker, Bankor and Dash Edge from Nosis as well. But the main problem is that all of them are working in silo, right? So if a dev wants to take liquidity from all of these players, they have to have six different integrations. And sometimes it's going to take a lot of time, right? And sometimes it's even really hard to find enough liquidity because they don't have enough time and gas to talk to everyone. So this is where Kyber comes in, right? We are building a decentralized liquidity protocol that basically connect all the on-chain liquidity sources, you know, be it Uniswap, Kyber Reserve, Bankor, Oasis. And the main goal is to create one single liquidity pool for all the decentralized applications and wallets and websites to take the best rate available in the market. So basically they just talk to Kyber and Kyber will just find the best rate available for them and return it, you know, to the dev. So this is one example of how an on-chain index fund can use Kyber. For example, here the users, they want to send the ether and they want to convert this ether into an index of, you know, that has 30% of die, 30% of WBTC and say 40% of link, right? They just send the ether in a transition to the index fund. And the index fund will just forward the instruction and the fund to the Kyber contract and we just find the best rate according to each of the assets for the users. And in one single transition we can return everything to the end users. That will reduce all the friction because, you know, in a non-Kyber transition they may have to do three different transition in order to finish the trade. So what are the good properties that we enable, right? First of all, it's, you know, just combine all the available liquidity sources and make it single in one single, make it available in one single interface for any application, any DAB to integrate. So that will just make it easy for all of them. And secondly, we have a flexible liquidity models so that we can work with, you know, all of the liquidity sources. That's why Kyber is the only one that could talk to Oasis, that could talk to Uniswap, that could talk to Gnosis and we could even work with professional market makers, that marketing on-chain. So this really allows all the liquidity providers to use different strategy when it comes to market making on-chain. On the other hand, if you, you know, on Uniswap there's only automatic market making model and if you subscribe to some liquidity pool you have to follow that model, right? And it's the same for Oasis, for example. And third, but also like the most important property is that Kyber runs everything on-chain. That will make it, you know, super transparent and verifiable. That means there's no trusted third party and this is the main reason why we designed Kyber to be fully on-chain in the first place. But later on when we started working with, you know, a few projects we realized that running fully on-chain make it very easy to, you know, connect with others as well. That means there's a great compulsability with many other on-chain applications. And moving forward, I think this is one of our key concerns when Ethereum switched to ETH 2.0 when, you know, there are different shards and, you know, running on-chain doesn't mean that you can, doesn't mean that you could talk to a different smart contract easily. This is the start in the last few months. Okay, so we have more than 5,000 monthly unique addresses that have been using Kyber. The number of liquidity providers that have been working actively on Kyber is around 30. So value locking, this is the metric that a lot of people are talking on Twitter. But I don't think it's that important because for Kyber, the value locking is actually much less than others. But we are processing in terms of the trade volume much more than others at the moment. And in the last six months, we are processing more than, you know, 800,000 Ether that is corresponding to around 150 million USD. The number of tokens that we are supporting is around 70 and we are adding more every month. So in terms of application integrated, I want to show this figure, right? So we have more than 65 different applications, wallets that have been integrating with Kyber to utilize the liquidity pool that we have. And many of them are here today, like Toto and BZ-Rx. And we can also see a lot of other DeFi players like SetProtocol and Nuo and Instadab. In terms of wallets, I think we are connected to most of the major wallets in the space already, including, you know, MITRE wallets, Amptoken, Ben Guzuz here, and NGene and CoI-based wallets. And it's, you know, totally open and permissionless to integrate with Kyber. You just go to developer.kyber.network to see the API, and you can just like integrate with Kyber, I guess, in a couple of hours. I just want to share a couple of, like, you know, spotlight integration that have been using Kyber so that you can understand, you know, what they use Kyber for, right? The first one is the in-house end users decentralized chains. We call it KyberSwap. And the main advantage of KyberSwap is that, you know, it optimizes for the user-friendliness, right? We have many features that make it super easy for the end users to start, you know, doing decentralized trading. Some of them are like, you know, non-custodial limit orders that allow them to create limit orders even, you know, even when there's no custodial involved, right? They're also like price alert. And we also have iOS and Android mobile apps so that the users can just do it on the phone. And this is the growth of Kyber, of KyberSwap in terms of trade volume. This is just like part of the Kyber volume because we have many other partners that introduce volume to Kyber as well. But we could see that, you know, from February to June to July when the market was, you know, was booming, we saw a lot of, you know, transition and volume from KyberSwap. But in the last couple of months, when it's cooled down, we see a dull trend. But in the last six months, we, on KyberSwap, we have around like 10,000 new users, and a lot of them coming from all the end users' marketing that KyberSwap targeted at conference, at events. And one of the activities that KyberSwap team did is that they just, you know, distribute the end user gift card with preloaded ether so that the users can just start using the Ethereum blockchain without, you know, the concern of, like, acquiring ether or, you know, understanding what's gas and things like that. Another one is SET protocol. And basically what they do is they allow people to manage the asset in a different strategy. And one simple strategy is that they can just buy in some index, right? Like, you know, there's a set of, a basket of asset, and the users can just send ether and SET users have them buy a basket of asset, including, you know, it could be, like, you know, ETH, DAI, or WBDC, and you name it, right? And SET use Kyber in background when the users, you know, do that conversion. And everything is fully on-chain. You can also see all the transition on ether scan or any explorer, right? Another one that is super interesting is Nuo. They allow people to, you know, borrow and lend crypto trustlessly. So they basically, you know, if you have ether and you want to borrow DAI, right, you just collateralize your ETH and when the price of ETH, you know, goes down, which is unfortunate, Nuo will just liquidate the users' position on Kyber. And everything is done via the smart contract, and the users can also verify the activities. So in case there's dispute, they can verify it, they can check it, and it can be used as a proof, right? So that is on the taker side. Let's see how we are doing on the reserve side or on the liquidity provider side, right? So here's the list of, like, top 10 liquidity providers on Kyber. So Kyber, we have our own reserve as well, but at the same time, we also work with many other reserves, including Oasis, Uniswap. There are a few professional market makers, like their guys in the third position. They don't want to share their identity. Yeah, and we have, like, different models for people to contribute their liquidity, including, like, you know, fat price reserve. This is mainly used by the professional market maker. We also have something similar to Uniswap, that we call automated price reserve. And of course, there's the bridge to Uniswap and Oasis as well. And the top 10 tokens are, you know, stablecoins, of course. You know, DAI, USDC, and Ether and WBTC, and USDT as well. There are a few other liquid ERC-20 tokens, like Maker, Omisego, and KNC, and Link, and BAT as well. So one of the initiatives that Kyber has been actually working on is, you know, crotch-chain, right? Our goal is to bring more and more assets from different blockchains, like Bitcoin and EOS, and other blockchains to Ethereum, so that the users on Ethereum can trade them, can use them in a trustless and freely manner. So the first initiative that we launched together with many other partners, I think six or seven months ago, was WBTC, and the idea was very simple, right? We just, you know, allow people to create a representative of Bitcoin on Ethereum, which is in the form of ERC-20 tokens. And the main question is, you know, who will custody the Bitcoin for the users? For simplicity, which is not ideal, but, you know, it's very simple and very easy to understand. We just use Bitcoin as a custody. So the users deposit Bitcoin, they will get, you know, the corresponding amount of ERC-20, WBTC on Ethereum. And if they want to redeem it, they just burn the token, and they will get back to Bitcoin on Bitcoin blockchain. This is a very widely supported initiative by all the projects in the ecosystem. And, you know, feel free to integrate WBTC in your project, in your DeFi project now. It's just like, you know, adding any other ERC-20 token. Another one that we started not too long ago was the bridge between EOS and Ethereum. Basically, this is, you know, having... And this is going to be a trustless bridge. And the idea here is that, like, we could... We essentially build a client of EOS on Ethereum and the client of Ethereum on EOS, and we just allow people to, you know, verify the transition of one blockchain on another in a trustless manner. The detail of this, you can search Waterloo Bridge, you know, EOS to Ethereum. You will find the blog post that our developer released a couple of months ago. You'll find all the technical details. Yeah, so, final thought. I hope that I have convinced you that decentralized liquidity is important for DeFi and, you know, they are still scattered. And we are doing our best in connecting all the liquidity sources on Ethereum. There's still a lot to do, especially in the cross-chain space. We need to have a better mechanism to, you know, to bring WBTC on Ethereum. But, you know, WBTC and TBTC as well. And Waterloo is a good start. We can improve from there. And, yeah, we look forward to work with everyone on this. And thank you. Is there any Q&A? Okay, sure. I have two minutes. Thank you so much for your talk. I have two questions. Our first one is about your index fund. I thought like link talking is 40% consists of the next one. I was wondering why it was chosen. I think like DAI and WBTC kind of make sense, but the other is the link talking was not. And then the other question is, I often hear from the DeFi community that the Kiber exchange rate is a little bit expensive. The exchange rate is not, you know, really good compared to the central exchange. It's probably due to, you know, on-chain transaction of everything. However, are you guys going to solve this issue in the future or what are you walking on? Thank you. So I think for the first question, it was just like, you know, out of nowhere, right? Is this like, for example, is this for example? Oh, okay, right. And for the second one, I think in the last few months, we have been working with a lot of professional market makers to work with them to improve the rate and the liquidity on Kiber. I think one of the challenges is that updating the price on-chain will cost you some gas, right? And a lot of them don't update the price like instantly because they just cannot. Once you send the transaction to update the price, you have to wait for like, you know, 15 or 20 seconds. So they have to help that in the pricing model to slippage. Yeah. But I think currently the rate for stable coins are quite good and they are quite competitive. I think it's as competitive as centralized genders. I think one thing that is different in Kiber price is that that's the final price that the user will get. There's no fees after that. So it's the post-fee price, right? But the price on centralized genders, for example, they are like pre-fee price. So that's the price you get and then, you know, that's the amount you get before the fees. So after the centralized genders deduct the fees, you may get, you know, less. Okay, thanks. Hey, thanks for your talk. So Kiber and Uniswap are becoming the defective price feeds in the DeFi space. One thing I'm concerned about and would like to understand what you're doing with flash crushes. So if I want to lend some amount, I'm concerned that, you know, due to thin order books, my, you know, position might get liquidated. What are your thoughts on that and what do you want to do to prevent these things? Thank you. I think, for example, on... I think that's a good question. I think, for example, on Kiber, if you wanted to trade a very large amount, you wouldn't be able to, and Uniswap, because the model, they allow you to scale to, I think, infinitely, right? So if you wanted to sell, like, 1,800, they could also allow you to do that. But the price is very bad, because there's not enough inventory there. So on Kiber, we just decided to revert the generation if there's not enough liquidity. Yeah, and I think the only way to address that is to work with more professional market makers to bring them on chain and to help them provide more liquidity for the DeFi ecosystem. Okay. If there's no other question, I'm going to be around, so feel free to ask me.