Cointime

Download App
iOS & Android

Zhu Su: Most Crypto Industry Mistakes Were From TradFi Ideals Like Shadow Banking and Flow Internalization

Cointime Official

Zhu Su (@zhusu), the co-founder of collapsed 3 Arrows Capital (3AC), has made a bold prediction that the next crypto bull run will be driven by individuals who recognize that recent mistakes in the industry were due to importing traditional finance (tradfi) ideas such as shadow banking and flow internalization.

In contrast, Zhu Su believes that the underlying crypto infrastructure represents a new paradigm that will fuel the industry's growth in the future.

Comments

All Comments

Recommended for you

  • Nigeria accuses Binance of laundering $35.4 million, and a hearing on the detention of Binance executives will be held on April 4

    Nigerian government has accused Binance of money laundering, with an amount involved of $35.4 million. After EFCC submitted documents on Thursday, Binance currently faces two separate criminal charges in Nigeria. The Federal Inland Revenue Service (the country's tax authority) has also accused the exchange of tax evasion. In addition to the criminal proceedings, the Nigerian government is also seeking to extend the detention period for Binance executives. The case will continue with a hearing on April 4.

  • What else could memecoins be?

    Ten years ago, two weeks before the Ethereum project was publicly announced, I published this post on Bitcoin magazine arguing that issuing coins could be a new way to fund important public projects. The thinking went: society needs ways to fund valuable large-scale projects, markets and institutions (both corporations and governments) are the main techniques that we have today, and both work in some cases and fail in others. Issuing new coins seems like a third class of large-scale funding technology, and it seems different enough from both markets and institutions that it would succeed and fail in different places - and so it could fill in some important gaps.

  • My short crypto writing story

    When I was younger, I often found myself deeply frustrated. I’ve been pissed off with the financial system since 2008. I was puzzled and disgusted with the greed and corporate socialism the crisis exposed. Watching Margin Call and Big Short only intensified my feelings.

  • State of the Network’s Q1 2024 Mining Data Special

    Our quarterly update on Bitcoin mining, zeroing in on recovering revenues, public miner strategies, and increased energy usage

  • Introducing Accrual-Based Recurring Payments for Decentralized Platforms

    Automatic recurring payments have become a critical revenue stream for businesses in almost every sector, providing a reliable incremental cash flow to support business processes. Some real-world use cases are displayed in the following figure.

  • Blob Preconfirmations with Inclusion Lists to Mitigate Blob Contention and Censorship

    In this post, we describe an out-of-protocol mechanism for blob inclusion preconfirmations. It allows preconfirmation providers to bid in an auction to become the leader for the subsequent slot. The auction winner can then accept bids on blob inclusions and issue preconfirmations to the bidders.

  • Bitcoin Layer 2 Project Bitlayer Launches $50 Million Ecosystem Incentive Program

    Bitlayer, a Bitcoin Layer2 infrastructure project based on the BitVM paradigm, announced the launch of a $50 million ecological incentive plan to promote the development of its mainnet ecosystem. The first phase of the incentive program, named "Ready Player One," will begin registration at 09:00 UTC on March 29th, 2024 and end at 09:00 UTC on April 29th, 2024, and will officially start after the Bitlayer mainnet is launched. Specific rules and reward allocation guidelines for the event will be disclosed in subsequent announcements. Through the "Ready Player One" and other ecological incentive plans, Bitlayer aims to accelerate ecosystem development and incentivize projects to deploy on the Bitlayer mainnet. In addition, Bitlayer promises comprehensive ecosystem support for all projects, including potential foundation and institutional investment, initial liquidity support, comprehensive product development resources, guidance and investment opportunities from top incubators, support from the Bitcoin community and OGs, ecosystem cooperation, and co-creation.

  • Stablecoin protocol Ethena on BNBChain has been hacked

    The stablecoin protocol Ethena on BNBChain has been hacked, causing a loss of 480 BNB, worth about $290,000, as monitored by PeckShieldAlert.

  • Singapore-based Bitcoin Layer2 Project BEVM Raises Tens of Millions in Seed and Series A Funding

    Singapore-based Bitcoin Layer2 project, BEVM, has completed its seed round and part of its Series A round, raising tens of millions of USD from over 20 investors including RockTree Capital, Waterdrip Capital, and ViaBTC Capital. The project's Series A valuation has reached $200m and aims to accelerate its international development and roll-out. BEVM is an EVM-compatible Bitcoin Layer2 network built on Taproot Consensus, which uses $BTC as gas and aims to bring 10% of $BTC into its Layer2 network environment. The project's mainnet is scheduled to launch on March 28th and has already implemented decentralized Bitcoin cross-chain custody services through Schnorr Signature, MAST, and Bitcoin SPVs.

  • Ethereum on-chain DEX transaction volume exceeded $2.1 billion yesterday

    According to DeFiLlama data, the trading volume of DEX on the Ethereum blockchain on March 28th was 2.111 billion US dollars, ranking first. The daily trading volume of DEX on the BSC chain was 1.398 billion US dollars, ranking second; the daily trading volume of DEX on the Solana chain was 1.097 billion US dollars, ranking third.