The Founders of Chainlink and Synthetix on DeFi, Derivatives and 25 New Decentralized Price Feeds

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 31 January 2020

⏱️ 52 minutes

🔗️ Recording | iTunes | RSS

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Summary

Yesterday Chainlink released price reference data for 25 of its decentralized oracle networks which, together, power more than $100m in DeFi. On this special interview episode, @nlw talks with Sergey Nazarov and Kain Warwick, the founders of Chainlink and Synthetix respectively about: The evolution and goals of Synthetix, a novel type of derivatives exchange where users can interact with any asset with a price feed. The challenge Synthetix faced around spinning up their own oracles around price feeds The history of their collaboration and how Synthetix came to work with Chainlink Chainlink approach to building decentralized oracles for data such as price feeds Chainlink’s announcement yesterday about the new published price reference data for 25 oracle networks The state of the idea of decentralization, and how what was previously a concept is becoming operationalized One thing that gives them pause or scares them about DeFi and crypto and one thing that makes them excited for the future

Transcript

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0:00.0	Welcome back to The Breakdown, an everyday analysis breaking down the most important stories in Bitcoin, crypto, and beyond, with your host, NLW.
0:15.0	The Breakdown is distributed by CoinDesk.
0:20.0	Welcome back to the breakdown.
0:22.4	It's Friday, January 31st, and today we have something special and a little bit different.
0:29.7	Chainlink is a decentralized Oracle project.
0:32.9	What that means, in short, is that they take real-world data and make it available for use for
0:37.2	smart contracts. D5, for example, needs that they take real-world data and make it available for use for smart contracts.
0:38.1	D5, for example, needs basically 24-7 access to real-time market data like prices for those
0:44.7	applications to be able to function. Yesterday, ChainLink published price reference data for 25
0:50.7	Oracle networks, and the whole idea here is that ChainLink is taking a decentralized
0:55.8	approach to sourcing price data so that the Defy applications that use these price
1:01.5	oracles aren't relying on a single centralized source. Chainlink applies the same sort of
1:07.5	decentralized node-powered logic that blockchains do to sourcing price data.
1:13.9	And according to Chainlink, these Oracle networks collectively secure more than 100 million
1:18.7	in value in defy applications. So today, on the breakdown, we're going to be speaking with
1:24.8	ChainLink founder Sergei Nazaroff. But to make this even more real
1:29.1	and put it in more context, Kane Warwick, who is the founder and CEO of Synthetics, will also
1:35.0	be joining. Synthetics is a DFI platform that enables decentralized derivatives exchange.
1:41.6	So basically allowing people to short and long a variety of crypto and real-world
1:46.9	assets, but it does it through synthetic tokens. So what does that mean? In the way that Maker users
1:53.2	stake ETH and now other assets to mint die, synthetic users stake over-collateralized positions,
1:59.3	but to mint a huge array of different
	...

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