Near Space brings together leaders & technology experts to join Near Ecosystem to educate the community on all information on Near and Aurora.
Day 1: DeFi & Developers
Building beyond the hype
This is the highlighted number of Near
In the future, Near Protocol will think about 3 things to develop the protocol: ownership, community, and incentives. More details about 3 things
- Ownership: Bring meaningful apps to users, they’ll come back and keep using them
- Community: Improve language, People around the world can work together and celebrate the event in some country
- Incentives: learn, move to earn, or something like that
How to what to build in DeFi
Near is designed to be simple, secure, and scalable in one word: Usable
Defi is built to support a billion users in its first 5 years. Besides, there are millions of users onboard in 2 phases: incorporating web3 elements on existing apps & communities, and generating values for those users so they stick around.
Finance has been the clearest early web3 use case with several major centralized financial systems and institutions that have failed in recent years. If you don’t control your own assets, they aren’t really yours. Defi opportunities and access to liquidity attract developers to build on the technology. Users often don’t care which chain they’re using.
Why we should build DeFi project on Near?
- Faster block time
- Near’s sharding is on-demand scaling
- Contracts are asynchronous
- Native meta transactions are coming soon
- Programmable accounts allow you to build financial components directly on the Near blockchain without requiring custody
What should you build?
- Insurance: for neo-banking or against failure of DeFi projects
- Real-world assets, commodities, real estate
- Trade finance: invoices as NFTs that pay out when they settle
- Derivatives: all kinds of derivative trading leveraging order book and real-world assets
Social in Web3.0
When you move from Web2 to Web3, you will never come back. It’s an exciting place to be, but it can be intimidating at times and hard to take the first step.
The evolution from web2 to web3:
The stability & utility of USN
The high-level vision of USN is truly user-friendly wallets users can register with no crypto needed, super easy on/off-ramp from crypto and fiat, buy USN with your credit card, commission for transactions in US paid in USN, no need for NEAR to transact in USN, cross-chain adoption, bring collateral on any blockchain and mint USN on NEAR, pay with US on NEAR directly to other blockchain wallets
USN – function over form:
- Not another DeFi-bubble product
- Trustworthy with battle-proven stablecoins as collateral
- Extremely user friendly
- Outstandingly high liquid
Predictions for the next 6 months of Ref Finance
- Proof of acknowledgment
- Proof of aptitude
- Smart incentives (and a case against Sybil Attacks)
- Real-time finance
- P&L (the future won’t be reported quarterly!)
- DeFi as a bridge vs. as a purpose/ end
- Business-to-business (B2B) focus
- Capital efficiency vs. TVL
Benefits when building DeFi on Near and Aurora
This is MJ’s opinion when we build DeFi on Near & Aurora
- On Near, they have fast finality, the best user experience with fast, low transaction cost, mobile, etc
- On Aurora, we got familiar tooling such as MetaMask & they’re improved user experience with fast & low fees
What is Burrow DAO
Burrow is a decentralized, non-custodial, poci-based liquidity protocol that runs natively on NEAR blockchain.
The benefits from all NEAR advantages:
- Low gas fees (1000x lower transaction than ETH)
- High speed (-1.2 second block finality), high throughput, (*100k tps)
- Friendly UX
Tips driving adoption through user research
If you are designing and building a project. Georgia Rakusen shared tips to drive through user-first research such as finding the right people to talk to, Types of users, Asking good questions, and researchers’ tips for trading
First of all, research should find the right people to talk to. You can recruitment is the number 1 stumbling block for teams trying to do research. You should define your target user by behaviors. For example, Web3 developers working with X tooling in their stack, and crypto native users who participate in on-chain governance for Y protocols. After that, you write a short screener questionnaire that will identify the right people and share it widely. And you consider the user experience for the participant when taking part in your research like being upfront about what is expected of them and paying them for their time
Secondly, defining types of users you could research with existing users or customers. Profiled non-users (they fit the bill but aren’t yet a user), competitors customers, and anti-users/detractors.
Thirdly, researchers should ask good questions that are open-ended and exploratory such as: Tell me about the last time you…, then “what did you do…?”, “How did that make you feel…?” describe to me… etc
Finally, the researcher tricks the trade with the 5 Whys, you ask “WHY” multiples time will reveal the underlying rationale for a participant’s behavior or opinions. Besides, silence is a powerful tool. Sometimes other people’s need to fill the silence is great enough that their comments become less guarded. They might expand on something they said earlier if you give them enough space. Moreover, if a user asks you a question, avoid leading them by answering. Asking them the same question back. It’s called the “Boomerang technique”. Sometimes, we use “Just one more thing…” when we are struggling to get what we need out of the user. It’s a chance to dive deep into a specific question you want a straight answer to.
The past, present, and future of education in the NEAR ecosystem
Sherif Abushadi discusses the timeline of education in the Near Ecosystem:
- 2019: Documentation & Exploration
- 2020: Workshops & Events
- 2021: Certification & Engagement
- 2022 and future: Projects & Examples
On the first day of the NEAR SPACE event, we heard famous speakers in the NEAR ecosystem talk about DeFi, its benefits, and how to build it on NEAR. Stay tuned for more interesting topics in the coming days with us.
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