• Loi Luu co-founded Kyber Network, which has facilitated over $1 billion in transactions.
• Kyber Network’s robust global community and industry-leading governance system are key factors in its success.

From a humble background in Vietnam to co-founder of Kyber Network, one of the most integrated DeFi protocols in the world, Luu Law Path is an incredible story of tenacity, creativity and a strong desire to advance distributed finance.

Review of Loi Luu’s early challenges, academic interests, and innovative work in the blockchain In this area, this article explores his life and successes.

Youth and studies

Growing up in a middle-class Vietnamese family, Loi Luu learned the need for restraint early on. Despite his limited means, his family encouraged his love of computers.

Although Loi often had to make do with an outdated computer, her determination and the support of her family were the driving forces behind her academic success. This solid foundation allowed her to continue her studies in Singaporea move that would pave the way for his future successes.

Loi specialized in blockchain and cryptocurrencies after earning a PhD in computer science from the National University of Singapore. His studies during this period laid the foundation for his future developments in the field of distributed finance (DeFi).

Kyber Network Startup

Kyber Network was born out of a desire to provide a distributed and secure token exchange mechanism. Originally created by Loi Lu, Kyber Network pools reserves (liquidity from multiple sources) to offer consumers the best rates for their transactions.

Since its founding, Kyber has supported over 80 tokens in over 100 integrated applications, including popular wallets like Trust, Enjin, and DeFi Platforms like InstaDApp and Set Protocol, facilitating over $1 billion in transactions.

Positioning itself as a vital infrastructure for the distributed economy, Kyber aims to make any token tradable and useful anywhere.

The design of the protocol, which enables seamless interaction with distributed applications (DApps) on the Ethereum Blockchain enables DApps to meet key criteria that are not possible with alternative off-chain or hybrid approaches, such as full transparency and verifiability of transactions.

Overcoming challenges and innovating

Kyber Network’s success has not been without its challenges. The team has had to deal with the complexities of the blockchain environment, including network congestion and high gas prices. While still in its early stages, Kyber has a dedicated team exploring Layer 2 scaling solutions to help them get there.

To stay ahead of the ever-evolving DeFi scene, Loi Luu and his colleagues have always been creative. One notable change was the launch of KyberDAO, a distributed governance system that allows holders of Kyber Network Crystal (KNC) tokens to vote on important protocol parameters.

In addition to democratizing decision-making within the network, this action has improved its security and efficiency.

Among its greatest assets is the Kyber Network community. It brings together developers, traders, and token teams among other international and diverse participants. This vibrant community actively engages in governance and helps ensure that the protocol is always being developed.

The Kyber community is special because it consists of several developers and members of the DeFi ecosystem who have created DApps, crypto wallets, and other products leveraging Kyber for liquidity in addition to KNC token holders.

Loi Luu attributes much of Kyber’s success to the enthusiasm and support of those around him. The team has been driven to continually push the boundaries of what is feasible in DeFi, primarily by their love of distributed technologies and solutions.

Looking to the future

Loi Luu sees the future of DeFi as something truly ambitious. By eliminating intermediaries, reducing fraud and counterparty risks, and fostering greater financial inclusion, he believes distributed finance could disrupt the established financial system.

Loi sees a time when anyone with an internet connection will be able to use DeFi tools including loans, insurance, investments and other financial services, democratizing access to financial services everywhere.

Kyber Network is looking to continue expanding its protocol to support blockchains and offer a wider range of uses. With successful installations enabling token swaps across chains, the team is already testing Kyber on other blockchains, including EOS and TomoChain.

Moreover, Loi Luu’s personal life reflects his commitment to his principles. Driven by the need to provide his family with a bright future, he guided his efforts both personally and professionally. His commitment to hard work, education, and financial awareness is as strong as ever.

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• Sun says his team is developing gasless stablecoin transfers.
• The service will be deployed this year on Tron, he said.
• Sun does not provide any technical details on how the transfers work.

Justin Sun, founder of Tron, said in a series of messages on X that his team is developing a new solution that will enable gasless transfers of stablecoins.

“In other words,” he said, “transfers can be made without paying gas tokens, with the fees being fully covered by the stablecoins themselves.”

He said the innovation would first be implemented on the Tron blockchain and then later extended to Ethereum and Ethereum Virtual Machine compatible blockchains.

Sun said it plans to launch the service in the fourth quarter.

“I believe similar services will greatly facilitate the deployment of stablecoin services on the blockchain by large enterprises, thereby elevating the mass adoption of blockchain to a new level,” Sun said in the publications.

He did not provide any details on how the gas-free transfers will work.

Sun and its associated companies were sued by the U.S. Securities and Exchange Commission last year, DL News reported.

The regulator alleges that Sun used companies he controlled to orchestrate the offering and sale of unregistered security tokens, marketing them to Americans through celebrity endorsements, airdrops and public appearances.

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Sun, who is Chinese, and the companies say the SEC has no jurisdiction over them and asked the court in March to dismiss the complaint.

The SEC responded in April that it had jurisdiction over the case, given Sun’s considerable time in the United States.

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SINGAPORE, July 2, 2024 /PRNewswire/ — To support a more efficient and user-friendly DeFi market, HTX Ventures, the global investment arm of cryptocurrency exchange HTX, has announced a strategic investment in Red stone. RedStone is one of the fastest growing modular oracles in 2024 that provides diverse and high-frequency data feeds to EVM Layer1, Layer2, Rollup-as-a-Service networks and beyond, including Starknet, Fuel Network and TON.

RedStone’s modular nature allows it to provide data feeds that are not available elsewhere, specializing in yield-generating collateral for lending markets, particularly LSTs and LRTs. Its modular pricing engine ensures the highest accuracy and relevance through constant updating. Additionally, RedStone is chain-agnostic, meaning it can feed data to many EVM and non-EVM ecosystems, rollups, and various application chains. This makes it an ideal partner for Rollup-as-a-Service providers and AVS Eigenlayers. Currently, RedStone’s Total Value Secured (TVS) has reached $4 billion, expanded to over 60 chains, and served over 100 clients like EtherFi, Pendle, Morpho and Ethena.

RedStone recently closed its $15 million Series A round, led by Arrington Capital. The funds will be used to expand its Marketing and Business Development divisions, fueling a deep pipeline for growth in Q3 and Q4. RedStone is currently testing the implementation of Oracle Extractable Value (OEV), which is scheduled to be rolled out to customers in the coming months, and is preparing to launch its native token later this year.

“RedStone introduces an exciting advancement in DeFi with its modular design,” said Edward, Managing Partner at HTX Ventures. “DeFi users will benefit from new and accurate data feeds, as well as push and pull data services. RedStone’s chain-agnostic functionality allows it to provide services across multiple layers. At HTX Ventures, we are excited to see further innovation in the oracle space and look forward to collaborating on building better infrastructure and tools for DeFi.”

Jakub Wojciechowski, CEO of RedStone Oracles, commented: “This Series A funding round gives us ample financial headroom to expand our service offering while bringing reliable real-world data to a multitude of blockchain-based protocols. We sincerely thank our investors and community for their strong support, and believe me when I say that we are just getting started.”

RedStone is also gearing up for the upcoming launch of Season 2 of RedStone Expedition, an interactive community engagement initiative that gives participants the opportunity to earn RedStone Gems (RSG) through a wide range of activities. Interested parties can register here: RedStone Expedition.

The story continues

About RedStone

Red stone is a modular oracle that provides diverse and high-frequency data streams to EVM Layer1, Layer2, Rollup-as-a-Service networks and beyond, i.e. Starknet, Fuel Network or TON. By responding to market trends and developer needs, RedStone can support resources not available elsewhere. The modular design allows data consumption models tailored to specific use cases, i.e. low-cost LSTfi and early support for LRTs. Trusted by Pendle, Morpho, Venus, Ethena, ether.fi and more.

About HTX Ventures:

HTX Ventures, the global investment arm of HTX, integrates investment, incubation, and research to identify the most talented and brightest teams from around the world. With a decade of history as an industry pioneer, HTX Ventures excels in identifying cutting-edge technologies and emerging business models within the sector. To foster growth within the blockchain ecosystem, we provide comprehensive project support, including funding, resources, and strategic advice.

HTX Ventures currently backs over 300 projects spanning multiple blockchain sectors, with select high-quality initiatives already trading on the HTX Exchange. Additionally, as one of the most active fund-of-funds (FOF) investors, HTX Ventures is collaboratively shaping the blockchain ecosystem alongside leading global blockchain funds including Dragonfly, Bankless, Gitcoin, Figment, and Animoca. Visit us here.

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https://www.htx.com/ventures

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In this edition of the Bloomberg Crypto newsletter, Emilie Nicolle questions the dangers of experimentation in decentralized finance.

In the cryptocurrency industry, it’s common for founders to accumulate large stakes in their project’s native token in order to build a stake in the company, rather than traditional equity. Not only does this align with the industry’s proclaimed ethos of transparency, it’s also a more liquid exit route (in theory).

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