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Whereas the decentralized finance (DeFi) sector has nice potential, it faces important challenges, particularly within the space of interoperability between completely different networks. This fragmentation creates a fancy atmosphere for customers, hindering a seamless person expertise throughout the business.
Yubo Ruan, founder and CEO of Parallel Finance, mentioned these cross-chain challenges in a dialog with Cryptonews.com. Ruan’s most up-to-date work has centered on creating options that purpose to streamline the DeFi segments and make them extra accessible to customers by bettering connections between completely different platforms.
L2 visions of Yubo Ruan
“There’s large development within the variety of Layer 2s and Layer 1s, which complicates the panorama for shoppers,” Ruan stated. “Astronomical development by way of numbers of Layer 2s and numbers of previous Layer 1s.”
Ruan’s major concern was with the overwhelming choices and technical obstacles that common customers face, and emphasised the significance of addressing these points to maneuver ahead.
“Right this moment there are about 30 unlaunched Layer 2s listed on the L2Beat web site. However there are in all probability a whole bunch of L2s about to launch. The identical goes for Layer 1s,” Ruan added. “It is merely not going to work for the buyer.”
He additionally talked about how the builders can use the more and more difficult however highly effective blockchain to handle the newest and even future applied sciences, together with synthetic intelligence.
“Crypto is the one method that gives a way to manage AI, particularly on the info aspect,” Ruan stated. “And I feel it should contribute to the protection of AI in the long run.”
Parallel community: the omni-chain resolution
Ruan mentioned the Omni-Chain resolution that Parallel Finance proposed in response to business fragmentation. This challenge is central to its aim to enhance the Layer-2 (L2) panorama and promote a extra built-in and environment friendly ecosystem.
Parallel Community is open to development builders 💻
As the primary omni-chain L2, Parallel unifies the liquidity of each chain in a single place, offering the infrastructure to construct a really interoperable and omni-chain future for all.
Learn how to get began 👇 pic.twitter.com/A9LtVEc6Ty
— Parallel Community (@ParallelFi) January 20, 2024
“Interoperability isn’t just a technical problem; it’s about making a basis for innovation within the DeFi area,” Ruan stated. “Omni-Chain is designed to unlock this potential.”
In January 2024, Parallel launched the Omni-Chain challenge Parallel Community and revealed a whitepaper.
“The aim is for Omni-Chain to behave as a bridge between completely different blockchain networks, simplifying the interplay between them,” Ruan explains. By natively supporting ERC4337 Account Abstraction and Intent-based execution, it should revolutionize the DeFi expertise.
“Omni-Chain leverages the strengths of assorted blockchains, enabling seamless transactions and interactions with out the everyday obstacles customers face at this time.”
Along with utilizing Optimistic Rollup to enhance effectivity, Parallel Community was additionally the primary Layer-2 to launch with Arbitrum’s license, profiting from the community’s aggressive efficiency and execution atmosphere.
In response to Yubo Ruan, Parallel Community’s plans to deploy L2s are based mostly on quite a few chains, together with however not restricted to Ethereum and Bitcoin to merge networks. The community would additionally supply a variety of withdrawal choices for improved stake administration administration.
The challenge’s whitepaper, Parallel’s Omni-Chain, would cut back person spending by sponsoring fuel charges for eligible transactions. Fairly than being a easy promotion, the corporate is making an attempt to create a brand new enterprise mannequin the place the income shouldn’t be solely depending on charges.
Launched in 2021, Parallel Finance has raised roughly $31 million throughout all funding rounds and was valued at $500 million in 2022.
Many dropouts and extra firms based
Yubo Ruan, born in 1996, has already based 4 firms.
Earlier than dropping out of Stanford College for the primary and second time, Ruan dropped out of highschool to start out his first firm, Alisimba Applied sciences Inc. He invented a web-based piggy financial institution product that taught kids about monetary habits.
Though the corporate was the “least profitable” for Ruan, it acquired authorities grants as start-up capital and was ultimately offered for greater than $4 million when he was 19.
Transferring on, Ruan official entered the funding world by co-founding Skylight Funding, backed by one of many largest training teams New Oriental (NYSE: EDU) and Taiyou Fund.
At Skylight Funding, Ruan invested in a number of high-tech firms centered on disruptive expertise improvements, together with Boston-based optic computing firm Lightelligence.
Ruan’s first step into the crypto sector was founding one of many pioneering blockchain funds 8 Decimal Capital. The multi-strategy funding agency had greater than forty portfolio firms with greater than $60 million in belongings underneath administration. It was broadly seen as a prime 10 blockchain fund.
“I realized to program once I was six, began aggressive programming once I was seven, after which I mixed plenty of software program and {hardware},” Ruan mirrored on his earliest coding reminiscences.
Within the crypto discipline, Ruan has honed his skilled growth expertise by way of skilled work. “It was obtained by way of many full-time initiatives, asset administration and solidity programming,” Ruan stated.
Trying again on his time at Stanford, Ruan nonetheless appreciates the training he as soon as acquired. “I took CS 251: Cryptocurrencies and Blockchain Applied sciences by Professor Dan Boneh. It is nice,” he recalled. “It was so good to be taught a lot about basic cryptography.”
With 13 scientific and technological invention awards and 5 patents acquired in highschool, a “30 underneath 30” award from The Los Angeles Put up, a Hurun US Innovation Excellent Award, 4 firms based and quite a few recognitions, Ruan absolutely ready for the subsequent unknown future. waters.