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<v Speaker 1>Hey, folks, we are recording at chain link smart Con

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<v Speaker 1>event and joining me is Zach Ryans, who is the

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<v Speaker 1>community liaison at chain Link also known as chain link God.

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<v Speaker 1>How are you, Zach.

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<v Speaker 2>I'm doing great. Thanks for having me on.

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<v Speaker 1>Yeah, I got to I had to call out your

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<v Speaker 1>ex handle because a lot of people know you as

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<v Speaker 1>chain link God.

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<v Speaker 2>Yeah, the former frog on Twitter.

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<v Speaker 1>Zach. How did you find your way into crypto?

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<v Speaker 2>Yeah, that's a great question. I think different people have

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<v Speaker 2>their different roots into crypto based on, like, you know,

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<v Speaker 2>where their background was. I initially got into crypto. I

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<v Speaker 2>saw online that you could run a program on your

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<v Speaker 2>computer that prints money, and I thought, whoa, that's interesting.

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<v Speaker 2>I gotta go figure out what that is. And I

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<v Speaker 2>kind of fell down the rabbit hole from like the

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<v Speaker 2>GPU mining hobbyist type perspective. So I jumped into bitcoin,

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<v Speaker 2>you know, tried to understand why does digital money have value?

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<v Speaker 2>And then I looked into like, you know, the coin

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<v Speaker 2>market cap list, and I saw that every token was

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<v Speaker 2>on ethereum. So I'm like, okay, what's interesting about ethereum?

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<v Speaker 2>And I learned about smart contracts, and then I saw

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<v Speaker 2>that smart contracts weren't really all that smart they didn't

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<v Speaker 2>know anything about the real world. So if you were

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<v Speaker 2>going to have some kind of like mortgage on chain,

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<v Speaker 2>how does that contract know anything about the house. So

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<v Speaker 2>I kind of had this conception of what the oracle

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<v Speaker 2>problem was before I really knew to put a name

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<v Speaker 2>with it. And then I eventually came across this paper

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<v Speaker 2>that someone wrote about like one institutional smart contract would require,

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<v Speaker 2>and it was basically saying like, hey, chain link is

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<v Speaker 2>like this the infrastructure that's going to make smart contracts

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<v Speaker 2>actually useful at scale. Look at all their connections, look

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<v Speaker 2>at at the bread the team's background. And from there,

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<v Speaker 2>like when I got fully like Link pilled is when

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<v Speaker 2>I got like fully Crypto pilled, I'm like, okay, this

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<v Speaker 2>is like this is going to be passive, this is

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<v Speaker 2>going to be huge. I have to, you know, try

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<v Speaker 2>and educate the world the best I'm able to. And

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<v Speaker 2>that's how it kind of led to my Twitter account

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<v Speaker 2>and me educating and debating and arguing with people on Twitter.

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<v Speaker 2>But and it's just kind of snowballed from there, and

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<v Speaker 2>so now it's like Crypto's absorbed my life.

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<v Speaker 1>At this point, for sure, you're all in on crypto

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<v Speaker 1>uh oh yeah.

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<v Speaker 2>Like mentally, we were talking.

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<v Speaker 1>Right before the recording about the massive adoption chain link

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<v Speaker 1>is getting in and what a landmark moment we're seeing

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<v Speaker 1>with Swift and DTCC and c CIP and how these

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<v Speaker 1>institutions and banks are now looking to leverage chain link.

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<v Speaker 1>What what are your thoughts on that adoption?

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<v Speaker 2>Yeah, I think I think it's been fascinating because you know,

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<v Speaker 2>very early days chain links product market fit was DeFi

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<v Speaker 2>through price feeds, so that enabled the launch of things

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<v Speaker 2>like ave and and and you know, different apps of

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<v Speaker 2>use chainlink over time to create secure on chain markets.

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<v Speaker 2>But DeFi historically has been very insular or circular, and

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<v Speaker 2>that you know, it's crypto applications for crypto natives to

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<v Speaker 2>leverage and borrow and trade cryptocurrencies, and you know, the

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<v Speaker 2>vision of chain link, I think has always been trying

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<v Speaker 2>to bridge the traditional off chain world with the on

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<v Speaker 2>chain world. And originally that context was like price data,

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<v Speaker 2>you know, bring price data onto the blockchain so that

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<v Speaker 2>you can enable lending applications and derivatives and these cool

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<v Speaker 2>use cases. But I think the end goal was always

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<v Speaker 2>to and unlock the ability for traditional institutions to issue

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<v Speaker 2>their assets on chain and be able to use it

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<v Speaker 2>within the same DeFi style lending derivatives, trading applications. So

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<v Speaker 2>you know, in the early days Chainlink, there was like

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<v Speaker 2>you know, some preliminary work with with Swift and some

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<v Speaker 2>you know the institutions, but it was a very early stage.

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<v Speaker 2>But now, you know, at this smart con and over

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<v Speaker 2>the past few weeks and months, we've been seeing you know,

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<v Speaker 2>institution after institutions saying, hey, we're going to use chain

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<v Speaker 2>link for digitalizedet transfer agency, or we're going to use

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<v Speaker 2>it for market data, or we're going to do it

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<v Speaker 2>for introperability and orchestration. So like chain link itself has

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<v Speaker 2>evolved beyond price feeds to becoming this full developer platform,

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<v Speaker 2>right and more and more institutions are starting to realize,

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<v Speaker 2>you know, they may not know how to integrate with

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<v Speaker 2>each blockchain individually, but they can come to chain link

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<v Speaker 2>and get all of the productivity to all the blockchains

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<v Speaker 2>and create like truly institutional smart contract use cases. And

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<v Speaker 2>so I think the the institutions are starting to really

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<v Speaker 2>realize if they want to get into the space, they

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<v Speaker 2>need something like chain Link.

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<v Speaker 1>Yeah, it's amazing. You know, I was thinking about chain

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<v Speaker 1>link and how you have crypto native companies, you have

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<v Speaker 1>other blockchain projects they're using chain links features plus trad

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<v Speaker 1>fi and you mentioned the orchestrator, right, and it's like

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<v Speaker 1>I just thought of like a spider rab like everybody's

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<v Speaker 1>plugging into this network and chain links allowing everybody to connect.

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<v Speaker 2>Yeah, I think people like historically their conception of an

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<v Speaker 2>oracle and chain link was like, oh, it's just data.

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<v Speaker 2>So it's like a sidecar, you know, connected to a

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<v Speaker 2>blockchain and just pushes in data. And so people kind

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<v Speaker 2>of I think there's this perception that like it doesn't

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<v Speaker 2>really play a big role. But to your point, chanlik

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<v Speaker 2>is like a facilitator or like a Connector's like, you

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<v Speaker 2>have this traditional finance economy and then you have this

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<v Speaker 2>on chain ecosystem of builders and devs, and Chanlick's just

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<v Speaker 2>the conduit that's connecting those two by providing the infrastructure

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<v Speaker 2>that spans all the blockchains and all the existing systems

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<v Speaker 2>so that you know, builders can create applications, institutions can

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<v Speaker 2>tokenize and issue assets, and then they can seamlessly interrupt

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<v Speaker 2>through through the infrastructure that chainlinks providing. So it's really

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<v Speaker 2>just about creating this cirguy calls it like a global

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<v Speaker 2>internet of contracts, but like this inparable ecosystem where DeFi

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<v Speaker 2>and tradfi just become finance at the end of the day.

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<v Speaker 1>Oh yeah, yeah, And we're seeing this incredible convergence of

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<v Speaker 1>trad FI and DeFi in the crypto world, and eventually

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<v Speaker 1>they're going to be so together. It's going to be

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<v Speaker 1>you won't even know the difference necessarily because it's gonna

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<v Speaker 1>be infrastructure is going to be in the piping is

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<v Speaker 1>going to be running behind the scenes, and the end

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<v Speaker 1>user rightfully, so they don't need to know, but it

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<v Speaker 1>just that it works, right yeah.

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<v Speaker 2>I think a lot of people they interact with blockchains directly,

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<v Speaker 2>or like crypto natives interact with blockchains directly. But I

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<v Speaker 2>think retail users, they retail users aren't going to know

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<v Speaker 2>what blockchain they're using at the end of the day,

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<v Speaker 2>right just that in the same way that people who

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<v Speaker 2>watch Netflix or Hulu they don't know what cloud service

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<v Speaker 2>any of those applications are running on, and they don't

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<v Speaker 2>really care, right yeah. And so I think chain like

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<v Speaker 2>is always operated behind the scenes where it's going to

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<v Speaker 2>provide this critical piping and critical infrastructure, but the end

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<v Speaker 2>you doesn't ever actually have to know that chain link exists,

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<v Speaker 2>but it enables the applications that end users end up

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<v Speaker 2>interacting with, whether it's payments or you know, new financial

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<v Speaker 2>on chain markets that can be represented through the existing

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<v Speaker 2>applications and brokers's accounts that people already use. So it's

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<v Speaker 2>really just about upgrading the back end system that these

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<v Speaker 2>apps use. Yeah.

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<v Speaker 1>Absolutely. What are your thoughts on chain link setting up

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<v Speaker 1>the reserve chain link reserve and what's the goal of that.

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<v Speaker 2>Yeah, So I think the reserve is really about driving

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<v Speaker 2>long term sustainability for the chain, the ecosystem. So the

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<v Speaker 2>reserve is this on chain strategic reserve of link tokens

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<v Speaker 2>that on chain and off chain revenue is used to

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<v Speaker 2>convert to link and then stored on chain for you know,

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<v Speaker 2>to support the ecosystem's growth over the long term. So

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<v Speaker 2>I think that the main thing that the reserve kind

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<v Speaker 2>of signals is that as the adoption of the chain

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<v Speaker 2>lik network accelerates and there's more revenue created through off

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<v Speaker 2>chain deals with enterprises or on chain service usage, but

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<v Speaker 2>that value ultimately gets redirected into the link. I think

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<v Speaker 2>there's a lot of projects in crypto where the question

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<v Speaker 2>of what actually accrues value can be a little bit

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<v Speaker 2>confusing or a little bit murky, And yeah, there's different

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<v Speaker 2>intentions from different projects. But I think with chain, like

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<v Speaker 2>you know, the reserve really makes it clear that you know,

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<v Speaker 2>the link token is at the center of the chain

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<v Speaker 2>like ecosystem. Right as the network network effects accelerate, more

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<v Speaker 2>institutions come un chain. There's more builders than all that

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<v Speaker 2>creates this flywhee effect with the link token that just

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<v Speaker 2>accelerates long term growth and sustainability. So I think that

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<v Speaker 2>that that's the main impact that I see with the reserve.

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<v Speaker 1>If I'm not mistaken, chainlink is the only one doing

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<v Speaker 1>that right because I haven't seen any other projects do to.

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<v Speaker 1>And I think that's a model that more projects that

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<v Speaker 1>do you know, in openness and transparency and showing kind

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<v Speaker 1>of the like you said, the crual of value, but

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<v Speaker 1>it's more community focused, right because you have that transparency

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<v Speaker 1>versus it's it's locked up in a foundation, no one

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<v Speaker 1>knows what's happening, that type of thing.

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<v Speaker 2>Yeah, we've seen more projects doing these type of like

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<v Speaker 2>buyback model. Hyper Liquid is an interesting case study of

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<v Speaker 2>like you know, their derivatives, exchange volume builds up this

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<v Speaker 2>assistance fund. And I think what's novel about chain Looks

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<v Speaker 2>approach is that it's taking not just the on chain

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<v Speaker 2>revenue that people you know can see on chain through

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<v Speaker 2>stable coin payments or native link payments, but it's also

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<v Speaker 2>the off chain deal revenue. So that's like with with

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<v Speaker 2>different blockchains via the scale program and other initiatives that

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<v Speaker 2>historically projects you don't really see that revenue, and a

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<v Speaker 2>lot of it's like you know, traditional legal agreements. Like

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<v Speaker 2>the example I use is that if a bank or

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<v Speaker 2>enterprise comes to chain link and says like, hey, I

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<v Speaker 2>want to use your Oracle services. I need Oracle networks,

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<v Speaker 2>but for whatever business or legal reasons, I can't touch crypto,

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<v Speaker 2>I can't touch the link token. I can pay in dollars,

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<v Speaker 2>and like, is the chain liok team supposed to say, like, no,

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<v Speaker 2>your money's not good here, go away, Like no, They're

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<v Speaker 2>going to accept that revenue and then use infrastructure to

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<v Speaker 2>convert that into the link token and pag it back

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<v Speaker 2>into the ecosystem, abstracting away that whole process away from

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<v Speaker 2>the institutions. And so I think that this kind of

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<v Speaker 2>a channel calls it payment abstraction. I think this is

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<v Speaker 2>one of the first case studies, or one of the

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<v Speaker 2>first examples that people in crypto are going to be

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<v Speaker 2>able to pay for any service with any form of value,

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<v Speaker 2>and then it's really up to the protocols to determine

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<v Speaker 2>what to do with that value that comes in. So

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<v Speaker 2>in the case of chandlink, that's converting into link and

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<v Speaker 2>putting it into a strategic reserve. I think other ecosystems are

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<v Speaker 2>going to have to consider that. You know, when everyone's

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<v Speaker 2>paying for blockchain transaction fees and stable coins, what does

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<v Speaker 2>that mean for all the gas tokens, Like that's just

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<v Speaker 2>gonna have to be a question that other projects are

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<v Speaker 2>going to have to answer.

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<v Speaker 1>Yeah, yeah, well, put what are you most excited about

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<v Speaker 1>for a chain link next year? And even the crypto

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<v Speaker 1>market in general, because we've got like the market Structure

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<v Speaker 1>bill coming up and that could have a big impact

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<v Speaker 1>on the industry.

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<v Speaker 2>Yeah, I mean the market structurability. If the Clarity Act

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<v Speaker 2>you can get past that year this year, that would

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<v Speaker 2>be fantastic. I think that would create the clarity that

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<v Speaker 2>the industry has been asking for for very very long time.

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<v Speaker 1>Now.

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<v Speaker 2>At this point, what I'm what I'm personally excited by

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<v Speaker 2>is the one of the products that Chanlink announced here

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<v Speaker 2>it's Marcon, was the Chanlik run Time Environments, which is

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<v Speaker 2>this developer platform where people can come to the chan

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<v Speaker 2>platform right one piece of code, their workflow code, and

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<v Speaker 2>automatically orchest straight an institutional style smart contract that spans

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<v Speaker 2>any on chain system, any off chain system, swift network,

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<v Speaker 2>any external API, and orchestrade a really complex mark contract

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<v Speaker 2>application within the chaining platform itself. So like historically developers

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<v Speaker 2>would come to a blockchain, they would choose a blockchain,

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<v Speaker 2>deploy their application, and then come in and choose their

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<v Speaker 2>oracle as like an after the fact type process. And

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<v Speaker 2>I think where things are moving is that more and

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<v Speaker 2>more developers will first choose their oracle platform, write the

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<v Speaker 2>core logic of their application. That logic will run off

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<v Speaker 2>chain in an oracle network, and then you connect to

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<v Speaker 2>a blockchain for like final settlement and moving tokens around.

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<v Speaker 2>So I think where developers are going to build their

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<v Speaker 2>applications is going to shift from choosing a blockchain to

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<v Speaker 2>choosing an oracle platform that then kind of plugs into

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<v Speaker 2>blockchains after the fact, and you can you can choose

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<v Speaker 2>it in a very modular manner. So I think that

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<v Speaker 2>that's going to open up a whole lot of institutional

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<v Speaker 2>style smart contracts, and then there's a whole lot of

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<v Speaker 2>institutions coming in and choosing chain like and building on

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<v Speaker 2>this runtime environment to kind of show the power of

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<v Speaker 2>it and create these reusable workflow code that can be

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<v Speaker 2>replicated by other people in a similar way that you know,

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<v Speaker 2>EARC and smart contracts have been historically.

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<v Speaker 1>You mentioned institutions. We're seeing just incredible adoption from the

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<v Speaker 1>likes of black Rock and firms of that caliber, plus banks,

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<v Speaker 1>you know, looking to launch stable coins, custody trading, et aps,

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<v Speaker 1>and much more. What are your thoughts on how trad

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<v Speaker 1>fi they are. You know, one point they were against

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<v Speaker 1>this and they were saying, we're going to build our

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<v Speaker 1>own private permission blockchain. Now they recognize public blockchains is

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<v Speaker 1>the way to go. What are your thoughts on how

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<v Speaker 1>they've been coming into the market and building.

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<v Speaker 2>Yeah, I think there's been two complementary but two very

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<v Speaker 2>different routes that they've taken. I think one is the

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<v Speaker 2>trad fi serving crypto audiences, and so that is basically

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<v Speaker 2>all the ETFs being launched, so sure, black Rocks Ibid is,

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<v Speaker 2>you know, the most successful ETF launch ever. B Soul

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<v Speaker 2>was launched just a few i think last week and

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<v Speaker 2>that was like the fastest growing ETF launch of this year.

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<v Speaker 2>So like there's clearly a lot of demand for crypto

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<v Speaker 2>exposure within an ETF type format. So you can you know,

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<v Speaker 2>buy crypto and a brokerage account, and you can have

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<v Speaker 2>a retirement fund. Like there's a lot of benefits. So

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<v Speaker 2>I think TRATFI is realized. You know, there's a whole

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<v Speaker 2>audience people who want to gain exposure to crypto as

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<v Speaker 2>a new asset class, and they already have the legal

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<v Speaker 2>wrappers in the form of an ETF that have become

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<v Speaker 2>very popular over the past ten twenty years. And so

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<v Speaker 2>that's like a new source of revenue for institutions. And

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<v Speaker 2>then there's the other angle, which is institutions starting to

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<v Speaker 2>bring their existing assets on chain and provide that to

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<v Speaker 2>the crypto natives. And so that's like black Rock and

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<v Speaker 2>their build a tokenized money market fund, and Fidelities has

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<v Speaker 2>a money market fund, and the UBS just recently launched

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<v Speaker 2>their tokenized money market fund together with chain Link, using

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<v Speaker 2>the chain platform for subscription and settlement, so you can

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<v Speaker 2>subscribe to a tokenized fund using existing Swift off chain

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<v Speaker 2>fiat payments, so kind of bridging these two worlds. So

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<v Speaker 2>I think the main advantage is there is global distribution

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<v Speaker 2>anyone can access these as it's across the world, and

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<v Speaker 2>the programmability, the collateral mobility where you can deposit these

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<v Speaker 2>assets within DeFi contracts, use them as collateral or stable

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<v Speaker 2>coins against it, and you can move these assets for

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<v Speaker 2>less than a penny in under a second. So just

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<v Speaker 2>the under underlying efficiencies that tokenized assets bring. So it's

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<v Speaker 2>really this two pronged approach of providing access to crypto

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<v Speaker 2>as like a new asset class, as well as using

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<v Speaker 2>the underlying rails of crypto to issue your own assets

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<v Speaker 2>as a complementary approach to the natively issued cryptocurrencies.

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<v Speaker 1>Right, man, it's a brave new world. What all these

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<v Speaker 1>things that are being built and innovated. And I'm curious

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<v Speaker 1>to see what the market is like in twenty thirty,

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<v Speaker 1>not from a price standpoint, but just adoption and seeing

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<v Speaker 1>some of these things running through the economy and the

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<v Speaker 1>markets and people across the globe can access them and

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<v Speaker 1>leverage them like stable coins and tokenized assets. People who

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<v Speaker 1>couldn't access some of these, like stuff on the New

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<v Speaker 1>York Stock Exchange in a tokenized format, can maybe access

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<v Speaker 1>it in countries in Africa, Latin America and much more.

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<v Speaker 2>Yeah, I think stable coins are like the primary best

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<v Speaker 2>example of that of the ability to transfer a stable

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<v Speaker 2>unit of value between any address anyone in the world

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<v Speaker 2>at any time twenty four to seven for basically nothing

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<v Speaker 2>like that's that is a very liberating thing. I think

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<v Speaker 2>some people in the West, like they don't necessarily realize

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<v Speaker 2>the power of that because like the US has a

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<v Speaker 2>fairly decent financial system when it when it doesn't break.

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<v Speaker 2>But if you're in a country with a uncertain legal

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<v Speaker 2>system or a shaky banking system, you know, getting access

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<v Speaker 2>to a stable currency like the dollar when your local

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<v Speaker 2>feat currency is inflating at ten twenty thirty one hundred

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<v Speaker 2>percent inflation per year, like you want access to dollars,

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<v Speaker 2>but in the traditional system, they either don't offer it,

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<v Speaker 2>or it has like a fake exchange rate, or they

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<v Speaker 2>confiscate or they you know, there's all these like tactics

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<v Speaker 2>that you know that could be done by more authoritarian regimes.

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<v Speaker 2>But if you have a stable coin, nobody can prevent

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<v Speaker 2>you from accessing stable coins, you know, and they're digitally native,

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<v Speaker 2>so they are very easily imported into different countries. So

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<v Speaker 2>I think stable coins will grow in adoption massively. And

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<v Speaker 2>this current US administration is very very pro stable coin,

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<v Speaker 2>both from like the dollarization of other countries as well

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<v Speaker 2>as you know, this is a new purchaser of US treasury,

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<v Speaker 2>so you know, if there's a trillion dollars of stable coins,

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<v Speaker 2>as a trillion dollars of US treasuries within stable coins,

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<v Speaker 2>which is good for funding the despot deficit for the

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<v Speaker 2>US government. So like stable coins are very beneficial, very

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<v Speaker 2>aligned to the US government. It's very beneficial to institutions

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<v Speaker 2>who want to provide new financial products and want to

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<v Speaker 2>undercut the incumbents, and for everyone around the world, it's

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<v Speaker 2>just a way to access a dollar in a more

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<v Speaker 2>superior format. So I think stable coin, in my opinion,

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<v Speaker 2>is like the trojan horse of people starting to understand

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<v Speaker 2>the value proposition of tokenization as a concept and smart

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<v Speaker 2>contracts as a technology. So like, once you experience the

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<v Speaker 2>benefits of a stable coin, you're gonna want that for

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<v Speaker 2>every asset, Like why can't I trade stocks twenty four

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<v Speaker 2>to seven over the weekend. Why does it take you know,

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<v Speaker 2>a week if I want to transfer assets around between

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<v Speaker 2>different accounts, like it should just be instant. So I

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<v Speaker 2>think people will come to expect the benefits of stable

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<v Speaker 2>coins for every type of asset and every financial interaction

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<v Speaker 2>that they have.

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<v Speaker 1>Yeah, and they're putting so many things on the blockchain,

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<v Speaker 1>you know, stocks, equities, precious metals, and eventually real estate.

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<v Speaker 1>So maybe I don't know if this is a bit off,

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<v Speaker 1>but eventually individuals can start tokenizing things that are rare,

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<v Speaker 1>of course, and if there's a market for it, you know,

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<v Speaker 1>I have liquidity around it, and I could open up

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<v Speaker 1>a lot of opportunities for people.

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<v Speaker 2>Yeah, I think we've we've historically. What people are kind

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<v Speaker 2>of focused on is like if we can take existing

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<v Speaker 2>assets and tokenize them. But when you have like a

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<v Speaker 2>tokenization toolkit, and you have the global accessibility and the programmability,

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<v Speaker 2>you can create entirely new types of asset classes that

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<v Speaker 2>are kind of hard to imagine, you know, like tokenizing

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<v Speaker 2>someone's time so you can kind of have a new

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<v Speaker 2>way of issuing salaries to people like that. It's hard

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<v Speaker 2>to imagine new use cases in the same way that

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<v Speaker 2>it was hard to imagine all of the possible use

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<v Speaker 2>cases of the Internet in like the early nineties, right,

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<v Speaker 2>Like you can kind of imagine some of the use cases,

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<v Speaker 2>but if you think it email, that was like a

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<v Speaker 2>very simple basic use case, and so think if stiblecoins

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<v Speaker 2>today is very exciting use case of blockchains. But it's

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<v Speaker 2>also like the email use case of blockchains, just moving

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<v Speaker 2>tokens around. So like, when we have this tokenization toolkit,

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<v Speaker 2>there's gonna be a whole new set of assets that

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<v Speaker 2>we can't even imagine today that are going to be

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<v Speaker 2>issued and circulated around the economy.

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<v Speaker 1>Yeah, for sure, Zach, great stuff, my friend, and thank

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<v Speaker 1>you so much for joining me, and I'm going to

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<v Speaker 1>continue to engage with you on x as we talk

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<v Speaker 1>about link and much more. But you know, appreciate your time.

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<v Speaker 2>Thanks for having me on.

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<v Speaker 1>This episode is brought to you by v Chain. V

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<v Speaker 1>chain is one of the top Layer one enterprise blockchains

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<v Speaker 1>indie crypto asset class and they are getting adoption by

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<v Speaker 1>many big brands and companies around the world who are

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<v Speaker 1>building Web three and decentralized application technologies. I've been a

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<v Speaker 1>VET token holder for many years. In fact, I started

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<v Speaker 1>investing in v chain back in twenty eighteen, and some

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<v Speaker 1>of the key features of the v chain blockchain includes

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<v Speaker 1>its secure, affordables, scalable, fast, and sustainable. Some of the

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<v Speaker 1>companies and brands working with vchain include Jivon, Chi, Walmart, China, BMW,

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<v Speaker 1>Boston Consulting Group, and many more. Most recently, they partnered

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<v Speaker 1>with Dana White in the UFC, and Dana White even

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<v Speaker 1>said recently that he purchased over a million dollars of

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<v Speaker 1>the VET token and v chain also recently launched staking

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<v Speaker 1>where you can stake the VET token and earn great rewards.

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<v Speaker 1>So if you'd like to learn more about v chain,

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<v Speaker 1>go to vchain dot org. Link will be in the description.