The detailed information about on-chain data seemed to have been omitted during the translation. It refers to the TVL (Total Value Locked) on-chain data, which can be checked on DefiLlama. Of course, currently through block scan, you can observe the significant difference between the number of XDC transactions and actual on-chain transactions compared to other chains. What I meant in that paragraph is the Defi TVL compared to the total circulating supply. While this TVL will surely increase due to the institutional demand for FXD issuance, it's desirable for retail adoption to occur simultaneously. While the goal is to bring a significant amount of XDC from CEX to DeFi, institutions typically use methods like OTC that don't impact the market price. Therefore, if institutions initially bring CEX liquidity to DeFi, the subsequent rise in retail adoption, attracted by various strategies using XDC Network's DeFi products, should also increase.
If I understand the vision of the XDC Network correctly, it is currently focusing on institutional-centered development and infrastructure building, having completed the foundational work. Now, at this stage, the network is moving forward to embrace retail users and provide products that offer a superior experience compared to what other ecosystems offer. I believe that 2024 is a crucial year for these efforts, and thus, it's important for retail users like myself to offer diverse and practical opinions about the XDC Network in the market. While many believe that retail user adoption is unnecessary and that everything will be perfect with institutional participation alone, I think this perspective differs somewhat from the vision pursued by the XDC Network. We are an EVM-compatible chain, recently updated to support the latest Solidity, which I see as measures to onboard various dApp developers. Additionally, we regularly participate in events that attract many developers and encourage projects through hackathons. Although we are leading in trade finance, we are lagging behind in the dApp ecosystem where XDC can be utilized. Therefore, it seems that we are currently very busy trying to catch up in this area.
To establish an environment where a diverse range of dApp developers can onboard, the demand from the retail community is essential. Not all dApp developers target institutions, and there may be more products targeting retail demand. However, teams building dApps also need demand to build platforms and generate revenue through them. Due to the lack of demand, it is natural for most projects to be built on chains such as Solana, Ethereum, and L2. Therefore, I believe that it is necessary to first create an attractive environment for teams building projects to come in.
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Hey there, can you share the on-chain data that you were referring to? Thanks for the post, I agree with your statements.
The detailed information about on-chain data seemed to have been omitted during the translation. It refers to the TVL (Total Value Locked) on-chain data, which can be checked on DefiLlama. Of course, currently through block scan, you can observe the significant difference between the number of XDC transactions and actual on-chain transactions compared to other chains. What I meant in that paragraph is the Defi TVL compared to the total circulating supply. While this TVL will surely increase due to the institutional demand for FXD issuance, it's desirable for retail adoption to occur simultaneously. While the goal is to bring a significant amount of XDC from CEX to DeFi, institutions typically use methods like OTC that don't impact the market price. Therefore, if institutions initially bring CEX liquidity to DeFi, the subsequent rise in retail adoption, attracted by various strategies using XDC Network's DeFi products, should also increase.
If I understand the vision of the XDC Network correctly, it is currently focusing on institutional-centered development and infrastructure building, having completed the foundational work. Now, at this stage, the network is moving forward to embrace retail users and provide products that offer a superior experience compared to what other ecosystems offer. I believe that 2024 is a crucial year for these efforts, and thus, it's important for retail users like myself to offer diverse and practical opinions about the XDC Network in the market. While many believe that retail user adoption is unnecessary and that everything will be perfect with institutional participation alone, I think this perspective differs somewhat from the vision pursued by the XDC Network. We are an EVM-compatible chain, recently updated to support the latest Solidity, which I see as measures to onboard various dApp developers. Additionally, we regularly participate in events that attract many developers and encourage projects through hackathons. Although we are leading in trade finance, we are lagging behind in the dApp ecosystem where XDC can be utilized. Therefore, it seems that we are currently very busy trying to catch up in this area.
To establish an environment where a diverse range of dApp developers can onboard, the demand from the retail community is essential. Not all dApp developers target institutions, and there may be more products targeting retail demand. However, teams building dApps also need demand to build platforms and generate revenue through them. Due to the lack of demand, it is natural for most projects to be built on chains such as Solana, Ethereum, and L2. Therefore, I believe that it is necessary to first create an attractive environment for teams building projects to come in.