Supply: X / @ParallelLabs_
The decentralized finance (DeFi) sector, whereas ripe with potential, grapples with vital points, significantly by way of interoperability between totally different networks. This fragmentation creates a fancy surroundings for customers, hindering seamless consumer expertise throughout the trade.
Yubo Ruan, Founder and CEO of Parallel Finance, addressed these cross-chain challenges in a dialog with Cryptonews.com. Ruan’s most up-to-date work targeted on growing options that intention to streamline the DeFi segments, making them extra accessible for customers by enhancing connections between various platforms.
Yubo Ruan’s L2 Visions
“There’s great progress within the variety of Layer 2s and Layer 1s, which complicates the panorama for shoppers,” stated Ruan. “Astronomical progress by way of numbers of Layer 2s and numbers of previous Layer 1s.”
Ruan’s main concern lied with the overwhelming choices and technical boundaries that common customers face, stressing the significance of addressing these points to maneuver ahead.
“Simply immediately, there are about 30 unlaunched Layer 2s on the L2Beat web site. However there are most likely a whole bunch of L2s about to launch. Similar factor for Layer 1s,” added Ruan. “It’s merely not going to work for shoppers.”
He additionally talked about how the builders can make the most of the more and more difficult but highly effective blockchain to handle newest and even future applied sciences, together with synthetic intelligence.
“Crypto is the one means that gives a way to manage AI, particularly on the information aspect,” stated Ruan. “And I feel it’s going to contribute to the AI security in the long run.”
Parallel Community: The Omni-Chain Resolution
Ruan mentioned the Omni-Chain answer proposed by Parallel Finance as a response to the sector’s fragmentation. This undertaking is central to his objective of bettering the Layer-2 (L2) panorama, fostering a extra built-in and environment friendly ecosystem.
Parallel Community is open for buildooors 💻
As the primary omni-chain L2, Parallel unifies liquidity from any chain into one place, offering the infrastructure to construct a very interoperable and omni-chain future for everybody.
Study how one can 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 house,” stated Ruan. “Omni-Chain is designed to unlock this potential.”
In January 2024, Parallel launched the Omni-Chain undertaking Parallel Community and printed a whitepaper.
“The intention is for Omni-Chain to behave as a bridge throughout varied blockchain networks, simplifying the interplay between them,” Ruan defined. By natively supporting ERC4337 Account Abstraction and Intent-based execution, it’s set to revolutionize the DeFi expertise.
“Omni-Chain leverages the strengths of various blockchains, enabling seamless transactions and interactions with out the standard boundaries customers face immediately.”
In addition to utilizing Optimistic Rollup to enhance the effectivity, Parallel Community was additionally the primary Layer-2 to launch with Arbitrum’s license, using the community’s aggressive efficiency and execution surroundings.
Based on Yubo Ruan, Parallel Community plans to deploy L2s settled on quite a few chains, together with however not restricted to Ethereum and Bitcoin to combination networks collectively. The Community would additionally supply a variety of taking choices for improved staking administration functionality.
The undertaking’s whitepaper, Parallel’s Omni-Chain would scale back customers’ spending by sponsoring gasoline charges for eligible transactions. As a substitute of being a simple promotion, the agency endeavors to create a brand new enterprise mannequin the place the income supply doesn’t solely depend on charges.
Began in 2021, Parallel Finance has secured about $31 million in all funding rounds and was valued at $500 million in 2022.
Many Dropouts and Extra Firms Based
Born in 1996, Yubo Ruan has already based 4 firms.
Earlier than his first and second dropouts of Stanford College, Ruan quitted highschool to start out his first firm, Alisimba Applied sciences Inc. He invented a web based piggy financial institution product that taught youngsters about monetary habits.
The corporate, although being the “least profitable” for Ruan, obtained governmental grants because the preliminary capital and was ultimately bought for over $4 million when he was 19.
Shifting onwards, Ruan official stepped into the funding world by co-founding Skylight Funding, backing by one of many greatest schooling teams New Oriental (NYSE: EDU) and Taiyou Fund.
At Skylight Funding, Ruan invested in a number of high-tech firms that targeting disruptive know-how improvements, together with the Boston-based optic computing agency Lightelligence.
Ruan’s preliminary transfer within the crypto sector was founding one of many pioneering blockchain fund 8 Decimal Capital. The multi-strategy funding agency had greater than 40 portfolio firms with property underneath administration (AUM) of over $60 million. It was broadly perceived as a high 10 blockchain fund.
“I discovered about programming once I was six, began to do aggressive programming once I was seven, after which a whole lot of software program and {hardware} mixed,” Ruan mirrored on his earliest coding recollections.
Crypto-wise talking, Ruan honed his skilled growing expertise by way of skilled work. “It’s gained by way of a whole lot of full-time tasks, property administration, and solidity programming,” stated Ruan.
Wanting again on his time at Stanford, Ruan nonetheless appreciates the schooling he as soon as showered in. “I took Professor Dan Boneh’s CS 251: Cryptocurrencies and Blockchain Applied sciences. It’s tremendous,” he recollected. “It was so good to be taught a lot about foundational cryptography.”
With 13 scientific and technological invention awards and 5 patents obtained in highschool, a “30 underneath 30″ award by The Los Angeles Submit, a Hurun US Innovation Excellent Award, 4 firms based and numerous recognitions, Ruan is totally ready for the following uncharted waters.
