Chat with Shenyu about the development history and future prospects of the cryptocurrency industry

Shenyu is an early participant and well-known entrepreneur in the Crypto Assets industry. In this conversation, he shared his experiences of entering the Bitcoin circle, as well as his observations and thoughts on the development of the industry.

The State of the Early Bitcoin Community

In 2011, the "Divine Fish" came into contact with Bitcoin by chance and was deeply attracted by its underlying technology. At that time, the Bitcoin community was mainly composed of two types of people:

1. Full of ideal crypto geeks
2. Miners with a large number of idle graphics card resources

In the early days, the community communicated around QQ groups, with a scale of about 4-50,000 people. Innovative ideas are discussed every day, and many of what seemed like fanciful ideas at the time are now being realized.

The Rise of DeFi

In 2020-2021, DeFi reached a turning point, with projects like Compound launching liquidity mining incentives, sparking a new wave of enthusiasm. Shenyu keenly noticed this change, investing significant effort into researching DeFi and urging friends around him to pay attention.

He believes that DeFi allows the use of Crypto Assets to no longer be limited by the physical world, enabling better utilization of blockchain technology advantages.

Development of NFTs

In 2021, the NFT market exploded, and Shenyu believes that NFT has the following characteristics:

1. The market is fragmented, with a large number of fragmented communities
2. Meet the emotional needs of various cultural groups
3. The barrier to entry is low, which attracts a large number of young people
4. It can carry non-standardized assets and integrate with the real world

Although the NFT market cycle is relatively short, it has brought fresh blood to the industry, and there is still great potential for the future.

2022 Industry Lessons

In 2022, the encryption industry experienced a series of significant events, such as the collapse of Terra, the bankruptcy of Three Arrows Capital, and the failure of FTX. Shen Yu believes that these events reveal the problems existing in the industry:

1. Excessive centralization, users transfer power to institutions.
2. Lack of Transparency
3. Human greed is hard to resist.

He urges users to manage their private keys well, trusting in mathematical and technical principles rather than human nature. The industry is actively exploring new technologies such as MPC to enhance security and transparency.

Future Outlook

The God Fish remains optimistic about the market for 2023-2024, mainly based on two points:

1. Improvement of the macroeconomic environment
2. The narrative effect brought by Bitcoin halving

He expects that there may be a wave of halving market from the fourth quarter of this year to next year.

The direction of Cobo's development

As the founder of Cobo, Shenyu introduced the company's three core products:

1. Cobo Custody: Centralized Custody Solution
2. Cobo Argus: A DeFi management product based on on-chain multi-signature
3. MPC Co-management Solution: A decentralized solution for users to control their private keys.

Cobo is committed to providing safe and easy-to-use private key management solutions for different scenarios, lowering the threshold for users to use blockchain.