Ex-Binance researcher reveals ALL (Impossible Finance)

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Description

Calvin during his time at Binance led their launch of Matic (now Polygon), Elrond, and Axie Infinity, shaping them into the giants that they are today. Therefore he knows a LOT about what makes a prom...

AI Analysis

This video features Calvin Chu, a former Binance researcher, who shares his extensive experience in identifying and nurturing promising decentralized finance (DeFi) projects. He discusses the key traits that make a project successful, drawing from his time leading the launch of giants like Matic (now Polygon), Elrond, and Axie Infinity on Binance Launchpad. Calvin also introduces his new venture, Impossible Finance, which aims to simplify DeFi for users and builders by offering a multi-chain incubator, launchpad, and swap platform.

Here are the key takeaways from the conversation:

* Calvin's Background and Role at Binance:
* Calvin studied economics and statistics at the University of Chicago.
* At Binance, he was part of the research team, responsible for listing diligence and bringing early projects onto the Binance Launchpad.
* He also built out Binance's staking platform, shifting focus from purely trade-focused products to passive yield opportunities for everyday users.

* The Vision Behind Project Selection: Focusing on Scale:
* The main drive behind selecting projects was "scale." This refers to technological solutions that provide more access or reach to a wider audience, inherently increasing their value.
* This concept applies broadly, from high ETH gas fees driving Layer 2 solutions to NFTs enabling artists to gain global recognition beyond physical galleries.
* A successful project needs a balance of both technological scaling and community scaling.

* Identifying Winning Projects:
* The best projects have a balance of immediate utility and a grander long-term vision.
* They need to offer a working product right away to prove it's not a scam and provide baseline value, while also having a clear future roadmap.
* Three successful Binance Launchpad projects Calvin helped lead were Matic (Polygon), Elrond, and Axie Infinity, all of which exemplified this balance.

* Case Study: Spotting Matic (Polygon) Early On:
* Calvin first encountered Matic at an ETH India hackathon, where they had built "Dagger," a system for real-time push notifications for Ethereum events.
* Even though their initial focus wasn't on what Polygon is today, they were already exploring future scaling solutions like Plasma.
* A key trait identified in the Matic team was having very technical people, like Sandeep (the COO), in key operational roles. This allows them to bridge the gap between technical development and community needs, ensuring progress while pursuing a long-term vision.
* This balance between tech-focused builders and communicators is crucial, as many projects struggle with one or the other.

* Hackathons as a Breeding Ground for Talent:
* Hackathons are excellent places to find genuine and committed builders. The intense, time-pressured environment (like 36-hour sprints) acts as a "pressure cooker."
* Teams that excel in hackathons demonstrate the ability to deliver quickly and have the commitment and drive to scale that pace into multi-year projects.
* Calvin recounts going "undercover" at hackathons, pretending to be a student while effectively interviewing CEOs and project teams, allowing him to observe their true nature under pressure. He even slept on hackathon floors because Binance wouldn't reimburse his expenses, highlighting his personal commitment.

* The Power of DeFi and Open Building:
* Calvin is particularly excited about DeFi because so much of the building happens in the open, making it permissionless.
* Anyone can participate, whether through liquidity farming, governance proposals, or simply joining a project's Discord to volunteer.
* He sees DeFi as fostering "positive sum games," where people contribute out of genuine interest rather than just for salary.
* This open, distributed, and virtual work environment (like a team meeting in Gather Town with nine different nationalities) allows for unprecedented global collaboration and scaling.

* Introducing Impossible Finance:
* After his time at Binance, Calvin realized that while centralized launchpads offered scale, they were often slow and tedious (e.g., 9 months for Matic to launch). Decentralized launches, while flexible, often lacked scale and support.
* Impossible Finance aims to balance these two worlds: combining the scale of centralized platforms with the fluidity and flexibility of decentralized ones.
* It is built as a "builder-first incubator, launchpad, and swap," providing a full suite of services to help solid projects launch.
* The key goal is to find projects with strong "product-market fit" early on and offer these investment opportunities to regular users, democratizing access beyond just venture capitalists.
* Calvin feels it's about leveraging community and incorporating everyone into the project's success.

Transcript

Hey guys, and welcome back to Box Money. Today I have the pleasure of presenting Calvin Chu. And he's, okay, the best way to describe him is a visionary. He's been in this space for such a long time. And he's been both tracking projects, investing in projects, and of course, finding the best projects in the space. I think we discussed, I've met him a few years ago, and we discussed a few things, and he was right about a few things too. So we'll talk about that. Wrong about a lot more. But we'll...