Why DeFi is Future of Finance (Biggest Crypto Opportunity) | Aurox Founder

We've been here since 2017 and we're Going to be here this is my last company I'm ever going to work for so our entire Team is dedicated to the growth Factory Of centralized finance and the future Because I mean DFI is the people who are Applying it's period yes welcome back Everybody to altcoin daily my name is Austin today I want to share with you a Conversation I had the privilege to Moderate host at decentral Miami awesome Conference where I spoke to one of the Leaders in this space Yorkie founder CEO Of orox and I asked his opinion number One Lessons Learned From the FTX Collapse number two solving the pain Points of defy what are they how do we Solve them and then three at the very End I ask what is orox and what are they Doing to solve the pain points of defy Hit the like button to support me watch To the end but this talk is called FTX Balls and D5 Rises Awesome thank you for having us I'm Honored to be with CEO of orox Yorgi Yorkie how you doing today man Good how are you just to start it all Off for the audience Um how did you get into crypto and what Is aurox Um so I've always been in Tech and in 2006 my partner got us into that crypto Um made some bad calls back then but

Then we realized that there was a lot of Fragmentation like just data was all Over the place it was very early on it Was like for x and some of those Um now I guess smaller exchanges and Retrospect Um and we decided to apply some of the Traditional Finance side to it and Create like this all-in-one training Team which is data from all the Different exchanges all the analytics And kind of like a Bloomberg or crypto Basically I want to get a show of hands From everybody out there in the audience How many of you were affected or heard About the FTX fall Yogi what was your Take on the situation I mean we didn't See FTX falling itself I mean FTX is a Huge company but we didn't see that Potentialism authorities were taken Advantage of Kind of the Unknowns of what was going on behind the Scenes they were laning out they were Over leveraging they were trading Against uh users so it was coming but The fact that it was coming from FTX was Just mine especially after you know they Were going around saying that they had a Billion dollars to invest and acquire Companies and all of a sudden they Didn't have billions of dollars to do Anything so it was a pretty big uh loss To be honest but you know it opened up

Fuels for other companies So what's the solution to all this for The people watching at home streaming Right now on binance for everybody in The crowd from your point of view what Is a solution that arises Um it's going back to the core values of Crypto decentralization I mean Bitcoin In 2008 was founded because we didn't Trust middlemen or Satoshi I just didn't Trust middleman we wanted to eliminate The middlemen centralization and we Actually went complete 180 took Cryptocurrency which is made for Decentralization and now centralized it Um with absolutely no regulation no Accountability no nothing from these Centralized authorities so now we're Seeing outflow crypto from centralized Exchanges a lot of development in the Decentralized finance field and going Back to those core values that made Crypto great So core values for D Phi for C5 we need More regulation different regulation Yeah I think uh if you want to act like A bank if you want to loan assets that Belong to other users even if they give You the permission if you want to act Like that then you need to be regulated Like a thing like it's that simple like Decentralized authorities have a lot of Control they're using users funds Whether legal without with or without

Their permission and that's a bank like There's no difference from that than a Banking institution so they need to be Regulated whereas decentralized Finance There might be some regulation there That might be necessary but in reality E5 is everyone's acting as their own Bank so they know how they're going to Send money they know who they're going To send money to and at the end of the Day they always have control of their Over their assets so with DFI the Regulation if it does come to fruition It needs to be in a way that Uh allows the explosion of development And adoption and everything else that Comes along So crypto today post FDX is at a pivotal Moment a lot of people are relating this To uh the internet Bubble Burst back in The early 2000s late 90s Um and a lot of people that you know Watch my channel altcoin daily are Asking what's next Where Do We Go From Here specifically where do you see the Next few years how do you see them Playing out yeah I mean it is a Definitely a pivotal pivotal moment for Um centralized authorities in my opinion Um now that we're seeing this shift to Decentralized finance and as you Mentioned it's kind of like the Internet.com first uh because companies Are insanely overvalued uh I mean ftx's

Valuation what was it like 10 billion Dollars Um and a lot of other companies were Valued at an insane amount just like in The.com burst Um but then you had companies such as I Think it was like weaving or um or Something a web vain which was like the Early version of like ubereats but they Were so early they were so overvalued From VC Investments and everything that They couldn't recover from that.com uh Burst so some of these companies were Just overvalued now they're having Problems but then you have lower valued Companies that are working a lot on the Technology a lot on the decentralization And that's really where we're going to See a huge push in your future Yorkie I want to throw you a curveball Okay Elephant in the room Defy isn't perfect there's many Critiques to it what are some of the Problems you see in defy and how do we Get past that Yeah so there's uh there's several of Them right Um the first one obviously you know luno Was decentralized finance and it crash And burned and probably caused a lot of The contagion that's going on right now But in reality a lot of VCS did zero due Diligence on the on on Luna if they had

They would have seen that traditional Finance mechanisms built into it things That have led You know the the 1980s crash and a lot Of other things that have happened and Luna literally took those Mistakes in traditional finance and Applied the blockchain so it was Basically a Ponzi scheme and these VCS Invested in them without doing their due Diligence now with D5 though the the Transparency and the flexibility that it Has allows us to eliminate those and see Exactly what's going on in the chain and Make it to where everyone is able to Track assets see what's going on see What's going on behind the scenes unlike What happened with FTX so VCS need to Control act as The Gatekeepers that they Are To eliminate these D5 protocols from Taking a foothold in the entire crypto Links and at the same time by funneling The good D5 projects into the spotlight Now all of a sudden you have that Transparency you have that flexibility Of what makes decentralized findings Great Yet a critique I see with defy and also The value prop it's sort of a Double-edged sword with defy you have More anonymity but sort of by definition Less accountability so is that just how It's going to be from now on or should

Things change no I don't think it needs To change it's just the accountability Needs to be on the people that are Creating those protocols first we need To make them accountable and then we Need to make the VCS or any large Investor that's coming in and spending Hundreds of millions of dollars or I Think was a billion dollars of uh Luna That was acquired by um I don't remember Which uh company it was like if I'm Putting a billion dollars in the company I'm gonna do a lot of villages So We need to be careful about the Non-amenity but it's one of the Positives of decentralized Finance Because if it is a protocol if it is a Software that is Transparent and has been built upon real Use cases and real utility then it Should not be a problem For me with my friend group on the Crypto guy meaning people text me up hey Buy Bitcoin right now and I always have To tell my I don't know man you know Just learn what it is first and dollar Cost average I think a lot of people on The audience maybe you guys are the Crypto guy in the in the friend group People watching at home streaming Um And a big uh flaw that my friends tell Me is well the ux UI is better on CFI I

I don't really know how to use the D5 Stop so that's still a big pain point Right now how do we get past UI ux or Decentralized Finance yeah um I mean Look decentralized finances early even Bitcoin is technically decentralized Finance you're sending peer-to-peer Transactions it's even if we take Bitcoin as part of the equation it's Only been around for a decade and a lot Of if you look at the internet for the About three decades it was just a Complete mess I don't know if people Remember but back in the early 2000s Even in early 2010 it was like Impossible to get online I dial up you Had all spam you still have spam and Hacks going on it took a long time to Make that experience better but there Are companies that are now realizing hey If we want to give probably the option To take place we need to spend a lot of Time on the usual experience to mimic User experience that looks like a Centralized service but in reality it's Completely decentralized so giving you The users all the data necessary like Their charts USD prices eliminating like I don't want to go to you know Point Gecko just to get the contract address Of the token that I bought imported into My wallet to finally be able to see it And then sometimes it displays the US Dollar price that sometimes it doesn't I

Don't know when I bought it I don't even Know if the transaction that I sent Actually went through like all those Things need to be improved by mimicking The D5 or mimicking the centralized Experience and there's a lot of Companies that are doing it in Decentralized way you know for example If your blockchain allows you to Basically have memos For every transaction I don't know how Many times I've sent a transaction to Someone and then like two months later I'm like did I just get scammed where Did this transfer go like who did I send This to but uh vo which we're going to Be working with closely allows you to Have memos like just like a banking System where I can just type in a memo I Know which transaction that is so I go Back 10 15 months later I know who I Sent that money Um You are coming out with a D5 wallet to Me that means non-custodial is that Correct and how is the borax wallets What problems does it solve yeah um so We actually released uh internally about Two weeks ago we're doing a full-on Release this week uh it's actually live On our website we haven't really talked About that yet uh but people can check It out and what we did is we literally Looked at centralized products coinbase

Robin Hood all the centralized wallets Out there and apply the same mechanism On the front end all decentralized in The entire backup so you can see your Entire portfolio chart which is missing From probably every single other Centralized wallet product out there you Can have the tokens that are Auto Imported you see live price fees for Them Um we're now adding like gases swapping Which is like eliminating the need for Having heat in your wall and those Little things I mean they're little like They're just very simple things that we Added but overall it makes that entire User experience so so Right now obviously the Juggernaut at Least in this last year was metamask People also find a lot of problems with That mask although it was the sort of Has the first mover Advantage Um I guess you kind of named a few Things but acquiring loot uh users Acquiring users What's the game plan to let people know About it yeah I mean metamask did a Great job um there were the sole wallets Out there for I don't know what three Four with maybe five years for a web Three Um they paved the way but right now We're seeing you know both metamask and Some of these other wallets they're just

Kind of re-skinning the same thing over And over again and we really Listening the same thing what we're Doing is just taking a complete 180 Getting the product to again be as Centralized as possible on the interface But decentralized on the back end and we Think that this is going to drive for Adoption because now not only can we Potentially capture some of their users But we can capture the new incoming Now all of a sudden people are Withdrawing cryptocurrency from all These centralized exchanges but they Don't know where to go and if they do All they don't know exactly what's going On So by capturing that new influx of users It's going to speak volumes for not only Our product but then it's going to allow More people to take advantage of Potentialized finance and than a whole Yorkie I'm going to put you on the spot Again In this next year and this is just for Fun but in this next year 2023 give me a Prediction nothing to do with price or Anything just how do you see the crypto Market in general whether it's D5 Regulatory whatever trending Um I think it's going to be a very hard Uh situation Um FTX leveraged you know celebrities Influencers they put their logo on on

Miami Stadium they did a lot of things That made it look legit And now without collapse people are not Trusting crypto the general public has Lost their trust so we need to work our Self out of that hole and I think the Way to do that is through decentralized Findings by telling the general public Hey you control the assets no one else Does it reinforces that trust BPI Products lead to open source their Products make it obvious that you know We're not doing anything sketchy Um there needs to be audits ongoing Audits and one of the things that we're Doing actually is we're on track we've Been on track for the past year to go Public on a National Stock Exchange Um so we're exploring you know like NYSC And things like that and we want to go Public around the start of next year to Give more credibility by as well Um we'd be one of if we make it in time We'll actually be the first national League soccer exchange company Um listed and that will allow us to Bring even more credibility because at That point we have a lot of things to do On a yearly basis through audits to Um the answer to investors on the public Markets which is a lot more work than You know in crypto so by bringing that Trust we want to spearhead this new Evolution of decentralized spine that's

Huge yeah I'm glad you saved it for Decentral maybe you announced this on Your website but to drop that big big Take big news Are you I've seen you at the conference Today are you gonna be here tomorrow as Well yeah I'm actually on a panel uh at 9 30 a.m I think When people come up to you because super Approachable very nice guy from you know We just met today but Just to save you know save everybody the First question what is one thing one Thing you wish more people understood About orox Um the technology honestly like I'm About my background is computer science Um our overall goal has been at first The The Innovation that is decentralized Finance is just incredible and we're Just moving ahead with the technology Um that's the only way you can succeed In this business if we go back to 2017-2018 some of the Giants now and Like compound Ave some of these huge Companies what they did was they felt Just developed developed developed and Then eventually released the product and Now they're billion dollar companies Um so orox is taking the same stance We're developing new Innovative products And then the user is going to see that When they actually interact with our

Platform so we're taking this in a very Professional manner where we're not you Know we're not the meme points and we're Not the the overnight companies we've Been here since 2017 and we're going to Be here this is my last company I'm ever Going to work for so our entire team is Dedicated to the growth Factory of Centralized finance and the future Because I mean Defy is that people are applying It's period As we wrap up we have a few minutes left Um and I encourage everybody in the Audience come up to us after both of us Ask questions Um but you gave us sort of the road map In the next year potential uh Stock Exchange listing other UI ux Developments looking five years down the Line Um what is the what is the goal you know Best case scenario where do you want to Be in five years We basically wanna I mean I mean a lot Of people when you ask them what is what Is decentralized findings we mean a lot Of people say you know the openness and Transparency and everything else and Although that's great for us it's the Automation The fact that you can code a banking System everything that a bank does push It to the blockchain in Acts 24 hours a

Day that is what really gets me going Again I'm from the tax side so it's Really the the main thing that I like I think in five years we'll be able to Replace some of the traditional Finance Sectors in just a year of development Everything that's going on in Tradition Like for example unit swap's automated Market And it's insane there were places Market Making on even traditional Finance side Like and why I've seen NASDAQ could Potentially write their own and all of a Sudden market makers aren't needing it So in five years that's what we want to Do you want to innovate take what's out There in traditional Finance apply it to Decentralization and create a future Traditional Finance Evolution school That's all powered like Yorkie my brother and I on altcoin daily Sometimes we like to end our interviews Just big picture not necessarily crypto Questions so for you a book a podcast or A movie that you read or watched in the Last month that you really liked Well of course y'all's uh all coin daily YouTube channel you're a watcher yes I Appreciate you Um honestly the the main thing is I just Read more of the technical blogs Um so for example one of the the most Ingenuative things that's I've gotten Involved in is flashbots a lot of people

Don't know the ins and outs of flashbots I really recommend everyone needed it's Going to come into play more and more Over the next like maybe two three years It is probably the most life-changing Thing that's going to happen to ethereum Network In the next decade Um where can the audience besides at This conference where can they find you Um I'm kind of hard to find I don't have Social media anymore but Um you can find me in our Discord if you Go to our website ghetto rocks.com There's a Discord Link at the bottom Join it Um available as much as I can at this Point but I'm very interactive with our Community because the one the person That we learned is your community is Going to bring up the issues that are Plaguing them and those are the issues Then solve so anyways join our Discord Um I'll be available in there thank you Round of applause for Yorkie thanks man Thank you I appreciate it thanks Everyone