今天我非常兴奋地公布，Multicoin Capital领投，完成了对dForce的150万美元融资，其他参投者包括我们的合作伙伴招银国际（CMBI）和火币资本。dForce是全球首个开放金融协议超级网络。
在用户端 “超级应用”（“Superapps”，例如微信和Kakao）非常流行的亚洲，dForce正在开发DeFi协议的第一个“超级网络”。超级应用的概念最初由黑莓创始人迈克•拉扎里迪斯（Mike Lazaridis）于2010年提出，它被定义为一个许多人们每天都使用的应用组成的生态系统，这些app提供了无缝、集成、情境化和高效的体验。相对应的在加密领域，超级网络可以定义为一个由许多协议组成的开放生态系统，这些协议通过原生代币提供了无缝集成的体验。
dForce生态系统围绕着它的原生平台代币DF而展开。通过该代币，dForce用户无需切换平台或代币就可以无缝使用多个金融协议，进行出借、借入或者赚取利息操作。DF代币还强化了整个网络交叉销售、驱动病毒式增长和鼓励邀请新用户的能力，同时还为用户提供包括质押、交叉保证金及费用折扣在内的多种新功能。作为一个集成、可互操作的平台，DF代币捕获了网络中每个协议的价值，因此整个dForce生态系统的效益呈倍数增长。
超级应用在中国很受欢迎，是人们日常生活中不可或缺的一部分。同样，dForce的战略并非来自偶然，而是经过精心设计。去年夏天，在一个本地DeFi会议的讨论小组上，我结识了dForce的创始人杨民道，当时他强调了dForce高度重视中国本土化的计划，首先扩展到以太坊社区外部，而以太坊是今天DeFi社区的重要组成部分。此后，dForce团队完美地执行那个策略 ，并与头部交易所、钱包和挖矿运营商达成合作。在短短的五个月时间里，dForce的货币市场协议Lendf.me已经成为中国最大的DeFi市场，还是defipulse上的头部协议之一。
开放金融采用的关键：可组合性、集成化和本土化
在《价值百万亿美元的三大投资主题》一文中，我们强调了开放金融的关键助推器是金融要素的模块化。正因为每个开放金融协议都是模块化的，app可以对它们进行不同的配置，提供最佳的用户体验。
dForce起步于锚定一篮子稳定币的合成稳定币USDx，接着创建了一个为USDx（以及其他稳定币）提供流动性的货币类协议Lendf.me，并将很快推出提高收益率和促进交易的协议，来进一步提高网络效用。这些协议彼此依存，提升各自的价值。
在DeFi协议能无缝结合的丰富生态系统中，DF代币连接多个参与方，钱包、交易所和其他合作伙伴可以利用这些协议中的一个或多个来开发和配置定制化体验，从而最大化各自用户群的价值。
实际上，像币安、火币和OKEx这样的中心化交易所已经在尝试将他们各自的平台币接入到DeFi协议，而且他们也在使用外部的DeFi协议。例如，Coinbase为Compound提供USDC流动性；火币则在以太坊网络发行托管化的BTC（HBTC），用于dForce的Lendf.me产品。随着这些试验的成熟，DeFi协议和中心化交易所会持续交融，加速开放金融的发展进程。
回顾互联网金融科技的历史，我们可以看到金融基础设施明显的区域分裂趋势：美国的PayPal、Square和Stripe；俄罗斯的QIWI；中国的支付宝和微信支付；日本的LinePay等等。DeFi协议有史以来首次让世界上所有人克服本土化流动池的限制，接触到真正的全球流动池。然而，尽管DeFi协议有可能打破地理隔绝，但文化壁垒并非一朝一夕就能消失。相对于技术层面，文化背后的行为和规范更加根深蒂固——因此，企业家需要为用户对他们的产品进行本土化。到目前为止，dForce在本土化方面做得非常好，它定位为中国和亚洲加密市场用户广泛使用的超级网络。
不可复制的护城河
在一个DeFi协议开源的世界打造绝对优势非常独特，很多来自传统互联网的方法并不适用。正如我们之前写到的，某个协议捕获不可复制价值的方法有两种：1）某个协议嵌入一个有显著吸引力的产品（如Brave浏览器、Telegram）；2）某个协议中锁定着资产（例如Maker具备不可复制的状态）。而在实践中，建立不可复制状态最好的方法是尽可能快地增长网络效应。
采用致胜。就dForce而言，通过专注于中国优先的本土化，它带来了流动性，同时建立了大规模不可复制的状态。
腾 讯是一个很好的类比。它们最初通过复制ICQ（现在几乎没人使用的一个产品）发布了QQ，如今这个长达20年历史的在线聊天软件月活超过6.5亿。接着在2011年，腾讯受到Kik的启发，创立了微信，它现在是绝大多数中国公民的支付和通讯工具。
认识这群去中心化金融创业者
在创立dForce之前，民道在渣打直投部门和弘毅投资（中国最大的私募之一）从事高收益债券、不良资产、重组和扭亏为盈方面的经验超过十年。另一位联合创始人许昕是全球最大的以太坊矿池『星火矿池』的CEO。他们强强联手，是中国最具实力的团队之一。
2008-2009年的全球金融危机促使他们对开放协议和区块链所提供的透明性和保证产生兴趣。后来他们都成为以太坊的中国早期社区成员（当时许昕联创了星火矿池），当以太坊上的开放金融市场开始兴起时，他们意识到自己能够利用公有区块链提供的实时透明性和全球化监督，开发防止另一场像2008年那样的金融危机再次发生的产品。同时他们也认识到目前DeFi协议面临的缺点，例如缺乏激励和对闲置资金的利用。此外，他们看到了注重本土化的需求和机遇。在前进道路中的每一步，民道和许昕都能提早发现趋势，迅速行动抓住市场机会，他们的执行也很出色。
我们非常激动能够支持dForce团队并帮助他们开发首个DeFi超级网络。
Disclosure: Unless otherwise indicated, the views expressed in this post are solely those of the author(s) in their individual capacity and are not the views of Multicoin Capital Management, LLC or its affiliates (together with its affiliates, “Multicoin”). Certain information contained herein may have been obtained from third-party sources, including from portfolio companies of funds managed by Multicoin. Multicoin believes that the information provided is reliable and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation. This post may contain links to third-party websites (“External Websites”). The existence of any such link does not constitute an endorsement of such websites, the content of the websites, or the operators of the websites.These links are provided solely as a convenience to you and not as an endorsement by us of the content on such External Websites. The content of such External Websites is developed and provided by others and Multicoin takes no responsibility for any content therein. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in this blog are subject to change without notice and may differ or be contrary to opinions expressed by others.
The content is provided for informational purposes only, and should not be relied upon as the basis for an investment decision, and is not, and should not be assumed to be, complete. The contents herein are not to be construed as legal, business, or tax advice. You should consult your own advisors for those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. Any investments or portfolio companies mentioned, referred to, or described are not representative of all investments in vehicles managed by Multicoin, and there can be no assurance that the investments will be profitable or that other investments made in the future will have similar characteristics or results. A list of investments made by funds managed by Multicoin is available here: https://multicoin.capital/portfolio/. Excluded from this list are investments that have not yet been announced (1) for strategic reasons (e.g., undisclosed positions in publicly traded digital assets) or (2) due to coordination with the development team or issuer on the timing and nature of public disclosure.
This blog does not constitute investment advice or an offer to sell or a solicitation of an offer to purchase any limited partner interests in any investment vehicle managed by Multicoin. An offer or solicitation of an investment in any Multicoin investment vehicle will only be made pursuant to an offering memorandum, limited partnership agreement and subscription documents, and only the information in such documents should be relied upon when making a decision to invest.
Past performance does not guarantee future results. There can be no guarantee that any Multicoin investment vehicle’s investment objectives will be achieved, and the investment results may vary substantially from year to year or even from month to month. As a result, an investor could lose all or a substantial amount of its investment. Investments or products referenced in this blog may not be suitable for you or any other party.
Multicoin has established, maintains and enforces written policies and procedures reasonably designed to identify and effectively manage conflicts of interest related to its investment activities. For more important disclosures, please see the Disclosures and Terms of Use available at https://multicoin.capital/disclosures and https://multicoin.capital/terms.