Unite Defi 2025 Kick Off I Kartik Talwar

[Music] Good morning, good afternoon, good evening everybody. My name is Cartek, one of the co-founders of ETH Global and I want to welcome all of you to Unite DeFi. You are all watching this on eglobal.tv. For those of you who are joining us for the very first time, this is the platform we'll be using for the rest of this hackathon.

And this is where you get to watch uh not only the kickoff but also at the end about all the cool parts that are going to come out of it. We're going to talk about all the winners and some of our finalist demos here. Now those of you who are joining us for the first time uh this is a hackathon run by ETH global with partnership with 1. At Eddie Global, our goal is to onboard thousands of developers into the WebRE ecosystem. And we do this by running hackathons and summits.

And today over the next hour, we're going to be doing both of these things. We're going to be talking about all the things that you need to know about this hackathon and kicking us off with two incredible talks on the future of how we think DeFi is about to evolve. So what I want to do for the next 10 minutes is talk to you about all the things that are important for this hackathon. The goal here is to shape the future of DeFi and think beyond limits. This is a massive event.

There's over 175 hackers from 80 different countries participating to build the latest cutting edge integrations for crosschain. and they are here from 24 unique time zones. We have representation from six continents and you can just see all different parts of the world where people are coming from and we're super excited to meet all of you and host all of you and we can't wait to learn more about what you've been working on and what you plan on doing for the next two weeks. And the best part is we have over $550,000 in prizes to be given out all for building the latest amazing projects and integrations with 1 in and crosschain integrations in DeFi. We also have 12 incredible partners.

This is one of our first ever events where we're going and working with different blockchains to help make crosschain a lot more smoother as an experience and make it possible for the things that we really like in DeFi uh and Ethereum ecosystem to be available to everybody else. I want to start off by thanking 1 in for giving us this incredible opportunity to work together again. And the amazing protocols we'll be working on this for this hackathon are Aptos, Etherlink, ICP, Monad, Near, Polka Dot, Starknet, Stellar, Suie, Ton, and Tron. you get to see how each of these ecosystems are set up on the developer side and help build cross-chain DeFi execution environments and and integrations with all of these chains. So, the goal for me here is to talk about what the next couple weeks are going to look like.

I want to talk about how we're going to communicate everything with almost 900 of you, all the prizes you can win. If you're still looking for a team, advice and guidance on how to get the best help there. Uh we also have a lot of talks, workshops and support for you, how you can get direct help especially as you think about talking to different chains and of course the most important part which is how judging and submission works when uh you are ready to submit your projects next Sunday. So let's start with communication. Everything that we're going to be doing for this event is going to be on Discord.

This is where all the private channels are. And these channels are only open to hackers who are participating. So, it's going to be automatic. Um, and anybody you see in those channels is automatically confirmed to be a hacker. So, you get to ask them or or a partner and you get to ask them any questions because they have the full context.

Uh this is also where you get to talk to other protocols and get help with 1 in APIs. The whole 1-in team is there. They're there to help answer your questions. And if you have anything that you're unsure of or you want to get clarity on, you get to simply ask that away on Discord. And because people all across the world, somebody will be monitoring Discord at some point in the day and making sure that all questions are answered 247.

If you're not already on Discord, you can go through this to your hacker dashboard or just simply visit eglobal.com/isord and there you get to sign in and connect your account and get all the right permissions. So, let's talk about how the hackathon is set up and how everything works. Hacking officially begins now, which means as of right now, you can start working on your projects and you have the next one and a half weeks to hack. You can hack on your projects with up to five people.

You can also hack solo. It's totally okay if you want to just try something and challenge yourself, but we recommend that you find the team so that you get to uh share the work and really focus on making something really, really well done. Um, submissions are going to be due at 12:00 p.m. Eastern, which is noon on Sunday, August 3rd.

So, you have from today to the next Sunday to work on something incredible. And then we're going to go into the judging process. The rules for this particular event are straightforward and as follows. Everything that you're doing must be done from scratch. Which means you cannot add something to a side project you've been working on.

You cannot add a feature to something that already exists. You must start from scratch so that the whole process is same and the judging criteria is the same for everybody participating and we don't have to understand different edge cases for who had a head start on what project. The other piece here is that this is a very particular focused event which means that every project must use 1 in APIs or technology and work on one of the prize categories that's in the price section. If you don't do that, you will automatically be disqualified. So that's the only key thing you want to look at and make sure that you are looking at all the documentation for how you're integrating one's fusion and crosschain APIs.

You cannot build from an existing project. You cannot add to something that you've been working on. Everything has to be open source. And if you have not RSVPd, if any of your team members have not RSVPd and is listed as a confirmed hacker on your team page on the dashboard, you also will not be able to receive prizes. So, please make sure that your entire team is properly listed and it's set to be confirmed on your Hacker dashboard.

And of course, if you have any questions about what qualifies and what doesn't, you just get to ask us that. So, please send us a message on Discord or email or or eglobal.tv and we'll be happy to answer all those questions for you. Now, let's talk about being a finalist. So, when submission ends, you get to be a finalist.

And what it means to be a finalist is that you are effectively competing to be one of the top 10 best projects from this hackathon. This hackathon will have up to 10 finalists, which means it could be anywhere from two to 10 teams that perfectly highlight the amazing, incredible crosschain achievements we're going to see. And they are effectively the best projects from this event. Uh if you are trying to become a finalist, you also get to be eligible for all obviously other partner prizes. But um being a finalist has its own perks because what you get to win is um a whole new set of things that are in addition to any other prizes.

What it means to be a finalist is basically a few criterias on top of that the rules for this event. Everything must be from scratch and you must have a properly auditable repository which means that we need to be able to see everything from the first commit to series of commits that get to the final product that you submitted. And it cannot be things like three commits for the whole repo and 100,000 lines and changes or nobody kind of properly using branching or merge requests or anything that would help us really understand how things developed properly. Especially if you have multiple team if only if you have a team of five and only one person is committing that also will be flagged by us and may not qualify you to be a finalist. The other piece here is that to be a finalist your project must actually exist and must be visible to the world and usable by others.

So you cannot just submit code for this. You must have a version that somebody can go and look at and play with. So u it must be deployed and live in some form to to be eligible for this category. And the last piece that makes you a finalist is you have to be available during the live judging to actually show off your demo to our judges and make sure that they have the opportunity to ask you any questions and clarifying that they want to know about your project. So there must be a live presence by your team to be able to qualify to be a finalist.

If you do all of that, you get to win the finalist pack and that's onchain through ETH Global. What it means is that as a finalist, you will get ETH Global Plus access for 12 months. Every member on the team will get a,000 USDC in addition to any prizes. We'll fly you to the next ETH Global Hackathon with the $500 flight credit and there will be an onchain proof of you being one of the best hackers in the world that anybody can now call in and give you access to other things. Uh we also do a lot more events with crypto founders to help you learn from some of the things that they've learned uh as they've started their protocols and companies.

And if you're interested in taking your project to the next level, there's over $15,000 of developer credits from anywhere from AWS to uh RPC credits to discounts for getting your code audited. All those things are given to all the finalists. So you get to take your projects from just an idea to something real. [Music] So that's kind of what it means to be a finalist. But when you get to specify all these things is as you are judging submissions are due at noon and when you submitting you will have to worry about these things.

Every demo needs to have a video and you will be given four minutes to really show off what your project does. This has to be a pre-recorded video and this is required for every every submission. Uh we really recommend that you don't do this last minute because it will take you anywhere from 45 minutes to an hour and a half to do a really really good demo where you get to properly talk about succinctly what you did, why, how it works, and all the cool things that we need to know. Uh this is a hard cap, so you cannot exceed a 4-minute video. So getting your messaging right and really communicating everything within 4 minutes is going to be something that we recommend you think about ahead of time and then record the demo.

And one thing to notice here is that it doesn't have to be a single shot. You can record a your intro and everything and then demo separately and then splice it together and edit it. Those are that's all allowed, but you just cannot communicate things um over for four minutes. And you have to make sure that you do a really good job of clarifying how something works and and why. All this happens on your dashboard.

So you have to worry about anything. You just have to upload the MP4 file. We check all these things. We we also tell you if it's uh within the limits or if there's anything wrong or if there's a resolution problem. All those things happen.

But when that happens, you get to choose between a finalist judging track, which is what we talked about, and the partner price only track, which is asynchronous. So for those of you who are trying to become a finalist, which is one of the best projects out of this hackathon, you will be automatically entered into two rounds. Uh the first round of judging is going to be on Sunday where a set of people will look at your projects and they will make sure that all of the video demos are working and everything is uh functional. So your code gets looked at. They'll see if the demos exist.

to make sure that the GitHub is functional and everything is uh operational there and that everything is easy to follow and understand. After that first round, you get to move to the second round which is the live judging for being a finalist. there. There's a Zoom call that you get to come on and you get to demo to our judges in real time and you show that four-minute demo video recorded and the judges then have three minutes to ask more questions and understand how interesting, creative, and impressive your project is. To become a finalist, you have to be in this video.

And this Zoom call and this call is synchronous for everybody across the world, which means it happens from 12:00 p.m. to 2:30 p.m. Eastern.

So, no matter what time zone you're in, you have to be available during this window to be able to live demo and we won't be able to make any exceptions because our judges are going to be there for the entire time talking to all the teams during this uh block. Now, if you choose to not be a finalist for the judging process, you will automatically be entered into the partner prize judging process, which means that for every prize you specify with any of our partners for this event, they will get a notification to review your submission. And they do this thing asynchronously. So, you don't have to demo directly to them. You don't have to go on a call.

They will look at everything you submitted. They will look at how something works whether it's your code your live demo website to the video and they will make those assessments and if they have questions they reach out to you and clarify anything on their own. Um but you don't have to do any direct demo process. All this also happens on your dashboard. So as long as you select the company or the protocol, you are good to go.

And the kind of the takeaway for all of this thing is that everything happens from your project submission page. So the description, the quality of the video, and how well you communicate with screenshots and everything is going to be what helps you win those prizes. So make the video really good. We have a lot of examples we've given you on how to make a really really good demo. And this is all you need to be successful here.

Uh not just for the hackathon, but to be good at talking about the takeaways for all the hard work you're going to put in for the next couple weeks. Of course, this event is designed to be ready for anybody who's coming in, whether you're a experienced developer or brand new. Um, so if you're brand new to this, we still have a lot of amazing content for everybody. Uh, that means you get to see a lot of workshops. We get to uh catch up on how to use different protocols.

All that is available for you to watch on demand. There's also a lot of documentation how to use different APIs and best security practices and how you get more solidity u work done and templates you can use. All that is recorded. Everything is going to be made easy for you to understand and we're going to do everything to make it simple for you and you can do all of that on demand by heading over to our YouTube channel. [Music] And if you're still looking for an idea on a team, um we have a channel that lets you find other team members who are looking for projects and uh you get to introduce yourself and really find other smart developers across the globe to collaborate with and build something super cool on one inch with Prussian integrations.

Now, quickly, I want to talk about what it means to be successful with the Sakat. We're going to introduce a concept of a check-in, which means these are going to happen two times next week, and it really helps us get all the help um to you if you are stuck on something. Um, these checkins kind of behave like a mini standup where you just go on your dashboard and you just tell us if everything is on track, that your idea is still good, you're getting all your questions answered, if you're waiting on one of our partners to get back to you on something and you haven't heard back or you're not sure if you can do something. Uh, it should take you less than five minutes to fill this out and only one person from our team has to do this. So, if you do this stuff, we kind of make sure that you're on track.

If you're stuck on something, we kind of go and help you and make sure that we can ping anybody we need to to get back to you. And it helps you really stay on track to uh be ready to submit your project and your stakes are returned as long as you finish these check-ins because we want to make sure that you are actively working towards building something interesting. We're also going to be doing office hours with the 1in team. There's going to be two sessions, one on Tuesday and one on Thursday next week. And there you get to come on a live zoom call and share your screen and ask questions from engineers on the 1inch team and get feedback or any sort of help that you are uh looking to get and uh really see how others are thinking about your idea or how they perceive it.

All these times are going to be on the website. You can see the exact schedules which will be normalized to your own time zone as well. I also want to talk about our code of conduct. Uh even though this is an online event, all of our rules and code on how to behave applies. But the gist of it is please be respectful.

Harassment or abuse in any form will not be tolerated. And uh if you see somebody doing something that's uh not what you expect of them, please notify the global team. We'll take immediate action. And the most important thing here is that anything that you build here, the intellectual property of that work is equally owned by your team. So you own everything nor none of our partners nor E global has any rights to the work here.

So anything that you build here will be your yours to keep and do whatever you'd like with. And uh and that's all you need to know. And of course we can't cover everything in this. So anything that we missed uh please ask us those questions. We'll be happy to answer them for you over email, Discord, or ethical.

tv. Everything is going to be on the website from price specific description to the schedule to when things are to who's going to be helping you as a judge or a mentor. All that is on eglobal.com/unite. That was all the things you need to know about the hackathons.

Let's talk about the next thing which is our summit. We have two incredible speakers that we're going to bring on today, Sergey and Anton to tell you about any everything from the origins of 1 in uh which is a story that I'm particularly proud of um and all the things that they're excited about in the future of DeFi. They're going to come on and uh do a a small presentation and uh if we have the opportunity we'll do some audience Q&A as well. But uh we're going to kick this off and then we'll let all of you get back to hacking. So, first I want to invite Sergey here who's the co-founder of 1 in and he's gonna talk about the vision of United DeFi.

So, let's get Sergey here and uh have him kick things off. Sergey, excited to have you.

Hi, Cartik. Hi, everyone. Nice nice to be here.

We're excited. All right, we'll let you get started and uh let's take it away.

Let's go. Yeah. So uh hi everyone. So my name is Ser. I'm co-ounder of 1 in.

And now I'm going to speak about our vision of United Defi building the infrastructure for the next billion users. So the current defa landscape uh looks like that we have a two-year high with 138 billions US dollars of uh D5 TVL and annual annual DX volume is around 3 trillion that's huge and we see more than 617 millions of global crypto users. So if you compare the internet adoption and crypto adoption uh from the beginning of of the technology uh we are right now if you compare crypto with internet we are in the year 1997. So we are in the internet's moment of 1997. Back into 1997 internet adoption was at 147 million users.

We have in 2025 already 670 million users. We are we have four times more users than internet. We have growing by 100 percentages annually again compared against uh eight percentages for traditional payments and we are on track uh by on boarding uh more people and reaching 1 billion users by 2026 already and we see instit institutional adoptions as well. We see JP Morgan already working to offer cryptobacked lots. We see Bitcoin ETF holding already 3 percentages of total supply.

Soon maybe more. We have we have seen some sales activities from early uh Bitcoin developers and that's great. So we get more liquidity in the space. We see major banks building on default. There are some Swiss banks for example, signal bank uh who adopting crypto very well offering trading crypto, investing crypto, staking directly in the bank interface and we reach already almost four three something like 3.

8 8 trillion of US dollars of crypto market capitalization. So, and we will see and we will see uh the next decade 10 times maybe more growth but only if we solve the fragmentation. So if you're looking into the fragmentation of of crypto, it became already huge. So back in 2019 when we started one inch, we had just Ethereum blockchain with the smart contracts. But nowadays we see other blockchains, other layer ones, layer twos.

What appeared uh competing with Ethereum, we we have seen layer twos popping up. Everyone is building on layer two. We have seen base. We have seen uni chain who also incentivize people to bring more liquidity in uni chain and try to remove like something from Ethereum and um it it makes everything not super efficient. So every chain is kind of an island with limited limited um liquidity and uh like own your own own user experience on interfaces own applications if you look if you zoom out you you recognize that defi is actually a small part of the whole crypto space.

We have also Bitcoin with a huge amount of liquidity. Of course, Bitcoin partially is also in DeFi through wrapped Bitcoin tokens like WBTC. Uh but on all the centralized exchanges on all the user wallets there there a lot of bitcoins a lot of u uh money but we have also other blockchains we have uh even litecoin like ethereum classic is still trading uh traded with like 100 mill million west dollars every day uh so also was something new what I recognized recently so and we can actually tap into this liquidity Yeah. So if you are speaking about digitalized finances there for the mental advantages benefits by using this technology. The main advantage is it's non- custody self custody uh technology.

What u what no one need to manage and you have no one to trust that they will do proper things with your funds. you are doing it by yourself. Your only key iss you have own access to to your assets and only you can decide to to move this assets. It's atomic. Um so everything can be executed fully atomically.

So if if if a transaction

is not s is not um going through and it's not successful uh the the uh interaction the the action uh can be rolled back. Um so we we ensure that uh what the user actually wanted is what was executed. It's permissionless. No one need permission to access uh the web three space the digitalized financial space. You need just a mobile phone.

They need um application like oneish wallet or metam mask wallet or unis swap wallet what whatever trust wallet you can access uh by having just internet access uh the the decentralized finances. This compossible it's possible to build on top of already existing protocols services something new. What we actually did back in 2019 in uh in the Ethereum global New York hackathon, we came just to an idea to combine all the decentralized exchanges into a single service and offering um one single uh transaction to exchange on multiple dexes in a in one single interaction and this fully atomically. So user get the best execution and this the power of this finances. Yeah, it's composible.

everyone can build on top of um of the existing services. It's open a lot of smart contracts are open source or just open for reading. Um there there are different implementations in terms of licenses. We at one in we keep delivering under MIT license. So everyone can build any business on top of it and use it um for any needs that they they want.

So very important also defi is global. Yeah, it's accessible around the globe even from the space. So, um our strategical strategic vision is um we need a unified liquidity layer. So, we need to transform fragmented pools into a single one efficient market. We need a chain abstraction.

So for the user it should be invisible that the user interact with multiple blockchains like user right now interacting with internet without knowing that under the hood we have TCP IP protocol for example. Yeah. So and we need to build intentbased architecture. We need to focus on user outcomes and not technical processes. So our solution at 1 in is the intentbased crosschain protocol.

It offers atomic swaps, atomic execution. There are no bridge risks, no wrapped assets, no assets. There's a simple direct peer-to-peer exchange with cryptographical guarantees. Intent resolution means the user express what they want to get what what they want to achieve and the network the protocol itself ensures that everything will be done by offering just a mark market opportunity to professional executors to to settle to execute some um complex strategy is to fulfill the user needs. So unify liquidity means um we have a goal to unify the all liquidity from all from the whole market.

Um through our protocol approach that we uh uh create opportunity to arbitrage uh for example user swaps with other liquidity sources. Uh we got execution of the cross cross networks highly efficiently because someone can use a centralized exchange or other network to to h the position to to to to make it in a reverse direction that the trade and just um after after the trade with the user uh rebalance rebalance it um uh after specific period of time. So we can source the whole liquidity from the market by just offering um arbitrage opportunity I would say. Um we offer also gasless experience means the user don't need to take care about native tokens if the traded token is uh with permit support. So user need just to provide um a signature for the for the permit and signature for the order itself and um no transaction are needed.

So if you are doing right now the crosschain swap between all the web compatible chains what we support right now very soon as well you don't need even a transaction to to do such a crosschain swap. So the economic impact of unified security um is can can be really huge. Soon we solve the problem with the fragmentation and with the adoption of of of of this solution. If you look right now on one one impact we we we save more than one or two billion US dollars in uh gas fees. So through our uh optimizations uh in routting and and um in a swap uh implementation of our classic aggregations for protocol and uh additionally with our intentbased protocol um we were able to offer um seamless solution where user don't pay even for the transaction and all the professional market bakers pay for the transaction execute the transactions.

because they make money out of it uh and compete between each other. So we were able to save a lot of money for for customers. So we achieve 1.5% of um average price improvements. Uh we have a lot of um um succeeded transactions on on the classic swap approach with the aggregations approach.

Um and with the based approach we don't even have any failed transaction. We have only expired orders. Uh we are user don't pay anything if it expires when the price moves out of of the range. So we also improved in this space a lot. Um and we processing around 500 mil uh US dollars every day.

That's really huge. But we can do better. So as soon we implement the uh unification of the liquidity through across all the available uh chains where it's possible to integrate we can reduce the price impact uh price slipage of of trades a lot because if you look for example on the base um layer two um there's much less liquidity than on on Ethereum blockchain and you face higher price impact especially on higher amounts because there's less liquidity than Ethereum. But if you if you change it and you think that the whole liquidity on the market is the one united uh and not fragmented liquidity then we can also offer lower price impact on base and just set the order on price market conditions crosschains. uh and arbitrous trader will anyway settle and professional traders will will will feel and take the auras because they can hatch on other network and settle settle uh for the for the market condition not for isolated layer two network or uh chain blockchain.

We can increase the ability of liquidity by up to 20x and we can lower the transaction costs with the intentbased architecture a lot because it's uh a marketplace. It's a kind of a marketplace where user oras can be matched with each other. If you have Ethereum to uh USDC and USDC to Ethereum trades that can be easily matched by our using our protocol and we can achieve faster transactions through this uh batching batching uh mechanism. So if you look into user experience right now the reality looks like you have to switch to network manually. Some of the apps support already switching the network uh kind of automatically but you anyway you need to to confirm it on Metamas for example.

So you need to manage how you pay your your transactions how you pay for the gas um on on the different uh multiple chains. You have fully different UIs of different protocols. um maybe some of your protocols are not deployed on a new chain and you need to use something else. It's sometimes very annoying and brings all the risks. Uh and when you need to move to funds, you a lot of people right now are still using bridges and also swaps based on um messaging protocols was also not safe because it's secured only with the validators network stake and most most of the time it's the token of the protocol what is used to stake.

So there's a limited guarantee. You need to wait for the confirmations like it can take long to bridge tokens between two different uh networks. It can even stuck in the middle what I've seen multiple times also for myself and you have to deal with failed transactions. So if you do do the transaction by yourself, you take the risks that the transaction will fail and you will pay for for for the transaction itself even if it fails. And you can lose a lot of money by being um a victim of a math attack.

I was I faced this multiple times in uh 2023 and that's why we started to build on 10based protocols because we recognize also by after a specific anal analytics researchers that a lot of people lo losing uh a lot of money alone in last year more than 1.8 eight billions US dollars were taken from users by by math attacks. I would say partially already today we see improvements in the space especially if I think about the future of the user experience in in DeFi. We should have one interface for all chains. Users should not take care about switching to to different networks.

users should not care about the native token for the for the gas cost for the transaction costs. We should have instant execution and not waiting like 10 minutes or 2 minutes or 5 minutes even 30 seconds a lot. We should not have security concerns. You should not have optimistic approach and think everything will be good if you if I as a user give 10 billion US dollar to to someone who would potentially give me yeah other assets and with the same value on a different chain. So and we should focus only on outcomes only not how it's going to be executed because how it's going to be executed how how the settlement should be done it's it's a it's a bread I would say of professional market makers professional traders who who know it better and we should not worry about math at all not just only for swaps also for being liquidity provider I was multiple times by math bought by providing liquidity into unis swap.

It's really annoying. So the key to mass adoption is chain obstruction. So users should not need to understand net chains. Similar to TCP IP protocol we are using just it just works and the same we need here. So user should not think about okay on what blockchain I am.

I have just assets and I do something with this asset. So we should focus on financial goals, best execution for the user, best results for the user, not technical details. Um uh so the user should not care about that. We don't need bridge risks or wrapped asset concerns like WBTC and other uh tokens are wrapped tokens. It's not real BTC what you own.

We should get the best rates across best execution across all ecosystems and new chains integration should be seamlessly and fast. So the path for unifi defy how we see it it's very optimistic very optimistic I would say uh 2024 we prepared the infrastructure with the already 2023 we've u based protocol and only before intentbased protocol we were able to build a crosschain intentbased protocol so we have the tooling infrastructure already there the crosschain adop option started already 2025. We we see people building protocols who who offer swaps land borrow partially uh also crosschain liquidity providing also crosschain. So we hope with 2020 in 2026 to achieve u ecosystem integration. So it means I want to see crosschain 10based crosschain swaps in 10based swaps in every wallet in metamas trust wallet exodus in ledger in treasor all the wallets we need intentbased protocols to improve the user experience a lot and we hope for mass market adoption 2027 2028 eight.

So, and we see a trillion dollar opportunity. The crypto users are growing by 100 percentages annually. We are at three years high with the TVL and the global crypto adoption rates around 12 percentages. the current growth rate we will reach 1 billion users by 2026. So, and we can capture with unified liquidity 10x and more value by eliminating inefficiencies and and uh borders I would say between those networks.

the crypto uh global crypto adoption is accelerating. uh if you look into um countries and then the adoption of crypto we see India in the first place with 93 million users African countries also growing a lot of people there have less opportunity to to to make money in in their own country and they're looking also into new crypto space also Vietnam uh growing and we seeed at Arab Emirates uh 30%age of population own already crypto and that's huge and we see great growth in dynamics 28% of US adults now own crypto and 14 percentages of non owners plan to buy in 2025. So, and other countries are also growing like Asia, Pacific, more countries getting more involvement in in crypto and Latin America also growing with higher higher adoption and we have power a powerful network effects with our technology. We have so we we can reach more users with our tech. Everyone who has access to internet can interact with our protocols with our services.

We can have a lot of integrations because it's easy to integrate. We are not isolated bank or financial in institute or even like software as a service platform. where it's like closed and you need first sign a lot of contracts and get API keys to access it. You can just easily interact with the smart contracts. We can offer deeper liquidity than everything else out there.

If you if you combine the whole liquidity across all the networks and you have the we have the opportunity to improve TX a lot. So in terms of uh technical innovation highlights uh especially at 1 in protocols um we introduce something like we we call it d auction model where uh we create opportunity for professional traders uh to make money on uh on the user oras. So protocol selling user oras to market makers where market maker comp between each other um who first they take first and cannot wait. Uh so we uh create a market where we have compet competitive environment for for market makers and our arbitrage traders. Uh and user outcome is better execution.

We have great resolver network. Um we have atomic settlement. our core value proposition from the beginning atomic execution and non-custody approach. So and we have a chain agnostic design. So it every chain what what can implement HTLS L HLC contracts uh can can be supported.

So benefits across the ecosystem. So for users um user get better execution no chain switching is needed um lower fees in terms of like um execution execution costs in terms of fees in general. Uh it's a market marketplace environment where uh users get best execution because market makers compete between each other and faster execution for trades. Uh for protocols protocols can get access to the whole liquidity. Um it can the uh fragmentation can be reduced.

Uh we can get better composibility crosschain and uh can improve the the the user base. for liquidity providers. Um it like someone who provides liquidity on uni chain uh can earn more because uh our marketplace also can access this liquidity through the crosschain protocol. better deals for uh also even for lending protocols um uh because um it's easy to move funds from one chain to another chain and also get all the uh differences between these different chains. Uh there are other things um also for developers.

Um it's simple to integrate. Um it's u out of box multi-chain um compatible um and it's focused on the future. So and although it's extendable uh so everyone can build additional um extensions on top of this protocol. So um I'm running out of time. Um I will jump for forward to um the the main thing in terms of like real world impact.

There are a lot of potential potential to to get integrated uh to to being integrated and already existing um in commerce for example gaming and um and other things. Um we jump into the main slide. Um join us and build with us the future. We are building the uh infrastructure to on board the other billions of people who are still heard maybe about crypto but didn't touch it. So build your applications, leverage our protocols, um use use them.

Uh you can contribute to to the protocols itself. You can expand the functionality. You can build protocols uh also on change what we are not supporting. Get your prices and uh we are also open to support everyone. we are open to even for like supporting your with your early stage um startup setup.

So we came out from the hackathon and I'm pretty sure you built your own unicorn here at this hackathon. Thank you very much. It was a pleasure to be here. Sergey, that was an amazing intro and outlook on the future of the Unified DeFi world. Um, we sadly do not have enough time for questions, but we did get a few questions on the live stream.

Uh, so I saw you were already signed into global.tv. You can see three or four questions there. Would you mind just replying to people there directly? I think some of them are willing to have a fight with you on uh auction mechanisms for Dutch auctions.

So, we'll we'll see how that chat goes, but uh definitely some feedback people want on um some ideas that they're thinking about and uh some of the comments they made on the slide.

All right, thank you very much.

Thank you, Sergey. What we're going to do next is bring on our next speaker, which is Anton. And Anton is also another co-founder of 1 in. And he's going to talk about the technical architecture that's powering this new crosschain world. So uh to give you an overview of all the things that you need to know about and how things work under the hood, please welcome Anton.

Welcome Anton.

Hi Kik. Thank you.

Okay. Uh hi everyone. I'm here to reveal like a high level uh architecture of uh crosschain stuff in one inch. So yeah actually we use three different layers. The bottom layer we call it intense layer.

Right now it's one inch limit order protocol. This layer is able to uh use user funds by their digital signatures. Next layer is built on top of bottom layer is the price discovery layer. It's what we call one infinusion. Uh it's basically adds Dutch options.

And then there is one more layer on top. We call it one infusion plus but that's actually u atomic swaps layer we have escros there implemented. So yeah we will start from limit order protocol. So that's uh not usual diagram that's diagram of value flows. You could see how different different assets are being transferred like rights for those assets are being transferred among entities on this slide.

And here you can see also transaction that resolver or how we call taker they can do transactions to fill orders while signers or makers how we call them in this protocol they only release um uh order with digital signature we call it sign it order here. So yeah those who want to create orders they create them off offchain and those who going to fill them bring them onchain and yeah that's how it works. Uh moreover limit order protocol have uh some features which developers could use to achieve something uh outstanding. For example it have predicates. So there is a basically predicate is a static call which check arbitrary things and it can return true or false meaning it would let order to be filled or not.

So for example, if you would just integrate Oracle there, you could make oracle which works like a stop-loss for example, it could check price on some oracle and uh then you will be able to sell only if price will go down. You you can't place order right now because it will be filled immediately. But yeah, that's like one of the examples what could be built using predicates. There are also interactions. So basically limit order protocol uh handles two transfer froms transfer from maker to taker some funds and then some other funds from taker to maker and uh this protocol is also notifying uh you if you need to do some pre-interaction mid interaction and post interaction.

Those are interactions between those two transfer froms. And one more cool thing is dynamic prices. This is actually a thing which lets you write arbitrary smart contract with arbitrary logic for forming a price. This means that limit order is not only working with a fixed prices. It also works with dynamic prices.

And this means that you could build like incorporate arbitrary logic there. This could be different auctions, exponential auctions, oracles, stop-loss orders, like you could came up to anything here. And yeah, actually limit protocol have huge variety of flags. Using some of them, you could achieve like interesting things for you. Like for example, if you want this order to be as cheap as possible, you could enable one of two options.

It could uh you could allow only single field orders or you could allow only like full field orders. If one of these options is enabled, this means that you will be uh spending 15k less gas on invalidation. It's using like bit invalidation in this case for example. And there are many other options. I recommend you to check it out.

That's how it's work for fusion actually. Fusion is uh uh limit is Dutch auctions on top of limit order. So you could see orders each have its own auction and resolvers are participating in these auctions. Since this is Dutch auctions how they work they part participate passively. So they just wait while price is being improved over time and they compete with each other.

That's why when exchange rate is affordable for them already like little bit profitable they can't wait more because someone else can steal this order. So yeah that's how they compete and we think that that's actually one of the greatest mechanism for price discovery. Uh yeah that's how usually one of the auctions look like. This is example from onchain. This was a almost 13 million swap from USDT to rapid ETH.

And here you can see chart how price was uh going on this auction. And you can see multiple fields happened in like less than one minute and this would this gave uh 200,000 surplus comparing to market price if you would try to exchange it with market order. So yeah that that's like one of the examples and also visualization what is Dutch auction this is a thing where price is moving from uh from good price for ser maker to worser price but it's getting improved over time for takers resolvers uh yeah what is fusion plus fusion plus is built on top of onein fusion so basically it's like next layer we have limit order protocol We have one infusion with Dutch auctions set up for price discovery and we have this extra layer which is like atomic swaps, escros, HTLC, escros all all these things. HTLC means hashtime locked contracts. So I have an interesting scheme how it works.

I tried to make it easy to understand. So I hope you will be able to easily understand it. So what's happening here? Some arrows have numbers. That's basically numbers of transactions or like interactions.

Other arrows they are showing how funds are being uh transferred among different entities. How rights to those funds are being transferred. So here we can see that user originally uh creates two things. It creates signet order including hash of the uh secret key and they also create this secret key which they do not reveal until something would happen in the future and then when resolver is uh happy with this Dutch auction price happening with this order they are bringing this order to limit order protocol on source chain you can see it's arrow number one and then funds are being locked inside the source escrow which is locked by timer and by uh secret key. Then uh call number two happens.

Resolver uh interacting with limit order protocol on destination chain and it's locking destination funds destination assets on destination escrow and then user uh resolver is waiting for user to reveal uh the secret key. So you could see it's arrow number three here. So when user is happy about destination escrow parameters and finality most of these things on EVM are being checked by one hash computation because those escrow they're basically uh create two proxies which are deriving their addresses from stalk which is hash of all the possible parameters of the of this atomic swap exchange and yeah what's happening next when user is happy about finality and parameters of destination chain escrow, they are still owning their funds via nonrevealing this secret. So once they decide to reveal it, it would unlock both of the escros on both chains because they are locked with the same secret. If user would decide not to reveal the secret for some reason, then destination estro can be cancelled first.

Its timer is faster and resolver funds are safe. So yeah, that's how it looks like and that's what I uh tried to show. But the thing is that all those s source blockchain and destination blockchain you could see like limit order protocol like escrow there. Yeah, that's how it looks for some chains or maybe most of the chains. But some chains like Bitcoin for example, they do not have any like smart contract functionality.

their their nature is a bit different. They built with UTXO where outputs are programs themsel which you have to satisfy to be able to spend. So yeah, the architecture of underlying blockchains could vary, but the thing is that they are actually I think almost every chain is capable to have this HTLC functionality for atomic swaps. Since this idea of atomic swaps, it's initially appeared on Bitcoin to forum in 2013. It's like 12 years ago.

uh there were only bitcoin like chains at this moment and yeah if I think if it's if something is possible to build on bitcoin you probably will be able to run it on any possible chain yeah I'm even not talking about smart contract chains yeah so yeah we believe that actually atomic swap scheme is the only scheme which is self custody for the users uh and that's like architect arite textural step to make this thing uh like we want this thing to succeed and be there like forever. If something is built on technologies on architecture level uh with these things inside like atomic swaps for self-custody yeah it should work finally. So yeah, if you're yeah because working on custody solutions is something I still think it's like not very long-term vision because yeah there are like too many risks here. I mean the more uh things we would have built permissionless the better future would be because we always can build like custody things it's easier. So yeah, let me check from my presentation.

Maybe there's something more to add here or we can switch to questions. Oh, I think that's it. Anton, uh, thank you so much for for that. I think the the part that uh is interesting right now is that uh the questions are actually being taken over and hijacked by Sergey on the live stream because he's now just talking to the to the hackers and they're going back and forth on a couple of these. Uh but maybe I'll give a couple minutes to anybody on the live stream um to ask any questions to Anton, especially on the architecture.

Uh the one obvious question we got is that there's so much incredible technical detail there. if we can get a link to your slides, uh we can share that with the attendees. That's like the first question we got asked. So, um Pomic, I'll uh ask that question. I'll get you the link and then I'll get that um posted in the live stream chat.

Um

yeah, for now I I sent it to you, but yeah, we need to make make it as a link. Yeah,

we will get that slide up. The other piece I guess my question to you is um as you've kind of looked into this and and obviously Bitcoin is like a perfect example for this because you kind of have most parts of what you would like in a smart contract there but with some limitations. What have you found like is is kind of working and not working when you talk to people building on top of Bitcoin and uh and they want to integrate DeFi from from EVM like what are their wishes? What are their complaints? like how do you think that's going to change?

Oh yeah. So yeah actually functionality for computations for variety of computations is very limited on bitcoin chains and bitcoin like chains but I think some of bitcoin like chains have more uh op codes which are working actually in bitcoin a lot of op codes are disabled for security reasons even if we do not understand those reasons it's actually not very easy to find the reasoning behind some uh decisions in the Bitcoin protocol and yeah the thing is that what I saw from the market what people tried to build this is like a different layer two approaches for Bitcoin and other things but there's a huge difference between layer 2 built for EVM like chains and for bitcoin like chains because on EVM layer 2 chains are being governed by layer 1 chain actually by smart contract cont being deployed to layer 1 chain. So every layer two have a special smart contract deployed to layer one and this contract is actually guaranteeing the safety of this layer two. This guarantees that block producer of layer 2 will not steal everyone's money and all computations should be correct and signature should be correct. But that's what's not possible on Bitcoin.

So how layer 2 on Bitcoin work? they actually use bitcoin for data availability and for um ordering sequencing of their transactions. So people just put EVM like transactions into bitcoin as a plain data and this data is just being stored and order it in the right way. So on other side they just extract all transactions they can find in this blockchain they put it in their own chain as a separate blockchain and they can run it. So they're using bitcoin as data availability here and yeah I'm not sure this is something what can be called layer one because whatever logic is happening in their chain is not being covered by bitcoin in any way.

Uh yeah, I afraid that Bitcoin network with allowed op codes is only being able to work for like few specific use cases like multi. Okay. They built lightning network. It's payment channels. Uh yeah uh thing.

Yeah, we could have payment channels. We could have like atomic swaps. Yeah. I mean, but I would not expect variety of applications for Bitcoin, like tens of different apps. Yeah.

No, no way.

If the only tool you have is uh HTLC, um then you're uh kind of limited to everything you just said because uh that's kind of the the max you can do.

Um yeah.

Uh so maybe my my last question here and um and uh we can sort of get back to the rest of the hackathon for the hackers is um are you looking forward to people building some specific projects? Is there something on your wish list that uh people should have to hack on? And I say that with like a warning to everybody who's going to hear the answer. It's going to be a super technical thing Anton's going to play. So uh you could say the challenge

actually when I originally saw the list of different uh blockchains of different blockchain ecosystems which have like different nature. I mean you have to learn different skills to develop software for those different platforms because they have like absolutely different programming languages, virtual machines.

Yeah,

I was actually amazed by the number of the projects because I usually work within EVM ecosystem and I am like slightly touching some other ecosystems. Uh but yeah, I was amazed it's like 15 to 20 different blockchains. Uh that's huge and I don't know who can cover this. Only hackers on hackathon can cover this. No no any way for like any single company or a few companies to build this.

Yeah I think we we need cumulative efforts of uh all the hackers.

Amazing. Well and thank you so much for uh that amazing presentation. We shared the slides already with uh with the hackers and uh I guess we'll see you in uh in two weeks when you get to look at all the amazing submissions that come out of this.

Yeah. Thank you, Karthik.

All right. See you. All right. And lastly, just to kind of close everything off, want to give some final parting thoughts to all of you who are getting ready to spend the next 10 days building cool Want you to make sure that you pace yourself. Uh the reason why these events are longer than a weekend hackathon is because you get to spend few days learning about all the things that are going on without having to make trade-offs between just going deep into something without knowing if something you want to do is possible.

So take the next day or two to really look through all the documentations, ask questions, look at the workshops and really see what you want to do and how much of that is possible. And then spend the rest of the the week building something, iterating, making it better. We really don't want this to be exhausting for you. So prioritize all the other obligations you have, sleep and learning over everything. And ultimately, we want you to have fun because this whole thing is about experimentation and learning.

So if you get closer to where you wanted to be um by the end of this, that's still amazing progress and that still counts. And we hope that uh you enjoy the next two weeks. And with that, I want to say happy hacking to all of you. We'll see you all on Discord and especially for all the hackers who have any questions. There'll be a lot of opportunities to ask those questions on Discord, but also join live calls with the feedback sessions with the 1H team.

So, thanks everybody for joining in. We're looking forward to seeing all the cool DeFi integrations you built here and we'll see you all next week. [Music]