This is part of a series of interviews with founders and builders in the Web3 space called the Web3 Growth Handbook. The official handbook will be released in the coming months, but you can read all of the other available interviews here.
"The biggest growth is growth beyond the crypto community. I see the potential for an echo-chamber developing, especially in the defi space. But I want to see that industry reach a general audience."
The decentralized finance (DeFi) movement has unlocked new potential around money management. Rather than letting funds sit in a bank account earning nothing, people can invest and see stable returns of 5-10%. Redeemable DAI (or rDAI) is one platform enabling such returns, and their founder, Miao ZhiCheng thinks that by continuing to focus on end users and less on engineering tech, DeFi can continue to grow.
rDAI lets users invest in collateralized debt in exchange for interest returned. Users still hold on to the exact amount they invested, and can spend and transfer it at will. But as long the funds are invested, they will earn interest. An interesting and unique spin that rDAI puts on these funds is allowing users to decide who benefits from the interest earned. Users can, of course, collect interest themselves, or they can send the generated returns to charities, the community, and more.
We had the chance to speak with Miao about building rDAI, about Ethereum, and about growth in the Web3 space.
How do you define growth?
The biggest growth is growth beyond the crypto community. I see the potential for an echo-chamber developing, especially in the DeFi space. But I want to see that industry reach a general audience.
What has been the most difficult part of growing your company so far?
I think the under-marketing of Ethereum itself has hurt. It’s very developer-centric. The brand name is not as big as Bitcoin. We have built so many cool things, but the lack of brand recognition is a problem.
What needs to happen to address this problem?
I can talk more with people around me. Talk with non-crypto people and try to find an intersection that they care about that they can use crypto for. I think everyone in the space can do this.
What are your predictions for Web3/Blockchain growth in 2020?
I think custodial assets will drive a lot of mainstream adoption on ethereum. While I’m not a big fan of custodial assets, I think that will be the biggest driver of growth for the mainstream.
If you are interested in exploring DeFi, rDAI is a good starting point. Earn interest on funds that would otherwise just be sitting there. Give them a try today.