Founder Fireside Chat with Kryptocucumber of Ruler Protocol

Chaz Schmidt
Sep 02, 2021
|3 minutes read

The Founder Fireside Chat series hosted by DeFi Pulse interviews DeFi founders in the hopes of offering readers an opportunity to better understand their perspective and what drives them to build their vision.

This week we’re joined by Kryptocucumber of Co-founder of Ruler Protocol, a market driven lending platform with non-liquidatable loans.

What are you building and what sets it apart from similar offerings in the space?

Ruler is building market priced non-liquidatable loans. Ruler is unique in two primary aspects. First of all, the risk of the collateral decreasing in value is placed on the lender instead of the borrower, which allows the loans to be non-liquidatable. Secondly, pricing (interest rate) is not determined based on utilization. Instead it is implied by the market price of the loan which is priced by an orderbook (powered by 0x).

Which quality of the Scalability Trilemma do you find to be the most important?

Decentralization. Traditional finance and tech have decent if not perfect solutions to the other two pillars at the cost of essentially 0 decentralization.

I think bitcoin has already proven already that there is a great demand for decentralization even at the expense of the other 2 pillars. How much progress we make on the other 2 will determine if crypto ever becomes truly world or instead continues to be niche.

What is the most critical part of forming a lasting community?

Consistency. So many projects in crypto are fly by night operations.

Building a project with staying power by continuing to build and support your users through the inevitable bear cycles build trust and a long-term community.

What is something in DeFi that you think more people should be paying attention to?

Sustainability. So many of the token models in which protocols pay for liquidity are not long-term sustainable.

What is a critical lesson you have learned on your journey?

Building something meaningful is a marathon not a sprint, as cliche as that sounds. Ruler received a lot of fanfare at launch due to being a novel concept but we still have a lot of technical hurdles to overcome and we too have not found a way to establish guaranteed long-term liquidity without token emissions

What is your favorite meme from the DeFi community?

It’s not specifically DeFi but my favorite crypto meme is “old man yells at bitcoin”

Thank you for reading! And thank you to Kryptocucumber for chatting with us.

Learn more about Ruler Protocol and follow them on Twitter.