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 speak with Pascal Tallarida, Founder of Jarvis Network, who shares his experiences and some interesting things DeFi should be paying attention to.
What are you building and what sets it apart from similar offerings in the space?
We, at Jarvis Network, are building a fully on-chain Forex market, from issuing various synthetic fiat to exchanging them without slippage. The asset issuance is done using a liquidity pool supplied by liquidity providers.
From the user point of view, it is similar to buying the asset from the pool; but the pool does not hold synthetic assets, it mints them when a user is buying them: user sends 100 USDC to the pool, which uses 150 USDC to mint $100 worth of jEUR, for example, a synthetic tracking the price of the Euro. The minting happens at the oracle price (Chainlink). This allow the creation of a primary market, useful to maintain a strong peg on secondary markets.
Which quality of the Scalability Trilemma do you find to be the most important?
Decentralization is the most important and the hardest to reach; it is like an insurance: it is pointless until the day you need it.
For security and scalability, it is just a matter of time and technology. As exploits keep happening, we learn and DeFi becomes more resilient and secure; scaling layers will bring the scalability needed.
What is the most critical part of forming a lasting community?
Trust. They need to trust you, your vision, your motivation, your commitment and ethic.
What is something in DeFi that you think more people should be paying attention to?
There are a few things!
- We have to move forward with self-regulation, lobbying, etc. We need to be pro-active and start talking and educating regulators to show them that we do not need them; we can disclose risk, provide audit, prove solvency and demonstrate 0 conflict of interest (data cannot be altered, etc.).
- Founders should think about providing a “regulatory compliant” sandbox in their protocol; some institutions are interested but cannot interact with non-KYCed addresses and mix their funds with non-AMLed money. When institutional investors will come massively, they will need the adequate infrastructure: they will use what they can understand.
- Let’s not redo the mistake of the past: over-collateralization is not efficient but it is more secure!
- Let’s avoid a USD hegemony; we already have the US-dollar supremacy in tradFi. Let’s make DeFi more global.
What is a critical lesson you have learned on your journey?
Do not give time estimations. 😀
What is your favorite meme from the DeFi community?
The one featuring a father, his son and his daughter; the son plays with some toys and the daughter is sitting on his knee. She asks: “Dad what did you do during the DeFi Summer?” – He answers “I farmed, darling” – and his son to add: “Legend”
Thanks for reading! And thanks to Pascal for joining us and for raising some interesting points plus a solid meme.