The recent hack of several popular DeFi apps has increased awareness about the necessity to take measures to protect your assets and projects. As a result, developers are looking for new ways to safeguard their crypto investments and protect them from being exploited by malicious actors. The well-known startup, Flare Networks, announces a new initiative to bridge the two leading networks - Bitcoin and Algorand. The recently launched blockchain protocol Flare is designed to create reliable business solutions for decentralized finance.
"Algorand Foundation's grant partnership with Flare will develop key DeFi infrastructure with a bridge to Bitcoin, opening up further collaboration and innovation opportunities," said Daniel Oon, the head of DeFi at Algorand Foundation.
Being head of DeFi, Daniel Oon has been actively involved in developing DeFi applications. He believes that collaboration within DeFi will make the DeFi space more transparent and open to new players. His dedication and knowledge of the market will make him a critical factor in the success of this update. All ecosystem builders have to manage large-scale application portfolios and do it well.
When Daniel graduated from the university, the job market focused highly on success in the traditional finance and banking industries. Instead of opting for that constantly changing environment as an adventurer, he started looking at a completely different space - the blockchain. He was convinced that implementing this technology in the banking system would give rise to a new parallel financial system whose volume and growth potential would be as explosive as banking in the early days.
He started his career in several blockchain funds and crypto companies as an analyst, managing portfolios and growing them alongside the market. His professional journey led Daniel Oon to Tezos, one of the most exciting projects of its kind at that moment. After several years of working there, he joined Algorand as the head of DeFi.
His advice for newcomers to survive this turbulent industry is to keep up with the fast-changing pace of blockchain. Technology is constantly evolving, and new tools are appearing very quickly. This can be a source of inspiration for creative solutions. "This is the "flow" stage, where you're flooded with information and work. After that rush ends, the market will start to chill and enter into an "ebb" phase, where the work temporarily reduces, and everyone can catch their breath," says Daniel Oon.
He wants everyone to take charge of their finances and choose the currencies they store their wealth in. He argues that today's money is mostly fiat currencies that can be inflated. He argues that the best way to take charge of your finances is by choosing your cash outside of these fiat currencies. Being aware of this can help them tremendously as they get about building their lives.
