A conversation with Fakhul Miah, an important member of the ELA community and former vice president of Morgan Stanley - The difficult process and significance of Yilaiyun's launch on Coinbase

Fakhul Miah isYilaiyunCo-founder of the community team Elation Studios, a member of the 2nd CR Committee, and CEO of CreDA, an important ecosystem project on the cloud. (CreDA recently launched ESC, with over 1000 users)

Fakhul Miah atMorgan StanleyHe has worked in investment banking for over 15 years and was the VP of Morgan Stanley's European, Middle Eastern and African Clearing Derivatives Customer Service Group. During his tenure at Morgan Stanley in 2017, he promoted futures construction for crypto assets, including business processes, product architecture, risk modeling, and margin methods. Recently, Fakhul Miah had a conversation in the Yilaiyun community to review the launchCoinbaseThe history and significance of Yilai Cloud's future development.

1. Elastos (ELA) recently launched on Coinbase. Can you briefly introduce the Coinbase platform?

Coinbase is the largest digital asset trading platform in the US and the most reliable digital asset trading platform in the world. Furthermore, Coinbase is already listed on the Nasdaq Stock Exchange, the largest technology stock exchange, and Apple, Microsoft, and Google are also listed on this exchange. Meanwhile, Coinbase customers are protected by crypto and FDIC insurance.

Coinbase provides services in more than 100 countries and regions around the world, has more than 100 million users, and has a trading volume of more than 300 billion US dollars in the last quarter, and is regularly rankedCMCIt is ranked in the top two with the CG Exchange.

2. What is the significance of Elastos (ELA) listing on Coinbase for Elastos? Does this mean ELA has successfully entered the mainstream market of the industry?

Of course, ELA's listing on Coinbase is an important milestone for Elastos, as it marks ELA's access to the US and global markets. Furthermore, I believe that the launch of ELA on Coinbase is a sign of trust and recognition for the development of our project.

3. It is said that Coinbase has a very strict listing process. As the main sponsor of this listing, what work have you done to achieve this success? What challenges did this process present? What are the biggest gains and experiences you've accumulated? 

Yes, Coinbase's listing process is very strict. Although the details of the listing process need to be kept confidential, I can attest that listing on Coinbase is very difficult because they have a very thorough and strict review process, and their internal digital asset listing team assesses the asset's compliance, legal, and information security aspects, and requires a great deal of information. More details about the listing process can be found at the link below.

https://blog.coinbase.com/listing-assets-on-coinbase-is-free-and-always-has-been-8b60cb873af4。

4. Will Elastos' next focus on the global market? Will more exchanges be launched? Is there a more compliant and mainstream strategic layout?

Yes, Elastos is expanding the global market. I'm having in-depth discussions with more top exchanges about the ELA listing.

Currently, due to the confidentiality agreement, I can't reveal more to everyone, but as soon as it is finalized, we will announce it to the community through media channels.

5. What are your comments on $ELA's performance after it went live on Coinbase？

To be honest, going public during a bear market is never ideal; unfortunately, the timing of listing is not something we can control. However, after the official launch was announced, we did see ELA's strong performance, and the price increased by around 20% within a few days.

Also, demand for ELA is strong on Coinbase. Within a few days of the launch of Coinbase, ELA's trading volume surpassed $1 million, which is more than 10 times more than all other exchanges combined!

6. CRC recently reached a cooperation with Kairon Labs, a well-known market maker in the industry, so are there any long-term plans for Elastos (ELA) market performance? Can you share your thoughts?

By partnering with high-quality professional market makers that have adapted well to various unique market dynamics and digital assets, Elastos can provide a more stable, sustainable, and liquid market for individuals and organizations wishing to participate in the Elastos ecosystem.

Kairon Labs will advance Elastos' market activity by:

- Increase market liquidity and order depth

--Reduce price fluctuations and drastic price fluctuations

- Facilitate fair price discovery

- Ensure a valid bid-ask spread in the order

- Provides traders with orderly entry and exit points

- Reduces slippage

- Undertake large orders

- Facilitate OTC transactions

In addition to stabilizing ELA's open market,Kairon LabsThe collaboration has also opened up a number of new exchange opportunities in the field of trading and investment.

As a network agent, Kairon Labs will be able to add value to the Yilai Cloud ecosystem by:

- Showcase the synergy effects of Elastos with other blockchain projects and reach cooperation.

- Introduction of top CEXs (including US licensed exchanges).

- Introducing venture capital and post-TGE (token generation activity) OTC investors.

- Providing discounted market-making prices for Elastos ecosystem projects.

We'll be hosting an AMA with Kairon on Twitter on July 22nd at 10 a.m. ET, and I hope everyone can participate actively. If you have any questions, you can submit them in advance by:

https://twitter.com/ElastosInfo/status/1547278864690384896

7. Everyone believes that Web3 will become the next key development direction for the crypto industry. What do you think is the biggest market advantage of Elastos on this track? What efforts still need to be made? What aspects should the layout focus on?

Everyone has witnessed the recent bull marketDeFiThe explosive growth and the NFT craze, you could say it grew too fast, creating a bubble driven by retail investors that eventually burst, leading to Luna,Celsius, 3AC,BlockFiProjects such as, Voyager, etc. have been deeply affected, and the price and quantity of well-known NFTs have dropped sharply. This is not unusual; similar black swan events and boom-bust cycles also exist in traditional stock markets.

GameFiThe Metaverse began to gain traction at the end of the bull market, and while they were also affected, I'm sure they will continue to see further growth in DeFi 2.0, which will be forced to innovate to mitigate the problems we've seen in recent months.

Regulation has always been a hot topic in this area, yet the scale and number of recent issuance issues, particularly its impact on retail investors, will force governments to push for regulation sooner than expected. This is a big advantage for Elastos because we provide a complete open source technology stack that can meet many needs, such as decentralized identifiers (DIDs), which will become mainstream. Elastos not only has market-leading DID technology, which is protected by more than half of the computing power of Bitcoin joint mining, but also supports Creda SoulKey (spiritual key), which is undoubtedly needed for upcoming regulations.

Furthermore,HiveCore components such as Carrier, and Elastos Essentials have significantly reduced the risk of centralization. Most of the recently failed projects include Celsius, 3AC, BlockFi, and Voyager. We are convinced that the future of Elastos's Web3 path is bright, and we have great potential to succeed because our technology is mature enough to include DeFi, GameFi,SocialFiCommercialization has been achieved in a range of applications, including the metaverse, but it takes a huge effort to bring our products to market, and I believe this can only be achieved through business development (BD) and public relations (PR).