Interview with NEOPIN CEO: How Is NEOPIN Leading the Global Licensed DeFi Development?
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Interview with NEOPIN CEO: How Is NEOPIN Leading the Global Licensed DeFi Development?
NEOPIN is a DeFi-based decentralized crypto banking service that enhances trust and stability.
Navigating Web3 tides with focused insightsAuthor: NEOPIN
Translation: TechFlow
NEOPIN's AMA took place on February 16 at 10:00 UTC. Below is a recap of the session. The guest was Ethan Kim (CEO of NEOPIN).
Summary
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NEOPIN is the only protocol supporting both Klaytn and Finschia networks, aiming to become the leading DApp within the Project Dragon (PDT) ecosystem to achieve global expansion.
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NEOPIN’s EVM Bridge and Finschia Bridge enable users to interact across various blockchain networks, while newly added liquidity pools enhance liquidity and foster prosperity in the Klaytn and NEOPIN ecosystems.
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To improve user accessibility, NEOPIN has expanded support for external wallets and strengthened bridge security, providing users with a secure DeFi environment.
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NEOPIN will collaborate with ADGM to pioneer global markets using the world’s first DeFi regulatory framework, leading the concept of “Permissioned DeFi”.
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NEOPIN Club members can earn points through staking or pool deposits and receive up to a 3% APR boost when staking KLAY, FNSA, and TRX.
Introduction
Q: Could you please briefly introduce yourself?
Hello everyone, I’m Ethan Kim, CEO of NEOPIN. Thank you for giving me the opportunity to meet with all of you today.
Let me briefly introduce myself. I have over 18 years of experience in planning, strategy, accounting, and legal fields at global accounting consulting firms and government regulatory agencies.
Leveraging this professional background, I am committed to establishing solid legal and financial foundations for the health and sustainable growth of the NEOPIN ecosystem. Additionally, I am dedicated to leveraging strong partnerships with global collaborators to realize NEOPIN’s core vision of “connecting” and “expanding”.
Q: Could you give us a brief introduction to the NEOPIN project?
NEOPIN is a decentralized crypto banking service built on DeFi, enhancing trust and stability.
Since 2017, we have actively participated as a validator across various global blockchain networks including Ethereum, Tron, Cardano, Cosmos, Klaytn, and Finschia, accumulating expertise and technical capabilities in the blockchain field. Last year, we were selected to join the Innovation Program by Abu Dhabi Investment Office (ADIO), which manages the sovereign wealth fund of the United Arab Emirates and attracts direct and indirect investments. We are also collaborating with Abu Dhabi Global Market (ADGM) to co-develop the world’s first DeFi regulatory framework through public-private partnership.
Just yesterday, following the joint confirmation of Klaytn and Finschia, Project Dragon is about to be born. As the first step toward becoming the leading DeFi protocol in the PDT ecosystem, NEOPIN rolled out a major update yesterday.
Pre-Submitted Questions
Q: Please share NEOPIN’s primary role and vision after integrating Finschia and Klaytn. Can you also discuss plans to improve services and expand the ecosystem, such as increasing TVL for NEOPIN’s DeFi services?
As the only DeFi protocol and governance member supporting both Klaytn and Finschia networks, NEOPIN aims to become the leading DApp within the Project Dragon (PDT) ecosystem and actively contribute to its global expansion.
In line with this goal, we launched a major update yesterday to push the PDT ecosystem forward:
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Launch of the Finschia Bridge, enabling conversion to the Klaytn network
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Added USDT support on the NEOPIN EVM Bridge (allowing conversion from Ethereum USDT to nUSDT on Klaytn)
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New liquidity pools on Klaytn (NPT/nUSDT, KLAY/nFNSA, KLAY/BORA, KLAY/MBX)
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Support for MetaMask, Kaikas, and DOSI Vault
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NEOPIN Club members receive up to a 3% APR increase when staking KLAY/FNSA/TRX
Starting from these updates, the entire NEOPIN team is committed to securing a dominant position within the integrated Klaytn and Finschia ecosystem to ensure our leadership. By positioning ourselves as the number one DApp in the PDT ecosystem based on “Permissioned DeFi,” we will lead the global expansion of the Klaytn and Finschia ecosystems.
Q: How will adding USDT support on the EVM Bridge and Finschia Bridge impact NEOPIN users’ ability to interact with various blockchain networks? Could you explain the importance of introducing new Klaytn-based liquidity pools to NEOPIN and how they enhance platform liquidity?
NEOPIN operates not only as a DeFi protocol but also as an ecosystem builder akin to a mainnet foundation. Currently, we have over 50 partners spanning gaming, metaverse, NFTs, and various services. Enhancing internal liquidity within NEOPIN is a prerequisite for activating both the NEOPIN DeFi protocol and its broader ecosystem. Various Web3 projects may want to launch staking or liquid staking products on DeFi platforms with substantial TVL. From a user perspective, large pools combined with trust represent the optimal choice.
NEOPIN adopts a multi-chain strategy to increase TVL and activate the ecosystem. Last year, we introduced liquid staking for Ethereum and Klaytn, supported our own high-security bridges, and actively expanded partnerships. This recent major update should be seen as an extension of our prior strategy, aligning with our proactive approach toward the integrated Klaytn and Finschia ecosystem.
We all recognize that inflows of stablecoin assets are essential for expanding the Finschia and Klaytn ecosystems and increasing liquidity. With this update, USDT support has been added to the NEOPIN EVM Bridge, and the Finschia Bridge has been launched, allowing users to seamlessly convert between Finschia and Klaytn. Finschia converted to Klaytn becomes nFNSA, while USDT converted to Klaytn becomes nUSDT, with original Finschia and USDT securely held in vaults.
Additionally, new liquidity pools have been introduced for swapping between Finschia and Klaytn—such as nFNSA/KLAY—and for expanding the Klaytn ecosystem, including nUSDT/NPT and KLAY/MBX, KLAY/BORA. These newly launched liquidity mining pools initially offer maximum annual yields of up to 4,075.84%, inviting anyone to provide liquidity and earn rewards.
More details are available via the NEOPIN app or website: https://neopin.io/pool/
To celebrate the bridge launch and addition of new pools, the NEOPIN DeFi Carnival event began on Monday, February 19, with a total prize pool of 10,000 USDT.
You can view details here: https://bit.ly/4bEirTQ
With the launch of the Finschia Bridge, USDT support on the EVM Bridge, and the addition of new Klaytn-based pools, NEOPIN aims to stimulate diversified trading within the platform, increase liquidity and tradable assets for users, and thereby promote overall prosperity across the NEOPIN, Klaytn, and Finschia ecosystems.
Q: It has been some time since NEOPIN was selected for the Abu Dhabi Investment Office’s innovation program. Could you outline your achievements so far and explain how NEOPIN plans to maintain a strong relationship with Abu Dhabi?
Additionally, NEOPIN previously required KYC to use its services, but now supports non-custodial wallets like MetaMask without requiring KYC. What is the reasoning behind this change, and how are these external wallets used? Finally, recent events such as the Orbit Bridge hack have heightened concerns about bridge and DeFi security. Was NEOPIN affected, and does it have similar vulnerabilities?
First, regarding Abu Dhabi, a reporting team from The Munhwa Il-bo visited our Abu Dhabi office last January—click here for more information.
According to market research firm IDC, digital innovation investment in the Middle East, Turkey, and Africa is expected to exceed $74 billion by 2026. Global IT companies are flocking to the UAE, and NEOPIN is leading the way in Abu Dhabi’s blockchain sector.
This year, growth in “Permissioned DeFi” is highly anticipated.
NEOPIN is a pioneer in Permissioned DeFi. Last year, we partnered with Abu Dhabi Global Market (ADGM), under the Abu Dhabi Department of Economic Development, to begin building a DeFi regulatory framework. The UAE government and NEOPIN aim to announce the world’s first DeFi regulatory framework globally. The announcement in July last year marked the beginning of this effort, and we are currently working together closely. NEOPIN’s DeFi products and wallet already integrate security layers and technologies to provide a trustworthy DeFi environment for all users.
If NEOPIN successfully announces the DeFi regulatory framework with ADGM this year, it will become the world’s first DeFi protocol to implement such a regulatory framework. Our goal this year is to lead the global market as a “Permissioned DeFi” platform following our collaborative efforts with ADGM. Through this initiative, we aim to connect traditional financial markets with DeFi markets in the UAE—a financially advanced nation.
Next, let me clarify the reasons behind our expanded support for external wallets.
Following the recent integration of Klaytn and Finschia, NEOPIN executed a major update to become the leading DeFi protocol in the PDT ecosystem—including upgrades to bridges, new Klaytn mining pools, and membership benefits. The most requested feature from the community was expanded support for external wallets. In response to community feedback and to become a top-tier DeFi protocol, NEOPIN expanded support for external wallets in this update. NEOPIN now supports wallets such as MetaMask, Kaikas, and DOSI Vault, and we expect improved user accessibility. We welcome any feedback on NEOPIN services via NEOPIN Discord.
Finally, let me address concerns about bridge security.
Due to frequent hacking incidents recently, many people have expressed concern. As mentioned earlier, NEOPIN has already integrated advanced security technologies into its developing wallet and DeFi protocols, striving to build products that meet traditional financial security standards.
NEOPIN’s architecture is similar to Wormhole Bridge. Internal systems follow ISMS certification standards to prevent insider threats, ensuring no individual within NEOPIN can directly access signing keys. Bridge asset signatures use a dual-KMS system along with internal bridge validation signatures, employing a hybrid method to ensure secure signing even within a centralized system. While claiming 100% immunity to hacks is unrealistic, we continuously learn from past incidents, develop improvements, and move forward in a better direction.
It is precisely due to NEOPIN’s efforts that we have secured a foothold in ADGM’s advanced financial zone—a space difficult for most blockchain projects to enter—and can focus on product development. NEOPIN is fully investing in technological development and research to enable transparent, decentralized financial activities based on proven security layers.
Q4: What is the process for obtaining NEOPIN Club membership tiers? What benefits do members enjoy?
Key benefits of NEOPIN Club membership include:
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APR Boost: NEOPIN Club members receive up to an additional 3% APR boost on top of base rates when staking KLAY, FNSA, or TRX
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Event & Airdrop Privileges: Higher membership tiers increase chances of winning raffles and exclusive events
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Exclusive Member Community: Access exclusive news and event information via a dedicated Discord channel available only to club members
For detailed information about these benefits and more, please click here.
To obtain a membership tier, you need to accumulate points through staking or pool deposits on NEOPIN. Once you reach a certain point threshold, you will be granted a membership level.
By further participating in staking and liquidity provision, you can achieve higher tiers. For more information about membership, please refer to this document.
The Finschia community has made numerous requests to receive NPT rewards through FNSA staking. To respond to these requests from the Finschia community, we’ve offered highly competitive benefits, and we kindly encourage your active participation in NEOPIN.
Q5: I saw the announcement about the AutoRM protocol. Are there future plans to introduce more token burn mechanisms?
This year, our goal is to gradually reduce the circulating supply of NPT by effectively executing the AutoRM protocol proposed last year and agreed upon by the community. As DEX activity grows, we expect the circulation of NPT to naturally decrease, creating a clear positive feedback loop starting in this year’s bull market phase.
However, if the positive feedback loop fails to meet expectations from our team and the community, we will actively consider adding other mechanisms. We believe this will create opportunities for NEOPIN protocol and community growth beyond expectations.
For more details about AutoRM, please click here to learn more.
Q6: Due to regulatory issues, NEOPIN has historically been unable to interact with other DeFi platforms (e.g., Swapscanner or integrations with other platforms). With the recent integration of non-custodial wallets like MetaMask and Kaikas, I’m curious whether interoperability with other DeFi protocols is now possible. Recently, DEX trends emphasize concentrated liquidity to improve capital efficiency. I wonder if NEOPIN will consider adopting concentrated liquidity models such as V3 or stablecoin pools in the future.
Rapid adoption of new technologies and third-party integrations comes with pros and cons, much like two sides of a coin. Given that NEOPIN prioritizes security, stability, and user asset protection within a regulatory framework, we are focused on expanding based on well-tested, proven protocols.
Certainly, Uniswap V3, stablecoin-based protocols, and other LP efficiency-maximizing strategies are under research and development within our team. Although the crypto market evolves rapidly, NEOPIN aims to respond promptly without delay.
However, in terms of priority, our plan is to first launch derivative products based on mainstream assets like ETH, as well as real-world asset (RWA)-based DeFi products that generate real-world yields.
Q7: NEOPIN set its 2023 goal as “leading the global Web3 ecosystem.” Could you provide a detailed explanation of progress toward this goal?
As previously mentioned, NEOPIN is leading the development of the world’s first DeFi regulatory framework. This goes beyond merely creating regulatory guidelines—it involves collaborating with global experts to build a DeFi platform that users can trust and confidently use. Since establishing our presence in Abu Dhabi, NEOPIN has attracted significant attention from next-generation projects and talents across emerging fields such as blockchain, artificial intelligence, and smart agriculture in the Middle East. Abu Dhabi offers a rich growth infrastructure focused on nurturing next-generation technologies, along with clear regulatory guidance.
NEOPIN is committed this year to expanding “Permissioned DeFi” and striving to become the “top DeFi platform in Project Dragon.” As of February 15, Klaytn’s market cap is approximately $8.16 billion, and Finschia’s market cap is around $2.5 billion, totaling about $10 billion for the merged project. NEOPIN aims to become the leading DeFi protocol in the PDT ecosystem and plans to launch various products to expand its global footprint. Additionally, launching diverse DeFi derivatives and RWA products, and solidifying its position as a platform offering verified DeFi solutions, are key objectives.
NEOPIN aims to become the “digital bank” of the crypto world. It strives to be an accessible, innovation-driven crypto financial service that brings fresh momentum to the ecosystem. Above all, NEOPIN aims to be a project that crypto holders can trust and use—striving to be a reliable entity like a “crypto bank,” having encountered no rumors or issues during its first two years of service. We kindly ask for your continued attention and support for NEOPIN’s future endeavors.
Live Q&A
Q: What is the roadmap plan for 2024?
As you’ve learned from today’s AMA and major update, the entire NEOPIN team has been working tirelessly. Therefore, although the announcement of the 2024 roadmap may be slightly delayed, we plan to release and publish it before the end of February.
Q: You mentioned NEOPIN’s structure is similar to Wormhole Bridge, but Wormhole Bridge has a history of being hacked. Should we worry about vulnerabilities?
As previously stated, security is the highest priority for the NEOPIN team. Guided by this mission, NEOPIN has experienced zero security incidents in roughly two years since launch. While the NEOPIN team drew inspiration from Wormhole Bridge’s structure, we have incorporated insights from the latest technologies and past incident cases, developing and refining a structurally robust bridge. Moreover, beyond bridge design and implementation, monitoring and detecting abnormal transactions are equally critical. Therefore, we have made significant investments in infrastructure and personnel to address these concerns.
Q: What goals does NEOPIN aim to achieve within the PDT ecosystem?
As of February 15, Klaytn’s market cap is approximately $8.16 billion, and Finschia’s market cap is around $2.5 billion. The merger forming Project Dragon will result in a combined market cap of about $10 billion. However, those participating in and anticipating the merger likely don’t simply expect a market cap based on mere aggregation. Personally, I hope PDT can enter the top 10 global market caps.
Considering the capabilities and vision of the Project Dragon Foundation, I believe this aspiration is not just wishful thinking but something achievable in 2024.
NEOPIN aims to be the premier DeFi protocol choice within the PDT ecosystem and drive PDT’s global expansion. Currently, NEOPIN is building a strong track record in regulation and global operations. By actively leveraging this, we aim to propel PDT’s global growth and serve as a leading DeFi platform providing liquidity to the global community within the PDT ecosystem.
Furthermore, the NEOPIN team is accelerating product development and R&D in decentralized finance based on real-world asset-backed tokens as part of the next growth phase. Through this, we will launch a series of blockchain products based on more stable assets and establish an easily accessible environment. We will share related news promptly through the official NEOPIN Discord channel.
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