One of the better-known protocols in the space is bZx. They have built an open finance protocol to power tokenized margin trading and lending.
Kyle Kistner, co-founder of bZx:
What we found was that our user workflows and our UX needs required customization to such a degree that we had to build it ourselves. We leveraged tools available, but most of it was built from the ground up to support our needs.
With the decentralized finance (DeFi) movement growing at a steady clip, protocols and applications that power this corner of the web3 community grow in importance. One of the better-known protocols in the space is bZx. They have built an open finance protocol to power tokenized margin trading and lending. Kyle Kistner, co-founder at bZx, believes that growth in DeFi is important, but it needs to be measured properly.
Founded in 2017, bZx got to work building their protocol right away. They stayed heads down on that for a while before releasing more of their user-facing products. Fulcrum, a tokenized margin trading interface powered by bZx’s protocol, was launched in April of 2019. Torque, a simplified borrowing interface that provides indefinite term loans, was launched in August of 2019. To date. bZx has raised $2 million.
We had the chance to sit down with Kyle and talk about, among other things, bZx’s focus on building, on growth, and how to balance the two.
How do you define growth?
There are a few things we look at closely. We look at the amount of daily and monthly active users. We look at trading and borrowing volume. We feel like we’re growing when value locked is growing and the amount traded is growing. But we want to see that driven by organic growth and not just one or two people.
What has been the most difficult part of growing your company so far?
It took us a while to fully acclimate to hiring and build a good process around it, so building out a lot of the front end took a lot longer than we wanted. This meant we were definitely slow to productize compared to other players like Compound, DyDx, and Dharma.
We made the mistake of going heads down and building the protocol exclusively early on rather than focusing on productizing everything like others had.
What needs to happen to convince builders in the Web3 space to productize quicker?
Honestly, I think everyone is serious in the space now. I think a year ago, the majority of people in Web3 realized that you had to productize quicker.
What tools do you wish existed to help you with growth?
What we found was that our user workflows and our UX needs required customization to such a degree that we had to build it ourselves. We leveraged tools available, but most of it was built from the ground up to support our needs.
What are your predictions for Web3/Blockchain growth in 2020?
I think under-collateralized loans by the end of the year could be a thing that helps growth. Right now, over-collateralization probably prevents some mainstream users from moving to DeFi.
Do you think bZx’s open finance protocol can be used for other purposes as well, apart from tokenized margin trading and lending?
Absolutely! While our protocol was initially built to power tokenized margin trading and lending, it can certainly be used for other purposes as well. The flexibility and customization we built into our protocol allows for a wide range of applications within the decentralized finance space. As the ecosystem continues to evolve, we are excited to see how developers and users leverage our protocol for innovative and diverse use cases.
BZx has done a great job in building their own customized tools to meet their user’s needs. It shows their dedication to providing a top-notch user experience in the decentralized finance space.
I really admire the dedication and hard work put into building the bZx protocol. It’s amazing how they customized it to match their specific needs. Kyle Kistner and his team deserve all the recognition they’re receiving. Kudos to them!
What were the challenges you faced while building the protocol and how did you overcome them?
Hi AlexMaverick! Kyle Kistner here, co-founder of bZx. When building the protocol, one of the main challenges we faced was the customization required for our user workflows and UX needs. We had to build most of it ourselves, leveraging available tools but ultimately creating our own solutions from the ground up. It was a lot of hard work, but it allowed us to tailor the protocol to exactly what we needed. Feel free to ask any other questions you may have!
Can you provide some examples of the customization you had to build from the ground up to support your needs?
Sure, cryptotrader101! One of the main examples of customization we had to build from the ground up was our user interface. We wanted to create a seamless experience for our users, so we developed a unique and user-friendly interface that caters specifically to their needs. Additionally, we customized our workflows and integrated various tools to ensure a smooth and efficient process. Overall, our aim was to provide a tailored solution that enhances user experience in the DeFi space.
I have been using bZx for margin trading and lending, and I must say, their protocol is top-notch. It provides great user experience and customization options. I appreciate the hard work that Kyle and the team have put into building this platform.
I really admire Kyle Kistner and the team at bZx for their dedication in building their own customized tools and interfaces to support their user needs. It’s impressive to see their commitment to improve the user experience in the decentralized finance space.
What are some of the challenges you faced while building the open finance protocol for tokenized margin trading and lending? Did you have any prior experience in developing such protocols?
Hi CuriousTrader27, great question! When building the open finance protocol for tokenized margin trading and lending, we faced several challenges. One major challenge was the customization required for our user workflows and UX needs. We had to build most of it ourselves, leveraging the available tools but creating the foundation from scratch. As for prior experience, we did have some experience in developing similar protocols, but we also learnt a lot throughout the process. It’s been an exciting journey!
I think it’s impressive that bZx built their own user workflows and UX customization. It shows their dedication and commitment to providing the best experience for their users.
I think it’s impressive that bZx built their own customized user workflows and UX. It shows their dedication to creating a seamless experience for their users. Definitely a strong move in the ever-growing DeFi space.
I think Kyle Kistner and the team at bZx did an amazing job building their own customized user workflows and UX. It’s impressive that they leveraged existing tools but also built everything from scratch to support their needs. This level of dedication and attention to detail is what sets them apart in the decentralized finance space.
It’s amazing to see how bZx has built their own customized solutions for their user workflows and UX needs. This shows their dedication to providing the best experience for their users. I’m excited to see where they go next!
I really admire Kyle Kistner for his dedication to building the bZx protocol from the ground up. It’s impressive how he customized the user workflows and UX to meet their specific needs. It shows their commitment to providing the best experience for their users.
It’s impressive that bZx built their protocol from the ground up to support their own needs. This kind of customization is necessary for a seamless user experience in the decentralized finance space.
Is bZx planning to expand their user-facing products in the future?
Yes, absolutely! bZx is constantly working on expanding our user-facing products to meet the growing demands of the DeFi community. We believe in providing innovative solutions and a seamless user experience for tokenized margin trading and lending. Stay tuned for exciting updates!
I really admire Kyle for taking the initiative to build their own user workflows and UX. It shows dedication to creating a tailored experience for their users. The decentralized finance movement is definitely an important area of growth, and bZx seems to be making significant contributions to this space.
Is there any plan to expand the use cases of the bZx protocol beyond tokenized margin trading and lending?
Yes, bZx has plans to expand the use cases of their protocol beyond tokenized margin trading and lending. According to Kyle Kistner, the co-founder of bZx, they believe that the growth in decentralized finance (DeFi) should be measured properly and it’s important to explore new opportunities. They have built their protocol with customization in mind, so they are open to adapting it to different needs and workflows.
I think it’s impressive that bZx built their own user workflows and customized their UX to support their needs. It shows their dedication to creating a seamless experience for their users.
How does bZx’s protocol for tokenized margin trading and lending differ from other protocols in the space?
bZx’s protocol for tokenized margin trading and lending stands out from other protocols in the space due to its advanced customization options and user-centric approach. As mentioned by Kyle Kistner, co-founder of bZx, their team realized the importance of tailoring user workflows and providing a top-notch user experience. Consequently, they have built their protocol from the ground up to meet these specific needs. While leveraging some existing tools, the majority of the platform was custom-built to ensure seamless operations for tokenized margin trading and lending. This dedication to user needs sets bZx apart from other protocols and solidifies its position as a key player in the decentralized finance (DeFi) movement.
Why did Kyle and his team decide to build their own customized user workflows and UX instead of using existing tools?
Hey AshleySmith23, Kyle and his team decided to build their own customized user workflows and UX because they found that existing tools didn’t meet their needs to the extent required. By building from the ground up, they were able to tailor the experience to perfectly fit their requirements. Hope that helps!
What I found was that our user workflows and our UX needs required customization to such a degree that I had to build it myself. I leveraged tools available, but most of it was built from the ground up to support our needs.
What we found was that our user workflows and our UX needs required customization to such a degree that we had to build it ourselves. We leveraged tools available, but most of it was built from the ground up to support our needs.
What I found was that our user workflows and our UX needs required customization to such a degree that I had to build it ourselves. I leveraged tools available, but most of it was built from the ground up to support my needs.
I think Kyle Kistner and the team at bZx have shown great dedication and ingenuity in customizing their protocols to meet their UX needs. It’s impressive how they have built most of it from the ground up to align with their requirements in the DeFi space.
As a user, I can understand the importance of customizing workflows and UX to meet specific needs. It’s inspiring to see how bZx took the initiative to build their tools from the ground up to support their requirements. Kyle Kistner’s dedication to ensuring a seamless user experience is commendable.
What I found was that our user workflows and our UX needs required customization to such a degree that I had to build it myself. I leveraged tools available, but most of it was built from the ground up to support my needs.
How did Kyle Kistner and the bZx team approach the customization of user workflows and UX needs for their open finance protocol?