Forbes Smith, CEO of Crosspoly Says “There is No Reason For Us Not To Do Crosspoly”

4 min readAug 8, 2021

Since 2020, the secondary market of DeFi led by LINK has continued to soar, which has attracted people’s attention on this new field. Subsequently, the related projects in this field have shown a blowout surge.

At present, public chain smart contracts represented by ETH are constantly improving the development of DeFi, but ETH has not formed a unified public chain situation. Meantime, BSC, HECO, TRX, polkadot and others have contended. As the demand for cross-chain transaction scenarios continues to increase, cross-chain transactions have also become one of the urgent problems to be solved in the blockchain industry.

The assets of the non-smart-contract public chain account for more than 89% of cryptocurrencies, and how to link non-smart-contract chains such as BTC, ADA, LTC and other DeFi business scenarios still requires continuous upgrading and improvement of the blockchain industry technology.

Until today, the total market value of DeFi is as high as $86.086.
The 24H VOL of the decentralized exchange exceeds $3.26 billion.
The total amount of loans on the lending platform exceeds $25.19.
DeFi locked assets exceed $61.83 billion.

The outbreak of the DeFi market has spawned the demand of the entire market for crosschain. At the same time, the transaction fees of the entire market have also increased sharply. The depth of DeFi transactions has continued to extend, but the user experience is getting worse. Especially for DeFi users with small amounts of funds, the fee for a single authorization is often as high as more than ten USDT, which cause the bad experience.

You can look at the data on this table. The fees of centralized and decentralized exchanges are up to tens of billions of dollars.

From here, we will come to our topic again. The question you should think is not why we creat Crosspoly, but why we do not focus on such a good project. There is no reason for us not to do Crosspoly.

Klen West is the CTO of our team. In theory. He should be the first member of our team. He has been engaged in technology development in the DeFi field since 2017 and has served as the technical director of multiple projects. In the second half of 2020, he successfully anticipated the outbreak of DeFi. At a business meeting, my good friend Josh Nate introduced him to me. When talking about the future development of DeFi, I was attracted by some of his remarks. I have to say that most of his ideas, in the present view, are very foresighted.

Then with the support of Maneko.finance, Josh Nate, Klen West and I formally established the Crosspoly project. Our goal, of course, from the beginning is creating the next round of DeFi bull market, not the carnival at the end of 2020.

Because we understand that DeFi includes the development of blockchain, just like the ocean tide. The wave will bring explosions in the blockchain and also leave some problems. This is the original intention of the Crosspoly project, that is: to solve the problems that may occur in the future. And now, almost a year has passed since the establishment of Crosspoly, and the cross-chain problem of DeFi has also emerged, and now, we are ready to solve this problem.

This is why we want to do Crosspoly. This is the original intention of our team. Due to some technical problems, our weekly technical report has not been updated in time before July in 2021. In order to meet the needs of the market, we will continue to synchronize our product information. I hope you will stay tuned. Thank you. I’m the CEO of Crosspoly, Forbes Smith. Thank you for your attention to Crosspoly.