Steven Zheng

Steven Zheng is a researcher for The Block. He joined The Block in August 2018. Steven graduated from St. John’s University with a degree in economics. Previously, he covered blockchain and crypto at Radicle, a startup analytics firm. He also had brief stints at Cheddar, a media startup, and Bowery Capital, a venture capital firm. He owns bitcoin. Follow Steven on Twitter at: @Dogetoshi

During The Summer of DeFi in 2020, many decentralized exchanges like Uniswap benefited from their “selling picks and shovels” approach for meeting the demands of DeFi token traders. With the rebirth of the NFT market, the success of the picks and shovels strategy is no different. Starting in August, NFT marketplaces have regularly produced billions […]
Oct 18, 2021, 9:25PM UTC
Due to their nature, NFTs are often limited in accessing the growing DeFi ecosystem open to many fungible tokens. For example, while you can use ETH as collateral to take out loans or generate yield through staking, NFTs have very limited options in DeFi. The two new protocols mentioned in this piece are attempting to […]
Oct 10, 2021, 11:14PM UTC
Genie Labs: NFT Liquidity Aggregator Creating liquidity pools for non-fungible tokens (NFTs) is difficult to near impossible due to the nature of NFTS — that is, they are not identical, so you can’t pool two NFTs together and offer them up as having similar value like you can with your average ERC-20 token. This liquidity concentration issue […]
Aug 26, 2021, 8:03AM UTC
JellyFi: Zero-collateral lending and borrowing Undercollateralized lending and borrowing is a service that many DeFi projects have been attempting to offer. Because of the anonymous nature of DeFi, there are limited repercussions for malicious actors if they default on undercollateralized loans from protocols. As such, the largest DeFi lending protocols are all overcollateralized, which makes […]
Jul 22, 2021, 9:38PM UTC
Bitso is a Mexican cryptocurrency exchange founded in 2014. Despite its dominance in Mexico and its presence in the greater Latin America region, Bitso is not a well-known brand in the U.S. and Europe. This is unsurprising as the exchange has historically focused its business and marketing efforts on growing its footprint in Latin America […]
May 21, 2021, 1:27AM UTC
Founded in 2013 by Jeremy Allaire and Sean Neville, Circle was launched with the goal of creating a platform to allow consumers and merchants to interact with digital currency payments — primarily bitcoin at that time. Since its inception, Circle has undertaken multiple adjustments to its core business, from growing into a digital currency banking platform to […]
Apr 30, 2021, 8:49AM UTC
Founded in 2014 by Cameron and Tyler Winklevoss, Gemini was marketed as a regulatory-friendly cryptocurrency exchange.  As described in Ben Mezrich’s book Bitcoin Billionaires, unlike the early supporters of bitcoin who had libertarian and anti-establishment political leanings, “Cameron and Tyler also knew that government regulation would come; and unlike many in the room, they believed […]
Apr 8, 2021, 1:09PM UTC
Company Overview 2020-2021 saw an acceleration of large financial institutions and payment companies expanding their support for cryptocurrency and blockchain services. Powering the backend infrastructure of many of these expansion efforts is Paxos, a firm that, until more recently, shied away from the media spotlight that other crypto firms like Coinbase and Binance have basked […]
Mar 17, 2021, 6:38PM UTC