CoinGecko COO Bobby Ong On DeFi, Candy, and Cryptocurrency

CryptoMode Interview ConGecko Bobby Ong

A little while ago, I was given the opportunity to send  questions to CoinGecko COO Bobby Ong and question him about the DeFi trend and cryptocurrency in general.

Q: How has the year 2020 been for you personally, as well as CoinGecko? A lot of crazy things have happened, but has any of it made a lasting impact in your case?

2020 has been very exciting for us at CoinGecko. The market is finally picking up after the bear cycle of the past couple of years. We as a company have used the past couple of years to really solidify our infrastructure and we are now ready for the incoming bull run.

One big trend that took place in 2020 is the Decentralized Finance (DeFi) trend. This trend is still currently ongoing and has revitalized the crypto market this year. We have been tracking the development of DeFi since last year and wrote an introductory book on DeFi earlier this year titled “How to DeFi”. There have been many DeFi projects and tokens that launched this year and we have been at the forefront of this development. 

Q: CoinGecko is seemingly becoming the go-to crypto data aggregator. The team has put in a lot of hard work over the years. What is coming next for the platform to keep the momentum going?

We are just 1% done! There are many features that we want to build that we will be rolling out in the coming months. Also the community has shared with us many valuable feedback which we will take into consideration to further improve CoinGecko.

The DeFi trend seems to be getting stronger each day and we will most definitely be improving our DeFi data offerings for the benefit of the community.

Q: By introducing Candy as a “reward” to users. an interesting layer has been added to CoinGecko. Do you see this as a way to improve user retention, an option to spread more merchandise globally, or is there something else entirely behind this venture, other than trying to engage visitors? 

You mentioned all our objectives well! CoinGecko Candy is a way for us to reward our most loyal users with freebies such as CoinGecko merchandise and partner rewards. By building a direct connection with our users, we can increase engagement and get our users to be more loyal to CoinGecko.

Q: Metrics are playing a growing role of importance in the cryptocurrency space. Which metric is vastly underrated, and which is overrated, in your opinion, and why? 

I think the market capitalization metric is highly overrated. This metric is calculated by using Circulating Supply multiplied by the Token Price. There are many flaws in calculating circulating supply. Many teams have found ways to manipulate this metric so that their market capitalization appears large. 

Fully Diluted Valuation is a metric that is underrated. This metric is calculated by using Maximum Supply multiplied by the Token Price. Not many people calculate or look at this metric at the moment. We at CoinGecko have started calculating this metric for selected tokens and will be rolling this out to more tokens soon.

Q: You have been involved in crypto for so many years now. What, if anything, would you like to offer as “guidance” to newcomers, now or in the future? 

This space is constantly evolving. One has to always be quick in learning otherwise one will be left behind. There are many opportunities in this industry and opportunities favor those who are prepared. 

That being said, there are many charlatans in this industry. Always be careful with who you associate yourself with. Don’t get involved in any scams. The quick money isn’t worth it. Ironically in this decentralized, trustless industry, the one currency that is most valued is your reputation and trust in the industry! 

Q: Would you like to add anything else? The floor is yours! 

Every quarter we publish a crypto report. We have been doing this for the past few years. Feel free to read our quarterly reports to get more insights in the crypto market!

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