From Childhood Coding to Leading Parallel Finance: My Innovation Journey
Yubo Ruan
Posted on December 4, 2023
My journey in the world of technology and entrepreneurship began with a simple but profound observation during my early years. I saw that many children lacked the fundamental money-saving skills that are essential for financial independence. Inspired by this, I embarked on a path of innovation that has shaped my life's work.
Childhood Coding and Robotics: A Foundation of Innovation
My initial motivation to delve into coding and robotics came from a desire to address a fundamental issue: children's financial literacy. I noticed that young individuals were often overindulged by their parents, leading to a lack of money-saving skills. To address this challenge, I drew inspiration from my own experiences. My parents used a unique system that rewarded me with monetary incentives based on my "good behavior points," meticulously recorded in a notebook. This system not only encouraged responsible behavior but also taught me the value of saving. This childhood experience laid the foundation for my innovative journey.
Alisimba: An Innovative Solution for Financial Education
Motivated by my childhood experiences, I founded Alisimba during my high school years. Alisimba was not just a project; it was a vision to provide children across China with a tool to learn essential financial skills. I envisioned an interactive smart piggy bank that could engage and educate children about money matters. Over five years of dedication and hard work, I developed over ten iterations of the "smart piggy." This journey culminated in a remarkable achievement - Alisimba's acquisition by the Tophacker Group.
Robotics and a Grandfather's Struggle
My passion for innovation extended beyond financial education. During my summer stays at my grandparents' house, I witnessed my grandfather's daily struggles with Parkinson's disease. This experience fueled my determination to create technology that could assist him. Thus, I embarked on a mission to develop a QR code-following robot capable of delivering items my grandfather needed, such as his cell phone and newspaper. My efforts bore fruit when the robot won first prize at the China Robotics Competition, a testament to the power of innovation in addressing real-world challenges.
The Evolution: Alisimba, Skylight Investment, and 8 Decimal Capital
My journey through Alisimba laid the groundwork for my subsequent ventures. Co-founding Skylight Investment, securing $10 million in funding, and focusing on Deep Tech startups further sharpened my entrepreneurial acumen. However, it was the creation of 8 Decimal Capital in 2017, a blockchain and DeFi investment firm with a diverse portfolio of 40+ companies and $60 million in Assets Under Management (AUM), that marked a significant milestone. These experiences equipped me with valuable insights into team leadership, talent selection, and conflict resolution, which have proven instrumental in my journey.
Parallel Finance: Navigating Challenges and Successes
Parallel Finance, launched in 2022 with the backing of Sequoia, Founders Fund, and Coinbase Ventures, has been a transformative venture. Within seven months of its inception, Parallel's Total Value Locked (TVL) surged to nearly $900 million, an achievement I was immensely proud of. However, the onset of a bear market brought challenges, including internal conflicts that tested my leadership. These challenges reinforced the importance of integrity and moral standards when building a team.
The Future of DeFi and Parallel Finance
My long-term vision for the DeFi space envisions it as an integral part of billions of people's daily lives. DeFi will serve as the backbone of finance, with transactions seamlessly processed through Layer 2 (L2) and Layer 3 (L3) networks. Parallel Finance is poised to play a central role in this transformation, dominating trading, lending, and staking activities within the DeFi landscape.
Educational Journey and Decision-Making
My unconventional educational journey, marked by leaving high school early and twice departing Stanford University, has profoundly influenced my entrepreneurial path. These experiences nurtured critical thinking and innovative decision-making skills, shaping the core values and culture of Parallel Finance.
The Future of Parallel Finance
Parallel Finance's ultimate goal is to become the heartbeat of DeFi, serving a billion users globally. To achieve this, we are committed to developing a Layer 2 (L2) network that redefines the user experience. This includes eliminating gas fees, implementing account abstraction wallets for secure access, and integrating real-world assets into our blockchain. The journey continues, and I am excited to see where innovation takes us next.
As I reflect on this journey, I am reminded that innovation begins with a simple observation, a spark of inspiration, and the determination to turn ideas into reality.
Posted on December 4, 2023
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