Frax 創辦人 Sam Kazemian：金融大解構與新型數位銀行的重組革命

0:00金融大解構：從孤島到融合

0:00大家好，我是 Sam，Frax 的創辦人。今天要跟大家聊聊金融的解構與重組，特別是在新型數位銀行（neobank）時代的變化。過去很長一段時間，加密貨幣世界就像一座座孤島，各自獨立運作。中心化交易所則扮演橋樑，負責法幣與加密貨幣之間的進出通道。How's it going? I'm Sam. I'm the founder of Frax, and today we're going to be talking about the unbundling and rebundling of finance in the neobank era. Let's first just get started with where things were and where they're going. So for a long time in crypto, everything's kind of been an island as like an isolated financial system, and then centralized exchanges essentially acted as the bridge or the on-off ramps, right?

0:40這些中心化交易所基本上掌控了法幣和資金在兩個金融體系間的流動。不過，最近大家應該都有注意到，隨著越來越多新型數位銀行產品、卡片等推出，這些界線正在逐漸模糊。現在有很多產品讓你可以輕鬆地轉移資金、消費、甚至直接用穩定幣支付。And they basically commanded what fiat and money went between these two financial systems. But now, as everyone's probably seen recently, with a lot of neobank products, cards, all of these product releases, those lines are essentially merging, right? There's a lot of products that essentially let you move money back and forth, spend money.

1:01穩定幣與資產代幣化的崛起

1:01尤其是在 GENIUS Act 通過後，越來越多公司開始直接接受穩定幣作為支付方式，也把它們用在公司金庫裡。甚至連股票等金融資產都開始被代幣化。Frax 團隊在開發產品時，最常問自己的問題就是：哪些金融元件需要互相串接、具備可組合性？又有哪些東西真的有網路效應？Stablecoins, especially with the Genius Act, have allowed certain companies to start accepting them directly as payments, using them in treasuries. And actually tokenizing certain financial assets like equities and everything. And one of the most important things we've asked ourselves at Frax as we've been building our products is which of these things actually need to interact and be composable, and which of these things actually have network effects.

1:29因為在金融解構的過程中，很多產品其實彼此之間是無法溝通的。你會發現現在不管是加密貨幣圈還是新型數位銀行，大家的產品幾乎都長得一樣，連中心化交易所也是。他們都有一張卡，叫你註冊、交易、拿回饋，但本質上都很像。Because one of the actual challenges in this area of unbundling is a lot of these products don't actually communicate with each other, right? So if you think of it, right now, what you see in the actual crypto landscape and in the neobank area is that everyone almost all sounds the same, including the centralized exchanges. They have a card. They say, sign up for our card program, trade here, do these things, you'll get this much rewards or cash back, but they all essentially look the same, right?

2:01KYC 重複、缺乏網路效應

2:01每個產品都要你重複做 KYC，開卡、入金、外匯，每個功能都要重新認證。大家應該都有過這種經驗：同一家公司不同功能都要你一直重複填資料。這些產品其實都是獨立的、各自為政，沒有真正的網路效應。所謂網路效應，就是每多一個使用者，對下一個使用者就更有價值。最經典的例子就是穩定幣，像 Tether。第一個人用沒什麼用，但如果有一百萬人用，第一百萬零一個人加入時，價值就很大，因為到處都能用。They require you to KYC for each individual product. You'll get maybe on-ramps or some FX, and you'll have to KYC for that. How many times a lot of you guys have probably done Persona or some sub onboarding and then have to do it again and again for each feature, right? And the important thing to essentially highlight from this is that these are all essentially independent siloed products that don't really interact. They don't have network effects, right? If you think of what a network effect actually means is that every single user of a particular product makes it better for the next user that actually signs up, right? That's the definition of a network effect. The classic network effect is a stablecoin, right? Something like Tether. If the first person uses Tether. It's not that useful. No one else does. But if a million people use it, the one millionth and oneth user of Tether, immense value, right? There's a million merchants, people, and everywhere that actually accept it, trade it.

3:02但現在的新型數位銀行和這些產品之間完全沒有溝通、沒有可組合層，每次都要重新 KYC，感覺就像在用不同的金融 App，只是掛在同一個品牌底下而已。The issue with the current neobanks and all of these products is they don't communicate at all. There's no composable layer. You have to KYC again. You have to actually use them like separate financial apps in a single, you know, brand.

3:17Fraxnet：打造可組合的數位銀行

3:17所以我們在思考，如果要打造一個新型數位銀行，哪些金融基礎元件必須具備可組合性，才能讓大家都能用到最強大的工具？這也是我們為什麼要打造 Fraxnet，全球第一個執行環境數位銀行。你可以把它想像成一個有 App Store 的數位銀行，每個功能都是一個可組合的應用程式，而不是單一的行動 App 或卡片。And so what we thought is, if we're building a neobank, what are the actual primitives that need to be composable that allow us to build the most powerful tooling that everyone can actually use? And so that's why we built Fraxnet as the first runtime neobank. And so what we call it is that it's essentially a neobank with an app store. You can think of it like the Apple App Store, where every feature is a composable application rather than a single mobile app using a card.

3:51Fraxnet 上每個我們自己或第三方開發的功能，都是用我們特製的執行環境架構打造。這個架構有可組合的操作碼（opcodes），像是身分、帳戶等，讓大家能在安全合規的環境下開發金融應用。Every single feature that is in Fraxnet that we build or a third party builds actually uses a special runtime that we've developed. That has composable opcodes such as identity, accounts, and composability with those different opcodes that actually make it a safe environment to create regulated financial applications.

4:13統一身分層與可擴展應用

4:13大家應該都用過卡片、數位銀行支付、發票、儲蓄等功能，這些通常是由不同的服務商提供，像 Visa、Rain 等，每家都有自己的合規流程和軟體堆疊。傳統數位銀行通常只選一家供應商，你 KYC 完就只能用那個產品。我們則打造了統一的身分層和可組合層，讓不同商業、零售、支付、卡片等場景都能自由擴展應用。And so you've probably heard of cards. You guys probably have a lot of them. You've seen neobank payments and invoicing, savings. These are all usually powered by different service providers underneath, right? Bridge, you know, Visa and Rain for cards, and they all have their own different compliance regime. They all have their own different software stack that they're required. And so usually a single neobank offering currently today, before Fraxent, picks one of them, offers it to you, you KYC, and then you use that product. For us, what we've actually developed is a universal identity layer and also a composability layer in the neobank that actually allows us to create different financial flows for different businesses, retail use cases such as trading or payments and cards, and allows anyone else to create and extend applications themselves.

5:11在 Fraxnet 裡，每個功能其實都是一個 App，而不是單純的功能。舉例來說，當我們推出 Frax Card App，只要你有 Fraxnet 帳號，就能直接在平台下載並授權身分，馬上拿到 Frax 卡，完全不需要重複認證。如果你喜歡 ether.fi 或 Ethena 卡，也能直接匯入，因為這些卡的部分功能已經上鏈，可以和 Fraxnet 互通。You can kind of think of a neobank in Fraxnet as it's all a specific app. Instead of a feature, it's actually an app under the hood. So when we launch our Frax Card app, what that means is if you have a Fraxnet account, you can actually just download it into the platform and then give it permission to use your actual identity. And then it'll immediately give you a card. It'll actually give you the Frax card. It'll give you the entire use case without you having to do anything if you actually already have a Frax account. And so that's what makes it really powerful. You can also import other cards if you like EtherFi, if you like the Athena card, since parts of those cards are on-chain and interact with an actual vault. You can actually import them and communicate through the actual Fraxnet runtime with those products as well.

6:07開放組件、使用者自主權

6:07每個 Fraxnet App 都能用同一套工具組件，像是身分驗證、讀取、驗證、測試等操作碼。這讓任何人都能打造類似產品，甚至可以把 Fraxnet 登入整合到自己的 RWA 項目、網站或金融應用裡。舉例來說，只要你有 Fraxnet 帳號，就像拿到一張通用護照，下載更多 App、開通更多功能時，資料都會自動保存。就像你用 Apple App，授權聯絡人或相機權限後，就能直接安裝並使用金融產品。And so you can kind of see here where each of these opcodes, for example, ID, read, verify, test, these are all part of the actual same toolkit across every single Fraxnet app. And so this allows anyone else to actually build similar products, or even essentially embed Fraxnet login into their own RWA projects, their own website, or their own financial application. And so here's, like, an example. If you have a Fraxnet account, you essentially get this universal passport, and what that allows you to do is as you actually do more downloads of apps, and then you onboard to them. This actually saves your data, and so you're able to actually log in, similar to an Apple app, right? If you download an app and it says it wants to access your contacts or your camera, you just accept the actual permissions required, or you remove permissions, and then you install the application, and then you get that financial product in your platform. Right in your phone. Essentially this, you get it in your neobank.

7:17彈性儀表板與企業應用

7:17舉個簡單例子，這是 Fraxnet 的基本儀表板，每個功能其實都是一個 App，背後都用到身分、操作碼等組件，看起來像一般的入金、出金功能。你去 App Store 下載卡片 App，就會自動加到儀表板，完全可以依照你的需求自訂金融工作區。我們在和很多企業合作時發現，他們需要自己的平台長得不一樣，要有合規、即時開發票、鏈上分析、錢包檢查等功能，但我們不想為每個客戶重頭打造一個新平台，而是希望在同一個 Web3 環境下，讓所有使用者都能自由組合。So let's just kind of go through, like, a very quick example. This is basically a basic Fraxnet dashboard. There's nothing too fancy, right? It's just some features. Each of these features under the hood, they're an application. They use the identity, opcodes, everything, even though they just look like normal. On/off ramping. And so when you actually go to the App Store, let's say like a card, and then you download it, it adds the card in the dashboard, right? It allows you to actually modify your financial workspace in the exact manner that you need. And this is an interesting thing because we actually ran into this problem working with a lot of businesses, not retail audience, but institutional and business use case that needed their own platform to look a certain way. They needed compliance, they needed immediate invoicing and chain analysis, wallet checks, and we didn't want to just build a platform from the ground up and only have it for those isolated use cases. We wanted to actually build this within the environment that we're building for. Web3 and the users that we already have.

8:32所以整個平台非常彈性，每個人用的應用都不一樣，介面也會完全不同。你可以想像一下，如果 Marina Bay Sands 想全面接受數位資產，不管是賭場、飯店還是會議中心，他們可能不在乎卡片 App，而是需要開發票、合規、分類帳、收款、持有穩定幣、兌換、收付等功能。他們的 Fraxnet 介面會和一般使用者完全不同，但底層用的都是同一套金融元件。And so that's why the entire platform is very modifiable. It looks completely different for everyone, depending on which applications that you use. And so you could kind of imagine a little bit. Imagine Marina Bay Sands, right? We're here, we're at this huge conference. Imagine if MBS wanted to fully accept digital assets. Whether it's in their casino, their rooms, their conferencing, all of these kind of things, they probably don't care about this card app, right? What they want is they want to be able to actually create different invoices, subclasses, compliance. They want to be able to actually accept the digital assets, maybe hold some stablecoins, convert some out, do pay-ins and payouts. They won't actually have their application look like this, right? They will have a lot of compliance Fraxnet apps. They will have a lot of different kind of invoicing and unique applications that we would build for them, or they would actually request or build themselves. And so they'll be a user of Fraxnet, just like anyone in the audience or me is a user of Fraxnet, but it will look completely different, but under the hood it will use the same financial neobank primitives that have been bundled together.

9:45網路效應與開發者激勵

9:45回到網路效應，這種架構下，因為身分、轉帳等基礎元件都可組合，我們可以直接給開發者和應用提供獎勵。每個 Fraxnet App 都有來源帳號，開發者可以看到所有進出請求，根據使用量拿到代幣獎勵或現金回饋，也能看到使用者身分和使用情況。我們打造這個平台，不只是希望大家都來用，更是為了自己和客戶（不論企業或一般使用者）需要的產品和場景。And so, just to rewind and look again at the network effects of a neobank like this, the most important thing is because of the structure and the underlying composability of identity, transfers, and everything in the actual OpCode runtime environment, we actually get a lot of things for free, right? We actually are able to do builder codes for applications and developers because everything inside of the actual platform is an application, so it has an originator. So if you want to develop a Fraxnet app, you need a Fraxnet account, right? And so your organization. We'll see all of the inbound and outbound requests of your Frax app. So then we can actually give you token rewards, and we can give you cash back for usage. We can make sure that you can see identity and who's actually using it and everything on that level. We can also create tooling by construction. So we didn't actually build this platform just to say everyone else use it. We actually built it for ourselves because of—The type of use cases and products that we needed to build for our customers, both businesses and users.

10:52AI 友善的金融平台

10:52隨著我們在 Fraxnet 上開發越來越多數位銀行應用，也能打造更多 AI 工具和技能，讓大家都能一鍵加到自己的儀表板。這樣的設計，讓 Fraxnet 幾乎意外地成為 Web3 世界最適合 AI 的金融平台。因為所有元件都統一、可組合，AI agent 可以直接呼叫、組合各種金融功能，不用重複做 KYC 或登入，只要嵌入 Fraxnet 登入，就能給你的 AI agent 一個數位銀行帳號。And so the main thing is that as we build more neobank applications in the Fraxnet platform, we're able to actually create more Claude skills, AI tooling, things that we use ourselves to make applications better that everyone else can just use, like one-shotting. A special feature that you might need into your dashboard. And that too itself actually makes Praxnet, by coincidence, almost by accident, the most AI-friendly finance platform in Web3. Because essentially, when all of these primitives are unified, they're composable, you essentially get this de facto AI harness or vibe coding, right? You know that the assets on-chain are all unified. You know that the identity and other Neobank composable opcodes are the same across all apps. All apps can compose and communicate with each other directly, and so it's actually the easiest place to one-shot a Neobank application. You don't need to recreate the onboarding, the KYC, the persona. Login, you just embed a sign-in, and then you actually can give a neobank account to your agent. You can actually soon add Muse API or Fawt API key, and they will actually have an account for themselves underneath your account. So they can create features, they can move assets to a certain degree, and so it's actually by default the most friendly. AI agentic neobank, just as a coincidence.

12:24邀請制上線，金融重組新時代

12:24我們目前已經在內部 stealth 模式啟動 Fraxnet，僅限邀請制。如果你想和我們一起開發應用，或想搶先體驗，現在就可以到 net.frax.com 註冊 Fraxnet 帳號。如果你想要開發、存取執行環境環境，目前還是邀請制，歡迎聯絡我們。我們正在把金融的解構重新打包，開啟全新時代。謝謝大家！And so we're really excited to launch this internally in stealth and to invite only participants. So if you want to build applications with us or if you want to try it out, you can actually sign up for Fraxnet right now at net.frax.com. But if you want to build and have access to the actual runtime, it is currently invite only, so please reach out to us, and we are rebundling the unbundling of finance. So thank you, everyone.