2021 Dialogue: DPO (Direct Public Offering), STO, and DeFi Will Overlap

1. The History of DPO

Meng: First, what is DPO? According to my research, the term DPO is not new, as IPOs and DPOs have long been listed in the U.S. as two ways for companies to go public and raise capital. The key difference between these two models is that an IPO requires the involvement of an underwriter, while in a DPO, the company goes public directly without the role of an underwriter. What do you know about the background of DPO?

2. STO vs. DPO: Friend or Foe?

Meng: Let’s discuss the relationship between STO and DPO. You are an STO expert. In the beginning, a lot of people focused on STOs, but in 2018–2019, STOs were too weak. The trading volume was barely anything, and a lot of people exited the space. I know you’ve been in the blockchain industry since 2014 and have focused on STOs since 2017. I don’t think this is anything great, but what’s great is that you kept going, and didn’t retreat even in 2018 or 2019. Why do you believe STO has a future?

3. STO and the Token Economy

Qu: I have observed that the successful STO cases so far have incorporated the idea of the token economy. You are an expert in the field of the token economy, I would also like to ask you if there are any recent developments in the research of the token economy?

4. The Right Restrictions Make DeFi More Free

Qu: I have talked about this before on other occasions — the combination of STO and DeFi is the part I am most excited about.

5. DeFi Will be the Future of ST’s Critical Infrastructure

Meng: I have a view that DeFi will become the main infrastructure of ST in the future, I don’t know what you think, and also, will there be barriers for traditional enterprises to accept DeFi?

Meng Yan 
 He is the vice president of Technology and Academics of China Digital Asset Research Institute, the co-founder of

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