Let’s summarize here before continuing:
Barclays started very early in research and development for DLT way back in 2016. They joined and supported Chainlink’s Proof of Concept in 2016/17.
In 2019 they put a a good amount of money into funding Crowdz, who is integrating Chainlink via the 50 Oracle Startups thing, where they literally spin up Chainlink nodes. Same year, a few months earlier, long-term Barclays employee Michael Arief created SmartPiggies which then joined Chainlink’s Hackathon and won, with their Whitepaper explaining and perfectly outlining why and how a derivative protocol would use Chainlink. And as coincidence, it’s seen that Michael has been in direct contact with Sergey and Ari 3 years ago already.
Now look at the current state and efforts from Chainlink’s side
Interesting side-note that I think is important here: Sergey mentioning at SIBOS how surprisingly strong the “appetite of senior folks is in implementing this in the near term” is. See in this video:
Chainlink started ramping up banking-related things again in mid-2019 with the release of the Mixicles whitepaper and 2 blogposts, which are all about Derivatives. Right when Google announced integration of BigQuery+Chainlink and a third party wrote a detailed blogpost on having Derivatives on Google via BigQuery.
- 3rd September: Release of Mixicles Whitepaper
- 4th September: Breaking Down Mixicles and Their Potential to Unlock Enterprise Demand for DeFi Applications
- 11th October: Solving Trust Problems in Derivatives Using Chainlink (Mixicles)
Now, Chainlink is known for being really efficient and focusing on the next important step and tailor-cut their resources to that one think. They watch the space closely and push for things that are most needed.
For anyone who doesn’t know, Mixicles is all about making Derivatives work, technically in terms of privacy within the Smart Contracts and legally in terms of making it audit-able. It’s creating the tools needed to legally execute and work with Derivatives and other financial instruments. See the following screenshots and highlights with core explanations and why it’s important:
Why is the Chainlink Team pushing for Mixicles when there is no banking partner announced yet? I think Chainlink has been pushing for this because the first banks are in fact ready to go (just not announced) and there is just this last burden of regulation and the needed privacy/disconnection between input and output, which Mixicles solves. Sergey repeatedly confirmed that derivatives and insurance will be the first real-world use-cases, and who would know this better then him? I think, looking at the timeline and the efforts by Barclays, Barclays employees and Chainlink, that Derivatives are in fact just around the corner. Mixicles is probably the very last step before derivatives can legally exist and be executed on DLT and its about to go live on Ethereum any moment. This would really open the gates for the big money and actual high stake use cases that have been promised by Ethereum. Barclays is probably one of the first to work with it.
Let me know what you think.