Understanding DeFi from the Basics of Finance: The Mechanism of Staking and the Rewards Behind It ("So That's How Blockchain Works Ep.17" Yoshihiko Uchida, Yuya Sakai, Shinya Otsuka)

"So That's How Blockchain Works" Ep.17

In this podcast, Yoshihiko Uchida, who has a background in banking supervision at the Bank of Japan and the Financial Services Agency, and is currently teaching blockchain at Shunan University, along with Yuya Sakai, a founder of a gourmet app who has combined Web2 services with blockchain to build a Web3 business, and Shinya Otsuka, deputy editor-in-chief of the crypto media "New Economy," introduce what you need to know about blockchain today.

In this 17th episode, continuing from the previous one, we focused on the second part "Existing Finance × Blockchain," discussing the topic of "DeFi (Decentralized Finance)" following stablecoins.

DeFi is defined as a "marketplace without middlemen." We confirmed that the liquidity pool of Uniswap (X×Y=K) is an innovative idea that creates liquidity evaluation through rules rather than observation, replacing traditional trading boards and incorporating it into pricing. We also reflected on Curve's specialization in the exchange of stablecoins and the mechanisms of ve tokens granted according to the locking period of CRV.

Furthermore, we questioned whether the "risk-free interest rate," which serves as the foundation for pricing, actually exists in the crypto world and delved into where the 10-15% APR presented in DeFi comes from. We contrasted staking in PoS for contributions to the network with "mystery staking," which reduces the circulation of unique tokens without value creation to suppress selling pressure. We organized that caution is necessary for products where the risks are vaguely explained while the returns are clear.

Finance is fundamentally a "loan" to parties that have the potential to create value, and it is "not gambling." We questioned the gap between expectations for DeFi and the current situation from this perspective.

The next episode, Episode 18, is scheduled to be released on September 22. We will delve into topics such as the tokenization of stocks and prediction markets, starting from perpetual futures.

Participants

Yoshihiko Uchida: Worked at the Bank of Japan from 1994 to 2023. Held positions such as planning officer at the Financial Research Institute and planning officer (group leader) at the Financial Institutions Bureau. He has provided various insights into risk management and management of financial institutions. During this time, he also worked at the Financial Services Agency, Osaka University, and the University of Tokyo. From June to November 2023, he served as a director at Questory Co., Ltd., and from April to December 2024, he will serve as a director at Kashei, participating as a manager in web3 startups. Currently, he is a professor at the Faculty of Information Science at Shunan University (since June 2023) and is also promoting businesses related to digital ID and electronic signatures as an outside director at Cyberlinks Co., Ltd. (from March 2024), as well as consulting related to blockchain utilization as the representative director of Yuidzumu Co., Ltd. (from October 2025).

X Account: https://x.com/uchida_tomato

Yuya Sakai: Co-founded SARAH Co., Ltd. during his student days. In addition to Japan's largest menu-focused gourmet app "SARAH," he built a big data service for the food industry called "FoodDataBank." As COO, he led fundraising of a total of 1 billion yen and M&A, PMI. Since 2019, he has been leading the Web3 transformation of SARAH. He developed a layer 1 unique blockchain "ONIGIRI Chain" specialized in data management for food and healthcare and built a token economy. After stepping down as representative director in 2025, he became independent. Currently, he is engaged in consulting focused on the social implementation of blockchain utilization and Web3 businesses that involve actual demand.

X Account: https://x.com/skyuya03

Interviewer: Shinya Otsuka, Deputy Editor-in-Chief of New Economy

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.