Founder Story: Ryker — ZeroLend

Published in

morningstar-ventures

7 min readApr 16, 2024

Hello Community,

We’ve got some brilliant projects within our portfolio and want to tell you more about the founders and teams behind them. Our interviews will regularly provide you with the opportunity to learn more about specific projects. Feel free to post any questions you may have further down in the comments section.

Hi Ryker, please share a bit about your background and how you got started in crypto.

My journey in the crypto space began during my time at the University of Toronto, where my studies in computer science, economics, and mathematics provided me with a strong foundation for understanding the underlying principles of blockchain technology and decentralized finance.
Fascinated by the potential of cryptocurrencies to revolutionize traditional financial systems and empower individuals, I delved deeper into the world of crypto, immersing myself in research, discussions, and experimentation.
As I gained a deeper understanding of blockchain technology and its implications, I became increasingly passionate about leveraging this technology to solve real-world problems and drive positive change. This passion ultimately led me to embark on my entrepreneurial journey in the crypto space, founding ZeroLend with the vision of creating a platform that would democratize access to financial services and empower individuals worldwide.
Since then, my journey in crypto has been characterized by continuous learning, innovation, and collaboration with like-minded individuals and organizations who share a common vision of transforming finance for the better.

Why did you decide to launch a DeFi platform, and what makes it different from other DeFi platforms in the space?

ZeroLend’s Unique Features:
- ZeroLend is a decentralized, non-custodial liquidity protocol within the zkSync ecosystem, offering lending and borrowing on various assets across multiple chains.
- It introduces $ONEZ, a yield-bearing stablecoin designed to capture native yield from the lending protocol and featuring self-loan repaying capabilities.
- ZeroLend Governance ($ZERO) enables community governance of the protocol.
- Account Abstraction feature facilitates gas-less transactions, social logins, and delegated transactions.
- Future plans include support for Real World Assets (RWA) integration and a Privacy Layer using zkStack for compliant, private transactions.
These distinctive features position ZeroLend as a versatile and innovative DeFi platform within the space.

Among your features, we can find RWA lending. Please explain a bit more about it and why it is so important.

RWA lending protocols enable the tokenization and trading of real-world assets (RWAs) like stocks, bonds, real estate, and commodities in decentralized finance (DeFi).
These protocols allow borrowers to offer collateral valued lower than the borrowed amount. For instance, a company seeking a $7 million loan could secure it with $4 million worth of collateral. This streamlined process eliminates traditional banking bureaucracy, offering more favorable repayment terms.
RWA-based lending fosters financial inclusion, especially in developing economies like Kenya, Nigeria, and Uganda. RWAs encompass assets such as cash, precious metals, real estate, bonds, and collectibles.
Considering that gold alone has a market value of about $11 trillion compared to crypto native assets’ $1.1 trillion, integrating even a fraction of RWAs into DeFi could significantly expand the market. Notably, USDT and USDC are prominent RWAs, representing tokenized US dollars.
Why is it so important to us?
RWA lending bridges the gap between traditional assets and DeFi, unlocking liquidity and financial opportunities for businesses worldwide.

How crucial are UI and UX for you? How is it related to Account Abstraction?

Enhancing user experience (UX) and user interface (UI) for ZeroLend is crucial due to the complexity of the DeFi ecosystem. It’s vital to make interactions intuitive and competitive with traditional finance (TradFi) applications.
In Ethereum, there are two types of accounts: smart contract accounts and externally owned accounts (EOAs). Users typically interact with Decentralized Applications (DApps) using EOAs, which have limitations such as single-key coupling, security vulnerabilities, and the need for users to pay gas fees.
Account Abstraction aims to abstract away blockchain details from users, providing a seamless Web3 experience. ZeroLend integrates various zkSync-native Account Abstraction features, including Paymasters for subsidizing transaction fees with ERC20 tokens, social logins for secure authentication, and delegated transactions for limited actions without losing fund custody.
In summary, UI/UX improvements and Account Abstraction enhance ZeroLend’s usability, security, and accessibility, making DeFi interactions more user-friendly and efficient.

After launching your platform, you have quickly become the second-biggest ecosystem in zkSync and the third in the Manta network, passing $100 million in total value. What did you do to achieve this incredible result?

Achieving the status of the second-largest ecosystem in zkSync and the third-largest in the Manta network, surpassing $100 million in total value, is attributed to several key factors:
1. Innovative Features: ZeroLend introduced unique features such as decentralized lending and borrowing across multiple chains, the creation of $ONEZ yield-bearing stablecoin, and the implementation of Account Abstraction for gas-less transactions and social logins. These features attracted users and provided them with versatile DeFi solutions.
2. Strong Team: ZeroLend boasts a dedicated team of business developers, skilled developers, and a proficient marketing team, supported by prompt customer service. This cohesive team worked tirelessly, ensuring efficient operations and fostering community growth.
3. Partnerships and Collaborations: Strategic partnerships and collaborations with zkSync, Manta Network, and Blast Network significantly contributed to ZeroLend’s traction and success. These alliances expanded the platform’s reach and enhanced its offerings.
4. Commitment to Community: ZeroLend prioritizes its community, striving to deliver on promises and provide efficient support. With a global team working around the clock, ZeroLend remains accessible and responsive, aiming to foster community growth and enhance user experience.
In summary, ZeroLend’s rapid growth and success can be attributed to its innovative features, dedicated team, strategic partnerships, and unwavering commitment to its community.

You haven’t launched your token $ZERO yet, which is set to be released in Q1 2024. What’s the reason behind this unusual idea to launch the product before the token? Could you tell us more about it?

The decision to launch the ZeroLend platform before releasing the $ZERO token in Q1 2024 was driven by strategic considerations aimed at building a robust ecosystem. By launching the platform first, ZeroLend was able to focus on establishing a strong user base, developing innovative features, and forming key partnerships. This approach allowed ZeroLend to demonstrate its value proposition and gain traction within the DeFi space before introducing its native token.
Additionally, delaying the token launch provided ZeroLend with the opportunity to fine-tune its tokenomics, governance mechanisms, and utility features based on real-world user feedback and platform usage data. This ensures that the $ZERO token is well-positioned to fulfill its intended role within the ecosystem and effectively incentivize participation and governance.
Overall, the decision to prioritize the platform launch before introducing the $ZERO token reflects ZeroLend’s commitment to building a solid foundation for long-term success and creating value for its community.

You have raised a total of $3M in your Seed round, attracting some of the most prominent investors in the space. How have you planned to deploy the capital? In which area will you concentrate your efforts?

With a total of $3M raised in our Seed round and the backing of prominent investors, we have strategically planned the deployment of capital to optimize our growth and development. Our focus areas for capital deployment include:
- Platform Development: A significant portion of the capital will be allocated towards further enhancing the ZeroLend platform. This includes developing new features, improving user experience, and ensuring the platform’s scalability and security.
- Team Expansion: We plan to invest in expanding our team of talented professionals across various functions such as development, marketing, customer support, and business development. A strong team is crucial for executing our vision and driving the platform’s success.
- Partnerships and Collaborations: We will allocate resources towards forming strategic partnerships and collaborations with other projects, protocols, and institutions. These partnerships will help us expand our reach, access new markets, and integrate additional services and assets into the ZeroLend ecosystem.
- Marketing and Community Engagement: Capital will be allocated towards marketing initiatives aimed at raising awareness about ZeroLend, acquiring new users, and fostering community engagement. Building a strong and active community is essential for the long-term success and growth of the platform.
- Compliance and Regulatory Efforts: We will invest in ensuring compliance with relevant regulations and industry standards. This includes legal expenses, compliance measures, and regulatory consulting to ensure that ZeroLend operates within the legal framework of the jurisdictions in which it operates.
By strategically deploying our capital across these key areas, we aim to accelerate the growth and development of ZeroLend, establish a leading position in the DeFi space, and deliver value to our investors and community.

Is there anything you would like to share about your entrepreneurial journey in the crypto space?

Certainly! Our entrepreneurial journey in the crypto space has been both exhilarating and challenging. We embarked on this journey with a vision to revolutionize decentralized finance and empower users with innovative financial solutions.
Throughout our journey, we have encountered various obstacles and hurdles, from technological complexities to regulatory uncertainties. However, each challenge has presented an opportunity for growth and learning, strengthening our resolve to overcome obstacles and drive meaningful change in the industry.
One of the most rewarding aspects of our journey has been witnessing the impact of our efforts on the community. Building and launching the ZeroLend platform, attracting investment from prominent investors, and receiving positive feedback from users have all validated our vision and fueled our passion to continue pushing boundaries and innovating in the crypto space.
As we continue on our entrepreneurial journey, we remain committed to our mission of fostering financial inclusion, and unlocking new possibilities for users worldwide. We are excited about the future of crypto and the transformative potential it holds, and we are grateful for the opportunity to be part of this dynamic and evolving ecosystem.

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Thanks a lot for your time Ryker. Good luck with your projects!

You can check the social media profiles of the project: Website | Twitter | Discord

The Morningstar Ventures Team

About Morningstar Ventures

Morningstar Ventures is an investment firm backing ambitious ideas by early-stage founders. Based in Dubai, Morningstar Ventures focuses primarily on the blockchain and digital assets space and is led by CEO Danilo S. Carlucci. The firm is active in token and equity investments and has a particularly strong focus on the MultiversX ecosystem.