In a cold Moscow winter, Michael Egorov sits in his academic office, delving deep into the world of ultracold atoms. This young physicist, with a red diploma from the Moscow Institute of Physics and Technology, stands at the forefront of science. However, deep inside, his interest in cryptocurrency is quietly budding.

Early Pursuits

Michael Egorov was born into an education-oriented family. Both of his parents were educators who instilled in him a pursuit of knowledge from a young age. At the Moscow Institute of Physics and Technology (MIPT), he not only demonstrated a passion for physics but also showed a profound interest in mathematics, earning bachelor's degrees in both subjects. His academic talent was internationally recognized, and he won a bronze medal at the International Physics Olympiad in 2003. However, his interests were not limited to traditional physics. During his university years, he also delved into quantum computing and cryptography.

Egorov was not content to stop there. He decided to further his studies and pursue a doctoral degree at Swinburne University of Technology in Australia. There, he delved deep into the coherence and collective oscillations of Bose-Einstein condensates, a highly complex field of physics.

Career

Michael Egorov is the current CEO of Curve Finance, a Swiss company he founded in June 2020. Prior to this, he was the Chief Technology Officer of NuCypher, a big data encryption layer that enhances data security using proxy re-encryption. Michael founded NuCypher in March 2015 and served as CTO until June 2020. He also worked as a physics postdoctoral researcher at Monash University from 2011 to 2014, during which he established a new Rb-K BEC machine. Michael has worked as a software engineer at several companies including LinkedIn, WorkLifeGroup, Netagi, and VGTRK. He has experience in Python programming and has been involved in projects such as Django web development and configuration tools for deploying hundreds of products on tens of thousands of servers.

Transition to Cryptocurrency

Despite his success in academia, Egorov's interest in cryptocurrency has been growing. In 2013, while working as a physics postdoctoral researcher, he bought some Bitcoin. Shortly after, he moved to the United States to work in the high-tech industry, at the time at LinkedIn. By then, Egorov had already acquired a lot of knowledge about cryptocurrency and founded a company called Zero DB, now known as Nucipher, which is currently operating in the cryptocurrency field.

Egorov has been an active DeFi user since the end of 2018, when Maker DAO began to intervene in the stablecoin market. He has always had trouble exchanging stablecoins, as doing so on Coinbase was not very efficient. At the same time, Egorov was also working on some trading bots, which sparked his idea of how to effectively exchange stablecoins. This is the origin of Curve Finance. In early 2020, Egorov implemented the algorithm and basic user interface on Vyper and launched Curve. So what we see today is the continuation of this.

Rise of Curve

Curve quickly became a leader in stablecoin trading. Unlike other exchanges, Curve allows users to trade directly with smart contracts, greatly improving trading efficiency. Egorov's innovative thinking and in-depth understanding of technology have led Curve to tremendous success in the cryptocurrency field.

So, what sets Curve apart from other DEXs like Uniswap? Basically, many AMM mechanisms have a common feature, which is some liquidity in all currencies. For example, when you exchange from currency A to currency B, as a user, you buy some B from the pool, and the pool gets more A, causing the price to change slightly. The purchased currency B becomes slightly more expensive. The so-called Bonding Curve describes the way these price changes occur. Different protocols have different bonding curves. For example, Uniswap V2 uses a constant product bonding curve, under which the pool basically rebalances all positions. What Curve does is concentrate liquidity around the price of 1.0, which is where liquidity is most needed. As you move away from the price of 1.0, liquidity decays exponentially. When you are close to 1.0, you get the highest liquidity depth. It is this mechanism of concentrating ultra-high liquidity around 1.0 that is particularly suitable for stablecoins, so it immediately became the infrastructure for DeFi yield.

However, success is not always easy. Egorov faces many challenges, including technical challenges and market competition. We later learned about the Curve War, the centralized liquidity of Uniswap V3, the Vyper vulnerability attack, and even the liquidation crisis caused by his own excessive collateral borrowing. Will there be other crises? In this dark forest of DeFi, we do not know.

Author: @hicaptainz

Original article: https://captainz.xlog.app/Michael-Egorov-cong-wu-li-xue-jia-dao-jia-mi-huo-bi-de-xian-qu

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