In this exclusive interview, Professor Long Fan systematically shared for the first time his path choices, independent judgments on industry trends, and advice for young developers. Article author: Lesley, MetaEra. On May 15, at the Hong Kong Convention and Exhibition Centre, the "Persevering in the World · Tides Surging in Hong Kong" #Conflux 数字金融与生态发展大会上，Conflux Network 创始人龙凡教授，再次出现在公众视野。这位清华「姚班」校友、MIT 博士、现任多伦多大学教授，过去几年几乎淡出公众视野，不曾接受媒体专访，默默地带领团队推进 Conflux 作为中国唯一 # compliance #公链 的技术探索与全球拓展。面对 # RWA craze, #Memecoin surge, and the accelerated development of stablecoins have made the pace of the blockchain era faster than ever before. How does Conflux maintain its technical steadiness amidst this? As the only compliant Chinese public chain, what is the long-term thinking behind Conflux's compliant identity? In this exclusive interview, Professor Long Fan systematically shared for the first time his path choices, independent judgments on industry trends, and advice for young developers.

The original intention of entrepreneurship and the technical foundation of Conflux MetaEra: Please briefly introduce yourself. You are a PhD from MIT, an alumnus of Tsinghua Yao Class, and also the founder of Conflux, along with many other identities. If you were to introduce yourself, which identity would you want everyone to remember first? Why?
Professor Longfan: I am a researcher in the field of computer science, which means I study computer science. You can think of it as what everyone commonly refers to as a "scientist"; this might be the simplest identity that encompasses everything I do. Whether as the founder of Conflux or my previous studies at MIT, and now teaching at the University of Toronto, they are all part of this identity, or rather, part of the experience of this identity's growth.
MetaEra: If you could only use one sentence to introduce Conflux, what would you say? Is there a sentence that ordinary users can easily remember what Conflux is doing now?
Professor Longfan: I believe that what Conflux is doing right now is to persist in building a high-performance public chain based in China or Asia, with the ambition to become an important infrastructure in the Web 3.0 era. This is what we have been doing and what we will continue to do.
MetaEra: Is this definition something we started to establish 18 years ago? Or is it a result that our team has gradually explored over the past seven to eight years?
Professor Longfan: Our team has been thinking this way since 2018. In trendy terms, it's called "staying true to our original intention," and we have been坚持 like this.
MetaEra: Currently, Conflux's Twitter profile defines the project in relation to "stablecoins" and "payments". So compared to Ethereum, Solana, and other public chains, what significant advantages does Conflux have in the area of stablecoins and payments?
Professor Longfan: I believe that the greatest advantage of Conflux in terms of technology is that our overall technical architecture achieves high-performance TPS without sacrificing decentralization and security. Our network can support 3000-6000 TPS, and the confirmation time is also very fast. All of this is achieved without sacrificing the number of nodes or compromising security.
This is a significant advantage for us in terms of technology, and it has been validated over a long period. For example, since the launch of the Conflux mainnet, it has maintained zero security incidents, reflecting the stability and credibility of the architecture. What we are doing is based on our unique market or industry position, focusing on what we are better at or what we should be doing. Everyone has seen our active promotion of offshore RMB, stablecoins, and other directions, and we are also focusing on the cooperation with China Telecom on the BSIM card. You can understand the BSIM card as an entry point into the blockchain world, and it is a key channel for us to connect with real-world application scenarios.
In fact, all of this illustrates what we can do as a public blockchain platform that originated in China and is currently the only compliant public chain in the country, as well as our unique advantages in this position, which indeed brings different advantages and changes to our on-chain ecosystem. This is why we focus on these matters. Compliance is not something that is "fought for," but rather a combination of "long-term belief + path selection." MetaEra: Recently, Conflux signed a strategic cooperation agreement with partners aimed at cross-border trade scenarios along the Belt and Road. I would like to understand which of the many landing scenarios mentioned at the meeting you believe can be realized relatively quickly?
Professor Long Fan: I believe there are two aspects worth paying attention to. In fact, the content released at the conference includes projects that will have clear progress in the next month or few months, with a predictable implementation path.
For example, the currently promoted offshore RMB stablecoin, our ecological partner AnchorX is already ready in terms of compliance and other aspects. The main discussion now is: in what way can we better release the offshore RMB stablecoin so that more people can access it and apply it in these scenarios. Therefore, very soon there will be a compliant offshore RMB stablecoin running on our chain, and we will also launch a series of ecological solutions to help this project expand its influence. This will be a priority direction for our public chain development strategy moving forward.
The second is the BSIM card. The entire process of developing this technology involves not only software development but also collaboration with telecom operators and card suppliers. In fact, for a long time, some aspects were not entirely within our control. However, we are pleased that the development and coordination of these technologies have basically concluded recently. We expect to launch one or several BSIM cards in some overseas markets of China Telecom in the coming months, allowing users to truly use BSIM cards. If the results meet expectations, we can look forward to more promotions and possibly collaborating with other operators for promotion.
MetaEra: In reality, Conflux is currently one of the few public chain projects with significant advantages in compliance. It is not only actively promoting its implementation in mainland China but has also achieved good development results in Hong Kong and even international markets. This identity and positioning is quite unique. Do you think that this path can convey a positive signal to the entire industry—that Chinese blockchain projects have the potential to develop a road that combines both internationalization and localization within a compliance framework?
Professor Long Fan: The route we have always adhered to conveys the message that compliance is possible and that we can persist in this way.
Now we have become the only compliant public chain in China, which actually has its historical reasons. This is not something we fought for, but rather, during a previous wave of regulation and policies, most teams actively chose to give it up. Many did this out of short-term strategic considerations, for example, maintaining compliance in China and the communication costs with regulators are too high, so they moved to Singapore, which is the choice of many teams. Precisely because we insist on the path of compliant development, the compliance costs we bear are actually very high. This also means that in many decisions, we must be more restrained. For instance, we cannot randomly issue new Tokens.
There is another aspect, which is that many people were previously unwilling to try this because it was generally believed to be impossible, or that there was no need to try. But we have always believed that this is achievable and are willing to put in the effort, even if it means sacrificing some short-term interests in the process. We firmly believe that in the long run, this endeavor has great value.
同时,我们的想法也比较自然。 Because 为我们核心团队的大部分成员都毕业于清华, there are also some scientific researchers who have stayed overseas. Everyone is doing a very technical and decent thing. 我们会想,为什么我们们must go into exile? 是可以坚持走出一个正常发展的路径的。 我们始终相信,在合规这件事上,并不是完全无法与监管沟通的。 我们愿意go 尝试沟通、探索什么是可以做的。 实际上,在沟通的过程中我们也发现,监管并不是完全无法交流的。 每个人都有自己的出发点,监管机构也他们的立场和考慮量。 但只要彼此愿意沟通,双方的逻辑和理由就可能逐步讲清楚,最终找到一个彼此理解、能够继续推进的解决方案。
MetaEra: Actually, Conflux has also been actively establishing its presence in Hong Kong recently. In this process, what role do you think Hong Kong plays? For example, will the policies have stronger support? Will the environment be a bit more relaxed?
Professor Long Fan: First of all, Hong Kong can now be understood as a "special zone" for blockchain. We can understand it this way: when China faces a new thing that presents both visible opportunities and significant risks, it often chooses to first establish a special zone for pilot testing. Blockchain is a typical example of this, and Hong Kong happens to take on this role. This is because blockchain brings some financial risks, such as capital flow and cross-border regulation issues. For the country, conducting pilot tests in Hong Kong, a place that is already open to capital, may be less pressured, which is the current positioning of Hong Kong. You can think that for a considerable period, various applications can be legal in Hong Kong without worrying about various policy risks. This environment has directly led to a clear result: compared to the mainland, the compliance costs in Hong Kong are much lower.
In fact, we are looking at this matter from the characteristics of the industry. The industry is currently in a window period. Not just in China, but the vast majority of blockchain projects globally are working in a distributed manner. In this case, "where people are" and "where the project is registered" are often two separate matters. You will see that many projects recently, regardless of where team members are located, choose to register the project in Hong Kong. The reason is simple: once it becomes a "Hong Kong project", it is much easier to promote compliance and it is less likely to encounter unnecessary troubles. From this perspective, Hong Kong is in a natural policy dividend period, which is a very important opportunity window.
Recently, I chatted with the people of 业内, Hong Kong Jue in also has a certain sense of force, 这种紧迫感主要来自于美国 and other overseas land. 其他地方对于区块链这个事情步子迈得是很快的。 However, Hong Kong's policies have been released, but Hong Kong is also reflecting: Is the policy strength still conservative? 如果继续维持当前的节奏,未来可能仍然会错失一些关键机会。 这或许也是未来香港在策略上需要进一步调整和加快的方向。 RWA 是进化,Memecoin 是人性:区块链世界的两极生存法则MetaEra :我们注意到,你已经有一段时间没有接受专访了。 因此也特别希望借此机会,听你聊聊过去这几年整个行业所经历的变化。 例如,你如何看待近期备受关注的 RWA 板块以及前 Memecoin 引发的市场热潮? 您和 Conflux 团队是如何判断一个赛道是"趋势"还是"泡沫"的? 此外,面对热点不断切换,Conflux 是否会选择主动追逐某些市场热点,还是坚持自身既定的技术和战略路径?
Professor Longfan: First of all, I have always viewed it this way: RWA is not a bubble, and stablecoins are not a bubble either. They essentially represent the entire industry’s efforts to break through regulatory barriers and existing framework limitations, constantly seeking new narratives to optimize their development paths. This matter itself is meaningful and represents an important step forward in humanity’s better utilization of blockchain technology.
In the past, we talked about "stablecoins"; now we talk more about "RWA". But essentially, they are the same thing, just with concepts continuously expanding and narratives evolving. It can be understood that people within the industry are constantly correcting and upgrading the narrative, reinterpreting how blockchain should be applied in a way that is easier for the outside world to understand and accept. Therefore, I believe this is a good thing, rather than a bubble.
In fact, the level of acceptance of these concepts by the outside world changes with time and social context, as the saying goes, "this time is different from that time." Take stablecoins as an example; in the beginning, no one was optimistic about stablecoins, thinking they were just an alternative means for speculators when they couldn't cash out. But now, no one says that anymore. When you find that stablecoins are among the top ten buyers of U.S. Treasury bonds, it indicates that their use cases and influence have far surpassed cryptocurrency trading itself. The main application scenarios for stablecoins are no longer for speculation but are reflected in payments, transfers, especially in the field of cross-border trade. Of course, exchange scenarios still exist, but they are no longer mainstream. Things are always evolving, and RWA is no exception.
Initially, everyone viewed stablecoins as "speculative tools". From the perspective of many Chinese people, this was seen as speculative, improper, and even a bubble. However, we now see that by utilizing RWA, we can digitally package some real assets, thereby providing a new source of liquidity for assets in the real economy that lack liquidity. At this point, people suddenly realize that RWA can serve the real economy and has real value. However, at the end of the day, this could have been done before; it’s just that now it has a different name and narrative to promote it.
Ultimately, this represents a change in perspective for the entire blockchain industry, conveying the same core message to the outside world: blockchain technology is valuable and has real application potential. Therefore, I believe that RWA is by no means a bubble; it is merely an upgrade in the narrative of our industry, a way to engage in dialogue with the times.
MetaEra: So you think Memecoin is a bubble.
Professor Longfan: I believe Memecoin is an ancient human desire. It's quite simple, the gambling instinct is an ancient need for humanity. If gambling were always a bubble, then Las Vegas casinos should have closed their doors long ago.
When it comes to Memecoins, my view is that humans have an inherent desire to "take a gamble," and Memecoins are essentially a manifestation of that need; they are a form of "gambling in the crypto era."
Memecoins are like gambling, where there are dealers, and even the President of the United States can be the dealer at this table. In Las Vegas casinos, there are also dealers, and the casino itself is the dealer. So if you ask whether this kind of thing is a "bubble", I think the answer to that question depends on your attitude towards "gambling".
If you believe that the demand for gambling should not exist, you might see it as a bubble; but if you acknowledge that there is a longing for risk, excitement, and uncertainty inherent in human nature, then it is merely another form of expression, another table of cards.
At the Memecoin poker table, people place bets, chase prices, and sell low, which ultimately amounts to participating in a game. Once we see through the essence of this mechanism, there is no need to overly criticize or attack it. After all, everyone is just playing a game in this "casino," and that’s all there is to it.
MetaEra: The Conflux team has consistently adhered to the technical route of "Asian High-Performance Public Chain" since 2018, remaining true to its original intention. If we extend the timeline to five years or even a bit longer, do you hope that what Conflux is doing will still be the same as it is now?
Professor Longfan: I think we will continue to persist in this direction. Of course, if I have any hopes, it is that the things we are committed to have made significant progress, even if what we are doing and our methods are different from many other teams.
Many teams tend to follow this approach: once a hot topic arises, they quickly align with market trends and launch a new project within two weeks. However, our team is relatively more restrained and stable in our strategy. The initiatives we pursue often progress at a slower pace. On one hand, it takes time for the direction itself to mature; on the other hand, it indeed requires our long-term efforts to promote. Nevertheless, we firmly believe that opportunities exist in this direction. Especially against the backdrop of ongoing changes in the international situation, the direction we adhere to is gradually revealing its value and significance. This value may not be so prominent in the short term, but in the long run, it is solid and clear.
So if I were to talk about my expectations for the future, it would be: in four or five years, the things we are doing will definitely achieve greater progress than now. I am willing to believe that this continuous investment will eventually bring returns.
MetaEra: In fact, we still see many developers continuously entering Web 3.0. So if there are new developers wanting to enter the industry now, would you suggest they focus on infrastructure, application layer, or some other direction?
Professor Longfan: I think this actually depends on the individual developer's or possibly the team's situation.
In fact, there are mainly two styles of doing things in the blockchain industry in China right now. The first is adept at seizing short-term opportunities, rapidly iterating, and quickly trial-and-error. There are indeed many hot spots in this industry, as well as many attention scenarios that can be quickly amplified. If you are a team with strong execution and a keen sense of rhythm, willing to actively chase hot topics and trends, then I think you can try more application-layer directions. Such opportunities do exist. But the premise is, are you really suited to this rhythm? Adapting to this rhythm may mean that you need to constantly chase various hot topics and try various related products or gameplay.
另一种做法则是选择一个可以长期投入的方向,无论是基础设施、某一类细分应用,还是 Infra 层的技术空白。 只要你确认这个方向存在真实的、未被满足的需求,那就可以选择专注耕耘。 这种方式的挑战在于,它需要真正的长期主义信仰。 因为整个行业充满了短期诱惑与干扰,资金、用户和资源流动高度波动。 在这样的环境中坚持下来是并不容易的。 但相对的,这条路径好处是:真愿意Do 长期事人并微,Therefore, 面临的"真正的竞争" instead 没那的激烈。 The biggest challenge may not be the murderer, but yourself - can you hold the investment, bear the cycle, whether you have enough faith and endurance to really sink down.
Therefore, I believe that each team ultimately needs to return to its own endowments and rhythm, and find the path that suits them best.
MetaEra: At this conference, we also saw many projects being built on the Conflux ecosystem. I would like to ask whether Conflux still has relevant resources or platforms to support young developers in their continuous growth and exploration? Will there be some encouragement mechanisms in the future to help more developers join the ecosystem and participate deeply in its construction?
Professor Longfan: Our ecosystem has always had various ways to incentivize developers, and we are continuously adjusting and optimizing these incentive methods. In fact, we have tried many different paths and models. Our goal is to find projects that are willing to establish long-term cooperative relationships with us, rather than just short-term collaborations.
In fact, there are many "migratory" developers in this industry -- they often move between different public chains following short-term incentives. However, for Conflux, we focus more on long-term development, so the contribution of such developers to the sustainable construction of the ecosystem is relatively limited. From our perspective, we prefer to support teams that are truly willing to settle down, willing to invest, and have clear long-term plans. We hope to establish solid cooperation with them to jointly promote the common growth of the ecosystem.
As for another situation, for example, some developers may have already created similar products on other ecosystems and feel they can directly "Copy & Paste" the code to deploy it, then apply for a Grant, hoping to receive funding of twenty or thirty thousand, or even fifty thousand dollars. Our support for this model will be relatively limited.