Ethereum Nodes: A Centralization Concern
Ethereum co-creator Vitalik Buterin expressed his concern about the centralization of Ethereum nodes, which are mostly run on servers like Amazon Web Services. He highlighted the vulnerability this creates for hackers or anti-crypto authorities to launch attacks. Buterin emphasized that fixing this issue should be a top priority for Ethereum infrastructure providers and node validators.
Tron’s Growing South Korean Community
Tron founder Justin Sun made a grand entrance at the event, capturing everyone’s attention. He spoke about the growth of Tron’s South Korean community, citing on-chain metrics and the focus on developing games for the fast and affordable Tron network. Sun also praised Asia, particularly Hong Kong, as the ideal location for crypto enthusiasts due to favorable government policies and the interest from developers and users.
Sophistication Needed in Decentralized Exchanges
Founders at Hashed, a leading blockchain fund in Korea, emphasized the need for decentralized exchanges (DEXs) to become more sophisticated. They suggested improving the code for DEX order books to facilitate faster trades without concerns about front-running. The current batch of DEX products allowing token swapping in exchange for yield rewards was deemed insufficient.
A Privacy Mainnet for DeFi Applications
Awa Yin, founder of Namada Protocol, announced the development of a privacy mainnet that would enable existing decentralized finance (DeFi) applications to offer private transactions to their users seamlessly. This move aims to enhance privacy within the DeFi space.
NFT Focus: Retaining Users and Future Potential
In discussions related to non-fungible tokens (NFTs), @FrankDeGods stressed the importance of retaining current users instead of solely focusing on onboarding new participants. Amid a significant price slump in NFT collections, the emphasis was on keeping existing users engaged. However, many developers and holders expressed optimism about the future prospects of NFTs, envisioning them as status symbols for future generations.
Asia’s Favorable Crypto Regulations
Yoann Turpin from market maker Wintermute highlighted Asia’s favorable regulations for crypto businesses and trading companies. He suggested that these regulations could lead to increased growth and revenues, potentially causing U.S. companies to consider shifting their operations to Asia.
Novel Attractions at the Conference
Various crypto companies at the conference used innovative methods to attract attendees. Some offered chocolates, while others presented locked boxes with caps inside to represent privacy. Additionally, K-Drama part-timers were hired to distribute physical tokens. The most popular attraction was a soft-serve stall near a massive NFT mural, demonstrating attendees’ priorities.
Hot Take: Crypto Industry Thrives Amidst Bear Market
The Web3 conference showcased the resilience and enthusiasm of the crypto industry despite being in one of its deepest bear markets. From discussions about decentralization concerns to the potential of NFTs and the allure of Asia’s crypto-friendly environment, the event highlighted the ongoing progress and innovation within the industry. As companies explore solutions to address challenges and capitalize on opportunities, the crypto community remains optimistic about the future.