In August 2022, the dynamic world of Web3 witnessed a pivotal gathering of notable founders who are shaping the future of decentralized finance (DeFi). Hosted on Twitter Spaces, this insightful discussion brought together influential figures like PAM, co-lead of Hot Cross, Thanh Le, founder of Coin98 Finance, Ravindra Kumar, founder of Frontier, and Emile, co-founder of XDEFI Wallet. In this article, Unilever.edu.vn delves deep into the highlights from this significant conversation, exploring the evolution of DeFi, the challenges it faces, and the promising future that lies ahead.
The Evolution of Web3: Insights from Founders
A Commitment to Building Resilient Products
The night began with a discussion around the challenges and accomplishments in the Web3 space. PAM highlighted that competing against giants like MetaMask requires relentless determination and innovation. The seasoned founders agree that robust product development is critical for success in this fast-paced environment. Thanh Le remarked on the years of engineering it took to shape Coin98 into the comprehensive platform it is today, a feat that didn’t happen overnight. He emphasized how pivotal it is for Web3 applications to be available across various mobile platforms, ensuring accessibility across Android and iOS.
Coin98 and the Future of Crypto Analytics
During this gathering, the spotlight shone on Coin98’s analytics platform. PAM lauded its ability to create informative and engaging infographics that break down complex crypto topics for users. The founders collectively recognized that effective communication is paramount in demystifying blockchain technology for a broader audience, thereby accelerating adoption.
The Shared Journey of Founders
Ravindra’s journey into the crypto realm began as a programmer, growing into a thought leader and co-founder of a DeFi aggregator. His collaboration with PAM emphasizes the importance of networking and knowledge-sharing in the Web3 space. The two met in 2018 and have since developed a strong professional relationship, rooted in a shared vision for innovation.
Overcoming the MetaMask Challenge
MetaMask’s Dominance: An Opportunity for Disruption
MetaMask, being the leading wallet for Ethereum, has set a high bar for emerging competitors. Founders acknowledged the hesitancy some may experience when considering the development of an alternative wallet. However, they also stressed the necessity of multi-chain solutions to circumvent issues like network congestion and high transaction fees, especially during peak demand periods.
PAM noted that while MetaMask has its stronghold, the industry’s evolution brings forth opportunities for startups to build wallets compatible across various EVM-compatible chains. This approach helps address the needs of users seeking flexibility in their crypto transactions.
Human Resources: Building Strong Teams
The discourse focused heavily on team dynamics. PAM mentioned Hot Cross’s current staff of over 15, while Ravindra’s Frontier boasts a team of over 60, all fueled by venture capital. Coin98, with around 100 employees, was on a scaling spree—each founder emphasizing that cultivating talent is crucial for the success of their respective platforms. Emerging markets like Vietnam and India, known for their abundant talent, present unique opportunities for growth in the tech industry.
The Duality of Centralization and Decentralization
Finding the Balance
The conversation turned to a pressing question: how should founders approach decentralizing their products? Thanh Le of Coin98 expressed a pragmatic viewpoint. He maintains that while their development team can quickly address issues, it isn’t yet the right time to pursue a fully decentralized model. The industry is still maturing, and reaching that equilibrium will take time.
Ravindra elaborated on the decision to maintain a more centralized approach in light of security threats like scams. He pointed out that open-sourcing products necessitates thorough documentation and maintenance, which may not be sustainable at this developmental stage.
The NFT Revolution: Pathway to Mass Adoption
Expanding the NFT Ecosystem
The ongoing rise of NFTs (non-fungible tokens) cannot be disregarded in the discussion surrounding DeFi. Founders recognized the increasing involvement of celebrities and brands in the NFT space, driving broader consumer engagement. Thanh Le highlighted how NFTs are revolutionizing membership structures, enabling deeper connections between fans and creators. As interest grows, so do the utilities and functionalities of NFTs within the Web3 landscape.
Monetizing Web3 Products
When discussing funding strategies, a salient point raised by Thanh Le revolved around the approach taken to attract venture capitalists. He emphasized transparency post-product delivery as a strategy to entice investors. Founders agreed that having a clear plan and understanding the nuances of fundraising are critical in navigating the Web3 ecosystem.
Ravindra added that early traction and product validation are vital in appealing to potential investors. Frontier successfully raised $1.85 million in a seed round in 2020, a testament to their strategic positioning in a burgeoning industry.
The Multi-Chain Future: Emerging Trends in DeFi
Navigating the Complexities of Multi-Chain Solutions
As the conversation progressed, the focus turned towards the importance of multi-chain and cross-chain solutions. Thanh Le remarked that Coin98 is dedicated to keeping pace with industry trends, developing solutions that accommodate user needs across different blockchain environments. In the coming years, the industry must prioritize building scalable solutions to onboard users into the crypto space with ease.
Ravindra acknowledged the fragmented trading volume across chains, emphasizing that managing multi-chain interactions poses its challenges. Security concerns, particularly recent exploits, underscore the importance of diligent development and strategic partnerships within the DeFi domain.
Predictions for 2024: A Glimpse into the Future
As the session drew to a close, each founder shared their predictions for the future of Web3:
PAM foresaw increased institutional investments in top-cap cryptocurrencies as traditional giants began to recognize the potential of blockchain technology.
Thanh Le predicted that protocols would continue to evolve, with each developing its own unique chain, signaling a trend towards more specialized platforms within the ecosystem.
Ravindra anticipated a heightened focus on composability and lending as these elements become integral in safeguarding long-term value in the evolving landscape of decentralized finance.
Conclusion: A Thriving Ecosystem
The insights shared during this gathering reflect the vibrant and rapidly changing nature of the DeFi landscape. As these founders continue to navigate the complexities of Web3, their shared commitment to innovation and community building heralds a promising future. By embracing challenges and forging ahead with resilient products, they are not only shaping the decentralized finance future but are also driving forward the broader adoption of Web3 technologies.
Stay tuned to Unilever.edu.vn for further updates and insights into the ever-evolving world of Web3 and DeFi, as we continue to keep our readers informed on this exciting journey into the future of finance.
