EP1 WEB3 TECH TALK - Space Recap

Last Friday evening, we dived deep into the state and future of L2 solutions. We were joined by a stellar panel: Shaw W from KaratDAO, Karry from Map Protocol, Cedric from Web3Go, and Nova from iPollo. Here are some of their insightful highlights.

Team Introduction

@MapProtocol:The omnichain layer for Web3. 100% Nakamoto Style cross-chain communication built on Light-client & ZK technology with zero privileged roles.

@KaratDAO:The data access control middleware which leverages on-chain MPC and ZK technologies to create a sharable Web 2 & 3 multi chain ID data.

@Web3Go:go-to AI-native digital asset tools and real-time data infrastructure.

@iPolloverse:iPollo is a decentralized rendering platform for metaverse.

Q: L2 solutions like zkSync and Basechain have been red-hot in the crypto market recently.However, with new ecosystems, challenges like 'soft rug' incidents emerge.How do you perceive the current landscape and the future of L2?

Nova: We're still in a bearish phase across the market. It's not just Layer 2; many major Layer 1 chains are seeing diminished transaction volumes. When a fresh ecosystem emerges, speculators dominate the early stage—it's a given. However, in the long run, L2 holds immense potential, promising enhanced security, faster transaction speeds, and reduced gas fees. I believe, after an initial settling period, genuine builders and committed ecosystem contributors will continue to populate L2.

Karry: For now and the foreseeable future, L2 remains the main focus. Its scalability meets current project requirements. Being bullish on L2, in essence, means being bullish on Ethereum, given that most developers, community engagement, and capital are centered around it. We need to cut through the noise of these "incidents" and instead spotlight and engage with promising early-stage projects.

Cedric: Looking from a Total Value Locked (TVL) standpoint, new ecosystems garner a significant amount of TVL, attracting both users and more builders. If you trace back to the flourishing early days of some popular blockchains, you'll find instances of 'rug pulls'. It's a natural selection process.

Q2: With rapid advancements in core infrastructure and the rollout of centralized L2 application chain SDKs, web3 still faces user growth bottlenecks. What are your thoughts on ushering more users into the web3 realm?

Cedric: SDKs are pivotal for enticing developers into any ecosystem. However, what's paramount is introducing innovative crypto interactions, not just repackaging DeFi or GameFi models. That's what we're addressing at Web3Go, for instance, by creating a user-generated content (UGC) platform powered by AI to seamlessly assist users. We're also exploring potential use-cases with AI oracles.

Nova: We're in a phase of competing for existing market share. With the proliferation of infrastructural solutions, many investors are pivoting their focus to the application layer—take blockchain gaming, for example. While crypto was once tech-driven, as the industry evolves, technology remains important but isn't the sole determiner. Tech breakthroughs leading to innovative business models take the spotlight, and that's why we see sectors like AI, semiconductor tech, and biopharma entering the crypto dialogue.

Karry: Technological barriers aren't too high in the crypto industry. When one entity unveils a tech innovation, rivals can swiftly replicate. The real competitive edge lies in the ecosystem, not just the tech. User engagement remains the industry's heartbeat. The surge in application-specific blockchains is a testament to that. For users transitioning from web2 to web3, user experience simplicity is crucial. Take Map Protocol's gas fee payment feature—it's all about streamlining the cross-chain asset process.

Shaw: To bring more users onboard, we must democratize access. For instance, introducing diverse roles tailored for various participants, like Claimer for data providers, can be a game-changer. It's designed to cater to all web3 users.

Q3: What do you envision as Ethereum's endgame, or more broadly, the mass adoption scenario we all anticipate?

Karry: Ethereum's mainnet isn't just user-centric but targets various chains—more precisely, catering to various Rollups and Raas platforms. The future gravitates towards modular blockchain components. I see Ethereum evolving into a system with heightened compatibility, reduced complexity, striking a balance for prolonged stability.

Cedric: It's all about user intent. We must architect protocols and infrastructure by putting users first, targeting their goals or intentions. That’s the essence of creating superior user experiences.

Nova: On the scalability front, layer scaling has consistently been a focal point. Despite being in its infancy, it's already crafting a compelling narrative for Ethereum. OpStack's widespread adoption is a prime example.

Shaw: If we're betting on eventual business models or infrastructure, blockchain's utility aspect remains. We can foresee specialized use cases emerging, be it AI-driven chains, payment-centric chains, or more.

I hope this refined content resonates better with the web3 community!