Lưu trữ cho từ khóa: Web3

DeFi

What will it take to accomplish real blockchain interoperability? | Opinion

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For years, blockchain interoperability has been a buzzword and a top priority within the crypto and web3 industry. Despite numerous platforms, protocols, and projects dedicated to solving the lack of inter-blockchain communication, broad interoperability within the widening ecosystem remains out of reach.

Despite the up-and-down crypto price swings we’ve seen lately, the foundation of the digital assets sector, which includes blockchain, is much more mature, stable, and focused on solving real-world problems. We’ve also seen blockchain technology adoption within numerous industries, including supply chain management, where it’s improved efficiency by removing the need for multiple intermediaries through its transparent and traceable characteristics.

We can’t diminish blockchain’s progress over the last year or two, both within web3 and with its expansion to other industries such as real estate and healthcare. Despite advances in areas like decentralized finance, decentralized physical infrastructure networks, and tokenized real-world assets, how can we expect mainstream adoption if assets can’t be smoothly transferred between major blockchain networks like Solana (SOL) and Ethereum (ETH)?

Whether cross-chain bridges like Wormhole, layer-2 solutions like Arbitrum, interoperable-oriented blockchains like Polkadot (DOT), or interoperability protocols like Chainlink (LINK), each of these solutions tends to solve only one aspect of the problem.

Security vulnerabilities associated with cross-chain bridges and sidechains have been well-documented as they rely on complex smart contracts and often employ centralized custodians to hold funds during transfers. This creates a single point of failure that hackers can and have exploited. All we have to do is examine the Ronin Bridge hack from 2022, where a hacker ran off with about $625 million in crypto through a hacked private key, to understand the risk they pose.

Blockchains like Polkadot or Cosmos have implemented innovative and sophisticated mechanisms to try and solve the interoperability puzzle. However, Polkadot’s interoperability is limited to its ecosystem and isn’t scalable. Cosmos offers a bit more flexibility, but it suffers from security weaknesses and hasn’t fulfilled its mission of being the “Internet of Blockchains.”

The main issue with today’s limited blockchain interoperability is that it fragments the space into disparate ecosystems, essentially turning the industry into a growing number of isolated liquidity islands. Polkadot’s parachains can communicate with each other, but being able to transfer assets and data between blockchain networks such as Ethereum or Binance would be immensely more beneficial for the entire web3 space.

Solving this would enable seamless asset transfers by making it faster, cheaper, and more secure, even enhancing the utility of stablecoins, altcoins, and tokens across multiple chains. Furthermore, interoperability would greatly enhance the role of DeFi protocols by enabling the creation of unified liquidity pools, which would create deeper and more stable markets and reduce slippage in larger trades.

Breaking down these liquidity barriers doesn’t just equate to a smoother flow of funds and higher token values. It can also translate to reduced dependence on centralized exchanges, which essentially serve as risky bridges, improved scalability, a more user-friendly experience, and greater potential for innovation across web3.

While interoperability seems less and less a priority as other web3 developments and trends steal the headlines, there is still plenty of behind-the-scenes R&D taking place. Various projects are developing their own solutions, but there is no single framework that’s emerged as a universal standard.

Kima, for instance, represents one of the most promising interoperability protocols currently developing a solution to unify the entire blockchain ecosystem. As an asset-agnostic, peer-to-peer money transfer, and payment protocol, Kima has developed a flexible decentralized solution to move assets between blockchains without using smart contracts. Powered by its decentralized settlement layer, universal payment rail, and liquidity cloud, Kima has undergone three years of intense R&D as it prepares for its upcoming mainnet and token launches. 

Kima has secured pre-launch support for all the major blockchains and is developing partnerships with a wide range of web3 and TradFi players because its protocol is also built to link digital assets with fiat systems like bank accounts and credit cards. By facilitating smooth transfers between fiat and crypto, Kima positions itself as a crucial infrastructure piece at the intersection of both DeFi and finance.   

Fostering true blockchain interoperability is certainly a challenge, but progress is being made. It requires broad collaborations among competing networks and a commitment to a universal standard. Standardizing communication protocols, facilitating the highest degree of security, and maximizing decentralization are a good starting point. Continued investment in research along with a flourishing community of dedicated developers provides enough optimism that genuine interoperability is achievable.  

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Theo Crypto News

Công nghệ

Hyve launches data availability protocol, promises high throughput

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Hyve, a blockchain infrastructure company, has introduced its new data availability protocol, HyveDA, after operating in stealth mode for over a year.

The company claims HyveDA can achieve a throughput of 1 gigabyte per second, a speed it says is 100 times faster than current data availability solutions on the market, according to a press release shared with crypto.news.

This launch follows a $1.85 million pre-seed funding round led by Lemniscap, with participation from Paper Ventures and Frachtis.

Data availability protocols like HyveDA play a key role in blockchain systems by ensuring that data necessary for decentralized applications is accessible and secure. In decentralized networks, users often need to verify transactions or other actions without relying on a central authority, which can create data bottlenecks.

HyveDA aims to address these challenges by providing a system that can handle large volumes of data more efficiently.

Improved throughput 

The company plans to scale its throughput to 50 GB/s as the network grows, according to the press release. HyveDA is designed to be permissionless, meaning anyone can join the network without needing approval. This aligns with the broader principles of decentralization, which seek to eliminate centralized control over data and transactions.

Hyve’s protocol is also built to handle data-heavy applications, such as artificial intelligence, decentralized order books, and Web3 games requiring significant data processing power. The funds from its recent investment round will be used to expand the company’s team and support partnerships with Layer 2 solutions, decentralized finance platforms, and gaming developers.

HyveDA is part of Symbiotic’s ecosystem, a restacking protocol that provides additional security and flexibility for operators. By combining Symbiotic’s staking model with HyveDA’s high data throughput, the company aims to handle even the most data-intensive blockchain applications.

While the protocol offers promising performance benchmarks, its scalability in real-world environments will be critical to its success.

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Theo Crypto News

DeFi

Connect people and platforms: The identity-first path to decentralization | Opinion

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We have a people problem in web3. Unfortunately, despite the promise of decentralization and data ownership, platforms still aren’t talking to each other very well. As a result, ingrained issues like identity management, data sovereignty, and privacy continue to trouble our nascent sector.

A unified framework is, therefore, key to unlocking web3’s true potential—one that bridges the data divide and provides decentralized identity with strong privacy protections. This approach proposes a win-win for both sides of the stakeholder equation. Users benefit from cross-chain identity, data monetization, and a unified sense of self. Businesses, meanwhile, gain access to rich and verified user data while maintaining privacy and regulatory compliance. Better yet, this identity-first path to decentralization enables other new capabilities like on-chain reputation systems, chain-agnostic logins, and AI data utilization.

One thing’s becoming increasingly clear in the early days of web3—we must get identity right to get decentralized ecosystems right. Let’s explore how we can best connect people and platforms in this brave new world of the internet.

A win-win for users and businesses

Take a closer look and you’ll notice fragmented identities and disconnected data sovereignty hindering interoperability in both the internet new and old, leaving users with scattered information across the digital ether. This lack of integration limits trust-building and creates inefficiencies in industries—from advertising to AI—where cohesive data is essential.

These issues are all too familiar. Web2 social media giants and search conglomerates centralize identities but fail to connect them across platforms. The result? Siloed, static profiles owned by platforms and not people. Web3 promises a solution: decentralized, interoperable identities owned by individuals. However, putting this into practice is proving challenging.

While web3 improves upon its predecessor, true interoperability and seamless identity management remain elusive. Emerging protocols, however, are tackling this head-on. Projects like LayerZero, which aims for omnichain interoperability, and Gitcoin Passport, which focuses on open-source identity verification, are just two projects paving the way.

As a result, the identity and data layer is becoming a foundational piece of the web3 stack, and protocols and platforms can better offer digital identity management, on-chain reputation building, and data sovereignty.

As mentioned, this new reality benefits both users and businesses. Users can better connect with their online identities by owning, managing, and monetizing their personal data. At the same time, they can interact more safely and privately with dApps. CARV ID, backed by ERC-7231, exemplifies this by allowing web3 gamers to aggregate and manage on-chain wallets and off-chain accounts in one place. 

For businesses, identity and data layers provide access to verified and (most importantly) consenting user data, which improves targeting, decision-making, and remarketing.

Better data, better results

The benefits don’t stop there. Unified identity supports a range of applications that improve the experience for individuals and the ecosystem. On-chain reputation systems, for example, allow users to build and maintain credibility across various web platforms, while chain-agnostic logins enable games and applications to provide data access regardless of where they live. Moreover, truly interoperable decentralized identities facilitate secure account recovery—a crucial advancement for blockchain-based wallets that addresses a long-standing pain point.

Identity and data solutions also unlock other new possibilities. Privacy-preserving advertising becomes feasible when users can opt-in and choose to monetize their information on their terms. And, as AI becomes more prevalent and data-hungry, decentralized identities enable model training that provides personalized experiences while still protecting privacy.

Ultimately, better data gives better results. This identity-first path to decentralization encourages consistency across platforms and creates a more intuitive and empowering online experience for all.

Identity and the user-owned internet

Today, there’s no difference between identity and digital identity. Working, socializing, gaming, and evermore facets of modern life increasingly happen online. Therefore, who we are and how we express ourselves should be interconnected across web3. Likewise, our online contributions—especially when used by companies for data ingestion and private profit—should be rewarded.

In its annual web3 survey, Consensus found that 79% of respondents want more control over their identity on the internet. At the same time, 38% of respondents globally believe they are adequately compensated for the value and creativity they add to the Internet. 

These two ideas—identity control and fair compensation—are intrinsically linked. When people gain true ownership of their identity and can decide for themselves how to share or monetize their data, they’ll naturally be more fairly compensated for their digital contributions. This alignment is core to creating a user-owned internet that values individuals over corporations.

It’s simple: Future-forward protocols and platforms put people first. If we can connect people with platforms that prioritize privacy, scalability, and interoperability, we have a much better shot at shifting the digital status quo. Whether you’re a user, developer, or business leader, the time to engage with and shape this future is now. Let’s seize it and build an internet that is truly for people, by people.

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Theo Crypto News

DeFi

Rest in peace, profile pictures. Long live NFTs! | Opinion

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NFTs aren’t dead. Their potential is just different from what was originally embodied by the epic rise and crash of the PFP market in 2021. Profile pictures, digital art, and collectibles are just a few basic use cases for nonfungible tokens, a revolutionary form of digital asset in which, unlike cryptocurrency tokens, each item is unique and typically cannot be seamlessly substituted for another.

Unfortunately, the concept of NFTs has been conflated with expensive JPEGs due to the 2021 NFT craze that not only did a terrible disservice to crypto generally and NFTs specifically but, in hindsight, was extremely dumb. Which is why only a year after the initial boom, trading volumes plunged more than 90%.

The runaway speculation on NFTs was a human problem, not a tech problem. The situation was similar to any number of precedents, for example, collecting baseball cards back in the ‘80s. Buying packs or boxes at a time, you’d pay very little for a bunch of cards on a per-unit basis—and only a select few would end up being worth a significant amount of money in the long term.

Generally, collectibles—such as sports cards, music albums, popular memorabilia—begin their lives as “one among many,” all of which are a low cost/value, and no one can really predict which ones will be worth something in the future.

Million-dollar zoo animals

Naturally, in 2021, everyone got caught up in the fever of the bull run, and many lost their sense of proportion—paying an inflated seven figures for digital zoo animals. And, of course, some degens and celebrities sought pricey PFPs precisely because they were expensive and they wanted to flex. NFTs quickly became a status symbol, representing the (alleged) wealth of their owners. 

The whole idea of paying huge sums for newly released digital collectibles in hopes that they would increase in value was ludicrous. No wonder now that if you mention to a normie that NFTs are useful and will form an important part of the future digital economy, you’re likely to get laughed at. All they remember is people paying stupid amounts of money for “art” a child could make in MS Paint.

Breaking down the fundamentals

The image of NFTs was badly damaged in the view of the broader public and has not recovered along with the broader portion of the market. This is a real shame because NFTs as a vehicle for digital ownership had real potential to draw in masses of new users into web3.

To appreciate the potentially transformative power of NFTs, it’s important to first ground your thinking in the fundamentals.

An NFT is a data structure for modeling data that has unique properties.

People’s lives are moving increasingly into the digital space, so it shouldn’t be surprising that, ultimately, there will be digitally native goods that people want to own.

Modern ownership

In the web2 world, ownership of anything digital is pointless because it’s so easily copied and/or shared. (Looking at you, memelords wearing out the ‘save-as’ shortcut on your keyboards.) To mitigate this, content owners will often employ common web2 digital rights management  barriers such as paywalls, encryption or just restrict access. But in the end, this additional friction only makes it more difficult to share with the creator’s audience and hold their attention.

Here’s where NFTs come in. Their use cases are boundless—not only to create digital representations of physical things (real-world assets) but also to express ownership of digitally native things.

However, it’s important to understand what rights are actually conferred on the owner of an NFT. Is your NFT a digital representation of your ownership of a physical Picasso painting? Does your NFT only give you the right to showcase the digital art itself? How about the right to print T-shirts with the art on them and collect royalties on sales? This is an area that will require a great deal of consideration to get right. If NFTs start coming with ten pages of fine print licensing agreements, that will certainly take the fun out of them.

Utility beyond PFPs

Beyond solving the problem of digital ownership, NFTs can also be imbued with all kinds of utility: exclusive access to members-only events, collateral for loans, DAO voting rights, representations of positions in DEX Liquidity Pools, etc.—making them an incredibly powerful tool for creators. These uses may have absolutely nothing to do with art, and NFTs can operate in the background as vital components powering complex protocols.

Oftentimes, non-crypto natives fail to distinguish the technology from the asset, resulting in blockchain taking blame for the stupidity or nefarious behavior of humans. Regardless of the bottomed-out prices of infamous PFP collections, NFTs aren’t dead at all; their innovation is simply overlooked. In fact, you may be surprised how much NFTs underpin the RWA revolution that is happening right now in the blockchain sector.

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Theo Crypto News

Altcoin

Creator economy 2.0: AI and web3 define the digital success | Opinion

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The creator economy is rapidly evolving, with projections indicating it will reach a staggering $480 billion by 2027​​. However, despite the rapid growth of digital platforms, the majority of creators find themselves grinding with minimal returns while platforms and third parties rake in the majority of the profits. This scenario is far from sustainable, and the future of the creator economy demands a radical shift. Creator economy 2.0, a phase that will be shaped by artificial intelligence and web3 technologies, is set to shift the dynamic between creators and platforms.

The problem with the creator economy

In the first wave of the creator economy, centralized platforms like YouTube, Instagram, and TikTok gave creators a stage to build audiences and monetize their content. But these platforms have come with substantial trade-offs. Creators are often at the mercy of platform algorithms, arbitrary account closures, and profit-sharing models that are heavily skewed in favor of the platform. For instance, YouTube takes a 45% cut of ad revenue, while platforms like TikTok offer limited monetization options despite generating billions in advertising​.

Even more concerning is that 48% of creators earn less than $15,000 annually​. As creators produce content that drives engagement and keeps platforms profitable, they are left with the scraps, often struggling to make a living. This imbalance between platform profits and creator earnings has sparked a growing demand for change, and the answer lies in AI and web3 technologies.

Enter creator economy 2.0: Powered by AI and web3

The next wave of the creator economy will be marked by two key innovations: artificial intelligence and web3 infrastructure. These technologies promise to address the limitations of traditional platforms by empowering creators with more control, independence, and financial autonomy. 

Artificial intelligence is already transforming content creation, but the next phase will take it further. AI tools, like AI personal assistants, will become indispensable for creators​. These AI-driven systems will help creators generate content, manage fan interactions, schedule posts, and even create personalized AI influencers that can autonomously engage with audiences​.

Imagine having an AI “twin” that handles the mundane tasks of fan engagement and content management, allowing creators to focus on what they do best—creating. By automating routine tasks, AI will enable creators to scale their operations and expand their influence without burning out. This goes beyond simply saving time; it’s about unlocking the potential to do more, create more, and engage more deeply with audiences.

Moreover, these AI tools can learn from a creator’s style and tone, ensuring that the interactions feel authentic and personalized. Creators will be able to leverage AI for everything from personalized fan experiences to on-demand content creation, making the digital hustle not only more manageable but far more lucrative.

Web3: Decentralization and true ownership

Web3, underpinned by blockchain technology, offers creators something they’ve long been denied: ownership. In the traditional creator economy, platforms owned the relationship between creators and their audiences, as well as the content. Web3 changes this dynamic by enabling creators to tokenize their content through non-fungible tokens and smart contracts​​.

With tokenized content, creators can sell directly to their fans, retain royalties from secondary sales, and ensure that their work isn’t exploited without compensation. This opens up new revenue streams and allows creators to maintain control over how their content is distributed and monetized. No more middlemen siphoning off profits—web3 gives creators full control over their intellectual property.

By leveraging blockchain technology, creators can also engage in decentralized finance ecosystems that offer new ways to earn and invest. Whether through NFT sales, fan tokens, or exclusive gated content, creators will have more options to diversify their revenue streams and build sustainable businesses.

The benefits of embracing AI and web3

So, why should creators embrace AI and web3? Because these technologies will not only allow them to keep more of their earnings but also provide unprecedented creative freedom. Here are some of the key benefits:

●  Increased autonomy: With AI tools, creators no longer need to rely on third-party managers or assistants. They can automate fan interactions, manage content creation, and ensure that their brand stays active 24/7 without burnout​​.

●  Financial independence: Web3 allows creators to directly monetize their content through tokenization, eliminating the need for platforms that take a cut of their profits. Creators retain full ownership and can earn ongoing royalties through secondary sales​.

●  Control over content: Creators will no longer be subject to the whims of platform algorithms. By minting their content as NFTs, they control its distribution, pricing, and access, ensuring they get compensated fairly for their work​​.

●  Deeper fan engagement: AI-powered tools will enable creators to offer more personalized experiences to their fans, fostering deeper connections and loyalty. Whether it’s through AI influencers or personalized content, creators can ensure their audiences feel seen and valued​​.

The future of the creator economy

As AI and web3 technologies become more widespread, creators who adopt them will be ahead of the curve, gaining more control, independence, and financial success. Platforms like SUBBD are already leading the charge by providing tools that allow creators to automate processes, tokenize content, and directly monetize their work​. The future belongs to those who embrace these technologies and step into the new era of creator economy 2.0.

In this next wave, creators will no longer be at the mercy of platforms. Instead, they will have the tools to fully own their creative output and reap the financial rewards they deserve. Creator economy 2.0 is not just a prediction—it’s already here.

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Theo Crypto News

Công nghệ

Worldcoin partners with Dune ahead of World Chain mainnet

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Worldcoin is teaming up with Dune in a collaboration that aims to enhance data accessibility for its blockchain network, World Chain.

The Worldcoin Foundation announced its partnership with the web3 data analytics platform on Oct. 11, detailing plans to leverage Dune to ensure global access.

Specifically, Dune will work with Worldcoin (WLD), project contributor Tools for Humanity, and the Worldcoin Foundation to ensure transparency for on-chain data accessibility on World Chain. The partnership comes ahead of the blockchain’s mainnet launch.

With this collaboration, World Chain users, including developers, will be able to explore on-chain metrics for real humans, decentralized finance protocols, exchanges, and any blockchain-based public project.

Worldcoin’s new blockchain

Worldcoin, a project founded by OpenAI co-founder Sam Altman, has faced some challenges since its launch in July 2023. Despite regulatory hurdles and controversies, including concerns over its token supply, the project has seen a significant increase in iris scanning and verification.

In 2024, Worldcoin launched its World ID verification product in European countries such as Poland and Austria, while expanding into Asia and South America. However, the company, which offers eligible users the native WLD token after scanning and verifying their identity, has faced setbacks in Hong Kong, Spain and Portugal among other jurisdictions.

The company announced the upcoming launch of World Chain in April, highlighting a blockchain built on OP Stack. The company partnered with web3 platform Alchemy to debut the new blockchain.

World Chain is also set to integrate with the World ID, World App and Worldcoin cryptocurrency. It will also tap into Ethereum (ETH) and Optimism (OP) as part of the Superchain.

Users who verify their identity on the chain to prove they are human will enjoy benefits such as priority block space and gas-free transactions.

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Theo Crypto News

Công nghệ

Simplifying UX in a fragmented blockchain world | Opinion

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When Vitalik Buterin, co-founder of Ethereum (ETH), announced the completion of the long-awaited Merge in September 2022, efficiency was the name of the game for blockchain innovation. In recent years, scalability has overtaken efficiency as the most pressing issue among the ‘big five’ challenges currently facing web3. 

Prominent layer-1 chains are now giving way to a wave of emerging layer-2 solutions, which promise to propel the blockchain ecosystem to new heights. Dissimilar from the consolidated efforts that drove the Merge, though, this latest stage of blockchain development—coined “The Surge” in the Ethereum space—has given rise to a suite of issues. A new scalability paradigm, spearheaded by a constantly expanding galaxy of L2s, has led to a fragmented blockchain ecosystem characterized by multiple chains, each with its own rules, tokens, and transaction fees.

For some, participating in capitalism means believing that competition breeds success. But when it comes to blockchains, more isn’t necessarily better. Just as the tech shortcomings of the early internet made it challenging for newcomers to navigate websites, the complexity of managing multiple blockchain layers presents significant challenges for users. 

If we are to steward web3 to mass adoption, the time has come to ask: how many layers are too many?

Challenges of a fragmented blockchain ecosystem

As we stack more layers onto our proverbial blockchain cake, challenges for both users and developers continue to arise in the form of hampered usability and stifled innovation. Although the Wild West of L2s feels like a net positive, as more complexities are piled on top of user experience, we risk our blockchain cake becoming nearly impossible to slice through.

Onboarding into web3 can be a daunting task in and of itself, so juggling various wallets, tokens, and fee schedules across chains to perform simple tasks leads to subpar or even arduous user experience. For many, a fragmented ecosystem makes the barrier to entry that much higher.

And the struggle faced by developers is quite similar. The complexity of working across multiple layers can mean slower build times and increased development costs. The lack of interoperability between an always-increasing number of chains further complicates project scopes, especially for teams endeavoring to build cross-chain applications. In the current L2 sector, progress is easily hindered when developers feel forced to navigate a convoluted landscape.

Layer 2s: A potential that’s lacking

Of course, this layer cake approach to scalability isn’t without its merits. There’s a rhyme and reason to the current disjointed system of L2 constellations dominating the blockchain sector.

On paper, L2 solutions offer substantial benefits, including enhanced scalability and speed. Offloading transactions from an L1 to an L2 means increasing the overall volume of transactions that can be processed by said L1. Following the reaction further, L2s can lead to faster and more cost-effective operations, enhanced security, and an extra layer of protection for sensitive transactions.

However, these benefits, as we’ve seen, may only outweigh the disadvantages for so long. Fragmentation creates a complex web that can feel overwhelming, especially as the landscape of L2 solutions continues to expand and a clear solution remains elusive.

A unified approach

Fortunately, there is a promising solution to the challenges presented by the L2 race—chain abstraction. By removing the complexities and overarching technicalities of the blockchain that regularly interfere with usability, chain abstraction can help maintain the broader benefits of decentralized technology while also lowering the barrier to entry to general consumers.

A solution that many proponents of mass adoption are already in support of, chain abstraction allows us to create a unified layer that communicates with multiple blockchains and simplifies user interactions. This approach allows users to manage their assets and execute transactions without needing to understand the intricacies of each underlying layer.

Of course, chain abstraction doesn’t simply exist on its own, which is where omnichain infrastructure comes into play. As a practical application of chain abstraction, omnichain infrastructure takes the concept further by empowering the creation of a cohesive, interoperable ecosystem that facilitates seamless interactions across various blockchains.

By powering fragmentation solutions such as seamless cross-chain transactions and secure and efficient verifications while incentivizing developer flexibility, omnichain infrastructure makes a simplified user-centric design possible and blockchain interactions more intuitive and efficient.

Multichain today, omnichain tomorrow

So, where do we go from here?

While it’s true that the proliferation of L2s has ushered web3 into an era of fragmentation, complexity still exists throughout the blockchain. Layers are to be found everywhere, both within and beyond the L1 and L2 paradigms. Ultimately, this convolution only becomes more rampant as legacy institutions and consumer interests lead to bursts of new innovation, new platforms, and new needs.

This is where our initial question comes back into view. Because for the majority of new users, anything beyond a single integrated layer might simply be too many.

If scalability is as important as most devs make it out to be (and spoiler alert, it is), we cannot glaze over the potential of omnichain infrastructure to aid in our mass adoption journey. By interconnecting products and blockchains, uniting data to create seamless experiences, and making the power of web3 easily accessible, we can fuel even the most ambitious endeavors.

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Theo Crypto News

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Put developers at the center of web3 | Opinion

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Web3 development has stalled. The concepts that have dominated the current crypto cycle—L2s, DeFi, RWAs, gaming, and prediction markets—originated in the previous cycle. We’re not growing, and we’re not innovating—we’re stuck. 

The web3 dev community has done historic work, but that community is vanishingly small—approximately 22,000, less than 0.1% of the estimated 27 million developers worldwide. We can’t onboard “the next billion users” until we onboard the first million devs. To get them, we need to empower devs by treating them as not just builders but creatives, embracing AI dev tools, and fostering a culture of developer collaboration.

In his keynote address at the recent Token2049 extravaganza in Singapore, Ethereum (ETH) co-founder Vitalik Buterin outlined his vision for the future of blockchain: finish building the “durable digital structures” that comprise the network’s ecosystem, work toward making crypto faster, cheaper, and easier to use; and preserve the aspirational qualities of blockchain tech that differentiate it from the traditional financial system.

It’s an inspiring vision. But who’s going to do all this building and all this work? Where are all the ideas to realize this vision supposed to come from? As we often say in web3, “Devs, do something!”

The numbers keep falling 

Yet, in 2023, the overall number of blockchain devs fell by more than 10%, driven by an exodus of “newcomer” devs (those with less than one year of experience in blockchain), whose numbers dropped over 50% year-over-year. Even with last year’s milestone rollout of Ordinals, Bitcoin (BTC) lost 19% of its devs, leaving only 1,000 BTC builders. 

The number of web3 developers is decreasing; we need this number to increase. So, instead of saying, “Devs, do something!” we need to say, “Do something for devs!” To make web3 a more appealing home for developers, we need to let them cook. Here’s how.

Devs are creatives, so treat them that way. Devs are innovative and innovation is creative, so devs are creatives. Creativity is messy, non-linear, and doesn’t always happen on schedule. Let’s stop treating devs as if their role is to compile pre-existing blocks of code into pre-designed Lego towers, because it’s not. Let’s give devs the support they need to create, test, and build new ideas. 

AI is a part of coding now, so embrace it. AI is not a dev replacer; it’s a dev enhancer. AI is a dev mech suit. AI is how Gen Z will learn and write code, massively accelerating the learning curve for newer devs. Junior devs will be able to focus on mastering concepts rather than trying to piece together incomplete documentation or wading through thousands of lines of code for that one missing semicolon.

And AI isn’t just for beginners. Experienced devs are already using AI-powered tools to reduce time to deployment and assist with increasingly important audits of increasingly complex smart contract protocols.

My company, Cookbook, offers ChefGPT, an AI chatbot that can help spark ideas, search smart contract libraries for templates, troubleshoot problems, and more. For devs, this means it’s faster and easier to plan, build, and deploy projects onchain. For developer relations reps, this means devs get answers faster in every language and time zone.

AI dev tooling has a key role to play in the future of web3. Let’s make these tools available to as many devs and students as possible. 

The need for a community

Devs work best when they work together, so help them collaborate. We talk about community a lot in web3, but our web3 dev community is fractured and isolated. Web3 devs are a small community that should be closer. There are nearly ten times as many members in the BAYC Discord (still) than there are web3 devs. Web2 devs are far more collaborative than web3 devs. 

That could be attributed to the still-emerging status of the web3 industry, where devs often are also owners, executives, investors, or otherwise have direct interests in the success of their protocol. Consequently, they may feel they have competing interests against others’ success. But that doesn’t fully explain the lack of collaboration among web3 devs.

Web3 is tribal. Bitcoin vs. Ethereum vs. Solana, and so on, has sometimes felt like a religious war unfolding on crypto Twitter. But the reality is that we are now, and have always been, moving toward a multi-chain universe where different blockchains serve different use cases with increasing degrees of interoperability. So, while fun is fun, the idea that we need to shred each other over different VM structures as human sacrifices to the Twitter algorithm is dumb. Vitalik is a Bitcoiner. Anatoly ♥️ ETH. Less bickering, more building.

That means less forking and reskinning of others’ projects. It also means more communication and cooperation with other devs. Messageboards and virtual meetings are OK, but much of the real relationship-building has to occur—gasp—in real life. 

It’s a truism going back to Steve Jobs and Pixar—or even WWII-era Bell Labs—that random interactions between creative people tend to spark creative ideas. Web3 needs that energy. And we know that people are less inclined to drag each other online when they have to see each other in person. So, let’s meet up. 

One simple way to facilitate these IRL interactions is to create more shared workspaces like the House of Web3 in San Francisco. We’re fortunate to have strong global crypto communities—in San Francisco, New York, Lisbon, Zug, Singapore, Buenos Aires, Lagos, Sydney—so let’s activate them. Let’s get in some rooms with some whiteboards and design the future together. 

Web3 has made enormous progress in its mission to build a more open successor to Web2. To regain the momentum that we had before 2022, we need to do more for devs. Don’t just give devs work. Let devs cook. 

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

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TradFi, DeFi are like ‘two worlds’ converging: Zignaly co-founder

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Abdul Rafay Gadit made a move that is still seldom done in the banking world: He jumped from traditional finance, or TradFi, to decentralized finance, or DeFi.

TradFi is highly regulated and emphasizes protecting consumers. Yet, it can be slow, costly, and restricted to money movers with access to banking services. With DeFi, anyone with internet access can participate. And while it’s generally faster and more accessible, it carries risks such as smart contract bugs, hacking, and little to no regulation.

“I believe we’re at a pivotal moment where the two worlds are beginning to converge,” Gadit tells crypto.news.

After spending six years in corporate banking at Standard Chartered, Gadit launched Zignaly (ZIG) in 2018. Since then, the platform amassed over 500,000 users and 150-plus portfolio managers. It also has a decentralized blockchain called ZIGChain in the works.

Read on for Gadit’s thoughts about the latest trends in social trading and how it can bridge the divide between TradFi and DeFi.

How have your experiences in TradFi influenced your approach to ZIGChain?

Gadit: My transition from corporate banking to blockchain was driven by a desire to innovate and challenge the traditional financial systems I had been part of for six years. Working at Standard Chartered gave me deep insight into the inefficiencies and limitations within traditional finance, especially regarding accessibility, transparency, and opportunities for wealth generation.

Blockchain presented an entirely new paradigm — one that empowers individuals to control their assets, make decentralized decisions, and participate in open financial ecosystems. Co-founding Zignaly allowed me to bring my banking background into action, focusing on creating a platform where everyone, regardless of their background, could invest alongside experienced traders and benefit from the opportunities in web3.

My experiences in traditional finance significantly influenced our approach. We aimed to take the best practices from the banking world — like risk management, compliance, and user protection — and merge them with the innovation and openness of blockchain. Our goal was to create an infrastructure that enables wealth generation in a more democratized, transparent, and accessible way for all users.

What is your long-term vision for ZIGChain?

Our long-term vision is to create a robust, scalable Layer 1 blockchain that powers a truly decentralized wealth generation ecosystem — a platform where builders, fund managers, and users can collaborate to create and utilize next-generation DeFi tools, dApps, and infrastructure that promote financial inclusion and wealth creation.

Our goal is to not only drive adoption but also establish ZIGChain as a cornerstone of the web3 financial landscape — where builders, fund managers, and users alike can thrive in a transparent, secure, and high-performance environment. With the backing of industry leaders and a clear focus on sustainability and innovation, we’re well-positioned to make this vision a reality.

ZIGChain launched a $100-million ecosystem development fund in August. Where will that capital go?

The $100 Million Ecosystem Fund — backed by DWF Labs, UDHC Finance, and Disrupt — is critical to realizing our vision. We plan to deploy these funds to attract top-tier developers and projects, offering them the resources and support needed to build innovative tools natively on ZIGChain. This funding will help accelerate the growth of our ecosystem by fostering innovation, expanding our infrastructure, and creating incentives for key participants.

What are the most significant challenges in managing such a large social investment platform?

One of the key challenges we’ve faced with Zignaly is the limited access to asset classes. As of now, fund managers on our platform can only invest in tokens listed on centralized exchanges, which restricts the investment opportunities available to our users. However, with ZIGChain, we’re opening the doors to a much broader range of assets, including DeFi, real-world assets, NFTs, perpetual contracts, and tokens across multiple chains. This flexibility not only offers fund managers more options but also creates more diverse and profitable investment strategies for our users, ultimately increasing yield potential.

We’ve also encountered limitations within centralized finance, or CeFi, such as mandatory KYC processes and restricted access based on users’ nationality. These requirements can limit the participation of global users and create scalability concerns. ZIGChain, being a decentralized blockchain, circumvents many of these barriers. It enables a more inclusive and scalable system that allows users to participate without the stringent restrictions often imposed by centralized platforms. This makes ZIGChain accessible to a broader audience, ensuring that we can scale the platform to meet the growing demand.

Another limitation we’ve faced on Zignaly is the reliance on CeFi traders. Currently, we’re limited to fund managers and traders within centralized exchanges, but with ZIGChain, we unlock a whole new realm of DeFi traders. This opens up access to innovative DeFi strategies and products that weren’t previously available on Zignaly. By tapping into the DeFi space, we can significantly improve yield potential for our users, increase overall profitability, and diversify revenue streams for the business. This not only enhances the user experience but positions ZIGChain as a more dynamic and adaptable platform in the ever-evolving web3 landscape.

Given your background in corporate banking, how do you see the intersection of TradFi and DeFi evolving?

My background in corporate banking has given me a unique perspective on the potential synergy between traditional finance and decentralized finance. I believe we’re at a pivotal moment where the two worlds are beginning to converge, and this intersection presents immense opportunities for innovation and financial inclusion.

TradFi has long been the backbone of the global economy, with established frameworks for risk management, compliance, and trust. However, it also comes with limitations—restricted access to wealth-generating opportunities, high barriers to entry, and slow innovation. DeFi, on the other hand, offers openness, inclusivity, and decentralization, providing users with direct control over their assets and access to a broader array of financial products like staking, lending, and tokenized real-world assets.

As this synergy evolves, I see traditional institutions increasingly integrating DeFi solutions to improve efficiency and offer new services to their clients. This could include everything from tokenized assets and decentralized lending to programmable smart contracts for automating complex financial processes.

By building an ecosystem that combines the security and regulatory rigor of TradFi with the innovation and transparency of DeFi, we can create a more accessible and flexible financial system. I envision a future where users seamlessly move between traditional and decentralized financial products, unlocking new opportunities for wealth creation and financial empowerment on a global scale.

Does Zignaly compete with other social investing platforms?

At Zignaly, we don’t see ourselves in direct competition with other social investing platforms. Instead, we focus on competing with our vision to continually evolve and expand access to fund management for everyone. Our goal is to democratize wealth generation, ensuring that anyone, regardless of their financial background, can connect with professional fund managers and access a broad range of asset classes.

While other platforms may limit themselves to centralized systems or traditional investment assets, we’re pushing the boundaries by integrating DeFi, RWAs, NFTs, and more through ZIGChain. Our mission is to break down the barriers that have long excluded people from managing their wealth and open up a world of opportunity where access to financial growth is no longer a privilege, but a right for all.

So, in essence, our biggest competition is our own ambition to redefine what’s possible in the world of decentralized finance and fund management

What trends do you foresee in social investing?

Over the years, we’ve seen a strong demand for transparency, performance-driven strategies, and diversified asset classes. The key trend we’re observing in social investing is a shift toward decentralized platforms and more innovative investment opportunities, especially as users become increasingly aware of the benefits of DeFi and tokenized assets.

In the coming years, I foresee a growing demand for personalized investment strategies, where users won’t just follow a portfolio manager based on their past performance but will have access to real-time, dynamic strategies tailored to individual risk profiles, preferences, and goals. We also expect more integration with decentralized asset classes offering users an unprecedented level of diversification.

How does one stay ahead of the web3 curve?

To stay ahead in the web3 space, we’re constantly innovating. With ZIGChain, we’re creating a platform that not only offers access to a much wider range of assets beyond centralized exchanges but also introduces features like automated, trustless smart contract-based fund management, which significantly enhances security and transparency. We’re also building our infrastructure to accommodate more DeFi portfolio managers, allowing them to bring strategies and tools to our users. This will not only improve profitability for our users but also attract a new generation of traders to the platform.

Our goal is to lead the way in the evolution of social investing by staying decentralized, offering access to new and diverse asset classes, and continuing to prioritize security, transparency, and user experience.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News