What You Missed From EthCC

Last week, the Ethereum Community Conference, EthCC5, was held in Paris, France. Many big names in the crypto space, including Ethereum co-founder Vitalik Buterin, attended the conference and gave speeches. Now let’s quickly review the important points of this conference.

Before we get to the point, we would like to give a thumb up to the organizers of the conference, who kindly prepared free macarons, POAP (Proof of Attendance Agreement), and super-large fans for high temperature for the attendees.

There is also a “spree” with the EthCC5 Logo.

Infrastructure

1. Ethereum is only 55% complete

On the last day of the conference, Ethereum co-founder Vitalik Buterin gave a speech on the progress of the Ethereum merger and the future roadmap of Ethereum. He said that Ethereum is currently in a stage of improving its capabilities through rapid changes in the protocol, but will eventually stop making rapid changes to the protocol to prevent fluctuations in the market and overall construction, and use systems such as L2 to add to the Ethereum ecosystem. In other words, L1 will be used for safety and reliability, and L2 will be used for fast iterative operations. Here he mentions the “Functionality escape velocity theory” — — once L1 is strong enough, the rest is left to L2. Developers need a break, and new features need time to reduce risk.

Vitalik Buterin said, “The difference between Bitcoin and Ethereum is that Bitcoin users think that Bitcoin is 80% complete, while Ethereum users think that Ethereum is not even 80% complete, it’s only 40% complete… I would say that after the merger is over, this metric for Ethereum will be 55%. So we’re getting closer and closer to the goal, and it’s a long way to go, and on the journey of great vision, the race is halfway through.”

2. Zk-Rollups are coming

I have to admit that DeFi has put a lot of effort into zk-rollup technology.

At this conference, the Polygon team announced the joint launch of zkEVM with zkSync and Scroll, an extended solution that combines zk-rollups with EVM compatibility, which is definitely a huge breakthrough that should not be underestimated.

Due to the complexity of the Zk-rollups technology, it has been difficult for developers to build projects on top of it until now. With the introduction of zkEVM, however, developers can more easily leverage this emerging technology to create smart contracts.

3. DeFi user experience needs to be improved

While Ethereum Layer 2 is busy increasing transaction speed, many other DeFi builders are working on improving the user experience in a multi-chain world.

Daniel Yanev, co-founder of rhino.fi — — a one-stop DeFi platform, believes that DeFi user experience is very important in a multi-chain world. Since DeFi has been innovating rapidly, it is very complicated to use. “Users are not stupid, their experience is very Oops”, how to simplify operations and optimize the user experience is what they are currently doing.

Now, in addition to rhino.fi’s commitment to optimizing the decentralized financial experience, DeBridge — — a DeFi aggregation platform, also launched a cross-chain composability feature at the ETHCC5 conference. In addition, Mounir Benchemled, founder of another DeFi aggregation platform Paraswap, was also present at the conference.

The above describes how they improve the DeFi user experience.

DeFi

1. The value of VeToken is highlighted

It can be said that Curve has inspired a new paradigm of “meta governance” veTokenomics, which improves revenue and governance rights by allowing users to lock veTokens, making governance tokens more valuable, but it should be noted that this model is at the expense of liquidity cost.

DeFi revenue optimization platform Stake DAO is an important participant in Curve War. Last week they announced that liquidity lockers will be able to use their veTokens to gain revenue, SDT incentives and governance voting rights without restrictions, thereby enhancing the value of veTokenomics. At present, the function has been launched and supports CRV, FXS, ANGLE and BAL four tokens.

2. Cosmos DeFi attracts attention

Although ETHCC is an Ethereum conference, the content of the conference is not limited to Ethereum.

At the conference, Osmos co-founder Sunny Aggarwal explained why cross-chain DeFi like Cosmos is increasingly attractive. There are many reasons for this, such as it can customize the fee parameters (such as can use any token to pay fees, and charge different fees according to different types of transactions), customize the execution model (such as experimenting with different virtual machines, Multi-asset shielded pools), self-executing code (such as batch AMM), and custom transaction order, etc.

DAO

1. Renewable opportunities in the crypto economy

When asked “How to create anti-fragile Web3 systems and projects?”, Kevin Owocki, founder of the open source software platform Gitcoin, expressed his view on “building a new world of self-healing through renewable crypto-economics”.

2. Traceable Public Goods Financing (RetroPGF)

At the conference, Karl Floresch, CTO of Optimism, a provider of scaling solutions for Ethereum, gave a lively speech on retroactive public goods funding. can be profitable, they will combine a positive impact on Web3 with personal rewards.

3. DAO governance challenges

At this conference, Doo Wan Nam from Stablenode talked about some of the challenges and practical experience faced in DAO governance, while Ivan Fartunov, ecosystem lead from Aragon DAO, discussed in depth how the infrastructure can meet these challenges.

Their presentation revealed the untold fact that it is not easy to govern a DAO well because of the high level of uncertainty and a whole host of risks involved.

Culture

1. The era of Web3 social networking is here

Aave and Lens founder and CEO Stani Kulechov leads the way in decentralized social media. Lens is an open-source, composable, decentralized social media underlying protocol built on Polygon, which breaks our perception of “social media” in the traditional sense. In view of the open source and composability, this product does not need to establish a basic user group, and can directly absorb the user groups of other products.

2. Ethereum goes to Hollywood

The Infinite Machine, the best-selling book about the history of Ethereum’s growth, will be remade into Ethereum’s first Hollywood film, with author Camila Russo and co-producer Alejandro Miranda writing the script. It is reported that the film will be financed in the form of the sale of a series of NFTs. What’s more interesting is that since this is a film about Web3, the production of the film itself is inseparable from Web3, and the series of NFT minters will also appear in the film.

3. NFTs are the key to distributing community ownership

Finally, 3mint founder Tom Borgers talks about how NFTs have become a luxury speculative commodity. But he believes that eventually the real ownership of NFT will be granted to loyal users and communities, thus evolving into a reliable carrier for commercial brands and content creators to acquire customers and fans.

Summary

The week of EthCC5 was very lively, people didn’t seem to be fully enjoying themselves, and if you didn’t know the market conditions, it didn’t feel like everyone was in a bear market. We are delighted to see that cryptocurrencies are moving forward at an unprecedented rate. We can regard the current bear market as a good foundation for the next bull market and prepare for better development in the future.

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See you next time!

Writer: Donovan Choy

Translator&Editor: Florence Ho

(The above information is not intended as investment advice, this article only represents personal opinion)

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