Deep Dive into Web3 Narratives: These Tracks You Need to Watch
Editor's Note: This article isFTX-Chinese DiscordThe speeches of the guests in the first community event were sorted out. Several Web3 deep cultivators discussed hot topics such as Curve War, new public chain competition, L2 contention, the rise of Eastern NFT, and the shift of VC paradigm. Reprinted with authorization.
Guests:Sino Global Captial-Sally
Guests:GBV-Johnson; HashKey Capital-Rui; Taiwan Community Partner of FTX-Benson; Founder of Deep Tide TechFlow-Min; Nothing Research-0xTodd; Smrti Labs-Bowen
Live location:secondary title
Q1: The recent Curve Wars brought up the curve ecology, including the CVX battle. How will the future pattern of DeFi "change"? Some people even say that they look forward to the birth of ve (NFT), what do you think?
OxTodd: I have always had a point of view, the "god" of various projects on Curve. Without Curve's "divine help", these anchored assets have almost no interest-bearing scenarios or uses, and the continuous $CRV rewards seem to be the most important use of these stablecoins.
For example, for a stablecoin starting with M, if you look at the data on the chain, it is either stored in Curve, or stored in a cross-chain bridge, and then crossed to other chains and stored in Curve of other chains. Everyone soon realized that the speed at which this fairy nurse could produce milk was limited. In this case, there must be a way to allocate these scarce resources, and then there will be Convex, voteium built on Convex, and a series of bribery ecology. Election bribery has been maintained for a long time, and the leverage ratio is almost 1:3, which means that a bribe of 1 yuan can leverage the CRV reward of 3 fast money.
But this has also begun to enter a state of comparison. So some vested interests began to consider how to further collect these milks. Therefore, AC proposed ve(3,3). From the lines in his article, it can be seen that he hopes that the rules of milk distribution will become more inclined, such as using a Locker to distribute all $CRV rewards to the pool with the highest handling fee. But if you go to Curve, you will know that the highest transaction fee is the $MIM he personally promotes...
Therefore, the evolution of Curve's ecology is a problem of "milking", and this topic must be a long-term topic. Only in the long run can it continue to evolve into the most perfect form. As for the DeFi ecology, at the level of milk distribution, it is basically relatively rudimentary at present, and many of them are based on a big pot system.
Therefore, Curve's evolutionary debate is a good thing. In the long run, everyone should follow Curve's DAO model, thanks to him. We voted for a project called izumi before, and it absorbed some of $CRV's milking skills, which I think is quite meaningful.
Looking forward to the future, Curve has also become the "god" of DAO governance and distribution.
Rui: I understand that the core reason for the dispute over the governance of Curve is that the stablecoin Swap can bring stable low-risk mining income. Loss to obtain stable income. Governance rights are very important, but except for Curve and a small number of Defi protocols in the market, they have evolved to a stage where governance rights need to be robbed. Regarding the future direction, I think based on the two projects of aave and uni, which have accumulated most of the underlying assets, they have the potential to redevelop the capital efficiency of locked funds.
For aave, there were many attempts at interest rate derivatives before, but these attempts were not very successful, because no one would use it no matter how delicate the agreement was, because it was too complicated. I am optimistic about the project that redistributes deposit and loan interest rates and the new long-term based Loan items for tail assets.
Then there is uni, uniV3 is a capable ATM for market makers, but the market-making strategy is limited in scale, and there is no need to develop it for everyone to use. Then another way is to hedge through option derivatives. It may be a good way to make LP assets into risk-neutral mining products through crypto naitve derivatives.
I think it is unlikely that the underlying assets of defi will increase by 10 times according to the current BTC ETH price, and the status of the head agreement is difficult to shake in a short time, but there is a great opportunity to redistribute the value generated by the existing underlying assets .
Johnson | GBV: DeFi is too fast, and there are too many variables. I start from the direction of "change", and several directions are roughly determined.
1. Curve's veCRV mode/ecology, such as Redacted and other bribing protocols based on OHM or not based on OHM.
2. A permissionless lending agreement for long-tail assets. For example, Silo Finance, Euler Finance and then try to join veCRV lending.
3. Crypto native Game DeFi, such as MAGIC, Genesis Adventures, etc. in the Loot ecosystem. For example, the MAGIC ecology may join the ve mode
4. Exploration of on-chain derivatives. I think most of the existing models of on-chain derivatives (options, futures, IRS) are not designed for DeFi. What DeFi needs is on chain derivatives primitives tailored for DeFi instead of moving a centralized set and putting it on the chain.
5. The attempt of DeFi in L2s and the established ecology can solve the problems of L1 high gas fee.
Generally speaking, DeFi focuses on composability. Early protocols need to solve their own liquidity problems and acquire enough early users before discussing whether the protocol design is optimal and whether asset efficiency can be more efficient. Although DeFi innovation will be more difficult at this stage, the gameplay will not stand still.
Min: The war on Curve has never stopped since its inception. One is the war on revenue platforms. Yearn.finance, Stake DAO, Convex, Frax and Wonderland all want to control CRV to divert liquidity from competitors. Attracted to my side, followed by Curvevs and Uniswap's stablecoin transaction volume offensive and defensive battle.
As non-stable currency projects enter Curve, for example, the addition of Tokemak will continue the liquidity war to an unimaginably intense level, and there will be more new and old projects wanting to integrate into this ecology and join the battle .
As for the future of DeFi, it still needs to use innovation to bring growth, or increase capital utilization and leverage crazily.
Some directions observed are: one is "RdeFi" (Regulated DeFi regulated DeFi), such as Aave Arc and Compound Treasury, which provide DeFi services for institutions.
Second, real-world assets on-chain Aave has partnered with Centrifuge to launch a new marketplace called Real-World Assets (RWA), where users can borrow cash with their real-world assets as collateral.
Third, unsecured lending, such as Goldfinch recently launched by Coinbase, and TrueFi (it seems that some models will be changed), but in the final analysis, it still depends on the credit line of the B-side, and the long-tail market is not large because the currency circle lacks a credit system. , and risk control methods, so I am quite optimistic about the future web3 credit rating based on wallet address, which can be regarded as a kind of credit investigation.
Generally speaking, my enthusiasm for DeFi is not that high, mainly because I do not have enough IQ. Looking at fixed interest rates is the same as doing calculus with me. I fell asleep after seeing half of it.
Benson: At present, DeFi protocols generally face the problem of liquidity loyalty. Is there a better and more sustainable way to retain liquidity other than liquidity mining? This is a problem to be solved by DeFi 2.0. I personally think that Tokemak's model may shine this year. Tokemak thinks about the interaction between DAO and DAO, rather than a game limited to personal opinions. For example, if you want to build a new reactor in Tokemak, you need to obtain the corresponding tokens and deposit them in the reserve pool.
And this process requires DAO-to-DAO communication, using tokens to exchange corresponding tokens. This process is full of various possibilities: it can be carried out in the name of lending, introducing a new agreement specifically for lending between DAOs, or adding a new layer of PCV agreement, etc. In addition, the algorithmic stablecoin is also a Holy Grail that has not been conquered by DeFi. Whether it is the early AMPL, the mid-term Basis, or the latest Fei, OHM, UST, etc., the mechanism is based on a narrow game theory, and there is no way to do it. to the real anchor.
I personally think that UXD is a very interesting calculation. Using delta neutral parts as a guarantee and printing out UXD, the mechanism is very close to holding spot + short order hedging, but at the same time maintains usable liquidity and potential funding income.
From the road to simplicity, perhaps the real calculation of stability does not need to rely on too complicated game mechanism. The current balance of calculation of game stability in the market is very optimistic. Basically, it will explode when encountering a corner situation. For example, Luna spirals into the sky, everyone Everyone is happy, but if it is a downward spiral, it may die. The UXD model is worthy of attention.
Bowen: 1. As the uncrowned king of DeFi in 2020, Curve has achieved the market-making depth of TVL 24 Bil stablecoins and homogeneous tokens [WBTC/SBTC, ETH/Lido ETH], surpassing the depth of most centralized exchanges The stablecoin FX market is divided and deep, and now many OTC Desk stablecoin transactions will also go through CRV.
2. Layer-by-layer iterations of algorithmic stablecoins. The issuance of stablecoins is like printing money by the Federal Reserve. Every new project party wants to replace USDC, USDT, and DAI in the ecology from different angles, such as FXS, MIM, UST, FEI and other multi-chain 85% asset back algo stable coin with defi income attribute. However, in order to increase the circulating supply and utility of these new Algo Stable Coins, the best way is to increase market credibility by being able to enter the 3crv / algo stable coin pool. So if there are more stable projects in the future, the competition for CRV governance tokens will continue in the future.
3. Compostability of DeFi is the core, and no one can do everything well. How to recombine the ecology can open up a lot of room for expansion.
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Q2: L1 vs L2, whether the L1 structure is gradually settled, and is there still a chance for the old public chains (such as cosmos)? Will the new opportunities in the future explode on the second floor or the first floor?
Johnson | GBV: WAGMI, I think there are opportunities, but most opportunities will last for a short time unless there is a very strong community and ecology.
Capital will consider undervaluation and overvaluation. If ecology A has risen by 10x but ecology B has not, capital will think that ecology B is relatively undervalued, so once capital enters, there will be an explosion.
The opportunities of the second-tier network are slightly different from those of the public chain, although the second-tier ecological approach will be similar to that of the public chain, such as the emergence of ecological funds, native major protocols, etc.
In the short-to-medium term, the opportunities for the second layer in the future mainly appear in Layer 2 based on Optimistic Rollup technology such as Boba, Optimism, Arbitrum, Metis, etc. Currently, only Boba and Metis have issued Native tokens to motivate their own ecology, while Optimism and Arbitrum have not yet issued currency. I think that the second-tier network can only start to motivate its own ecology after issuing coins. If there is no incentive for coins, it will be difficult for the first batch of users to migrate there.
Regardless of whether it is the second layer or the public chain, the first batch of users will always be Degen—the second batch of users will be DeFi Power users ---> the third batch of users will be ordinary users with a larger number.
Sally: This is quite interesting. The incentives of the second layer with coins and without coins will have a very different impact on the user end.
Min: The biggest investment theme from last year to this year is the expansion war, the new public chain VS L2, this year the war will continue... I believe that the future will be multi-chain, and each chain will have its own way out, but this will only be seen in a bear market. I am optimistic about public chains that have their own characteristics in a certain aspect, such as games, NFT... As far as new public chains are concerned, there are currently two MEMEs, SoLunAvax in 2021, and now FOAN is starting to rise (Fantom, One, Atom, Near), I pay more attention to the latter. There are still a lot of opportunities on the new public chain, especially some native things, not just things on Fork Ethereum, such as DEFIKINGDOM
From another perspective, large-scale VCs have the need to promote the L1 narrative. The ceiling of the track is high enough to carry enough liquidity. The first-and-a-half financing of the big public chain is also particularly active. For example, a big public chain recently sold at a discount of 1B.
For L2, the focus is still on zkEVM. After all, V God has said that in the medium and long term, with the improvement of ZK-SNARK technology, ZK Rollups will win in all scenarios, and several solutions are under attention.
One of the core points for the new public chain and L2 to grab users is the entrance. At least for now, the cost and physical examination of the interactive L2 are actually not as good as the new public chain. Therefore, it is particularly important to strive for bridging support from large exchanges at this time to reduce the cost of users. Interaction costs.
0xTodd: How should an L1 public chain develop?
Financing → subsidy + brushing data → holding data to refinance → subsidizing again + brushing data → holding data and then financing again (including selling to retail investors) → subsidizing again + brushing data →…
In the infinite loop method, whoever loops more times will be more powerful. The richest L1 can also invite Curve, AAVE and UNI to help out. The difficulty of invitations increases in turn, and successful invitations can speed up the cycle.
L2 will be relatively more difficult, as Arb and OP have not issued coins yet. Because there is no subsidy, their speed is definitely slower than L1, but give them a chance. Without subsidies, there will be many fewer Fork projects, because these Forks only make quick money. Fortunately, they have good legitimacy, so there are still some projects that generate electricity for love. They still have the genes of ETH entrepreneurs. I know a lot of innovative teams. Although they are limited by the high gas of ETH, they still give priority to them. Arb, such as Divergence, which we led. Another example is that a marketplace like Magic was bred on Arb, which is so interesting. In addition, there are L2 tokens like Metis Boba, and the development may be faster.
To sum up, L1 and L2 have opportunities, but we really need to give them more patience for L2.
Sally: To sum up, be patient and give L2 a little more time.
Bowen: The competition for LAYER1 has just begun. DEX has a total of 4 million user addresses, and Opensea has 300,000 more active addresses. Polygon's Sunflower gas to 600gwei due to 300,000 addresses participating, Arbitrum, Sol have all experienced downtime, and Dfinity has been blocked due to nft issuance.
Layer1 Although every family has sufficient food and grass, not every family can withstand the test of the battlefield.
Zksync, Starnet, Aleo,The star ZK teams of Aztec are not yet online, and I am looking forward to the architecture that separates Computation and Storage.
I prefer Arbit, GMX, DOPEX, MAGIC, HND for the ecology of L2 - Derivatives, NFT transactions, and lending all have native developers, and the ecology is relatively healthy
Recently, I have been revisiting the developers of the Dfinity ecosystem. Many Social Fi projects, decentralized Reddit, Twitter, psychedelicDAO and other developers are a bit like the ETH community in 2016. They are all developing tools and underlying layers. They are very creative but not killer app
I agree with 0xTodd, give them more patience, now is not the time to talk about the results.
Benson: As Johnson said, this wave of FOAN (FTM, One, Atom, Near) has suddenly outperformed the market by a lot. It may also be that the capital rotation has not risen too much before the public chain, and the base period is low. Hot money is favored. From the perspective of EV in the short term, compared with SoLunAvax, the opportunities on FOAN are definitely greater.
I personally think that the opportunity of Layer1 lies in the development speed of zk-rollup. The L1 public chain must seize the city as much as possible before zk is perfected. Since zk requires more computing resources, the implementation is more complicated. Generally, it should The L2 of the op system will be slow for about half a year, and the seven-day withdrawal period of op-rollup is too long, which seriously damages the user experience.
But in the long run, I personally think that L2 will not be the ultimate answer. Everything depends on the development of ETH2.0 itself, because Layer2 will destroy the composability of DeFi. For example, Aave is only available on Polygon, and Uniswap is only available on Polygon. Available on Optimism. We cannot make a transaction that calls both Aave and Uniswap smart contracts. Protocol fragmentation leads to limited composability, which makes DeFi less attractive.
In addition to protocol fragmentation, liquidity is also fragmented. Although some top-level protocols have been moved to L2, the overall transaction volume and TVL are still far behind the main chain version. The main reason is that liquidity is fragmented It's too serious.
Rui: I am quite optimistic about Cosmos. The Tendermint framework is the most stable and best-used one-click chain issuance tool outside the EVM framework. It is also very free. It can be connected to the IBC ecosystem or not. The IBC bridge function does Very good, fast, accurate and stable cross-chain. Previously, Cosmos did not charge for the Tendermint framework and let everyone develop, but as more and more chains join the IBC ecosystem, the value capture of ATOM will become clearer and clearer. Another interesting point is that the Cosmos network does not stipulate which chain must be a Hub but is determined by the market, which also means that Cosmos will be more open.
In addition to the old public chains of Cosmos, there are Polkadot and Dfinity. These two are actually quite good in technical direction, but they have not found a suitable ecology, and have already overdrawn the growth rate of the local currency before doing the ecology, relying on the growth rate of the local currency to drive strong The infrastructure of the money-making effect is very difficult, but you can expect to run out of some different ecology.
In my understanding, avax, matic, bnb and many new public chains started from the fork of the Ethereum ecology, and slowly found their own ecological direction. BNB found a suitable development direction for itself, and diverted from outside the circle to the game. Avax and matic are more polarized. On the one hand, it is the low gas replacement of some top Ethereum Defi protocols, and on the other hand, it is some original projects with strong profit-making effects. But the growth of both has an upper limit, and the new chain will grab users and attention from the old one. So for these L1s, it is very important to find the direction of development.
For L2 in the general sense, the earliest development direction in my personal understanding is also such a polarization. On the one hand, some high-quality protocols and developers are migrated by sharing security with Ethereum. On the other hand, the rise of native tokens attracts some users who have a strong demand for money-making effects, but this can only be achieved after the completion of the issuance of native tokens. After a certain number of users, some native protocols will be supported. These L2s are orthodox and have inherited the huge developer group of Ethereum. It is believed that there will be a number of original and interesting protocols.
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Min: I’m here to throw a brick, and ask me if I’m interested in domestic NFT. Of course, I’m interested in porcelain, and Hualiu is the best.
To spread out, I think that Token and NFT will gradually become two different development paths. Among them, I have always been very optimistic about the narrative of encrypted streetwear (although I wear Adidas Wang), and even think that the future "Supreme" will first appear in the digital world , and then mapped to the physical world.
First of all, in my opinion, whether it is traditional finance, Crypto, or even religion, it is a Ponzi. If there is no increase or collective run, it will collapse. The question is how to maintain Ponzi. Social security pensions are locked by the state force, but A more advanced method is culture (the ability to tell stories makes human beings the boss of the earth), which makes you willing to lock up positions.
For example, a diamond is just a pile of carbon, one of the most powerful marketing in human history, but it tells a story of "A diamond is forever" (A diamond is forever), bound to love, it becomes A physical NFT (3, 3), buy, Hodl & pledge (wear it on your hand every day)...
Therefore, a great NFT must have cultural attributes, whether it comes from the atomic world (such as Jaylen Bear) or the Crypto Native (PUNK) from the bit world, because there are always people who regard it as a "consumer product" and permanently (3, 3).
OxTodd: Great, I'll take over. Today we are on the Chinese channel, and it is indeed very appropriate to talk about this. Hualiu is the best +1.
My feeling is that the Chinese still have to play their own NFT, after all, this cultural conflict is here. To be honest, I really can't get the works of some European and American painters🥵. The technical threshold of NFT itself is very low. It is more of a work of art. Many talents outside the circle can enter with a low threshold. I believe that there will be strong NFTs in Hualiu in the future.
In addition, I think NFT Chinese, it seems that the atmosphere in Taiwan is better now, I can listen to @Benson to talk about it in detail later hahaha. Mainland China currently has this regulatory requirement. For example, digital collections need T+180 to sell, restrictions on secondary market transactions, etc., which will actually affect the development of NFT assets in Mainland China. On the contrary, Hong Kong, Taiwan, Malay or Chinese living in Europe and the United States may NFT Some interesting things can come out. All in all very much looking forward to it.
Johnson | GBV:: I think it is necessary to understand the NFT playbook. Web 3 is a Global Movement without borders. As long as you find your own product market fit and unique gameplay, it will naturally attract widespread attention. I believe that each region and culture will have its own unique NFT culture and bring new insights to the world.
Sally: It is very interesting that many of our guests today are senior crypto collectors. Personally, I am curious about how you see it from the perspective of users/industry practitioners
@Benson I know people like woody in Taiwan should watch NFTs. Many people in the community are also early supporters of blue-chip NFTs such as BAYC/MAYC. Benson doesn't know what to think.
Benson: The trading volume of Pantabear has reached the first place in OS. This is a height that Justin Bieber’s Xiao Jiaxiong has not reached. From this point, we can see the huge potential of Chinese NFT. But I didn't buy it. It's really sad to see you making money.
Benson: Following Tod’s words, Taiwan is really crazy about NFT now. There is a Fomo Dog similar to the Western CyberKonz community, a subcultural Demi community, and salty crispy chicken (Taiwan fried chicken?) shops also issue NFT
I have participated in the BAYC community gathering and found that I do not know many participants, and many of them are people outside the original currency circle. It can be said that the narrative and cultural tolerance of NFT may be greater than that of the traditional currency circle. This can also be seen from the NFT bull market. It can be seen that it is different from the bull market cycle in the currency circle
Recently, an artist named Chen Lingjiu in Taiwan made a yolocat project, which allocated 9% of his personal income to this group of NFT holders. This is a very special way of playing, and fans have changed from content consumers to artist investors. Personally, I think this gameplay is very web3.
Buy NFT because I love you, praise your work because you are an investor, and more people love you because of your work. This kind of positive feedback is also a flywheel for crazy fans
Rui: I don't think the Chinese are really behind in the NFT field. There are not a few Chinese who own APE, and there are many popular anonymous projects that are led by the Chinese. It’s just that on the one hand, everyone uses English to communicate (English is the most common language), on the other hand, after the baptism of DeFi, everyone always feels that the moon abroad is relatively round.
Whether it is a Chinese NFT or an NFT in any language, it is very important to be able to find the core narrative and target buyers, and to continuously build expectations so that users can see that the team is doing things. The liquidity of NFT is average, as long as everyone Both are 33, at best they cannot be sold, and they will not plummet. APE is a good example. The community has strong cohesion and has become a totem-like belief. New expectations continue to emerge. As a result, the bear market cannot continue to fall, and the bull market is always rising. In the Chinese NFT team, I have not seen such operational ability and understanding of Crypto Naitve yet.
Cultural NFTs will be more interesting. Most of these NFTs have the endorsement of some outside resources, and naturally there are expectations of basic value. Regional differences determine the difference in player groups, and people from other regions/people who do not understand this culture will have FOMO emotions due to the skyrocketing price, which will lead to a rapid pump of NFT prices. But once the Fomo sentiment is gone, there needs to be enough community education and intrinsic value to support the price. For example, Jay Chou's NFT, this kind of NFT endorsed by star IP has a relatively clear price expectation.
I bought it at 0.4E. Everyone’s expectation is that it’s not enough to have as many fans as Jay Chou. The better seats in the concert are only at this price. Supported. However, the purchasing power of iron fans also has an upper limit. As the price rises and the expected difference is gradually flattened, it is necessary for the project party to prepare for the next wave of pumps with new actual roadmap and utility expectations.
Bowen: Domestic NFTs are similar to trendy brands/luxury goods, and they are regional. For example, diamonds are global ponzis, but emeralds are Southeast Asian ponzis. Everyone needs to show off, to show that they are popular, cool and classy. So there will be batches of new brands coming out, representing new types of people.
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Sally: Q4: The web3 narrative seems to have returned to the public view. Whether it is the early VC-driven narrative or the web3 battle between technology giants and top VCs not long ago, can you talk about your views on web3 and the projects you are optimistic about?
WEB3 can turn the attention economy into an ownership economy. Authors can truly own their own content and use it as an asset to directly connect with users. It can also make traditional support for creators (reward & subscription) an investment behavior, making it bigger Be stronger and create greater glories, and share content results.
The logic lies in the fact that the Internet of WEB2 is not established to promote capital flow, but information, so its profit model is based on the attention economy of free products, and the essence of attention and traffic is deposited on the platform rather than creators, so Platforms tend to become very large, and creators are more "squeezed".
WEB3 can turn the attention economy into an ownership economy. Authors can truly own their own content and use it as an asset to directly connect with users. It can also make traditional support for creators (reward & subscription) an investment behavior, making it bigger Be stronger and create greater glories, and share content results.
For example: This is a case, thanks to Benson, the current creator economy leader is OPENSEA, but this is WEB2.5, there will definitely be more sexy platforms, this is a very big track. As for the specific project, I am still studying and researching, and I welcome everyone to recommend it to me.
Johnson | GBV: Let me just say it briefly. web 3.0 can include so much.
1. Social token and social fi, such as how to organically combine personal tokens into DeFi gameplay, how to make NFT pfp sustainable, mobile wallets, etc. can be done to better connect some Crypto native things.
2. The development and gameplay of Metaverse, how to combine some middleware of web 3.0. Such as real estate leasing, advertising services. Metaverse decoration clothes and more
3. Web 3.0 native application and unique cultural tools. For example (3,3), ape, rekt, meme and other cultures and how to apply them to various ecology.
OxTodd: Which track and direction to be optimistic about is the most difficult topic to talk about. I have several points of view, what is revolution, revolution is bloody conflict. Since web3 is called a revolution, its competition must be at the level of life and death to be considered a real revolution.
Many web3 applications now call themselves web3 if they support the metamask wallet link, or call themselves web3 if they support the display of NFT. The way it should be.
an articlean article, My core point is that I hope that web3 can really pay attention to the general public. I am very happy to chat with you today, mainly because everyone has a wide range of research, but in fact, this does not mean that ordinary people or people in other industries can also have such knowledge accumulation, and can use the current web3 so smoothly.
People from all walks of life are very busy, unlike us who are stuck in it. The web3 they need must solve the things that web2 can't provide, so they can be considered as a pass, and they can't just play with things that are sunny and snowy.
Let me talk about an indicator - China's rural areas account for 40% of the population, I think at least 1/3 of them can use these web3s smoothly, I believe that they may change the world, and they can carry the mission they should have .
Rui: First of all, I don't think that everyone is suitable for Web3. The definition that data belongs to oneself is easy to say, but it is difficult to implement in practice. Without search and recommendation algorithms, life would be very difficult for many people. For example, if Lianwen loses a lot of high-quality content about crypto, it will be impossible to find it. Users need to discover their own information flow. Another example is that although living in the traffic matrix of WeChat pays some extra costs, it is at least comfortable. Therefore, Web3 must be a niche for a long time, and it needs a lot of high-quality content accumulation and money-making effects to inspire more people to enter.
Secondly, I think it is impossible for all the twitter and facebook projects in the Web3 field to be made. On the one hand, the user experience of Web3 is definitely not as good as that of Web2. The role of the chain is to distribute the interests of each participant under low-trust conditions. The benefits are only for valuable things. Not all content needs to be uploaded to the chain. What value does it generate? On the other hand, the traffic matrix of Web2 is based on data. Web3 returns data to individuals, which cannot establish a traffic matrix. If these data are all migrated on the chain, there is almost no need to consider the migration cost. Therefore, Web3 should be modular for valuable data, and the product form is a modular product splicing through composability.
Then investing in Web3 should invest in some core modules, such as identity, such as storage, such as the reading and analysis of data on the chain, these are infrastructure investments, no matter which direction Web3 goes, they have their own place .
Bowen: Web 1 WYSIWYG (all emails that can be read, played, and checked)
Web 2 What you recommend is what you get (all the things you can buy, play, and eat are based on big companies or friends/KOLs who have influence on you, put them on the "shelves" or in some form, and recommend them to you for you to choose )
Web 3 What you build is what you get (those who build it, own what builds the community and follows the new rules)
The most obvious thing about Web3 is the entry of the Metamask connect wallet. All transactions are recorded by the Smart Contract layer, and everyone can see your operation records on the chain. The current Web3 may be in 2000, and everyone can only make a display page showing NFT Profile, but I am very optimistic about the application scenarios and composability of Creator Economy, DID, Social Graph, Onchain Credential.
For example, our good friends are working on Project Galaxy, CyberConnect.
Benson: The logic of web3 itself is very politically correct. It is a concept of returning rights to the people, allowing users to become the owners of some networks/organizations. This can break the boundaries of many relationships. As I mentioned just now, Chen Ling Nine issued yolocat allows holders to change from fans to investors.
Traditional content producers, whether they are entertainers, writers or cartoonists, have their incomes drawn by intermediary brokers or platforms. There is no way around this. The traffic is concentrated in the hands of these intermediaries. In addition to the unfair profit sharing mechanism, What some middlemen earn is not the income of the product itself, but the attention of advertisements. This makes many talented content producers extremely painful, because they can only do some sensational works to attract everyone's attention, such as journalists will always report sex. The article is not because they really want to report, but because the platform only looks at traffic, and only traffic can sell advertisements.
But web3 can subvert this model. A creator does not need 100,000 ordinary fans, but only needs 1,000 fans who are really willing to pay to survive. If a creator is willing to create in the digital world, and use part of the profits to use DAO Fundraising or distribution to fans in the form of NFT, binding with smart contract cash flow tools such as superfluid, and regular distribution. This is a very good web3 application. These fans who have changed from content consumers to investors are more powerful than ordinary fans. stickiness and missionary attributes.
I personally think that this kind of web3 project derived from the creator economy may be a huge track.
