From DePIN to Bitcoin Ecosystem, Interpret the Wealth Code in ETHDenver 2024

Original title: "From DePIN to the Bitcoin ecosystem, what wealth codes did ETHDenver 2024 reveal?" 》

Original author: Mia, ChainCatcher

With the development of blockchain and Web3 technology With rapid development, the ETHDenver Conference has once again attracted global attention as an annual event in the industry. At this year's ETHDenver, tens of thousands of Web3 enthusiasts and developers gathered together to discuss cutting-edge technologies and development trends in the industry. During the conference, a series of hot topics such as liquidity re-hypothecation, Bitcoin Layer 2, points, Crypto+AI, Berachain, DePIN and modularization became the focus of attention of the participants.

ChainCacther interviewed many investors, developers, project leaders and technical experts who attended the conference, from Participants’ visions to interpret this conference.  

DePIN and Bitcoin ecology have become hot topics

As the market heats up, the popularity of ETHDenver 2024 has also increased significantly compared with last year. Compared with last year, this year's participants generally seemed more confident and full of expectations for future development prospects. This year’s ETHDenver conference covers topics ranging from Ethereum ecology to DePIN, alt-Layer 1, and Decentralized AI. Bitcoin ecology has also become a hot topic this time. Different opinions and ideas collide and blend here, inspiring unlimited innovation. spark.

Kathy, Trustless Labs investor:

This is my first time attending the ETHDenver conference, and the atmosphere is great. Denver is undoubtedly a mecca for global builders, investors, researchers and blockchain enthusiasts. The conference covers a wide range of topics, covering multiple aspects of the Ethereum ecosystem, including app chain, restaking, ZK infra, etc., as well as hot topics such as DePIN, alt-Layer 1, Decentralized AI, and Bitcoin ecology.

KevinY, Artela co-founder ：

With the recovery of the market, this year's ETHDenver activities are more popular than last year. Whether it is Build Week, main conference or side event, they have attracted a large number of participants. Compared with last year, when everyone was generally anxious and confused, this year everyone seems to be full of confidence.

Luis, co-founder of ScaleBit:

Overall, this year's ETHDenver is still one of the grand events with a large number of participants and a gathering of blockchain developers. Unlike last year, which focused heavily on zk narrative and earlier NFT and DAO topics, this year's ETHDenver has a relatively broad distribution of topics. Aside from the hot topics of AI and Restaking, there don’t seem to be any new stories that stand out. On the contrary, topics such as BTC L2 frequently appeared at the main venue of ETHDenver, and some people even jokingly called this year "Bitcoin Denver."

Steve, DoraHacks Partner:

The most popular narratives are AI, modular blockchain, re-staking, etc. Appchain Day was extremely popular, with more than 1,500 people participating, and star first-level projects are highly sought after. It is estimated that The value grows quickly.

Steven, co-founder of FutureMoney Group:

Last year's ETHDenver Hackathon event was particularly eye-catching. Everyone paid more attention to the development roadmap of Ethereum, and ZK's Side Event also occupied a dominant position. In contrast, this year’s ETHDenver shows the characteristics of a project looking for market product fit after Series A financing. The content of the conference was richer and more diverse, covering multiple fields such as DePIN, AI, Restaking and social networking. VCs and large project parties also held more pragmatic dinner events. In addition, this year's Side Events and parties are more fully prepared, and the overall quality has been significantly improved compared to last year.

At the same time, compared with events in Asia, the business atmosphere of ETHDenver is not that strong. The number of developers and communities significantly exceeds the BD of exchanges, wallets, and various third-party institutions.

side event The popularity overshadowed the main venue

Compared with the bustling and crowded scene in previous years, this year’s main venue seemed a bit deserted. Even so, this did not conceal the vigorous vitality of the blockchain and Web3 fields. Some participants still deeply felt the industry elite's eager pursuit and unlimited expectations for new technologies and new applications. What is particularly worth mentioning is that this year, the side event even overshadowed the main venue and became a new place for participants to exchange ideas and share insights.

Kathy, Trustless Labs investor:

Experience ETHDenver for the first time. The main venue is large in scale, with ample space reserved for developers and hackathons. I am mainly involved in Bitcoin and Crypto+AI activities, and Berachain’s strong Degen culture also attracted me.

There are many Bitcoin ecology-related activities in Denver this time, including BOB’s hacker house Demo Day, etc., I It is found that not only the BTC OG and builders in Asia are enthusiastic, but Western capital is also actively deploying. For example, Marathon Digital announced the launch of Bitcoin’s L2 and mentioned RWA’s assetization plan. UTXO Management also launched Taproot Chain. At Ord Day and Bitcoin Startup Labs events, Domo shared the progress of OPI Network. As the price of BTC continues to rise and traditional financial funds pour into the crypto market, I look forward to more technological breakthroughs in the Bitcoin ecosystem in the future.

In the past year, Silicon Valley VCs have invested heavily in the field of AI, but the iteration of large models has posed challenges to small and medium-sized start-ups. Many AI talents return to the crypto track. I think the role of blockchain in the field of AI is to establish a decentralized network of computing power, data and model verification, and to use crypto as a means of economic incentives.

KevinY, Artela co-founder:

The number of people at the main venue was similar to last year, but the number of people listening to the main venue's speeches decreased significantly. This may be because the number of side events increased this year. Among them, berachain and monad, two new popular public chain activities, are particularly eye-catching. The event at berachain was as lively as a big party, and its orange bear head logo became a street highlight and attracted many attention. And the monad event was very rewarding for me with its high-quality guest lineup and in-depth random conversations.

Luis, co-founder of ScaleBit:

The popularity of the ETHDenver main venue this year is slightly sluggish, which may be related to the lack of new narratives in the Ethereum ecosystem. However, the BTC ecosystem has suddenly emerged, attracting the attention of global developers. In particular, the opportunity of BTC Layer2 has triggered widespread heated discussions. Bitcoin-renaissance and Bitcoin Investor and Founder Mixer activities have been full. A large number of Ethereum ecosystem developers have begun to pay attention to the BTC ecosystem. , especially the opportunities of BTC Layer2.

This time we also participated in activities such as Movecon and Sui Connect. Aptos and Sui of the Move ecosystem were well received due to their excellent currency prices. Favored by investment institutions. At Move-related conferences, related projects such as Movement, Initia and Rooch also attracted the attention of more developers. In addition, modularization-related conferences are also very popular. The appearance of Polygon, Movement, Initia and other projects as well as the practical application of modular technology have added many highlights to the conference.

Steven, co-founder of FutureMoney Group:

I feel that the excitement this year is lower than last year. Although more friends from Asia are present this year, they are rarely seen in the main venue. It may be that at the beginning of the bull market, the traffic of the Ethereum ecosystem and the top 50 CMC projects was dispersed by various new narratives, resulting in the lack of exciting FOMO emotions in the main venue.

It is worth mentioning that I attended the breakout session of the R3AL WORLD Summit for two consecutive years. As a side event organized by the IoTex Foundation specifically for the DePIN track, its popularity this year is significantly higher, and there are more teams investing in this field. Last year, I had to explain the concept of DePIN to many VCs, and this year, many VCs proactively mentioned DePIN as one of their key areas of focus when introducing themselves.

Benjamin Sepanski, Vice President, Audit, Veridise:

For me, seminars and panels are always of great interest. For example, Aleo organized several great conversations about use cases for its ecosystem. These activities are not only practical but also provide insight into how people build projects using these systems. For developers, this is a great way to learn by example. This is a good opportunity for security companies to understand what types of projects exist in the ecosystem and talk to developers to gain a deeper understanding of the pain points when building security systems in the new ecosystem.

VC The focus turns to the community, and market liquidity becomes an important issue

This year's ETHDenver witnessed the surge in VC enthusiasm, and both investment hot spots and market liquidity showed a positive trend. As the ecosystem of the blockchain industry continues to expand and deepen, some VCs have also begun to make corresponding adjustments.

KevinY, Artela co-founder:

Currently, the VC fundraising and investment environment is in a good situation, with sufficient funds, numerous projects, and high market enthusiasm. Issues such as AI, DePIN, Restaking, BTC ecology and modularization have become hot focuses, replacing the dominance of ZK last year. At the same time, the role of VC is also quietly changing. In the past, it was more about mapping the developer group, and now it is gradually shifting to reflect the needs and trends of users and communities.

Steve, DoraHacks Partner:

The primary market has ushered in a pricing stage dominated by high-quality project parties. Institutions are competing for star project quotas, and high valuations have become the norm. Top European and American institutions such as Founders Fund and Blockchain Capital are actively participating. Some fund GPs have started financing. Mainstream funds expect the best fundraising period to be the end of this year or next year.

Steven, co-founder of FutureMoney Group:

The secondary market has entered the early stage of the bull market, and BTC has repeatedly reached new highs. However, the primary market has not yet fully synchronized, and the VC investment side has not yet been fully immersed in the bull market atmosphere. However, fund-raising activities are becoming more frequent and active, and we have encountered many GPs in Denver looking for financing. Currently, VCs have reached a consensus on the importance of liquidity. Pure primary funds are no longer mainstream. Instead, more are setting up special Liquid Funds or flexibly allocating liquid positions in the main fund.

After Denver, what adjustments will the project team make in its strategy?

At this year's ETHDenver conference, leaders in the encryption industry spoke freely and brainstormed, ranging from DePIN to Bitcoin From the ecology to the re-pledge agreement, we jointly discussed community, users, culture and technological innovation. As the conference came to an end, the project team also began to make corresponding strategic adjustments based on the results of the conference.

KevinY, Artela co-founder:

The importance of community, users and culture has become increasingly prominent. A healthy community has become the cornerstone of project success. More and more project parties will actively integrate into and give back to the community. Users and participants can Looking forward to a more colorful bull market. At the same time, as industry narrative hot spots change, project parties continue to adjust their narratives and directions to keep up with the trend, which is a life-or-death choice for entrepreneurs.

Luis, co-founder of ScaleBit:

More and more overseas projects are beginning to pay attention to BTC Layer2 and try to build on the BTC ecosystem. There were a small number of projects that have been sticking to the BTC ecosystem before and developers can easily obtain it. Financing, including Move and DePIN, ecological investment has become active. As the market recovers, financing and token issuance are also put on the agenda.

Steven, co-founder of FutureMoney Group:

At present, the investment portfolio of our fund is performing well. The valuation of the angel round project has been successfully increased to the range of 30-50 million during the Denver period, and the next round of the billion-dollar project Financing is also being actively prepared, and the valuation is expected to increase by 3-5 times.

In view of the fierceness of this "bull market", we recommend that projects in the investment portfolio speed up token issuance and Time to market. Because continuing to raise funds through the primary market at this stage may lead to a surge in costs during the bull market in the future, including listing, recruitment, public relations and market value management. Therefore, for non-large financing, it may be more appropriate to consider the strategy of listing first and then financing.

Benjamin Sepanski, Vice President, Audit, Veridise:

ZK related technologies will greatly improve network performance, but they are still very difficult to use. We attended several events with teams such as Aleo, o1js, =nil; and Succinct, all working to make ZK technology more secure and user-friendly. Projects like this provide much-needed infrastructure for the ZK development space, which is an important step forward.

A lot of people are talking about restaking and seem to be working on moving their staking funds into restaking accounts . We see a lot of projects and vaults trying to take advantage of this. There are a lot of potential benefits in restaking, but I think people need to be very aware of the potential risks and take steps to mitigate them. Since staking has historically been a fairly low-risk investment, I think people tend to map this low-risk concept onto the higher-yielding option that re-staking offers.

ETHDenver 2024 Summary

Kathy, Trustless Labs investor:

In terms of priority, I will focus on three games in this bull market: Dao: Bitcoin ecology, Crypto + AI track, and consumer crypto track. There is some overlap between these three tracks, but at present, the biggest intersection should be memes.

Luis, co-founder of ScaleBit:

The annual ETHDenver is becoming more and more like CES back then, becoming a benchmark for global industry trends. What’s more interesting is that many investors and developers also go to Silicon Valley when they go to Denver, just like many Internet practitioners also went back to Silicon Valley when they went to CES. There are certain bottlenecks in Ethereum's ecological innovation, and non-EVM ecology such as BTC Layer2, Move ecology, and Sol ecology are gradually growing. We look forward to more innovations in the Ethereum ecosystem, and we also look forward to more developers paying attention to the non-EVM ecosystem.

Steven, co-founder of FutureMoney Group:

We are now more optimistic than ever. We currently see that the bull market led by Bitcoin is deeply linked to global liquidity levels and macroeconomics. A bull market for blockchain technology and applications is coming. On the road, this round of bull market industry will be larger and the themes will be wider.

Every bull market can see many projects or VCs chasing hot spots. But only by focusing on your main tasks and not being interfered by external factors can you truly reap the dividends of the industry.

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