Reflections from Consensus 2022
Nothing was able to defeat the hot, humid weather of Austin, Texas — not even the crypto winter. Drawing in over 15,000 attendees and 500 speakers to the live music capital of the world, Consensus 2022 roared with eager VCs, developers, and creators who filled every venue and street corners in Austin while bringing forth unconventional ideas and discussion to celebrate all sectors of the crypto industry.
Of these passionate attendees committed to revolutionizing the crypto industry, our BIFROST team also participated in the biggest crypto conference of the year. Having attended a myriad of events — 1inch, Pantera, Polygon, Binance, ComputeCoin, and NEAR — our BIFROST team had much to say regarding their experience as well as the future of BIFROST network and its ecosystem after conversing with Nikita Ovchinnik (CBDO of 1inch), Eowyn Chen (CEO of Trust Wallet), and Jeremy Allaire (CEO of Circle).
After listening to many inspirational panels by influential speakers, a formulative conclusion came to mind. True interoperability is an absolute necessity to transcend crypto across central and decentralization. The ability to natively swap or trade on the native chains directly without any intermediary or other DeFi is the meaning of true interoperability. This is what the BIFROST network will accomplish. This is what we want to expose to the world. This is what the world will demand: no friction across chains. — BIFROST team
As the focus of many panels and discussions, interoperability is still a hotly debated topic and will continue to be until true interoperability becomes the norm across DeFi, GameFi, and NFTs. Attendees acknowledge the nature of competition and interaction between protocols and products but also embrace collaboration. The ability to connect multiple blockchains will become increasingly important in the crypto ecosystem and we are seeing more quality projects allocate resources towards that goal, which has been the focus of BIFROST since its conception and the key functionality of our upcoming mainnet (stay tuned for this).
What we saw in the ICO bubble was left behind in 2017. The space changed from being purely speculative to evolutionary into the creation of sophisticated protocols that are aiming to take over traditional finance solutions while being able to interact with each other through blockchain interoperability. Over 60% of DApps — including our initial BIFROST multichain platform — have been developed on Ethereum’s protocol since 2015, but it has become clear that many capable teams are looking to overtake Ethereum as the foundation layer for smart contracts, and even though there are several successful L1’s in the space, this is far from being over as we see communities are certainly playing a key role in the success of these teams. During Consensus, we consistently heard that building, hearing, and working alongside the community are more important than ever.
Crypto is evolving fast and different sectors are starting to acknowledge it as a disruptive technology that will not stop growing, despite the current market conditions. A surprising number of TradFi (traditional finance) firm representatives were in attendance, not as individual investors, but in their professional capacities. Though the market might be approaching over-saturation, NFTs continue to be the crypto category with the most buzz. VeChain is now UFC’s first-ever Official Layer 1 Blockchain Partner (reported $100M deal) as traditional sports partnerships are growing in popularity in crypto.
The memorable week of Consensus created a long-lasting impact on not only our team, but perhaps on BIFROST’s future as our team had set forth to make friends, connections, and partnerships with inspiring and brilliant minds. We thank CoinDesk and all sponsors who made Consensus 2022 a spectacular opportunity for diverse communities of blockchain, crypto, and Web3 to demonstrate their values and facilitate growth.
As the Consensus came to its end, the rowdy crowd became noisier not only because of tentative goodbyes but also because of the sharp decline in the crypto market during the event. Bear markets are the moments where robust and capable teams can thrive and succeed, and with the launch of our BIFROST mainnet, the icy crypto winter will soon change into the season of a blazing hot crypto summer.
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