EthCC  2022 Breaking news day 3
The Furucombo team is happy to attend and sponsor EthCC Paris! We decided to summarize the talks we attended so everyone could join along in all the developments in the crypto space. The following will be a diary of our days at attending EthCC in Paris. Enjoy!
Permissionless work: Are DAOs a new form of human coordination, or just bull-run fireworks?
Shared by Hart Lambur from UMA. Traditional organizations, just like TradFi, are enforced by a legal recourse which hasn’t been changed for over 2000 years. DeFi has proven itself in that even with simply reimplementing the existing service, making it globalized and universally accessible is already a breakthrough. Not to mention there IS more features like AMM, which does not exist in the world of TradFi. The same idea is consistent in a DAO. Natively globalized means a lot on running an organization. It’s not yet mature and all kinds of experiments are still ongoing, but eventually it will be a part of how the world works.
Optimistic Oracles: Why human-powered truth machines are inevitable oracle technology.
Shared by Chris Maree from UMA. Oracles are an important component being used in DeFi. However, in most of the cases, oracles are acting as a price feed. When it comes to running a DAO, inevitably more kinds of data are required to deal with all kinds of circumstances to decide how the DAO should act. UMA proposed a solution, Optimistic Oracle (OO), to provide a data source that is more general, and does not require high frequency updates. By a network of requesters, proposers, and disputers, OO is able to provide requested answers after a certain liveness period of time. OO as a generalized data oracle might be the important piece to make a DAO complete.
Growing as a DAO — MakerDAO Lessons Learned
Shared by Nadia Alvarez from MakerDAO. MakerDAO has been a very classic example when it comes to the discussion of DAO. A single DAO to deal with all the problems is way too complicated when the company grows. Growth Core Unit is MakerDAO’s answer. However, continuing to monitor the product through matrices, and letting members guide the plan is still important to make sure everything goes well. Additionally, to make sure that team members stay with the same mindset. Growing decentralized is not efficient. Coordination is indispensable, but resources can come from all over the world. Take care of your DAO.
The Age of Rollups
Shared by A.J. Warner from Offchain Labs. Arbitrum continuously improves the onboarding process of new users to L2, which should be more friendly to those who might be new to crypto and have no idea about different layers. Also, considering there are still many DAOs that run on Ethereum, they also propose a DAO migration procedure to make a DAO able to work on Arbitrum easily. This should lower the barrier of entry and encourage people to participate more actively. Except the standard solution Arbitrum Nitro, there is also Anytrust chain. Anytrust Chain aims to provide the solution for gaming and metaverse that requires higher frequency, lower cost, and a higher risk tolerance solution.
Thoughts about the longer term future of the Ethereum protocol
Shared by Vitalik. The Ethereum protocol is undergoing a long process of changing right now, which should eventually become a robust and powerful system. After the Merge, Surge, Verge, Purge, and Splurge there will be several deep changes to the Ethereum system. This includes the monetary policy, security model, and the transaction including process. During this phase, there will be inevitable short term pain, but Ethereum will settle to a stable condition eventually. By lowering the transaction cost, making the node lighter, and lowering the barrier for people to run a full node which ultimately makes the entire system more decentralized. Vitalik ended with keeping an open mind, we don’t know what will happen in 2023 yet, but keep building and continue to make Ethereum better and better.
Research and Development of Sustainable Defi Ecosystems
Shared by Windra Thio from Element Finance. The development in the DeFi ecosystem has several properties. All kinds of integrations bring a high degree of composability. Transparency makes it easy to replicate, and easy to compete on products. High complexity brings massive opportunities for simplification. However, there are several points that need to be taken care of such as:
- When it comes to promoting a product, it’s easy to get lost in providing incentives to bootstrap. Is the incentive the product, or the product itself should be the incentive?
- We should always care about our users. Understand your user, and don’t take feedback for granted. To know your user, making the community an active place is important to make discussion happen.
Be active users
- What we want to build and what users want to use might not be the same.
- Consider the growth and change of your user base. How do macro and market cycles play a role? Both power user and new user should be considered
The swag at ETH Paris was fantastic this year. Lots of style and depth to the designs. Many protocols went all out on providing their branded swag and came well prepared stocked with plenty of items to give away. Shirts were the most popular item. Almost every protocol had at least shirts to give away, as well as stickers and some accessories. There were no hoodies at this event because of how warm Paris was this summer. Some protocols also had items that were specially branded for their after party events, such as makers DAIvinity, and the Future of France event. All in all there was so much good swag that you didn’t want to miss collecting every piece!