Highlights: Metaverse at BRG Conference 2020
The Metaverse team joined the Blockchain Revolution Global (BRG) Conference, and Eric Gu, founder of Metaverse Foundation, attended as a guest speaker on the topic of “Crypto Assets Trends in 2021, A Glance into the Future” on Oct 29th, 2020.
Some of the topics that was discussed were on Bitcoin prices, DeFi, Gene Finance, Metaverse DNA, NFTs, and more.
The cyclical pattern of Bitcoin when the previous all-time high was reached in 2017, “and we are probably going to see a new high very soon, we are almost going to see another cyclical boom of the price of major cryptocurrencies.”
On November 5th, Bitcoin rose past $15,000, its highest since January of 2018.
Moving to the topic of DeFi, one of the current problems the decentralized finance ecosystem is facing are the high gas fees on Ethereum. Because many of the DeFi platforms are all interlinked, in order to reap the full benefits of swapping for stablecoins, borrowing, and liquidity mining, one may need to pay for 2 to 3 transactions on each separate platform.
“By the end of all the transactions, you probably paid one hundred dollars of gas fee. This is just a big problem.”
Layer 2 scaling would be a technical solution, which would make transactions faster and cheaper.
“But, there may be other solutions as well, have you thought of a solution that used one smart contract to do all that I described above,” explained Eric, “An aggregated DeFi platform, I think that would be very interesting.”
Eric presented the recently launched Gene Finance platform, which will include an aggregation of DeFi functionalities such as money market, lending and borrowing, synthetic stablecoins, etc.
“Metaverse DNA is made for DeFi, it’s lightning fast. Half a second per block and TPS can go up to 11,000.”
“95% of DeFi projects and NFTs are on Ethereum network, that makes the network too heavy, the network is congested. When people are tired of paying high gas fees and long waiting times, they have choices. DNA is here.”
Lastly, there was a discussion on the potential of the NFT market as well as a combination of NFT and DeFi in the near future. Eric stated that there is a tremendous amount of new participants joining this space and he is excited for what the future holds for crypto assets.
To find a replay of the talk at the BRG Conference 2020, click below: https://youtu.be/fk7HnY2PLZw
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