The future of Web3 as shared by industry leaders
A summary of our 3-year anniversary panel discussion
Time sure flies! On 31st July 2022, Tokenlon turned 3 years old. There is a common saying that one day in Crypto is the equivalent of 7 days in the “real world”.
While we are proud of hitting this milestone, it is the next 3 years of Crypto that truly excites us right now.
To find out what the future of Web3 looks like, we invited our partners (industry-leading players) to discuss this big but exciting topic with us!
Discussing the future of Web3
We had the good fortune to host the following panelists
- Shalin Pei, Senior Product Design at Coinbase Wallet
- Valerie Tetu, Marketing at Lido
- Taylor Monahan, Global Product Lead at MetaMask
- Elizabeth Morrison, Partner Success Lead at Unstoppable Domain
- Susie Batt, Lead Crypto Ecosystem at Opera
Key Takeaways from the panel discussion
For your reading convenience, we have distilled the key points for each question!
Did the current bear market lead to any changes in each project’s strategy? If yes, how does each project intend to weather this current storm?
- Keep building and double down on efforts- It was not surprising to hear this advice from all the panelists, especially since they worked in veteran companies in the industry. New product categories are built during the bear market and we are excited to see what comes out of this cycle
- The current bear market is way less scary - Crypto is here to stay. While this is clear right now, this was not the case only a few years ago. For those who entered the industry early on, the implosion of Mt.Gox made everyone question if Crypto itself was just a fad. Things are clearly different now
TLDR: Keep building to give users a better experience, as the bear market gives each project a chance to reset with less noise around.
How does the upcoming Ethereum merge affect each project and what are their thoughts on it?
- Changes to staking rewards - When you stake ETH today, it’s locked in the Beacon chain, and the only way to access is through liquid staking. One big misconception is that everyone will be able to withdraw right after the merge. That’s not the case but it will change in the near future
- Moving from PoW to PoS means there no longer needs to be more ETH issued to the miners. Net issuance will be drastically reduced, meaning less dilution for stakers. Stakers should enjoy a yield increase, from 3–4% APY to maybe 10–12% APY
What each project is doing to drive mass adoption of Web3
- Build something that is open and permissionless — MetaMask built the browser extension with the intention of hooking it onto every Dapp. A product that sticks to the fundamentals of being open to all and permissionless (assuming it solves a pain point) will be adopted by users
- Understand users from top to bottom - Self-custody is overwhelming for a lot of people. While many of us preach “not your key, not your tokens”, reducing the mental load of users greatly boosts adoption. Trying to build from the user’s perspective is what Coinbase wallet aims for
- NFT domains can be a person’s first touch into web3 — NFT domains give complex wallet addresses a name and make transferring crypto a lot easier. Unstoppable Domains is on a mission to ensure everyone owns an NFT domain
- Bridging Web2 users to Web3 ecosystems- Opera browser has been around for 25 years and they aim to become the “portal for all things Defi”, onboarding their 380 million users
- Make ETH staking accessible to retail investors- People have difficulty staking because you need 32 ETH, or they face liquidity problems. LIDO solves all these problems for the retail user
Check out the full Twitter spaces recording here
Tokenlon’s Next 3 Years
We are incredibly humbled to have been on this journey with you over the past 3 years. This would not have been possible without our amazing partners, the Tokenlon team and you, the user.
Follow us as we move towards the next 3 years and bring you a better product, better campaigns and a stronger community.
For now, remember to take part in our $5,000 LON giveaway as part of our 3-year anniversary celebrations!