We sat into the panel between the crypto heavyweights as they discussed about the next three years in crypto, and what will the future hold.
The keynote panel brought together some of the most prominent figures in the crypto industry — Vitalik Buterin, co-founder of Ethereum; Star Xu, Founder and CEO of OKX; Jeremy Allaire, co-founder, chairman, and CEO of Circle; and Haider Rafique, CMO of OKX, who moderated the discussion.
The session revolved around the future trajectory of blockchain technology, stablecoins, decentralised finance (DeFi), and self-custody, offering valuable insights into what lies ahead for the crypto space in the next three years. Here are some of the key discussion points between the crypto heavyweights.
Reflections on Early Crypto Innovation
Vitalik Buterin reflected on the early development of Ethereum, noting the initial skepticism from cryptographers and other experts. While the general concept of decentralised finance (DeFi) was clear from the start, the speed and magnitude with which the sector grew were unexpected. He expressed that he is amazed by how rapidly the crypto landscape evolved, with decentralised systems like stablecoins and decentralised lending becoming significant components of the ecosystem.
Stablecoins and Programmable Money
Jeremy explained that the founding vision for Circle was to create “programmable money”— a protocol for dollars on the internet. The early frustrations of building on Bitcoin’s limited technical capabilities led them to explore Ethereum, and by 2019, Circle had fully embraced stablecoins, especially USDC, with a focus on enabling seamless movement of fiat currencies on blockchain networks.
Yet the technopreneur exclaims that they are only at the start of what stablecoin technology could achieve and this shift would likely lead to an exponential increase in the velocity of money, enabling a frictionless, global system of value exchange.
While DeFi protocols have already made significant strides in the use of programmable money, there is still immense potential for innovation. One area Jeremy gushed about was on-chain credit, which he believes that programmable credit on blockchain networks could revolutionise economic growth.
Ethereum’s Global Contribution
What is Ethereum’s role in addressing global challenges over the next three years? Vitalik pointed to the inherent global nature of the crypto space, emphasising that one of the unique aspects of blockchain technology is its ability to break down national and economic barriers. He touched upon the initial coin offering (ICO) boom, which, despite its flaws, represented a time when crypto projects were actively building global communities.
Vitalik sees this global ecosystem as particularly valuable in today’s world, where economic and political barriers are rising, and believes that the decentralised and borderless nature of Ethereum allows it to provide services and financial access to individuals who might otherwise be excluded from traditional systems. The convenience and inclusivity offered by Ethereum, especially in the face of growing geopolitical tensions, make it a crucial player in fostering global financial connectivity.
The Future of Self-Custody
With regards to crypto self-custody in mainstream financial systems. Star Xu explained that there are clear separations between exchanges, custodians, and brokers in the traditional financial world. However, the boundaries are more fluid in the crypto space,, and self-custody is emerging as a critical component of the future.
Emphasising the principle of “not your keys, not your money,”, he stressed that self-custody technology offers users the ability to take full control of their assets, something that is both empowering and revolutionary. In his view, as regulatory frameworks continue to evolve, self-custody will play a significant role in ensuring transparency and trust in the crypto ecosystem, and transform the way people manage and protect their wealth.
Layer 2 and Scaling Ethereum
Vitalik also turned the attention to the rise of Layer-2 solutions, which have been instrumental in scaling Ethereum. He believes the Layer-2 ecosystem has brought immense talent into the Ethereum space and has allowed developers to focus on improving core technology, such as account abstraction and Ethereum Virtual Machine (EVM) upgrades.
While there are challenges, such as fragmentation and the need for better standardisation, Vitalik remains optimistic about the potential of Layer-2s in addressing Ethereum’s scaling issues in the near future.
Web 3.0 with a Web 2.0 User Interface
Star emphasised that the future of Web 3.0 applications would have user interfaces similar to Web 2.0, offering users a seamless experience while harnessing the power of blockchain on the backend. He stressed the need for wallets that are easy to use, but still comply with regulatory requirements like Know Your Customer(KYC).
With advancements in technologies like zero-knowledge proofs, Star believes that Web 3.0 applications will soon become more accessible and practical for everyday users, ushering in a new era of digital finance.
At the end of the session, it was clear that the next three years in crypto would be defined by continued innovation in stablecoins, Layer-2 scaling, and self-custody solutions. The panelists shared a common belief that blockchain technology is still in its early stages and that the most exciting use cases have yet to be invented.
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