ETH Denver, besides being occasionally a great advert for deodorant, was an amazing event!
Here are my high level takeaways:
1/ Muted DeFi presence
It’s been a while since we had true 0-to-1 moments in DeFi, and the relative interest in DeFi from builders was quite low. The main presence was Uniswap and Aave …
2/ ZK fever
Savvy VCs are salivating over ZK- rollups/EVMs/compilers/bridges - and rightly so!
The caliber of talent working on ZK-related projects is top tier, and there was much chatter around projects like @RiscZero@taikoxyz@Scroll_ZKP which should all launch soon
3/ Roll-ups Everywhere
There’s a lot of chatter around L2s, particularly post Base announcement. Naturally, lots of discussions around @eigenlayer DA and @CelestiaOrg , as well as a few rollup-as-service projects
4/ Gaming hitting its stride
The quality of Web 3 games / games with Web 3 elements have improved vastly since 2020. There was a fully playable demo that was comparable with Triple A titles. This year should see many interesting launches
5/ AI nowhere to be seen (lol)
It was easy to see what narratives were forced by anon CT traders to generate exit liquidity among retails and what builders were actually working on. Unfortunately, AI was barely discussed
6/ Asia as user hub
3 founders came up to ask about how to “hire head of Asia” 👀
General view seems to be that post 2022 there isn’t a clear player that can help founders bridge to Asia, but founders recognize the TAM there.
1/ Pop quiz - without looking it up, which was the most important and liquid exchange + pair asset that contributed to @Aptos_Network 's re-rating into a Tier 1 L1 (by valuation)?
2/ Investors who bet on any half decent Layer 1 since 2017 were massively rewarded, and in many cases seemingly for reasons unsupported by actual adoption.
Think of how many of the top 30 chains you use on a weekly basis and contrast that with the FDVs they trade at.
Roughly 50% of BD talent in crypto I've met just want a salary while they day trade their PA + wait for their tokens to vest
The other half drove most of the growth you've seen in crypto over the years
One tip for crypto founders in a tough market:
Find out whether you accidentally hired professional conference after-party attendees and fire them today
Money changes people - maybe they joined in a bear market for the mission, but got rich during the bull market and realized they don’t want to grind anymore.
That’s ok, it happens, but you don’t need to keep sponsoring them with investors’ money
A few years ago, when I first started in crypto, we set up a meeting with a Silicon Valley big shot crypto VC
A funny anecdote…
1/ Wide-eyed, impressionable me was beyond excited!
But the VC ghosted the meeting and didn’t give any notice before or after.
They were a big shot and probably had something come up, it happens
2/ I forgot about the meeting a few weeks later and life carried on
One day I made a tweet on the frothy nature of crypto markets, and how projects were raising capital easily from funds that didn’t seem to have any theses
Found myself re-listening to this sobering part of my conversation with @Galois_Capital, on why people don't call things out earlier when they see smoke.
1/ I don't think this is a uniquely crypto problem
I remember a guy who left and whisteblew on Luna way before anything happened. Everyone thought he was
just a disgruntled employee.
He wasn't anon; I'm sure that's hurt his own job prospects
2/ People moan about why others aren't more vocal earlier on with their skepticism re: a lot of things, but also castigate those call things out early on (e.g. 2022 events aside, 3AC got a lot of flack for calling FTX in 19)