What did we discuss with Vitalik at the Ethereum Quorum?｜137SPS022

Author: 137Labs

The recently concluded Tokyo EDCON conference brought together the most influential speakers, mentors, and project teams from around the world to share their insights and visions.

The event took place from July 24 to July 30 at the National Stadium and the United Nations University in Shibuya, Tokyo. Key topics regarding the Ethereum ecosystem and global blockchain development were discussed, covering a wide range of discussions and panel sessions. Ethereum co-founder Vitalik Buterin delivered a keynote speech on the future development of Ethereum and the global standardization challenges of Ethereum Layer 2.

Among them, Ethereum Quorum was held on July 28 at the United Nations University, which was a vibrant closed-door forum attended by 24 global representatives, focusing on discussions about the future of the Ethereum ecosystem. This session aimed to spark in-depth dialogue on the key issues facing the ETH ecosystem and explore collaborative solutions that could shape the future of Ethereum.

On August 8 at 18:00 (UTC+8), 137Labs, in collaboration with OKLink, invited representatives from Africa and Asia who participated in the closed-door meeting to share content related to Ethereum Quorum in a SPACE session, marking the first public sharing of the closed-door meeting's content, which garnered over 20K listeners. Here are the text contents:

PART 1

Introduction of Speakers

The first speaker is Charlie from OKLink, who is responsible for marketing and brand promotion. Charlie shared her experience participating in the EDCON event in Tokyo, where she interacted with key figures in the Ethereum ecosystem. She also provided insights about OKLink, a multi-chain blockchain data platform supporting 44 public blockchains, which has been integrated into the OKX Web3 product suite. This platform offers comprehensive tools for end-users, developers, and enterprises, such as the OKX wallet, DEX, NFT marketplace, and DeFi, now further enhanced by the newly added multi-chain explorer.

The second speaker is Danny from ETHKL in Malaysia, the largest developer blockchain community in Malaysia. ETHKL has been active since 2018, organizing over 170 meetups, case studies, and workshops, and will hold the ETHKL 2024 conference and hackathon at the Petronas Towers in Malaysia from October 4 to 6.

The third speaker is Del Titus Bawuah from Africa, the founder of Web 3 Accra (W3A). W3A is a community based in Ghana dedicated to uniting local communities, regulatory bodies, and international entities like OKX to legitimize the blockchain and cryptocurrency industry across Africa. W3A holds quarterly meetings, and last year they were fortunate to invite Vitalik as a keynote speaker, which led to the establishment of working groups with the central bank and securities commission to formulate local policies for blockchain and cryptocurrency. Their ultimate goal is to create a prosperous, secure, and open crypto and blockchain market for the region. Del represented the African perspective at the Ethereum summit, sharing solutions with 24 other global participants.

PART 2

What key points or insights did you share during the meeting?

Charlie

Charlie highlighted several important contributions and engaged in deep interactions with developers during the meeting. She mentioned that OKLink became the first official explorer for Polygon AggLayer and discussed the AggLayer developed by Polygon Labs, which is a neutral protocol that creates a seamless cross-chain experience by leveraging zk-rollups and CDK, addressing the fragmentation issues often mentioned by the Ethereum community. She also emphasized the importance of transaction security for retail users and the necessity of reliable tools like blockchain explorers to mitigate risks, especially for novice users.

Charlie stressed the challenges of onboarding new users into Web3, pointing out that high barriers and complex terminology often deter potential users. She emphasized the need for better education and user-friendly tools to bridge the gap between original Web3 users and new users. Using their blockchain explorer service as an example, she explained that even seemingly simple tasks can feel overwhelmingly difficult for new users due to the complexity of data and terminology. Overall, Charlie's contributions focused on making Web3 more accessible and understandable to a broader audience.

Charlie also highlighted the significance of the African market, noting that Nigeria alone is one of the countries with the most users on their platform, surpassing many European countries. She acknowledged the challenges Africa faces in promoting decentralization through centralized systems and expressed respect for their efforts, pointing out that blockchain, if successful, has the potential to significantly impact the real economy.

Danny

Danny shared important insights about creating a balanced Web3 ecosystem during the meeting. Using ETHKL, Malaysia's largest developer-focused blockchain community, as a case study, he emphasized the need for diverse talent and resources. Danny pointed out that while Malaysia has a strong developer base, there is a lack of entrepreneurs, incubators, and sufficient attention from the government. To address this issue, ETHKL focuses on hosting hackathons and advocating for development-friendly policies. Danny emphasized that a sustainable ecosystem requires a balance between investors, entrepreneurs, and a supportive legal framework, which is crucial for long-term success. He also added that Ethereum plays a key role in addressing the issue of access to the global economy, especially in regions like Africa. He mentioned that entering the global economy through traditional banking is often challenging in Africa, while Ethereum provides an important alternative.

Del Titus Bawuah

Del Titus Bawuah discussed the unique challenges and opportunities facing decentralized infrastructure in Africa during the meeting. He highlighted the contrast between active trading and the "gray" regulatory environment, emphasizing the importance of infrastructure and policy. Del pointed out that there are significant economic opportunities because cryptocurrency and blockchain are seen as necessities in Africa, coupled with the region's large young population and increasing internet penetration. He specifically noted the application cases of NFTs, such as land disputes and intellectual property protection, and emphasized the necessity of global decentralization to include emerging markets like Africa, ensuring broad accessibility and success for Web3 development.

PART 3

Introduce your project and outline its future development plans

Charlie

Charlie introduced their project, a multi-chain blockchain explorer that serves end-users, developers, and enterprises. For end-users, the tool supports cross-chain transaction verification, address tracking, and asset management. Developers can utilize powerful APIs for contract verification, debugging, and obtaining comprehensive data. Recently, they launched the "Explorer as a Service" (EaaS) project, allowing public chains to have customized explorers for free, simplifying the development and maintenance process. This innovation supports enterprise needs by reducing costs and streamlining data management.

Charlie also emphasized the importance of community in the Web3 ecosystem, noting that this is a core distinction from Web2. She mentioned that while Web2 communities are often isolated and driven by value propositions, Web3 fosters open collaboration and the exchange of ideas. Charlie highlighted the importance of face-to-face interactions at events, which are often difficult to achieve through online platforms. She also pointed out the enthusiasm of developers and the resource gaps they face, emphasizing the role of Web3 collaboration in filling these gaps. Additionally, Charlie compared Danny's work with another speaker's efforts to transform the African economy through a similar open-source Web3 ecosystem, highlighting the potential of blockchain technology to address local challenges such as corruption and financial inclusion.

Danny

Danny shared that ETHKL will continue to focus on its role as a community-driven meetup organizer. With support from new partners like Manta Network, Scroll, and potentially OKX, they plan to address the gaps in Malaysia's Web3 ecosystem. Future plans include leveraging these partnerships to enhance initiatives, expand influence, and promote collaboration between blockchains. Danny also emphasized the importance of these initiatives in helping developers focus on their projects while support services like the OKX free explorer simplify their development processes.

PART 4

What are your views on the future development of Ethereum, including the Dencun upgrade and the recent ETF approvals?

Charlie

Analyzing from a data-driven perspective, Charlie observed that while the Dencun upgrade led to reduced Layer 2 transaction fees and increased TPS, the overall Ethereum ecosystem did not experience the expected growth. The momentum of Layer 2 solutions remains relatively flat, with individual projects like Base and Arbitrum performing exceptionally well. Charlie attributed this situation to the liquidity fragmentation issues within Ethereum and the broader crypto ecosystem, as well as a lack of truly innovative applications. She emphasized that while there have been advancements like re-staking in DeFi, these are more evolutionary versions of existing frameworks rather than groundbreaking innovations. This has led to overcrowding in the Web3 application space, making it difficult for users to choose suitable options. She also pointed out that despite Layer 2 transactions becoming more active, the overall transaction volume has not significantly increased and has returned to pre-upgrade levels after an initial spike. Charlie believes this stagnation is primarily due to limited growth in broader applications, a lack of real-world applications, and insufficient education and communication for new users. To address these challenges, she suggested that Ethereum could expand its ecosystem's influence by collaborating with Web2 entities or large financial institutions to create applications that resonate with a broader audience.

Regarding ETFs, Charlie views Ethereum ETFs as a positive signal for the ecosystem, reflecting institutional interest. However, she noted that this could also be a double-edged sword. On one hand, it indicates growth and more liquidity brought by traditional financial institutions; on the other hand, it means these institutions control a significant amount of Ethereum assets, which could lead to sell-off pressures similar to the Mt. Gox or German government incidents. Despite these concerns, Charlie believes that in the long run, ETFs will have a positive impact on the Ethereum ecosystem and its liquidity.

Danny

Danny stated that while the EIP 4844 upgrade aims to enhance Ethereum's scalability and security, its impact on actual applications is not significant. He emphasized the importance of raising awareness in Web2 businesses and industries, which can be achieved by integrating blockchain with traditional sectors. Danny is actively promoting this by discussing collaborations with other Web2 companies like the PETRONAS payment system to showcase blockchain's potential. Regarding the recent ETF approvals, Danny believes this is a positive development for institutional investment in Ethereum, which could drive growth and adoption. However, he pointed out that the actual impact remains uncertain and will depend on how these advancements are utilized in the Web3 space.

PART 5

Are there any other updates or information you would like to share?

Charlie

Charlie advised individual users to use blockchain explorers when trading and investing and to ensure adequate research to protect themselves. Additionally, she announced that by the end of August, their Explorer-as-a-Service (EaaS) project will launch six to eight new blockchain explorers covering multiple chains, including BTC Layer 2, EVM Layer 1, and Ethereum Layer 2. She is very excited about these upcoming features and upgrades.

Danny

Danny encouraged the Southeast Asian audience to participate in their October event. He emphasized that the event will bring together Web3 companies and will be open to any interested Web2 businesses. Developers and interested participants can check the link in his profile for more details.

https://www.2024.ethkl.org/

SPACE LINK: https://x.com/137Labs/status/1821421573863252387
Disclaimer: This article does not constitute investment advice, and users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances and comply with relevant laws and regulations in their respective countries and regions.