The market is surging, but what drives the cyclical rotation and the surging trend is always the many builders who are dedicated to the cryptocurrency industry. In order to make the voices of these front and backstage builders heard by more people, after a three-year hiatus, Odaily Planet Daily once again launched the "FAT Awards 2024 Annual Ceremony" on September 16, 2024.
The event was hosted by Odaily Planet Daily, co-hosted by Bitget, and jointly supported by institutions and projects such as ArkStream Capital, Mizu, AIAChain, CoinW, Megabit, gathering numerous industry builders from Bitget, Arbitrum, Galxe, dYdX, Movement, ME Foundation, and many other hardcore projects, platforms, and ecosystems, as well as prominent projects and public chains, with thousands of industry builders, investment institutions, and well-known platforms coming together to seek the next new direction and trend in the market through collision of viewpoints and intellectual exchanges.
The following are carefully selected insights from the industry summit, which lasted for 8 hours, by Odaily Planet Daily, inviting everyone to review together.
Odaily Planet Daily Founder and CEO Mandy: New Era, New Stage, New Narrative
At the opening ceremony of the "FAT Awards 2024 Annual Ceremony," Odaily Planet Daily Founder and CEO Mandy first delivered a speech, stating, "Welcome to this year's FAT Awards forum. The FAT brand was established in 2020 to recognize leaders and innovators in the Web3 field. We focus on new values and new paradigms, and have previously held events in Beijing.
The name "FAT" is derived from Joel Monegro's famous 2016 article "FAT Protocols" (translated into Chinese as "Fat Protocols"), which explores the transition from the Internet era to the blockchain era, foreseeing that value will be concentrated in the protocol and sharing layers, rather than the application layer. Although some viewpoints may be outdated, the core concept still guides many top funds, helping us understand the blockchain world.
2024 is an extraordinary year for the cryptocurrency industry - the US SEC approved a Bitcoin spot ETF, opening the door for traditional investors; Bitcoin reached a historic high, followed by the successful approval of an Ethereum ETF; cryptocurrencies became a major topic in the US presidential election. It is evident that the mainstreaming of cryptocurrencies is unstoppable. At the same time, we have witnessed the rise of many new narratives and ecosystems, such as AI+ Crypto, DePin, chain abstraction, and modularization. Innovative projects and new asset categories have emerged in ecosystems such as Solana, Bitcoin, and TON.
At the same time, another major topic of discussion this year is the lack of native growth in the industry - ETF funds seem to be disconnected from our limited capacity in the crypto circle; meme coins have performed poorly, and many once popular projects have turned into zero-sum games; some projects supported by top venture capital firms have performed poorly after token listing, and retail investors, venture capital firms, and exchanges seem to be in opposing roles. Therefore, perhaps the current stage is a good time for us to deeply discuss industry development and narrative value: on the one hand, we hope to focus on the most influential and creative organizations and projects in this cycle, to guide us in the direction of future progress; on the other hand, we also need to collectively discuss the current situation, what is worth looking forward to, and what we can and should do in the face of current challenges.
I hope today's event can bring inspiration to everyone to varying degrees, and once again thank everyone for coming. Please enjoy the wonderful speeches and passionate discussions brought to you by many industry experts and guest friends. Thank you all!"
Aethir Co-founder: DePIN Hardware Device Aethir Edge Sales Exceed 25,000
Aethir Co-founder Mark stated that in the new era, there has been a surge in GPU demand, and with the increasing complexity of AI LLM, issues such as insufficient purchasing power, slow product updates, and low efficiency have gradually become prominent. Decentralized and enterprise-level GPU cloud infrastructure that can adapt to the needs of the AI and gaming industries is an effective solution to these problems.
Aethir currently offers 4 major basic computing products to the market: AI training, AI inference, gaming industry products, and virtual machines. Taking the gaming direction as an example, Aethir's computing products, based on existing technology, make expansion cheaper, abstract the hardware layer, and allow mass players to play all games on various devices.
In addition, Aethir's newly released DePIN hardware device Aethir Edge has five major features: faster data processing speed, factual data analysis, scalability, cost-effectiveness, and advanced AI support. As of now, its sales have exceeded 25,000 units. Users can use this device to operate the Aethir network to earn tokens, or "mine" other projects.
Galxe and Gravity Co-founders: Platform's Daily Active Users Reach 1 Million, Number of Partner Enterprises Reaches 6,000
As leaders in the cryptocurrency industry's well-known application and infrastructure platforms, Galxe and Gravity Co-founder Charles Wayn introduced to the attending guests that Galxe has 1 million daily active users, 28 million interactive wallets, connects to over 100 chains, and has partnered with 6,000 enterprises.
Currently, large-scale adoption is hindered by fragmentation between chains. Positioned as a super application, Galxe, and as infrastructure, Gravity, aim to be gateways for the public to enter the Web3 world. Both are connected by the same token (G). G has multiple attributes, including utility tokens for Galxe Quest, exclusive airdrops, payment for Galxe products, Gravity's gas token, native tokens for Gravity's consensus layer, and governance tokens for Galxe and Gravity. In addition, Charles Wayn also introduced Alva, an AI collaboration tool for Web3 research and trading investment.
Galxe and Gravity Co-founder Charles Wayn
Offchain Labs Co-founder and CEO: Arbitrum Aims to Attract Millions of Developers
Offchain Labs Co-founder and CEO Steven Goldfelder reviewed that establishing a truly revolutionary EVM Rollup was once very groundbreaking. Today, Arbitrum aims to attract millions of developers through an upgraded version of EVM Stylus, continuously expanding developer experience, adoption rate, DeFi and gaming preferences, liquidity, and decentralization advantages.
Next, Arbitrum's specific efforts include: supporting multi-VM Stylus (launched on the mainnet on September 3), truly decentralized proof BOLD, node performance upgrades, Timeboost capturing MEV income, decentralized sorting, and decentralized ZK consensus.
Offchain Labs Co-founder and CEO Steven Goldfelder
dYdX Foundation CEO: Cumulative Trading Volume of dYdX Chain Reaches $225 Billion
dYdX Foundation CEO Charles d’Haussy highlighted the remarkable data achievements of dYdX reached in 9 months:
As of September 2024, the cumulative trading volume of dYdX Chain has reached $225 billion, carrying 43 million USDC, with over 140 active trading pairs, and over 144 governance proposals.
Charles further stated, "It's simple to list on dYdX, just choose a market at dydx.trade/markets/new and propose a new market."
In addition, in DYDX's token economics, 70% of the tokens are still unlocked. Since July 2024, the monthly emission of DYDX has decreased by 75%.
Bitget COO: Bitget Wallet Users Reach 30 Million, Swap Trading Volume Reaches $8 Billion
As one of the rapidly rising top exchanges in recent years, Bitget's achievements are evident.
According to Bitget COO Vugar Usi Zade at the event: "Bitget currently has over 30 million global users, with a daily trading volume of $10 billion, listing over 800 coins, and a fund size of over $400 million.
In addition, the recent projects in Bitget Launchpool have performed well in terms of APR, including - GAEE 447%, ZKS 415%, VRTX 380%, ZKF 329%, RABBIT 179%, GRAPE 174%. The latest data from Bitget Wallet is also very impressive - 30 million users, supporting over 250,000 cryptocurrencies, with a swap trading volume of $8 billion."
Movement Co-founder Cooper: Future Token Distribution Focuses on Rewarding the Community
In response to the community's concerns about the future development direction and token distribution of Movement, Movement Co-founder Cooper stated at the event that the future focus of token distribution is not on how much the team can hoard, but on giving us the opportunity to reward builders, KOLs, and community members. The contributions of community members are crucial to the success of the chain or application.
He also stated that the team needs to identify how to recognize the contributions of members other than developers to the network and create programs to assess people's contributions. In previous markets, no one in the ecosystem, from builders to all stakeholders, benefited from the network, and when the network or market became difficult, they naturally had no reason to persist. Therefore, giving back to the community is the most important part.
Story Protocol IPFi Head: IPFi Will Achieve a Three-level Leap in "Function-New Token Form-Structured"
Bu Fan, the head of the intellectual property blockchain Story Protocol IPFi, who previously completed a Series B financing of $80 million and a total financing of $140 million, also provided a detailed explanation of IPFi at the event. He believes that IPFi refers to supporting financial market activities (storage and transfer of asset value) in the IP field and building an open and non-custodial financial ecosystem.
In practical terms, Bu Fan believes that IPFi has three stages: the first stage still retains the core goal of DeFi in terms of functionality; the second stage begins to experiment with new token forms to empower IP with new tokens and methodologies; the third stage may develop into structured IPFi, providing concrete IPFi services for creators, with token forms being more derivative, or develop into experimental IPFi, providing purely new mechanisms for IP services, focusing on long-term ecological needs for IP.
ME Foundation Manager: MagicEden Accounts for Over 80% of Ordinals and Runes Field Trading Volume
ME Foundation Manager Matthew Szenics mentioned that at the data level, MagicEden is ahead of the NFT market field, connecting 3.4 million wallets, with a trading volume exceeding $6 billion, and also accounts for over 80% of the trading volume in Ordinals and Runes, and there will be huge opportunities in the BTC market.
ME is committed to empowering all major on-chain transactions and activities, such as NFT transactions, minting, token transactions, wallets, and asset portfolios.
deBridgeBD Head: deBridge Has Generated $12.4 Million in Revenue
Meanwhile, deBridge BD head Gal Stern also announced the latest relevant data on the deBridge project at the event: while maintaining a 100% online rate and 0 security incidents, deBridge has bridged $4 billion in assets, generated $12.4 million in revenue, connected 15 chains, and has 526,000 independent users.
Currently, its ecosystem has integrated multiple infrastructure, ecological networks, and application platforms such as Birdeye, Jupiter, Zeta, Banana Gun, OKX Wallet, Solflare, and BNB Chain.
"Traditional Capital Takeover vs Native Innovation Boom" Roundtable Forum
The traditional capital takeover and native innovation have always been a focus of the cryptocurrency industry, and the takeover of traditional capital and the prosperity of native innovation are complementary trends. Investors from well-known investment institutions such as Arkstream Capital, 1kx, Spartan Group, ABCDE Capital, SevenX Ventures, GSR, and No Capital jointly discussed and shared the main driving forces of the current market and the future development direction.
1kx Partner: ETFs Will Drive Continuous Market Growth, Impact on the Crypto Field Will Continue to Expand
1kx partner Diana Biggs stated during the roundtable discussion saying, "ETFs can cover any market. When I was the CEO of Valor, I found that investors usually value the convenience and compliance of traditional stock exchanges when choosing investment targets. In the EU, crypto ETPs have been introduced since 2018, although the user base was not strong at the time, these products still serve users, and I believe this will further drive market growth."
Finally, Diana stated, "In the EU, these products have been launched for quite a long time. As managers, we have invested a lot of resources in education to help users gain more trust and confidence in financial services. I believe the market's expected impact on the crypto field may not have fully manifested yet."
Arkstream Capital Founding Partner: Meme Tokens Price Consensus for a Political Movement
Meme tokens, one of the "mainstream tracks" of this year, attracted the main interest of Arkstream Capital founding partner Ye Su, who stated, "The magic of Meme tokens lies in creating a new market that allows the issuance of assets. Meme tokens price consensus for a political movement, and those who believe in this idea will form a sustained movement."
In addition, he believes, "Meme tokens have good liquidity and, although they cannot enter traditional finance, they can still actively trade in the crypto market based on their intrinsic motivation."
Spartan Group Partner: Global Economic Situation Digests Challenges, Crypto Field Still Full of Opportunities
Spartan Group partner Melody He expressed her views on the current market situation, saying, "Not only the crypto field, but the whole world is experiencing the impact after the COVID-19 pandemic - severe inflation."
She also stated, "The reality is that we need more time to digest these challenges, not just in the crypto field, and traditional investors and technology can also understand the true value proposition and react based on user behavior. I don't think this is a bad thing, but rather a good thing, as it allows us to return to basics a little."
GSR Venture Capital Manager: Integration of Cryptocurrency and AI Will Drive Development of Identity Verification and Data Management
GSR Venture Capital Manager Quynh Ho stated at the roundtable forum saying that what excites everyone about the integration of cryptocurrency and AI is its ability to verify identity and data. Especially for AI-created content, how to verify it is a key factor in AI and human interaction, and how to customize personal AI is also worth studying, for example, this is very practical in gaming applications, where players can not only play games but also train their own AI.
However, Quynh also stated that the integration of these two is very challenging and involves a lot of knowledge. Developers must integrate AI with cryptocurrency to ensure the application of AI technology in the crypto industry.
ABCDE Capital Co-founder: AI and Blockchain Will Deeply Integrate, 99% of Transactions Will Be Completed by AI in the Future
ABCDE Capital co-founder BMAN agreed with the above views and then stated, "AI is now earning a lot of wealth, 90% of daily active users are not human, but come from robots and AI. I believe that 99% of transactions and interactions will be completed by AI and robots in the future."
BMAN mentioned, "Perhaps in the next 10 years, we should give AI human rights, they should have their own identity, accounts, and even become independent entities. Therefore, I believe that blockchain is a good entry point for AI, as it provides an ecosystem and economic system for AI. I believe that AI will dominate the operation of the blockchain in the future."
"New Narrative: How Will Web3 Attract the Next Billion Users?" Roundtable Forum
Although the cryptocurrency industry has started its mainstreaming process, Mass Adoption is still a long-term focus for industry professionals. What are the new narratives that can accelerate this process? Guests from many high-quality projects such as ZetaChain, Zircuit, Mizu, Chainbase, Monad, and Moonbeam also shared their key points and future directions.
Zircuit Co-founder: Starting from User Experience, Reducing Friction Costs is Crucial
Zircuit co-founder Angel stated, "The gas costs between different chains are relatively small, but for many users, there are many friction costs in this process. For Zircuit, user experience comes first, which is why we centralized many on-chain operations. Users do not need to click on other websites, view specific operations, or follow the final results, but can complete all operations on Zircuit. For us, everything is for the user. In addition, it is crucial to make users and builders willing to be part of the community based on economic incentives."
Furthermore, Angel stated, "We are expected to conduct Mainnet migration in two weeks, and the process is currently in the final stage of collecting signatures."
Chainbase COO: Chainbase to Combine Web2 and Web3 to Enable Effective Utilization of Multi-Chain Data
Chris Feng, the Chief Operating Officer of Chainbase, stated that many entrepreneurs do not have the opportunity and channels to deeply engage with the blockchain world, which is the reason for the birth of Chainbase. Chainbase is building a comprehensive data infrastructure designed for Web3, combining Web2 and Web3 to enable effective utilization of data on different chains.
Chris further stated, "Although they have attracted 15 million wallet users through airdrops, Chainbase is working hard to identify core users, as these users can bring sustainable growth. Chainbase is more concerned about the quality of users rather than quantity, and they hope their tokens can be circulated in as many transactions as possible to achieve sustainable growth."
ZetaChain Core Contributor: Focus on Crypto-Enhanced Applications, Not the Other Way Around
Regarding the statement "Because Solana is not compatible, they had to force themselves into every track," ZetaChain core contributor Ankur N stated, "This approach is not sustainable. We should focus on applications enhanced by crypto technology, rather than just having applications for the sake of having them, or tokens for the sake of having tokens."
Monad Infrastructure Director: Next Wave of Million-Level Users Depends on Lowering Gas Costs
Joey Anthony, the infrastructure director of Monad, stated that to introduce the next wave of million-level users, there needs to be a platform with Web3 backend support, and the key to everything is lowering gas costs. However, most blockchains lack horizontal scalability, and many blockchains are limited by scale, even Solana faces this issue.
Joey stated that while blockchains can attract users through subsidies, in the long run, increasing user penetration requires differentiated product experiences or features on one hand, and the establishment of community feelings and culture on the other.
Mizu BD Head: Importance of New Experiences such as Increased Payment Limits and Financial Scene Coverage, Telegram Ecosystem Boom Will Continue
Hany Velasco, the BD head of Mizu, stated, "As the first wallet in the Telegram ecosystem, Mizu focuses more on the business, production, and consumer perspectives, hoping to provide users with new experiences including increased payment limits and coverage of financial scenes. In the future, we believe that users will be able to enjoy user-friendly platform services by simply connecting their accounts, and the usability of the product will also be greatly improved. We have reason to believe that the Telegram ecosystem boom will continue to lead the development of the crypto industry."
Moonbeam Developer Relations Lead: Increasing Industry Adoption is a Common Proposition, Ethereum Will Continue to Play an Important Role in the Industry
In the final moments of this roundtable forum, Alberto Viera, the developer relations lead of Moonbeam, also stated, "Although the target users and developer communities of many crypto projects are not always completely aligned, increasing adoption is a common proposition for the industry. On this basis, we welcome the birth of more competitive products, and also call for friendly coexistence between different projects and platforms, as only in this way can we usher in a brighter future. In addition, many projects present are also trying to solve the problems existing in certain chains to meet the needs of rapid use and scalability. There may be better chains for different niche scenarios, but from a community perspective, the Ethereum ecosystem is extremely strong and will continue to play one of the important roles in the industry."
Value Discovery, Industry Pains, and Flowing Recovery: Cryptocurrency Surges Towards Eternal Life
Finally, looking back at the unpredictable cryptocurrency market of this year, Odaily Planet Daily expresses sincere gratitude and the highest respect to every builder who is still silently working and forging ahead in the industry. After experiencing the year of value, the year of pain, and the year of recovery, we are gathered here again to witness the history we are fighting for, to jointly promote the present we are striving for, and to look forward to the future we are concerned about. Among countless blocks and keys, the spirit of cryptocurrency still shines brightly, and industry construction continues without hesitation.
As the waves surge, cryptocurrency lives on, until we meet again at the next FAT Awards annual ceremony!
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