The "Friends of OKX Series" aims to provide new users with learning references by exploring the stories, industry insights, and lessons learned from KOLs with different backgrounds.
Guest Message: As a practitioner, I am certainly optimistic about the long-term prospects of Web3. There are indeed very few industries like Web3 that offer such benefits and have a low entry barrier for ordinary people. OKX's investment and leading position in Web3 wallets allow us to see the responsibilities and vision that a leading exchange in the industry should undertake. I truly find Web3 wallets to be very user-friendly and smooth; I have almost stopped using other various swaps.
Chen Jian, an independent researcher, spends a considerable amount of time sharing his thoughts and research on the industry and projects on Twitter. In addition, he personally participates in and supports some early-stage projects as a consultant and investor. He was introduced to blockchain technology while pursuing his master's degree in 2017. After graduating, he joined Alibaba and re-entered the blockchain technology field due to a collaboration opportunity with Ant Chain. He later joined Sequoia Capital's Sequoia Scholars program and, finding limited development opportunities in the internet and traditional finance sectors, ultimately decided to fully commit to the crypto industry.
Currently, Chen Jian focuses on researching the industry and projects, sharing extensively on Twitter. On one hand, he engages in cryptocurrency trading; on the other hand, leveraging his technical background and work experience in the internet and finance sectors, he gradually shifts towards upstream industry engagement, communicating with primary market projects and institutions, assisting project development as a consultant and early-stage investor.
Given his rich experience and the broad representation of the player group he embodies, OKX has specially invited him to be a guest speaker in the "Friends of OKX" series, hoping that his transformation journey and understanding of the current industry situation will be helpful to Web2 tech talents who are observing Web3.
The "Friends of OKX Series" is a special column produced by OKX, hosted by OKX official community ambassador Mercy (@Mercy_okx), aiming to provide new users with learning references by exploring the stories, industry insights, and lessons learned from KOLs with different backgrounds.
1. Sharing the Experience of Transitioning from Web2 to Web3
Mercy: As someone with experience in large companies and well-known funds, what natural advantages do you think technical practitioners have in the crypto field? Do you have any advice or experience to share for tech leaders seeking to transition into Web3?
Chen Jian:
Although Web2 experience has almost no direct application in Web3, there is still a significant potential for reusing specific skills and work methods. For example, if you previously worked in user growth or operations at an internet company, those ideas are equally applicable in Web3 projects. We can see that some well-known founders of Ton ecosystem projects were previously responsible for user growth at large internet companies.
However, the situation is different for product managers. If you were a product manager at a Web2 company, I suggest you completely abandon your past product methodologies because the product logic in Web3 is entirely different.
From a technical perspective, the crypto industry is still driven by early technology narratives. As a developer, the technical dividends you can gain in this industry are quite substantial. These dividends manifest in several ways:
Although the effect has weakened now, during the last bull market, simply being able to write scripts allowed for arbitrage, and many people made a lot of money from it.
You can become a technical contributor. For example, the education academy @WTFAcademy_ created by 0xAA has received funding from many well-known public chains. This is both a public education initiative that encourages more people to participate in blockchain and a very successful commercial transformation.
Developers are the most scarce group in this industry because they can bring activity to the chain and create ecological opportunities for projects. Therefore, various projects are competing for developer resources.
You can participate in on-chain activities, develop small projects, or even become a bounty hunter at hackathons. Although this behavior is difficult to evaluate in terms of good or bad, it is indeed a way for developers, project parties, and ecosystems to meet their respective needs.
Even if you do not write code directly, as long as you have an understanding of the overall technical framework and can read code, you can conduct project research and make judgments about projects. These judgments can be used for secondary market trading or for primary market investment or becoming a project contributor.
In summary, if you are currently a developer, as long as you find the right way to enter, this industry will still bring you substantial returns.
Mercy: Considering the current state of industry development, which tracks should new developers dive into to accelerate their growth?
Chen Jian:
For new developers, my advice is:
First, you must find an organization. You can join a developer community or participate in several hackathon projects. Even if you are just helping out, this is very important. Practicing through this organization and participating in actual development work is crucial. Try not to work in isolation.
Second, consider platforms like the WTF Academy created by 0xAA. This platform gathers many developers, and you can submit code on GitHub to contribute your efforts. Even if you are just taking courses, collecting badges, and then joining a developer community, this is also a very effective path.
In summary, joining a community and participating in practice is the most effective growth path.
Mercy: What are your thoughts on the recent Token2049 in Singapore?
Chen Jian:
My overall impression of this year's 2049 is that, compared to last year, there doesn't seem to be a new track or sector that feels like it's gaining momentum. Last September was right at the intersection of a bull and bear market, and there were still many new things to see. For example, I wrote a short article last year predicting that the Ton ecosystem would rise. But this year, after thinking it over, it feels like everyone is either very mature or in a state of anxiety, with no obvious new tracks or sectors emerging.
From the perspective of the entire industry, I feel that everyone is quite anxious. Whether in the primary or secondary market, it seems that not much money has been made this year. VCs appear to have made money on paper, but in reality, they haven't secured it. Traders in the secondary market are generally trapped, and project parties are also very anxious. Projects that have already launched tokens are waiting to cash out and continue their work, while projects that missed the golden window in March to list on major exchanges are now trying to find ways to issue tokens by the end of the year.
The fundamental reason for this state of anxiety is the lack of liquidity in the market, which cannot absorb the orders. Not only are project parties and VCs anxious, but even the agencies that help project parties with marketing are also anxious. I feel that the businesses that can truly help project parties or VCs solve liquidity issues are still making money and doing quite well. Besides that, everyone is generally anxious and losing money.
As for hot topics, there hasn't been anything particularly obvious this year. The Ethereum ecosystem is hard to describe, and Layer 2 has already reached a point of aesthetic fatigue. The Solana ecosystem is lively, but nothing particularly new has emerged. We are contemplating what the third growth curve for Solana will rely on; some are discussing concepts like DePIN, but those aren't particularly novel either.
Regarding the Ton ecosystem, I am personally trying to support some projects. Although I predicted last year that the traffic dividend of the Ton ecosystem would rise, the actual projects I participated in were still relatively few. Now I am starting to change my view; through engaging with some projects, I find that the quality of traffic in the Ton ecosystem seems to have improved. Although there are still a lot of bots and junk accounts, compared to the currently rampant infrastructure projects, the Ton ecosystem at least provides a space for users to interact and operate.
In summary, I feel that various sectors may be in a relatively anxious state, all searching for their second or third growth curve.
2. Discussing Views on Popular Ecosystems like Ethereum, Solana, and TON
Mercy: As an independent researcher, how do you view the development trends of the crypto industry in the next one to two years?
Chen Jian:
First of all, I want to emphasize that as industry practitioners, we must maintain an optimistic attitude towards crypto. If you think this industry is going to fail, you should leave as soon as possible. This is not only a professional attitude but also essential for your long-term survival in this industry.
From a rational perspective, I believe that next year's market will be relatively good. The world is easing and cutting interest rates, and apart from US stocks, crypto seems to be a better investment choice. However, when it comes to practical operations, the current market state indeed feels complicated.
Currently, there are two main points causing panic: First, Bitcoin is still hovering above $60,000, while altcoins have dropped to levels lower than during the bear market. If Bitcoin fluctuates slightly, altcoins may suffer a greater impact. Second, it seems that this industry is still dominated by off-exchange funds; for example, we are constantly monitoring the inflow and outflow of funds related to ETFs.
From the perspective of the primary market, I believe that current projects can be divided into two categories. The first category is "similar" projects, where the team, track, and valuation are not luxurious or top-tier, but also not grassroots. These projects are currently in a difficult situation, and I suggest they prioritize revenue generation, whether through charging gas fees, selling nodes, or other means. As long as they can create actual interactions for users on their products, they should focus on that and not rush to issue tokens. Perhaps they can survive without issuing tokens, but once they do, they may die faster.
The second category consists of projects with unique advantages that occupy key positions in their tracks, or have excellent teams and VC backgrounds. If you are optimistic about next year's market, issuing your assets now while being "halfway up the mountain" or "at the foot of the mountain" might be a good choice. However, it is important to note that if your project cannot list on major exchanges and lacks top-tier institutional support, listing on smaller exchanges may be quite bleak.
I also want to remind everyone, especially retail investors, to pay attention to two types of projects: one is projects that purely lack revenue models, and the other is projects that have made a lot of money before issuing tokens. The former may only be able to recover by selling tokens, while the latter, although appearing wealthy and ambitious, may not necessarily use that money to support token prices.
In summary, I believe that the crypto industry still has significant growth potential in the next 1-2 years. However, in terms of practical operations, traders need to make choices based on their risk preferences and market judgments.
Mercy: Vitalik recently stated on Twitter that next year he will only focus on Layer 2 projects that have reached a certain stage. How do you interpret the meaning behind this statement?
Chen Jian:
Vitalik's statement mainly has two layers of meaning. First, he categorizes Layer 2 projects into three stages, with the highest stage being fully decentralized Layer 2, including decentralized sequencers. This aligns with Ethereum's technical route and philosophy. Vitalik hopes to guide more Layer 2 projects to develop in this direction.
We know that the main way Layer 2 projects make money, apart from issuing tokens, is by earning transaction fees. These fees are usually earned by the project's own nodes. Given such significant interests, it is challenging to require Layer 2 projects to be decentralized. However, if Layer 2 is not decentralized, it contradicts Ethereum's future development direction. Therefore, Vitalik hopes to guide Layer 2 projects towards decentralization through this approach.
But I believe achieving this goal will be quite difficult for two main reasons:
The power of interest groups is too strong. The gas revenue from leading Layer 2 projects like Base, Arbitrum, and Optimism is quite substantial. Especially for projects like Base that do not issue tokens, if they do not make money through gas fees, it is equivalent to doing charity.
The development prospects of the Ethereum ecosystem are concerning. Although I personally participate mainly in the Ethereum ecosystem, I must admit that Ethereum's performance this round has been disappointing. Many analyses have pointed out the current issues with Ethereum.
Nevertheless, I still believe that in the long run, Ethereum remains the ecosystem with the highest level of decentralization and spirit. The mission of the Ethereum Foundation and the entire roadmap are dedicated to being as open and decentralized as possible. Therefore, I think that in the long run, Ethereum is still a field that can foster innovation.
Regarding the Layer 2 track, my view is: if you are a consumer-facing application with a large user base, issuing your own Layer 2 or application chain is a great choice. This way, you can not only make money by issuing tokens but also continuously earn revenue by charging users gas fees.
However, I have lost interest in platform-level Layer 2 projects. I have even started to refuse to collaborate or participate with such projects as much as possible.
Mercy: Ecosystems like Solana, Ton, and Base are still receiving a lot of attention. In your judgment, what opportunities exist within these ecosystems?
Chen Jian:
Let me elaborate on this, starting with the Ton ecosystem, which everyone is concerned about.
I believe the Ton ecosystem is worth continuous attention. Although its first phase (a large number of invalid interactions to obtain incentives) may have ended, I have recently come across some projects that genuinely engage users, showcasing new development trends. These projects are not only creative but also incorporate real social attributes and assetization capabilities. I believe the second growth curve of the Ton ecosystem may come from such projects.
Next is the Base ecosystem. The main issue with Base is that, although the trading volume is high, the leading projects are still Ethereum-native projects like Curve, Aave, and Uniswap. This feels more like a migration of old projects rather than the rise of new ones. Logically, the Base ecosystem should not be thriving because it has not issued tokens and has not provided expectations for token issuance. Yet, it generates such high trading volume and TVL, which is quite abnormal. This may indicate that there are powerful backers or "conspiracy groups" driving it. If you can integrate into the Base ecosystem, there may be good opportunities. However, if you rashly enter just because of the high trading volume on Base, you might fall into a trap.
Finally, regarding the Solana ecosystem. Although I primarily participate in the Ethereum ecosystem, I do not reject trading in the secondary market of Solana. Last September, when Solana was priced at $18, I wrote an article analyzing why I chose to buy in. However, from the perspective of the primary market, the opportunities to participate in the Solana ecosystem may be limited now. We can see new projects emerging in the Solana ecosystem recently, but almost all founders have a Solana background, which means the ecosystem has formed a relatively closed loop, making it difficult for purely external entrepreneurs or investors to intervene.
In summary, these ecosystems each have their unique opportunities and risks. As entrepreneurs or investors, the key is to choose the right ecosystem to participate in based on your strengths and judgments. At the same time, always remain vigilant, manage risks well, and exit in a timely manner when appropriate.
3. Discussing OKX's Product Experience and Suggestions
Mercy: The Web3 industry has been eagerly anticipating the next big explosion. From your perspective as an independent researcher, what role will OKX play in this process?
Chen Jian:
First, I want to state that this is absolutely not flattery because this is OKX's occasion. I genuinely believe that OKX is a very solid exchange. Through my interactions with OKX employees, I deeply feel their love for the company, which stems from their belief that they are making substantial contributions to the industry.
One of the best examples is the OKX Web3 wallet. Since I started using this wallet, I have almost stopped using other DEX or swap tools when buying projects on-chain. The user experience of the OKX Web3 wallet is very smooth. I have a few friends working on the OKX Web3 wallet team, and they respond very promptly to user feedback.
As far as I know, OKX has invested a lot of human resources to refine this wallet product, and currently, this wallet is non-profit, meaning users are not charged extra for interactions on it. This determination and courage are admirable. Additionally, the OKX wallet is also providing technical solutions to other exchanges, marking OKX as a leader in the transformation from "exchange to wallet" and "Web2 to Web3."
Of course, returning to the exchange itself, we also hope that OKX can continue to strengthen its core business in trading depth, new coin listings, and mining activities. But in terms of product strength, OKX is undoubtedly very competitive.
Regarding how to attract new users, I believe there are two levels: one is to enable users to own assets on-chain, and the other is to facilitate user interactions and trading on the exchange. OKX has opportunities in both areas. Especially in terms of scenario-based applications, if a project similar to STEPN emerges that can attract new users while also generating trading, OKX's previous investments and product accumulation will have the chance to capture this wave of traffic.
In summary, I believe that exchanges should not only focus on trading as a single scenario but should also invest energy in some forward-looking reserve work, even in some seemingly unprofitable public products. OKX is doing well in this regard.
Mercy: Do you have any suggestions for OKX's future technological development or product experience?
Chen Jian:
OKX's products, especially the Web3 wallet, have been done quite well, with a very smooth user experience.
However, for the exchange itself, I hope OKX can continue to strengthen its core business in trading depth, new coin listings, and mining activities to enhance its competitiveness.
Additionally, I think OKX could consider further expanding into the payment sector. If it could launch a product similar to a Visa card, allowing users to directly use funds in their exchange accounts for daily consumption, it would greatly increase user stickiness. This would not only allow users to view OKX as a trading tool but also as a payment solution in their daily lives.
In summary, if OKX can enable users to directly use funds from the exchange for daily consumption, rather than just treating the exchange as a tool for market observation, it would be a very promising direction for development.
Risk Warning and Disclaimer
This article is for reference only. The views expressed in this article are solely those of the author and do not represent the position of OKX. This article does not intend to provide (i) investment advice or recommendations; (ii) offers or solicitations to buy, sell, or hold digital assets; (iii) financial, accounting, legal, or tax advice. We do not guarantee the accuracy, completeness, or usefulness of such information. Holding digital assets (including stablecoins and NFTs) involves high risks and may fluctuate significantly. You should carefully consider whether trading or holding digital assets is suitable for you based on your financial situation. Please consult your legal/tax/investment professionals regarding your specific circumstances. You are solely responsible for understanding and complying with applicable local laws and regulations.
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