Full blog: https://www.youtube.com/watch?v=ufo8BJ4ITCU
Host: Aquarius Fund https://twitter.com/Aquarius_Fund
Guests:
Adeniyi Abiodun, Co-founder and CPO of Mysten Labs https://x.com/EmanAbio
Jewish Director Dustin Zhao, Leading Asian KOL https://x.com/zchrhrhr
Patrick, Leading Asian KOL https://x.com/connectfarm1
Highlights
In a recent podcast hosted by Aquarius Fund, Adeniyi Abiodun, Co-founder and Chief Product Officer of Mysten Labs, was joined by two Asian KOLs, Dustin (@zchrhrhr) and Patrick (@connectfarm1), to share comprehensive insights into Sui Blockchain and the entire crypto ecosystem.
Adeniyi highlighted several upcoming iterations in the Sui ecosystem, demonstrating his commitment to advancing the technology. Most notably, the Sui consensus mechanism has been upgraded to version 2, reducing latency from 500 milliseconds to an astonishing 300 milliseconds, making Sui one of the fastest blockchain platforms on the market. In addition, Adeniyi introduced SuiPlay0X1, a high-performance PC handheld game console with an OLED screen that supports web2 and web3 games. The device aims to build a strong gaming economy around Sui, allowing users to earn NFTs and own assets while playing games.
Adeniyi addressed major challenges facing the blockchain space, specifically the liquidity issues of staking and re-staking for both layer 1 and layer 2. He stressed the need for adoption of applications with utility value in users’ daily lives. Adeniyi criticized the current excessive focus on token acquisition and staking, advocating a shift towards the development of utility-driven tokens and user-friendly applications. He believes that by integrating DeFi elements into games and other everyday applications, it will be possible to simplify user interactions with blockchain technology, thereby driving mass adoption.
Adeniyi is confident about Sui's competitive position among layer 1 blockchains. Sui's high transaction volume, user adoption, programmable transaction blocks, and low gas make it an ideal platform for DeFi and other applications. Sui aims to attract traditional web2 companies to its platform by providing a scalable infrastructure with efficient processing to meet the growing demand.
The discussion also touched on strategies to achieve mass adoption. Both Patrick and Adeniyi stressed the importance of maintaining a balance between high performance and decentralization. Adeniyi mentioned that the initial high cost of running a validator node on Sui is due to the network still being in its infancy, but upgrade plans are underway to lower these barriers and make validation more accessible and distributed. To further improve accessibility and decentralization, future updates will also include light clients that can run on low-power devices.
Adeniyi shared the types of projects that are thriving in the Sui ecosystem. Innovative projects like Karrier One, which is developing a global decentralized telecommunications service infrastructure, and Playtron, which builds games for the Android operating system on Sui. Another exciting project is Walrus, which aims to create a more powerful global storage layer than AWS and Google. These projects focus on real-world applications and mass adoption, which aligns with Sui's vision for the future.
Looking ahead, Adeniyi outlined Sui's roadmap, including the launch of a major stablecoin and the release of version 2 of its consensus mechanism. He emphasized Sui's commitment to supporting applications that attract and engage users, and providing developers with the necessary tools to build innovative applications. Adeniyi was optimistic about the potential of meme coins on Sui, noting that early projects such as Hopper and Double Up have already made a splash.
Adeniyi concluded by speaking about the importance of broader user adoption and the development of creator tokens and assets with real-world uses. He believes these factors will drive future growth and make Sui a leading platform in the web3 space.
introduce
Hazel: Welcome to today’s podcast, we are so excited to have you here. I’m Hazel from Aquarius Fund and I will be moderating today’s discussion. Founded in 2018, Aquarius is a research-driven venture and liquidity fund focused on seed and early stage investments, and we provide comprehensive support including on-chain liquidity management and global KOL marketing. Recently, we launched a $600 million liquidity fund to institutionalize functional liquidity management. Today, we are honored to have a few highly-requested guests: Adeniyi, Co-founder and Chief Product Officer of Mysten Labs, and two of my favorite Chinese KOLs — Patrick and Dustin. Let’s start with the self-introduction session. Please introduce yourself and your journey in the web3 space. Adeniyi first, Patrick and Dustin please follow.
Adeniyi: Hi everyone. I’m Adeniyi, Co-founder and CPO of Mysten Labs, and I’ve been in the cryptocurrency space since 2011. I was working at a well-known investment bank at the time, and I learned about it when a colleague was playing around with cryptocurrencies, and I got really interested and read the Bitcoin whitepaper. Initially, I thought it was a scam, but then I dug into the code, started mining Bitcoin myself, and soon it turned into a business. Because friends also needed help with mining, I built one of the largest Bitcoin mining companies in Europe, which was later acquired by a company in the Bay Area of the United States. After that, I worked at Oracle and VMware, starting their blockchain projects, and later led product work for the Libra project at Facebook (Meta). The engineers and developers I met there are now working on Sui at Mysten.
Patrick: I entered this space about 7 years ago, focusing on building a significant KOL matrix in the Asia Pacific region, managing KOLs and enhancing community engagement.
Dustin: I got into the crypto space in late 2016, early 2017 when I bought my first Bitcoin. I was introduced to the space by some really good friends while I was doing venture capital in Silicon Valley. In 2017, ICOs were really hot and everyone in Silicon Valley was talking about them. I clearly remember there was an app called HQ Trivia where the comments section kept popping up encouraging people to buy Bitcoin, Litecoin, and other ICO-related assets. This environment drew me into the crypto space. Since then, I have been deeply involved in venture capital in the crypto space and have participated in numerous venture and angel investments, some of which have been listed on major exchanges. In 2019, I started incubating my own projects, some of which performed quite well in the DeFi summer. Currently, I am mainly focused on incubating, helping, and investing in new projects in the DeFi space. I am actively exploring new opportunities in this space. Thank you for having me!
Technology Upgrade
Hazel: That’s so cool! Thanks for the great intro, it’s so interesting to hear about how everyone came into the crypto space through different paths. Let’s talk about some exciting upgrades. Adeniyi, are there any upcoming developments or partnerships in the Sui ecosystem that you’re particularly excited about?
Adeniyi: There are a lot of things to look forward to. We recently announced that Sui’s consensus mechanism will be upgraded to version 2. For those of you who don’t know, Sui already has one of the fastest consensus algorithms in the industry with a latency of about 500 milliseconds, which will soon be upgraded to about 300 milliseconds. Sui not only has horizontally scalable block units, but also has no maximum throughput limit, making it the industry leader in terms of latency speed.
We are also excited about the pre-orders for SuiPlay0X1. This is our upcoming game console, a high-performance PC handheld device with an OLED screen and high-spec configuration, which supports web2 and web3 games. We developed this device in collaboration with a platform team that previously developed the Android operating system, and are very excited about the large number of games that will be coming to Sui. These games will be fully integrated, allowing you to play Sui-based games and traditional web2 games, and you will be able to earn NFTs, own your own assets, and help build the game economy around Sui.
So the gaming partnerships and our upcoming technology upgrades on the network are particularly exciting.
market
Hazel: That sounds very promising. Let’s expand on that and talk about the market as a whole. Adeniyi, Patrick, and Dustin, what do you think are the biggest problems facing the blockchain space right now? What are the most effective ways to solve these challenges?
Dustin: That's a great question, especially as we experience market volatility. From a financial perspective, the biggest challenge facing the industry right now is liquidity. Everyone is involved in staking or venture capital, especially in layer 1 and layer 2 (including Ethereum's layer 2). Innovation in this cycle is focused on locking up tokens and limiting their accessibility to ordinary users. This creates a contradiction because on the one hand we talk about mass adoption and permissionless systems, and on the other hand we build products that limit access to tokens. Our goal is to make the token price go up and create a deflationary model to brand it as a favorable one. For example, Binance repurchased and destroyed tokens, and Ethereum's move to PoS also led to deflation. However, we also want more people to join the market, which creates a paradox. How does the industry resolve this contradiction? Currently we are building on one side, and at the same time there is a contradiction on the other side.
Adeniyi: I think what I would add is that Crypto has been playing the same game for the last three to four years. It has been about acquiring tokens, staking them, and controlling the supply. The market will go through periodic big shocks, and then we will usher in the next new trend. What the Web3 space really needs is true adoption through applications that add value to everyday life. Most people don't participate in DeFi or staking because it's too complicated. We need to get out of these cycles and create services that people can actually use and that are valuable. For example, at Facebook, we have come up with ways for people to take advantage of Web3 without being aware of it. While we love the deep discussions we have about crypto, the reality is that 99.9% of the market will not understand. We want to achieve massive growth by bringing in ordinary users, and one way to do that is through games. Games can seamlessly integrate DeFi elements, allowing users to buy, sell, or liquidate tokens directly in the game without realizing they are using Web3. Usually, these problems are solved with complex in-game mechanisms, but the interoperability of Web3 bridges these gaps. Tokens need to be seen as utilities, not commodities, giving people a reason to use them. Every network is working on this problem right now, but we need to get to a stage where millions of regular users are using these networks at scale.
Patrick: I agree with both of you. The biggest challenge now is rewarding applications. We have a lot of DeFi, staking, and lending, but they just play with each other internally and lack real substance. Many projects claim to be value chains, but they keep repeating the same things on DEX and lending, lacking real application scenarios. This is why I like Sui. I see that Sui is trying to combine real-world applications through games and payments. The solution is to attract ordinary users and let them use web3 unconsciously, which is the key to solving the challenge.
Hazel: You all mentioned token incentives and new applications. Adeniyi, how do you see Sui’s position among the many Layer 1 blockchains today? How does Sui plan to maintain its competitive advantage?
Adeniyi: This statement may be a bit controversial, maybe a bit radical, but I am not particularly worried about other chains. Frankly, when we're at Facebook, technology hasn't advanced significantly since 2017. This realization led us to form a new company focused on Layer 1 because we saw that while new innovations created a lot of hype, they were not inherently breakthrough.
For example, Sui is actually in the top two in terms of trading volume, even surpassing Solana by some metrics. We can get in on the web3 game and get significant benefits from it, but what really matters is real user usage. Sui has over 100,000 daily active users, making it one of the blockchains with the highest user engagement. Sui is also the best chain for trading thanks to our programmable trading blocks that allow users to chain trade between 20 to 30 DeFi protocols at once. The lowest gas fees in the industry make Sui an excellent infrastructure for DeFi and Degen activities. Even more exciting is that traditional web2 companies can also leverage Sui.
Sui has completed more transactions faster than Bitcoin, setting a historical record, compared to other long-standing blockchains. From a usability perspective, Sui has the infrastructure to make it extremely user-friendly. For example, users can log in to any website using only their Google account, providing a self-hosted experience without having to remember passwords. Sui widely applies zk technology for user onboarding, rather than solving scalability problems, because Sui does not face scalability problems. This technology greatly simplifies the user onboarding process. We also have sponsored transactions, where users do not need to worry about gas fees when making transactions. In Sui, users do not need to care about wallets or gas fees, because these can all be handled in the background, possibly sponsored by ads. Users may not even know when they are using Sui. When you visit a website today, you will not think about whether it is hosted by Google or Amazon, you will only appreciate the content of the website itself.
A key measure of infrastructure is its scalability with user adoption. At Google and Facebook, we built platforms like search, Facebook infrastructure, WhatsApp, and Instagram to scale horizontally. We never worried about maximum capacity; if we needed more capacity, we added more machines. Similarly, Sui scales horizontally. Every blockchain talks about TPS (transactions per second), but with Sui, we simply add more machines to increase capacity. In its current configuration, Sui processes 300,000 transactions per second, which is already 30 times faster than the next fastest chain. By adding more machines, TPS can be increased exponentially. We have solved the scalability and performance challenges, and now it's all about user adoption. We are excited about the developments we will see this September that will differentiate Sui from other chains, and these advances are areas we are really passionate about.
Hazel: Thank you so much for your insights, they are all very valuable. From your perspective, what is the key to achieving mass adoption?
Patrick: Currently, I don’t see any mass adoption of Crypto in the real world. I don’t mean to criticize, but I have some questions about Sui. You mentioned that you can double or triple the TPS by adding more machines. However, this looks very centralized because it requires a lot of staking and expensive hardware on Sui. Does this conform to the decentralized principle that Crypto should follow?
Adeniyi: That’s a very good question. Currently, the cost to run a validator node on Sui is around 25 million SUI, which is really high. This is because the network has only been live for just over a year, and the goal for the first year is robustness, ensuring we have high-value validator nodes to maintain a robust network. We plan updates to significantly lower the barrier to entry for validators, reducing the required SUI to approximately 1 million to 3 million. Our hardware requirements are already lower than most chains, Sui's performance is 100 times faster, and Sui's computing costs are the lowest in the industry. Imagine a world with 400, 500, or even 1,000 validator nodes. If we need to double TPS, we simply double the machines used by each validator. However, it’s unrealistic to expect a network that can handle 50 million transactions per second running on a laptop.
Sui also supports light clients and light validators, allowing verification with minimal hardware. This model allows a core set of validators to handle high-speed transactions, while an unlimited number of light validators ensure the integrity of the network. This combination of high-performance validators and light clients provides scalability without compromising decentralization. The team is working on light clients and needs to prioritize. This month we are focusing on reducing latency by 80%, after which we will improve the fast path for transaction finality and then work on light clients. Over the past year, we have released important innovations such as ZK login, on-chain random numbers, and the fastest consensus protocol. Sui aims to be the easiest platform for developers, with applications being up and running in as little as 12 hours.
Dustin: Building a blockchain, Web3, or even the metaverse involves creating a virtual society. For any economy, you need two things: a return on capital and a return on labor. Sui's approach to introducing people to Crypto through games is smart, since DeFi alone only involves transactions between traders. The cost of capital in this space is well known, but the return on labor is not, and some rewards are provided for interacting with the protocol through activities such as airdrops, but these rewards are often poorly calculated. However, games can measure contributions and reward users accordingly, making them a powerful tool to drive usage. By promoting Crypto games, we can attract more people to this space. In addition, decentralized physical infrastructure (DePIN) is another promising area. Some projects are combining games with DePIN to create consumer electronic devices as an entry point for participation. These devices measure user engagement with games, blending the physical and digital worlds together to drive mass adoption. Therefore, combining games with DePIN may be the key to achieving mass adoption in the Crypto space.
Ecosystem
Hazel: That's a very interesting point. Since you mentioned different verticals like gaming and DePin, which projects in the Sui ecosystem are you particularly interested in? What other types of projects would you like to see more of?
Adeniyi: There are indeed quite a few projects in this area. Speaking of DeFi, we have two high-quality DeFi projects that are about to join Sui. One of them is Carrier One, a Canada-based telecommunications company that is launching a global decentralized enterprise-grade telecommunications infrastructure.
Carrier One is unique in that it allows you to run your own wireless signals and base stations, and get paid for it. This is enterprise-grade telecom hardware, unlike hardware in other ecosystems. Top telecom companies can pay you directly for connecting to your hardware. This is unprecedented at the enterprise level, so it has the potential for widespread adoption. Additionally, the SIM protection provided by Carrier One prevents SIM swapping through two-factor authentication, which is very valuable. While this applies to many ecosystems, it is powered by Sui because of its unique features.
On the gaming side, we focus on studios with millions of followers and players because we believe gaming can significantly drive the growth of DeFi. Currently, DeFi involves transactions between large numbers of users, but combining this with gaming would bring in millions of passive users, increasing the value of the DeFi protocol. One example is Playtron, which is building the future of gaming Android operating system on Sui.
We also announced Walrus, a global storage layer that is the first proof-of-stake storage network that is as powerful as AWS and Google. It can run websites, data availability layers, and people are already building Layer 2 on top of it. Sui builders are using Walrus as core infrastructure for decentralized applications.
In addition, we have some amazing DeFi protocols. For example, Navi Scallop has already ranked among the top 20 DeFi protocols in Web3, showing the direction that future developers will go in when choosing a chain for their next application development.
Patrick: I have some comments on these projects, and I think they are great projects. I have a quick question, though: What do you think will happen after the incentives for these projects stop? Currently, we see a lot of accounts in these projects doing circular lending just to get incentives. I have a friend who manages a liquidity pool and uses this strategy. They're not really using these products, they're just looking for incentives. I'm a little worried about what will happen after the incentives end.
Adeniy: Yeah, that's a good question. One way to think about liquidity is to make sure you have good, sticky, and really useful liquidity. One of the metrics I look at is volume, and just looking at Sui yesterday, there were over 100 million transactions within the Sui ecosystem. The vast majority of the rewards given to users, over 80%, come from transaction fees, not incentives. So Sui has reached a point where it has valuable and usable liquidity. The difference is that if you think about liquidating Sui with other protocols, Sui is much more valuable. That's because we have programmable transaction blocks that allow you to effectively trade on-chain across multiple DEXs at the same time. We have the right aggregation, consequence aggregation, and fluid aggregation in place to find the best trading route across chains for any asset you want to trade. That means Sui has better liquidity utility than any other protocol. I'm not worried about the incentives in the Sui ecosystem. I think we've seen organic growth in volume. Just yesterday, Sui had over 60 million transactions, and most of the rewards given to users came from transaction rewards, not incentives. So I believe our DeFi system is healthier than some of the modern EVM chains that have been around longer.
Dustin: I want to touch on this question a little bit as well. I have been investing in different projects and protocols since 2023. The problem you mentioned is not as serious for Layer 1 as it is for Ethereum Layer 2. Currently, all these Ethereum Layer 2s are subsidizing their DeFi protocols to attract and retain users. For example, Arbitrum is throwing all its grants and rewards into GMX and GNS, which are the two top projects on its platform. If you trade on Gains Network right now and get to the top of the leaderboard, the rewards are huge. All these Ethereum Layer 2s do not use their tokens as gas tokens; the gas token is still ETH. But for Layer 1, it's a different story because all TVL is calculated in its native token. Take Sui as an example. People lock Sui in DeFi protocols, but for Ethereum Layer 2, people lock USDT and WETH as TVL. These Layer 2s have to subsidize to attract good dApps and product developers to acquire and retain customers. On the other hand, their tokens, such as ARB or OP, are not calculated as TVL, so they have to issue tokens in exchange for real currencies such as WETH and USDT. But for Layer 1, the situation is different. L1s like Sui do not have to do this, all we need to do is let Sui itself flow naturally.
Hazel：How do you see the roles of Layer 1 and Layer 2 solutions evolving in the blockchain space? Will Layer 1 outpace Layer 2 or vice versa?
Dustin: Layer 2 solutions should primarily focus on Ethereum because of its size and multi-billion dollar valuation. Unlike Ethereum, platforms like Sui have co-founders and core contributors who can provide clear direction, something that is not possible with Ethereum due to its decentralized nature. Ethereum’s vast ecosystem requires resources and development efforts to be distributed among various L2s, each of which is supported by strong supporters and promotes innovation in specific areas. For example, each L2 has its niche: Base is backed by Coinbase, known as the meme coin, Mantle is backed by Bybit, and Linea is backed by ConsenSys. These L2s drive the Ethereum ecosystem forward by driving innovation. L1s like Sui, on the other hand, focus on a specific goal or roadmap, such as achieving mass adoption through gaming (GameFi). Ethereum allows these L2s to build niche markets and compete with specialized L1s. This competition between L1 and L2 is crucial for the growth of the ecosystem. Ethereum, being decentralized, benefits from this competitive dynamic. In summary, L2 is critical to driving the Ethereum ecosystem forward and competing with L1, which is more flexible and has clear goals.
Patrick: I think L2 is very useful. After EIP-4844, rollups and L2 are developing well. Vitalik and the founders of Celestia have proposed more modular blockchains. Rollups are essential for those who want decentralization, efficiency, and capacity. We can make TPS very fast through solutions like Solana, but Ethereum provides the most original blockchain approach. Rollups are essential to achieving mass adoption of blockchain.
Adeniyi: I agree. Ethereum has chosen its architecture, and it will be hard to deviate from it. Ethereum's scaling roadmap has been around for a long time. Different organizations should work together to build Ethereum variants that scale better. It's more of a people coordination problem than a technical problem. We have seen some projects building Ethereum L2 on Sui. Since Sui scales horizontally, L2 is not needed to improve performance. However, some L2s use Sui as a better coordination layer, leveraging Sui's consensus and gas to scale Ethereum. This approach is promising but complex. Ultimately, I think only early Web3 adopters will use these technologies at scale, and the mass market will not use them because of their fragility. This is the opposite of how we build Web infrastructure. However, there is a dedicated market for this technology, and we need to serve it.
Outlook
Hazel : Looking ahead, Adeniyi, can you share Sui’s roadmap and key focus in the near term?
Adeniyi: There are a lot of things in the pipeline. Sui will have some native stablecoins coming online soon. We will also release SuiPlay0X1, which will be widely demonstrated during Korea Blockchain Week. In addition, we will launch the second version of the consensus algorithm this month, and then launch on-chain randomness next month.
Our view is that to advance web3 to the next level, we need applications that really engage users. Developers quickly realized that they could build applications on Sui that were not possible on Solana, Ethereum, or any other platform. We are targeting the 12 million JavaScript developers, not just the 20,000 web3 developers. Our team has decades of experience building developer platforms, and we know how to create tools that developers love to use. That’s why the developer experience on Sui is often described as ten times better than other platforms. We are passionate about this, and it’s a key reason why Sui has already become a top 2 blockchain in terms of transaction volume and adoption.
Our main goal this year is to introduce more decentralized applications (dApps). Many games are finally online, and we are starting to see real users interacting with web3 without knowing it. We recently introduced subdomains for naming services, and no longer use dot notation, but @ notation (e.g., yourname@dapp). This makes it easier for users to interact with the service and receive airdrops.
We believe that bringing web2-like services directly onto web3 chains will create new ways for users to interact that were not possible before. We will continue to innovate and build tools that regular users can easily adopt. You will see great developers like those behind Navi, Scallop, Cetus, Aftermath, and Hop integrate these tools to attract more mainstream users, not just early adopters.
Hazel: That’s awesome. An interesting question from our community: When do you think we’ll see the meme coin season on Sui?
Adeniyi: People do love memes, and it’s actually part of community building. The meme season is really hot right now on Solana and Base, and I believe it will eventually come to Sui as well. We’ve seen Hop.fun create their own meme launcher that will be available on Sui soon, and Double Up built one of the best online gambling sites I’ve ever seen and built a fun meme launcher on their site as well.
We're already seeing early signs of meme culture taking off on Sui, and I'm excited to see how it develops. Memes on Sui will be different; instead of just issuing a token, you can build interactive tools around your community to make it more interactive and stickier than a token, which will make memes on Sui unique. We're looking forward to seeing what developers come up with, as we're focused on providing the infrastructure that enables developers to be as creative as possible. What they build will be amazing, and we can't wait to see it.
Hazel: Finally, what is your vision for this cycle and the next cycle? Which verticals are you most excited about?
Patrick: During this cycle, I have observed a lot of developments, not only in the crypto space, but also in regulatory developments. We are seeing things like ETF approvals, which means that cryptocurrencies are becoming more mainstream around the world. I don’t think the crypto world will grow as fast as before, but it will continue to expand with the inflation of the dollar. Also, I noticed a lot of interesting projects this time around, such as the Bitcoin Inscription ecosystem, exploring new types of assets. For the next season, I hope to see more technological innovations and projects, such as Sui introducing on-chain randomness. These innovations, as well as regulatory developments, are fascinating.
Dustin: Especially after yesterday's market volatility, we have a better understanding of the cycle. Adeniyi entered the crypto space in the early 2010s, around 2013, and I entered in 2017. I think Patrick entered around that time as well. From my perspective, I don't believe in the traditional Bitcoin halving cycle. Instead, I have my own theory of the credit extension cycle. Every bull market starts with an asset creation event, such as the ICO in 2017 and DeFi and NFT in 2021 and 2022. These events created a large number of new assets in a short period of time, launching an asset creation cycle, followed by two credit extension cycles. In early 2018, after the ICO boom, the market downturn led to large losses. People began to leverage their assets to obtain more funds, pushing the market price from about $3,800 to around $14,000 in mid-2019. After this peak, the market pulled back to about $6,000 at the end of 2019. During this period, centralized exchanges introduced perpetual trading functions, which increased leverage opportunities. This pattern continued until the global liquidity event in March 2020, which caused many early investors to lose all their money. However, this completed a cycle and a new cycle began in mid-2020 with projects such as YAM and SushiSwap. In 2023, we observed more on-chain leverage through platforms such as Compound, Aave, and MakerDAO. By 2024, perpetual contract trading expanded to on-chain. This trend shows that on-chain leverage is moving, which was previously limited to centralized exchanges. After a period of high leverage, we can expect the market to see a liquidation event that resets the market. I predict this will occur in early 2025, marking the beginning of a new cycle.
Adeniyi: It’s about the cycle of asset creation and subsequent disappearance of participants, followed by a comeback. We need broader user adoption and less risky use cases. As we’ve seen with credit default swaps in traditional finance, leverage is extremely dangerous. Cryptocurrencies need to provide use cases that are accessible to mass users with minimal friction. I don’t think meme coins are the best way to onboard users, as it often leads to a bad experience. Instead, I think creator tokens and assets with real utility are the way forward. These should provide value and stickiness beyond pure speculation, and this approach will help build a more robust and sustainable ecosystem. We are very bullish on this and believe it will happen, which is why we are building a Layer 1 blockchain.
Hazel: Thank you all for sharing your insights and taking the time to join us. I have benefited greatly from your perspectives. Adeniyi, Patrick, and Dustin, this has been a great discussion.
Adeniyi, Patrick, Dustin: Thank you for your invitation.
