Minutes of the meeting：How can the established public chains rise up during bear market?
Lex: co-founder of NEST,
Cedric Shan: BD Head of KCC
Willian Wendt: Oasis Ecosystem Growth Manager
Matt: Nervos Ecosystem developer
What do you think new public chains like APTOS/SUI getting popular recently? And what roles do they play in the narrative?
Lex: It is likely that there will be a few very strong new protocols entering this market.In the next one year, there will be at least ten layer one protocols and more corresponding layer two protocols.
Cedric: New public chains, like APTOS/SUI, optimize for high performance, so they will be a game changer in high performance.There are many projects have already started to migrate their projects to APTOS/SUI, as they find alternative solutions for blockchain.
Willian: APTOS/SUI’s unique properties, like high performance and new programming language move, give developers opportunities.Therefore, there are still a lot of promising layer one coming out, as long as they have new ideas.
Matt: I do think there is a lot of considerations and hype around APTOS/SUI.They do offer new moves to developers and there’s many experimentations as well, but there remains a lot of problems to be seen and I think we could see how it might fail.
After the merger of Ethereum, do you think public chains can still flourish?
Willian: I definitely believe it is possible to see the layer one applications flourish after the Ethereum’s merge, and the key is your differentiation.In terms of how to differentiate yourself, you should look what Ethereum has and not has, like Ethereum 2.0 still have limitation in throughput and data security.
Matt: I also agree there are many opportunities after Ethereum’s merge. We are just at the start of it.Ethereum 2.0 is very different from 1.0, as it is more like a data availability system instead of a smart contract execution system. But there’s a lot of community and it is really a very large ecosystem in Ethereum, so if you want to compete with Ethereum, you really think about building a competing community.
Cedric: I think public chains will even blossom better.With the efficiency increasing in the future, there will be more players using dApps.
How do you prepare for the bear market (from your own project perspectives)?
Willian: Each time anything is innovative, it sort of changes the entire landscape.In the short to medium term, you will see a lot of protocols over the decades. In the long term, you might see only a few of large projects competing each other.
Mitt: There will be more competitions. People would care more on what tokens and what chains perform best, so there will be a small group of protocols with largest innovation eventually.
Lex: The bear market is inevitably to happen in the near future, and the feedbacks from community would be less, so the team’s vision is important.
In the end
Lex shared the NEST Protocol’s preparation during the bear market, NEST Protocol has done a big upgrade and is propositioned as the stochastic computer based on the PVM(probabilistic virtual machine) , enabling the generation and programming of stochastic asset. It is another revolution of decentralized infrastructure after BTC and ETH, can be widely used in Defi, Gamefi, NFT, WEB3, Metaverse, etc.