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Cointelegraph China successfully organized “Cointelegraph China Shanghai Blockchain Week”. Sponsored by CyberVein, Nova Club Capital and Crypto Millions Lotto and supported by HBTC, the event brought together technology developers, investors and researchers from the blockchain industry to discuss cryptocurrency adoption, the 2020 DeFi boom, the next trend of the “non-fungible token” and the future of Web 3.0.
Li Xiangmin, co-founder of Cointelegraph China and founder of ChainCapital, said in his keynote address that Cointelegraph China has achieved a lot in less than a year since its founding, including holding several online events, such as Focus and Hub and holding China Bay Area International Blockchain Week in August. Furthermore, Li also revealed that Cointelegraph China’s first anniversary will be held on December 4th in Sanya this year.
According to the speakers at the event, DeFi’s evolutionary momentum has slowed and the heat of the relevant market has cooled. Investors who have lost agricultural production will turn their attention to the emerging NFT sector and seek out high quality NFT projects in advance.
Jordan Lazaro Gustave, chief operating officer of Aave, said the risks of DeFi lie in smart contracts. He said that for most projects they should collaborate as much as possible with security companies. Because anyone can do a DeFi project, but some projects don’t have enough financial support to pay for audits. When a project lets go of a contract, there is a liquidity risk. Such a project may take insurance measures for the agreement to protect the interests of users.
After experiencing explosive growth, DeFi has cooled down ever since. According to the speakers at the event, if we are to continue to develop and go mainstream, we must first solve bottleneck problems, such as vulnerability, security and infrastructure scalability.
Ju Jianhua, founder of HBTC, pointed out that as cross-chain technology matures, major changes will occur in the entire industry, establishing a link between the cryptocurrency industry and the rest of the world.
Jianhua continued, saying that HBTC’s blockchain is a public chain built on the cross-chain DeFi infrastructure. On November 1, the HBTC blockchain will begin node recruitment and plans to launch its mainnet in December. There are many cooperation opportunities for HBTC’s cross-chain DEX ecology, including issuing resources for the project side to raise funds.
Jerry Ning, co-founder of CyberVein, said that NFT has market demand, but the demand is relatively small and the audience is limited. The NFT industry has gained some attention due to the boom in the DeFi market, but there is still a long way to go. Games and the art of cryptography will be the main application scenarios of NFTs. In the financial sector, insurance is the most interactive sector with NFTs and they can also increase liquidity for insurance products.
Yang Linyuan, a managing partner of DFund, pointed out that although DeFi has its ups and downs, the NFT market is constantly growing. Cryptographic art and blockchain technology can bring a new dimension to the art industry. NFTs have a distinct cultural significance because they can bring new users of traditional industries to the cryptocurrency industry. In the NFT industry, encrypted art is easier to expand than games.
Widespread adoption of cryptocurrency and the future of Web 3.0
Cryptocurrency is both subversion and integration to traditional finance. In the future, experts predict that we will see a more successful combination of cryptocurrency and traditional finance, as well as mainstream and traditional acceptance of cryptocurrency.
Sulim Malook, founder and CEO of Crypto Millions Lotto, revealed that his project originally intended to standardize Bitcoin as a payment tool and the Ethereum-based smart contract would run the lottery business.
One of the first innovations of Crypto Millions Lotto is to create a token to support the lottery ticket auction. Malook said that the CML tokens allow holders to profit from the Bitcoin Crypto Millions Lotto company twice a week, as long as they wager their tokens.
By purchasing CML tokens and staking them, the holder will receive a “gold lottery ticket”. The more tokens people hold, the higher their bonus share. CML tokens have tangible intrinsic value, which provides a true “lower bound” for their price.
The value of this “reserve price” is based on the future discounted lottery winnings a holder can earn and the incremental value created by increasing the number of tickets entered in each draw.
