2024: A Key Year for Ethereum and ETHDenver?

In recent years, the blockchain and Web3 fields have made significant progress in areas such as scaling solutions, cross-chain interoperability, DeFi, NFTs, and ERC-404. The Ethereum ecosystem, as one of the most mature ecosystems, has always attracted attention. The 2023 ETHDenver event attracted 30,000 attendees, setting a new record. This year's ETHDenver is expected to bring together over 20,000 community members to discuss innovative ideas and shape the future of blockchain technology.

ETHDenver serves as a hub for innovation and creativity, promoting the integration of blockchain technology, culture, and education. In addition to showcasing technological advancements, ETHDenver also fosters a sense of community and collaboration among participants. This is an event not to be missed, rich in content and inspiring. On February 25th, I will arrive in Denver during BUIDLWeek to attend the conference and look forward to this year's ETHDenver gathering.

I am very excited about the upcoming innovations. These innovations aim to enhance the scalability, privacy, and overall usability of Ethereum. The implementation of rollups technology and EIP 4884 is expected to bring significant improvements to the scalability of Layer 2 rollups. At the same time, I also look forward to progress in DID, DeFi, DAO, and hybrid applications. These areas mark key advancements in driving the development of the Ethereum ecosystem, highlighting the importance of privacy, and showcasing the diversity of Ethereum as a payment method and DApp governance platform.

Decentralization, open participation, censorship resistance, and trusted neutrality are the fundamental principles of Ethereum. Technologies such as rollups, zero-knowledge proofs, account abstraction, and privacy solutions help to strengthen these core values within Ethereum. It is expected that Ethereum technology will see broader applications, including secure and private online interactions, as well as promoting more democratic forms of governance.

Ethereum is a large ecosystem that supports a wide range of applications. The emphasis on scalability, privacy, and decentralized governance highlights the ongoing efforts to build Ethereum into a decentralized platform for digital interaction and collaboration in the new era.

In 2024, infrastructure and ecosystems are expected to undergo significant evolution and growth. The following are the expectations for different sectors:

DeFi

• Regulation and Transparency: 2024 may focus on compliance and regulatory clarity, especially regarding the impact on HyFi projects. True DeFi projects may still be outside the regulatory boundaries, but U.S. regulators are expected to take action on HyFi.

• Stablecoin Trading Volume: Predictions indicate that on-chain stablecoin trading volume may surpass Visa's transaction volume, suggesting that financial transactions are shifting towards blockchain-based methods.

• Ethereum and Trading Flow: The proportion of liquid-staked ETH is expected to increase, thereby enhancing the liquidity and utility of the Ethereum ecosystem. Additionally, the anticipated growth of private transactions and the rise of gasless transactions are expected to increase, and rollups will also see a significant increase in the number of layer one transactions.

Web3 game

• Enhanced Blockchain Integration: It is expected to integrate blockchain elements more deeply into game mechanics and launch a more diverse range of Web3 game types. This year may witness more collaborations between the traditional gaming industry and Web3 startups. ERC-404 may revolutionize the ownership, trading, and cross-platform integration of in-game assets. Furthermore, the interoperability facilitated by ERC-404 may make the gaming universe more interconnected, allowing assets from one game to be recognized in another, thereby enriching the overall gaming experience.

• Challenges of Mainstream Adoption: Attracting a larger player base remains a challenge, but improving developer tools to integrate Web3 elements and make blockchain components more intuitive could drive broader adoption. ERC-404 fragments NFT ownership, lowering the barrier for players to acquire and trade high-value in-game items, which is expected to lead to a more active and liquid in-game economy.

NFT

• Growth and Diversification: NFTs are expected to be a major driving force behind Web3 adoption in 2024, but successful projects may differ significantly from current trends. The focus may shift towards unique applications and broader integration within the digital ecosystem.

• Liquidity and Accessibility: ERC-404 enables NFTs to be traded as fungible tokens on DEXs while retaining their unique identities. This hybrid approach aims to address the core issues faced by the NFT market by increasing liquidity and accessibility. By tackling the liquidity problem and enabling fractional ownership, the ERC-404 standard could attract a broader audience in the NFT market, including collectors and investors.

In 2024, the Web3 space is expected to demonstrate deeper integration, maturation, and adaptation to regulation. We can anticipate interconnectivity between chains and ecosystems, along with the development in the gaming and NFT sectors, which will drive this year towards significant maturity and mainstream breakthroughs. Looking forward to seeing everyone in Denver!