Discussion on the Importance of Ethereum and ETHDenver in 2024

In recent years, significant progress has been made in the blockchain and Web3 fields in areas such as scalability solutions, cross-chain interoperability, decentralized finance, non-fungible tokens, and ERC-404. The Ethereum ecosystem stands out with its maturity, becoming the focus of industry attention. The 2023 ETHDenver event attracted 30,000 participants, setting a new record. The 2024 event is expected to bring together over 20,000 community members to discuss innovative ideas and shape the future of blockchain technology.

ETHDenver has always been a gathering place for innovation and creativity, promoting the integration of blockchain technology, culture, and education. In addition to showcasing technological advancements, this event also fosters a sense of community and collaboration among participants. For industry professionals, ETHDenver is an unmissable event that is not only content-rich but also provides numerous inspirations.

People are full of expectations for the upcoming innovations aimed at enhancing Ethereum's scalability, privacy, and overall usability. The implementation of rollups technology and EIP 4884 is expected to bring significant breakthroughs for layer 2 rollup scalability. At the same time, advancements in areas such as decentralized identity, decentralized finance, decentralized autonomous organizations, and hybrid applications are also gaining attention. These areas signify key progress in the Ethereum ecosystem, highlighting the importance of privacy and the diversity of Ethereum as a payment method and a governance platform for decentralized applications.

Decentralization, public participation, censorship resistance, and trusted neutrality are the core principles of Ethereum. Technologies such as rollup, zero-knowledge proofs, account abstraction, and privacy solutions help reinforce these fundamental values within Ethereum. The scope of Ethereum's technological applications is expected to further expand, including secure and private online interactions, as well as more democratic forms of governance.

The Ethereum ecosystem supports a wide range of applications. The focus on scalability, privacy, and decentralized governance highlights the ongoing efforts to realize the full potential of Ethereum as a decentralized platform for digital interaction and collaboration in the new era.

In 2024, infrastructure and ecosystems are expected to undergo significant developments. Below is an outlook on the main areas:

Decentralized Finance (DeFi)

• Regulation and Transparency: 2024 may focus on compliance and regulatory clarity, particularly regarding the impact on hybrid financial projects. Pure DeFi projects may still be outside the scope of regulation, but it is expected that regulatory bodies will take action on hybrid finance.

• Stablecoin Trading Volume: Predictions indicate that on-chain stablecoin trading volume may surpass that of traditional payment giants, suggesting that financial transactions are shifting towards blockchain infrastructure.

• Ethereum and Trading Liquidity: The proportion of liquid-staked ETH is expected to increase, enhancing the liquidity and usability of the Ethereum ecosystem. Furthermore, the adoption rates of private transactions and gasless transactions are anticipated to rise, and the number of rollup transactions on Layer 1 may also see a significant increase.

Web3 Games

• Enhanced Blockchain Integration: Blockchain elements are expected to be used more complexly in game mechanics, and a more diverse range of Web3 game types will be launched. This year may witness more collaboration between the traditional gaming industry and Web3 startups. ERC-404 could revolutionize the ownership, trading, and cross-platform integration of in-game assets. Furthermore, the interoperability facilitated by ERC-404 may make gaming universes more interconnected, allowing assets from one game to be recognized in another, thereby enriching the overall gaming experience.

• Mainstream Adoption Challenges: Attracting a wider player base remains challenging, but improved developer tools and more intuitive integrations of blockchain components are likely to drive wider adoption. ERC-404 fragments NFT ownership, which lowers the barrier to entry for players to acquire and trade high-value in-game items, potentially leading to a more active and fluid in-game economy.

Non-Fungible Tokens (NFTs)

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

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

In 2024, the Web3 field is expected to demonstrate deeper integration, maturation, and adaptation to regulation. Interoperability between chains and ecosystems can be anticipated, along with developments in the gaming and NFT sectors, which will drive the year towards significant maturation and mainstream breakthroughs.