Leaders from various blockchain ecosystems are forging new paths and collaborations that promise to reshape the digital economy. This article explores insights from key figures in the industry, including May Chan of HashPack, Jake from Kinetic Markets, Quincy from the XDC Foundation, and Dirk with xSPECTAR.
Our guests discuss groundbreaking initiatives, such as cross-chain collaborations and the innovative use of tokenization, highlighting how these advancements are enhancing user experiences and fostering community engagement. As blockchain continues to mature, the importance of collaboration and the integration of real-world assets into decentralized ecosystems takes center stage, paving the way for a more interconnected future.
Insights from a Diverse Blockchain Panel
HashPack
As the CEO of HashPack Wallet, CEO May Chan has propelled the wallet to become the leading choice on the Hedera Network, capturing the loyalty of over 95 percent of monthly active users. HashPack has emerged as the leading wallet by pivotally integrating DeFi and NFTs into the Hedera ecosystem.
Moreover, the company’s commitment to collaboration was evident as they engaged deeply with Hedera and various ecosystem projects, working tirelessly to enhance the overall user experience. HashPack, in partnership with Genfinity, recently launched a community showcase initiative to highlight key achievements within the Hedera ecosystem and promote collaboration through bi-weekly events.
Kinetic Markets
Jake from Kinetic Markets also introduced himself, known in the community as Warlock. He serves as the Communications lead for Kinetic, a lending and borrowing protocol on the Flare Network, which functions as a foundational element of DeFi. He described Flare’s approach as intriguing, likening it to a bomb that had been ignited, rapidly assembling various components before exploding into a vibrant ecosystem.
Jake noted that their recent launch had succeeded and hinted at new developments, including the introduction of wrapped ETH on Kinetic. He expressed his enjoyment in the role, highlighting how the community embraced his unique sense of humor, which made his work more fulfilling.
XDC Foundation
We also welcomed Quincy Jones, a Solidity developer with the XDC Foundation, who has become the go-to person for assistance in building on the XDC ecosystem. He works closely with startups eager to enter the ecosystem, as well as traditional businesses looking to transition their tech stacks to Web3. Moreover, Quincy collaborates extensively with other developers, contributing to the growth and innovation within the XDC ecosystem. He has clearly defined his role as a vital support figure for those navigating this new landscape.
xSPECTAR
Finally, Dirk from xSPECTAR joined us to provide updates on recent developments. A short while ago, xSPECTAR announced a free mint of Avatar NFTs, allowing existing holders access to the xSPECTAR Metaverse. This initiative aimed to boost secondary sales and onboard new users, with xSPECTAR notably striving to become the top project on the XRPL regarding unique holders. Additionally, the organization was a partner during the Formula One race in Singapore, where holders met drivers and participated in various activities.
May Chan: A Transformative Moment for Hedera
May Chan highlighted the exciting developments at HashPack. Still, she was particularly eager to discuss a significant milestone within the Hedera ecosystem. Last week, Hedera was announced as a founding member of the new Linux Foundation Decentralized Trust, a hub for blockchain and Web3 projects. This news marked a transformative step for the network.
In this initiative, Hedera committed to making its entire source code for the Hashgraph Consensus Algorithm fully open-source through a new project called Hiero. This move decentralizes code development and places governance in the hands of the community, allowing for unprecedented opportunities for active contributions. May emphasized that this shift represented a remarkable advancement for Hedera, showcasing her enthusiasm for the network’s future and its commitment to transparency and collaboration.
The recent contribution of Hedera to a global, open-source foundation marked a groundbreaking moment for blockchain projects. This initiative was hosted by the same foundation that supports Node.js and the Linux Kernel, ensuring that even if someone at Hedera were to act against its principles, the code would remain secure and accessible.
Significantly, one of the most exciting aspects of this move was its potential to attract enterprises. With Hedera’s focus on open-source governance by a reputable foundation, businesses with strict requirements on the software they integrate can now consider using Hedera. This development broadens the scope for collaboration and positions Hedera as a viable option for enterprises looking to innovate while maintaining compliance standards, opening doors for new partnerships and opportunities in the ecosystem.
XDC 2.0 — The Game-Changing Role of Subnets in Blockchain Adoption
Quincy from XDC shared exciting news about the upcoming release of XDC 2.0, set for October. A vital feature of this update was the introduction of subnets, which he noted would play a crucial role in driving adoption among traditional businesses. This release aimed to clarify the specifics surrounding the introduction of subnets, a significant feature in their upcoming update.
The developer explained that many businesses wait to commit to launching a collection or asset on the blockchain. Instead, they typically require a period of acclimation to the new environment. XDC Network introduced subnets to facilitate this transition, which could function as private networks or even as a layer-two solution. This approach provides businesses with a controlled environment to explore blockchain components, allowing them to engage with smart contracts and tokenize various assets while maintaining everything within their systems.
Additionally, Quincy highlighted that this strategy was effective for many organizations as they progressed toward adopting Web3 technologies. XDC aims to ease the transition and empower businesses to confidently integrate innovative solutions into their operations by offering a tailored, gradual introduction to blockchain.
XDC Subnets
Quincy explained that the subnets primarily focus on enhancing security rather than governance. Each subnet utilizes the mainnet’s consensus as a secondary mechanism to verify its own blocks. By publishing its headers to a smart contract on the mainnet every epoch, the subnet established a robust security layer through a form of double consensus. This process allows for verifying both subnet and mainnet headers, reinforcing the system’s integrity.
Additionally, the subnets offer a private environment where users can operate freely. Organizations can implement their governance structures, create tokens or assets within this controlled setting, and later migrate them to the mainnet, resembling a layer-one to layer-two transition. Moreover, businesses could use the subnets to test internal applications, ensuring a secure innovation space.
Overcoming User Engagement Challenges in Blockchain
The CEO of Genfinity, Ryan Solomon, asked Dirk with xSPECTAR and Jake with Kinetic about the challenges of getting users to engage with the technologies and platforms built on various blockchain networks, particularly the XRPL. Additionally, he expressed curiosity about user adoption frustrations and sought insight into overcoming those hurdles.
Dirk from xSPECTAR reflected on the insights he absorbed from Yat Siu, the founder of Animoca Brands, regarding utilizing tokens and concepts like Reed’s Law and Metcalfe’s Law. He noted the intriguing dynamics of network effects, where the value of a network grows as more participants join. However, he acknowledged the unique challenges of the XRPL community, describing it as relatively closed and recognizing the difficulties in onboarding new users. He likened the process to fishing in a limited pool: the larger the pool, the easier it is to catch fish.
Navigating Challenges in the XRPL Ecosystem
He also believes that their decision to start on the XRP Ledger was strategic, as it presented fewer competitors. This choice positioned them to engage in conversations with prominent players like Yuga Labs and Binance Labs, who consistently praised their achievements, stating they had built ten times more than others in the space. Despite the accolades, Dirk candidly shared the reality of their operations, disclosing that over 30 months, they had generated nearly $10 million in revenue while managing a burn rate of around $300,000 per month. While they broke even, he admitted that they operated in survival mode.
Dirk revealed that he felt unprecedented stress during this period, especially when grappling with the limited number of potential users. In a recent discussion, he learned that only 8,000 unique NFT holders existed on the XRPL. With such a small audience, he contended that capturing even a fraction of interested users was a significant achievement. He dismissed criticism suggesting their product was the reason for low usage, firmly believing that a broader ecosystem could yield far better results.
Additionally, he expressed excitement about their expansion plans. They received an XDC grant and established promising relationships with projects like HBAR and HashPack.
Accelerating Ecosystem Growth: Kinetic’s Partnership with Flare
Sharing his fascinating journey through various miniature ecosystems, Jake noted that one key factor in turning an ecosystem around was the ability to move quickly and operate like a startup. He believed many layer-one networks overlooked this crucial aspect while Flare fully embraced it. He recalled an early call with his Kinetic team before their launch, where discussions about development processes took place. At that time, they recognized the potential need for a layer-zero bridge. They proposed an innovative idea: providing users with a small amount of Flare tokens when transferring funds, ensuring they had immediate gas without relying on centralized exchanges.
To Jake’s delight, Flare took this suggestion to heart and implemented it seamlessly. There is a lack of red tape within Flare; the team is open to new ideas. Jake finds it refreshing that Flare maintains a professional atmosphere without unnecessary corporate constraints.
Additionally, he recognized the importance of incentivizing new users to join their ecosystem. He previously suggested rethinking how incentives were structured for the incoming DeFi participants, advocating for a system that encouraged users to bridge their assets to Kinetic’s liquidity pools. Flare responded positively, creating a new incentive system overseen by a dedicated board. This swift action led to remarkable growth in DeFi activity on Flare. Jake marveled at the rise in transaction volume and engagement over recent months.
Future Developments and Innovations
Thoughtful Tokenization and Subnet Innovations
Quincy Jones with XDC emphasized that tokenization is at the heart of blockchain innovation, noting that it involves more than simply placing assets on the blockchain. He explained that effective tokenization requires a thoughtful process to account for different assets and create applications for their management.
Additionally, he expressed excitement about subnets, which allowed users to test and manage their tokens in a private environment before launching them on public networks. He pointed out that while discussions often centered on NFTs, many concepts converged around tokens, leading to opportunities for fractionalization, enhanced utility, and faster settlements. Technologies like subnet smart contracts are deepening the tokenization process, paving the way for more efficient asset management and a bright future for blockchain innovation.
Expansion and Embracing Omnichain Technologies for Future Growth
Dirk shared that they were actively pursuing expansion plans to create a broader network. Following fruitful conversations with Binance Labs, they integrated Binance Smart Chain and Avalanche, appreciating the supportive nature of their collaborators. He also mentioned exploring partnerships with Polygon and Arbitrum.
Notably, Dirk referred to the Animoca concept of network effects and emphasized their interest in Omnichain and Layer Zero technologies. While he admitted he wasn’t a technical expert, he highlighted the Omnichain fungible token standard’s potential from Layer Zero as promising for their future endeavors. As they moved forward, he felt optimistic about the opportunities ahead.
Embracing Blockchain Cross-Chain Collaboration & Tokenization
May Chan shared her enthusiasm for exploring Layer Zero within the Hedera network, noting that cross-chain collaborations were becoming increasingly vital. She observed that the industry was entering a new phase where the drawbacks of siloing in individual networks became apparent, highlighting the immense value of collaboration among different layer-one networks.
Furthermore, she echoed Quincy’s sentiments about the importance of tokenization, expressing excitement about the potential for real-world assets to be launched onto blockchain networks. She envisioned a future where stablecoins and digital tokens existed alongside tangible assets secured through blockchain technology.
As she looked ahead to 2025, May felt optimistic about the unique strengths of each layer one, believing that leveraging these niches would drive significant adoption. She contrasted this vision with the earlier mindset from 2021, where many chains sought to position themselves as the ultimate destination for all transactions. In her eyes, the future of the space appeared bright and full of possibilities.
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