Colossus x ETHDenver 2024: Ethereum was not on the podium...
...But what was the magnet who attracted all the attention? let's find out what happened in this ETHDenver.
At the ETHDenver conference held last week, initially centered on the Ethereum blockchain, developers and teams from diverse ecosystems such as Bitcoin, Solana, and Polkadot were also in attendance
ETHDenver, a renowned annual conference for Ethereum blockchain developers and users, recently drew a diverse array of participants from across the blockchain industry. This gathering highlighted Ethereum's expanding influence beyond its core community, attracting observers from various crypto communities and signaling the interest of competing platforms aiming to challenge Ethereum's leadership in programmable blockchains. The event underscored Ethereum's dynamic ecosystem, driven by software developers eager to innovate and create new applications, solidifying its position as a prominent force in the blockchain space.
Bitcoin is currently experiencing a resurgence in developer activity, particularly with the introduction of its own NFTs and decentralized finance (DeFi) services. This was evident at the conference, where there was a notable presence of developers focusing on Bitcoin-related projects (we will go deeper on this in the next article). Similarly, Polkadot, the 'hub-and-spoke' blockchain founded by Gavin Wood, a co-founder of Ethereum, garnered significant attention. Initially promoted as an improvement over the Ethereum model, Polkadot attracted a considerable number of builders to its offerings. Even Solana, known for its emphasis on speed and often labeled as an 'ETH Killer,' had a prominently featured booth at the conference venue, Denver's National Western Complex, indicating its growing presence and interest within the developer community.
Ethereum: An old problem with an old solution?
Ethereum has long grappled with scalability issues due to increasing transaction volumes and user activity, resulting in high gas fees. Layer two (L2) rollups, endorsed by Ethereum's co-founder Vitalik Buterin since October 2020, are seen as a solution to this challenge. Despite the proliferation of L2 solutions, including 44 active projects according to L2Beat, their limitations are increasingly recognized.
Kenny Li, co-founder of L2 Manta, highlighted recent incidents like the Inscriptions outage in Arbitrum, underscoring the unresolved scalability problem, especially with the anticipated surge in users for future "killer apps." Although L2 solutions offer faster and cheaper transactions than Ethereum's base layer, they face fragmentation issues, hindering effective communication and liquidity sharing between applications on different platforms.
Brendan Farmer, co-founder of Polygon, echoed these concerns, stressing the need to address scaling constraints to meet the growing demand in the cryptocurrency space. Both Li and Farmer advocate for "horizontal scalability," leveraging the collective TPS capabilities of multiple L2 solutions, similar to cloud computing principles, to address the scaling needs of applications across various platforms.
ETHDenver: Regulatory and Political debate on stage
Viewed through a political lens, ETHDenver made some noise, thanks to important individuals like Hester Pierce or Kennedy Jr.
Despite the less-than-friendly stance of the United States federal government towards crypto, three government officials and candidates attended ETHDenver to discuss their plans for altering this relationship.
Among them were SEC Commissioner Hester Peirce, local congressional representative Brittany Petterson (D-CO), and independent presidential candidate Robert F. Kennedy Jr., all delivering speeches on the mainstage.
Peirce expressed her frustration over the lack of regulatory clarity from the agency she serves, the U.S. Securities and Exchange Commission, stating, “Having clear rules for those who wish to abide by them is crucial in distinguishing between good and bad behavior.”
Kennedy Jr. emphasized his alignment with the crypto community during his press conference at ETHDenver, declaring his intention to "put an end to the hostility towards all cryptocurrencies."
He added, “We require the necessary infrastructure for financial freedom in this country, enabling people to use Bitcoin and other cryptocurrencies with confidence. There are numerous approaches to achieve this, and I am eager to explore them all.”
The political dialogues at ETHDenver underscored the increasing convergence between the crypto industry and the U.S. government.
A few conclusive words from our part: Colossus was delighted to participate in the event and connect with remarkable individuals, whether old friends or new acquaintances. We take pride in maintaining our position as a recognized institutional player in the blockchain space and are eager to continue pushing the boundaries of technology.
We look forward to forging strong and lasting partnerships with everyone we had the pleasure of interacting with. Let's work together to shape the future of staking, and remember to (s)take it easy.