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DE In the ever-evolving landscape of crypto and blockchain, the predictions of industry veterans often serve as a compass for investors. Xin Jiang, founding partner at Old Fashion Research and a former Binance executive, provides some thought-provoking insights into the future of Web3. Is now the perfect time to invest? Will MemeFi, TwitterFi, and TelegramFi dominate the next Web3 cycle? Let’s delve in to find out.
Is It the Best Time to Invest in Web3?
Xin Jiang, founding partner at venture capital firm Old Fashion Research, suggests that the primary and secondary markets have bottomed out, making it an opportune time to invest in web3. Projects like memecoins, Friend.tech, and Unibots are the ones to watch.
Why Do We Not Need More Infrastructure Projects?
According to Xin Jiang, the crypto world doesn’t require more infrastructure projects. Current infrastructure can sustain us to the next bull run. With platforms like Solana, Ethereum Layer 2 rollups, and incoming zkEVMs, scalability and decentralization aren’t issues. The focus should shift to developing “killer apps” for the next cycle.
What Makes Old Fashion Research Unique?
Old Fashion Research, named after the classic drink, was founded by Ling Zhang, Wayne Fu, and Xin Jiang, all former Binance executives. In May 2022, OFR announced a $100 million fund focusing on blockchain investments. Its portfolio includes Nansen, Mexc Global, Pudgy Penguins, WOO Network, Sei, Boba Network, Lookonchain, and Genopets.
Why Are Memecoins, Friend.tech and Unibots the New DeFi for the Next Cycle?
These projects, according to Xin Jiang, are leveraging social media and messaging platforms like Twitter and Telegram successfully. Memecoins like HarryPotterObamaSonic10Inu have fostered a unique “degen” culture, offering a fair token mechanism compared to VC-backed tokens. Friend.tech is seen as a financial product built on a pre-existing user network, while Unibots introduces features tailored for meme traders on Telegram.
What Challenges Are These New DeFi Projects Facing?
Security concerns over the handling of users’ private keys have arisen due to the interest in trading bots on Telegram. Additionally, despite the initial success, user activity on Friend.tech has declined over 95% in terms of daily transactions since its peak.
What Elements Should a Dapp Have to Achieve Widespread Adoption?
Product, subculture creativity, and tokenomics elements are crucial for a dapp’s widespread adoption, says Xin Jiang. The success of the next cycle is likely to be seen in “MemeFi,” “TwitterFi,” and “TelegramFi” dapps that can combine all three of these elements.
Conclusion
As we stand on the precipice of a new Web3 cycle, the words of Xin Jiang offer both a roadmap and a warning. While exciting opportunities lie ahead, challenges also abound. Investing in Web3 requires a keen understanding of the evolving landscape and a willingness to back innovative projects. With a focus on MemeFi, TwitterFi, and TelegramFi, the future of Web3 promises to be as unpredictable as it is exciting.
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