Donovan Choy

This is a segment from the 0xResearch newsletter. To read full editions, <a href="https://blockworks.co/newsletter/research">subscribe</a>.



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Yesterday was day one of ETHDenver.&nbsp;



The price of ETH was ~$2,300. People here must be depressed, right?&nbsp;



Eh, not really. I must’ve had 20 conversations yesterday and maybe one person mentioned market prices.&nbsp;



With about 18,000 attendees coming into the city, ETHDenver is still the largest free-of-charge Ethereum-centric event next to Devcon.&nbsp;



The event kicked off with the folkiest of folk songs brought to you by <a href="https://blockworks.co/news/empire-newsletter-sec-action-nfts">Jonathan “A Song A Day” Mann</a>. Think “<a href="https://x.com/VitalikButerin/status/1880635379771904423">feminized wef soyboy mentality</a>” vibes that Solana DeFi bronze age spartans would probably cringe at.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Welcome to the ETH Denver Opening Ceremony featuring some awesome music! <a href="https://t.co/k71hYkAoA8">pic.twitter.com/k71hYkAoA8</a>&mdash; ETHDenver 🏔🦬🦄 (@EthereumDenver) <a href="https://twitter.com/EthereumDenver/status/1895153145883566352?ref_src=twsrc%5Etfw">February 27, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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Oh, and apparently people are complaining that ETHDenver is not so “Ethereum-aligned” anymore because there are non-Ethereum sponsors?


<div class="wp-block-image">
<figure class="alignright is-resized"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdhMWVRaNepCtBygzL9tewB8x_La3q_cl1nJZ7a7yLbsFUDIbKcHDCvakrz2OgOvb-4KQf68S0rLvst596dlqY4Exr1wQRnOCKd24GQgRTBDkisMtmb9u8E9qMDG2e8Fi1mlognIg?key=OLwcemOxY1D9tbe6iEIZ4St_" alt="" style="width:401px;height:auto"/><figcaption class="wp-element-caption">Source: <a href="https://www.youtube.com/watch?v=1WUFpY-ByNA">ETHDenver</a></figcaption></figure></div>


So salient is the criticism that ETHDenver founder John Paller felt the need to address it at the festival’s opening.



“95%+ of our sponsors and 90% of our content is ETH, EVM or ETH aligned 😘😘😘,” his slide deck read.



Step into the main conference hall and you’re greeted with large booths representing Uniswap, Arbitrum and Coinbase.


<div class="wp-block-image">
<figure class="alignright is-resized"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXccp329pa1cTFr26ROG6pCteUyAFWgI8NqxBkc9IhDJqw2feSiX5ygkcM-SfQgwKb_gheNLf5wgTtV_N8yBRpzGA2btPJ1Oa9iykShmWMAYIzgIjgn_k8SeJSfvpFjUvHSTpgYp?key=OLwcemOxY1D9tbe6iEIZ4St_" alt="" style="width:601px;height:auto"/><figcaption class="wp-element-caption">Picture taken on day one event closure</figcaption></figure></div>


There’s a markedly more professional vibe to ETHDenver this year, founder of Yap Global and ETHDenver’s official PR partner Samantha Yap told me.



“ETHDenver in its earlier years was more scrappy. This year, booths are spending a lot more money and there’s a greater professionalization of the event. The industry is evolving,” Yap said.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">DOGE pulled up to ETHDenver 👀 Much wow <a href="https://twitter.com/DogeOS?ref_src=twsrc%5Etfw">@DogeOS</a> <a href="https://twitter.com/MyDoge?ref_src=twsrc%5Etfw">@MyDoge</a> <a href="https://twitter.com/dogecoin?ref_src=twsrc%5Etfw">@dogecoin</a> <a href="https://twitter.com/elonmusk?ref_src=twsrc%5Etfw">@elonmusk</a> 👀 <a href="https://t.co/WJb0vBx7x6">pic.twitter.com/WJb0vBx7x6</a>&mdash; ETHWomen (@Ethereum_Women) <a href="https://twitter.com/Ethereum_Women/status/1895198203479461907?ref_src=twsrc%5Etfw">February 27, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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There also doesn’t seem to be just one dominant overarching narrative this year.&nbsp;



Unlike <a href="https://blockworks.co/news/eth-denver-2024-unfocused">last year</a>, where EigenLayer and restaking dominated the agenda, there’s pretty much a sprinkle of anything you could think of: DePIN, AI agents, regulation, RWAs, privacy and — of course — interoperability. <a href="https://blockworks.co/news/ethereum-cross-chain-transactions">Ethereum loves interop</a>.



Conferences are often chock-full of panels and fireside chats, speakers armed with their sometimes dreary PR-approved speeches. Standing out on the day one agenda was a spicy debate between Haseeb Qureshi from Dragonfly Capital and Matt O’Connor at Legion, on the topic of ICOs vs. venture capital funding. Legion is an ICO-like fundraising platform.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Debate: ICOs Are Better Than VC Funding by: &#8211;<a href="https://twitter.com/mattyTokenomics?ref_src=twsrc%5Etfw">@mattyTokenomics</a> from <a href="https://twitter.com/legiondotcc?ref_src=twsrc%5Etfw">@legiondotcc</a> &#8211;<a href="https://twitter.com/hosseeb?ref_src=twsrc%5Etfw">@hosseeb</a> from <a href="https://twitter.com/dragonfly_xyz?ref_src=twsrc%5Etfw">@dragonfly_xyz</a> &#8211;<a href="https://twitter.com/AshleyStanhope?ref_src=twsrc%5Etfw">@AshleyStanhope</a> from Hardfork Media Full video below 👇🧵 <a href="https://t.co/QiMLqWpAsm">pic.twitter.com/QiMLqWpAsm</a>&mdash; ETHDenver 🏔🦬🦄 (@EthereumDenver) <a href="https://twitter.com/EthereumDenver/status/1895227229648650689?ref_src=twsrc%5Etfw">February 27, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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Matt: “The idea that VCs are catalyzing growth and the product’s purpose to begin with…this gatekeeping and holier-than-thou attitude of VCs knowing which projects to fund leads to less experimentation and variety of what’s backed.”



Haseeb: “It’s rich since Legion raised money from VCs…and how many individual users using Legion own equity in Legion? I’m going to assume the number is zero.”



Anyway, here are some key launches from yesterday:



<ul class="wp-block-list">
<li>MetaMask is <a href="https://x.com/MetaMask/status/1895292999615369660">launching</a> Bitcoin and Solana integrations, gas abstraction, a UX overhaul, smart transactions and a MetaMask card.</li>



<li>14 teams, including NEAR AI, Coinbase Agent Kit and Eliza Labs announced the Open Agents Alliance (OAA), an initiative to provide permissionless and free AI access globally by combining infrastructure.</li>



<li>Uniswap <a href="https://x.com/Uniswap/status/1895123116239503692">announced</a> fiat off-ramping on the Uniswap Wallet powered by Transak, Moonpay and Robinhood.</li>



<li>BitLayer announced the BitVM Bridge, enabling trust-minimized bridging between the Bitcoin network and other chains like Base, Starknet, Arbitrum, Sonic and Plume.</li>



<li>Babylon and digital asset insurance broker Native are developing institutional-grade insurance coverage for bitcoin stakers, enabling bitcoin slashing coverage denominated in BTC.</li>
</ul>



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0xResearch Newsletter

Inside day 1 at ETHDenver 2025

Jack Kubinec

ETHDenver’s culmination was an interview with third-party presidential candidate Robert F. Kennedy Jr.&nbsp;



Despite flexing his crypto bona fides, RFK Jr. —&nbsp;interviewed by Custodia Bank CEO Caitlin Long — was stopped multiple times by hecklers. One stood on a chair and yelled “Kennedy is the establishment!” while another repeated the refrain “the Earth is being genocided.”&nbsp;



Amid the commotion, a woman handed out flyers for a Kennedy Jr.-themed token that wasn’t actually affiliated with the campaign itself.&nbsp;



At the edge of the room, Chris Dixon, general partner of the venture capital behemoth Andreessen Horowitz, stoically signed copies of his recent book about blockchain tech and the internet.&nbsp;



Read more: <a href="https://blockworks.co/news/dixon-read-write-own-broken-internet">The internet is broken. What if we can fix it?: On Chris Dixon’s ‘Read Write Own’</a>



The scene was, perhaps, an apt end to the yearly Ethereum/Web3 summit, which felt somewhat chaotic in its own right. As the crypto space advances in multiple directions at once, a central narrative of the conference didn’t seem to materialize. 


<div class="wp-block-image">
<figure class="alignright size-large is-resized"><img loading="lazy" decoding="async" width="2560" height="1920" src="https://blockworks-co.imgix.net/wp-content/uploads/2024/03/IMG_8293-scaled.jpg?w=1024&amp;h=1024" alt="" class="wp-image-81664" style="width:475px;height:auto" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2024/03/IMG_8293-scaled.jpg?w=2560 2560w, https://blockworks-co.imgix.net/wp-content/uploads/2024/03/IMG_8293-scaled.jpg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2024/03/IMG_8293-scaled.jpg?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2024/03/IMG_8293-scaled.jpg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2024/03/IMG_8293-scaled.jpg?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2024/03/IMG_8293-scaled.jpg?w=2048 2048w, https://blockworks-co.imgix.net/wp-content/uploads/2024/03/IMG_8293-scaled.jpg?w=343 343w, https://blockworks-co.imgix.net/wp-content/uploads/2024/03/IMG_8293-scaled.jpg?w=348 348w, https://blockworks-co.imgix.net/wp-content/uploads/2024/03/IMG_8293-scaled.jpg?w=292 292w, https://blockworks-co.imgix.net/wp-content/uploads/2024/03/IMG_8293-scaled.jpg?w=80 80w" sizes="auto, (max-width: 2560px) 100vw, 2560px" /><figcaption class="wp-element-caption">Source: EthDenver</figcaption></figure></div>


But that doesn&#8217;t mean that the mood wasn’t decidedly upbeat among the crypto faithful milling around Denver’s National Western Complex.&nbsp;



Presenters on the event’s stages competed with the din of conference goers who networked nearby. A giant squid roamed the premises. Representatives for the “cloudless” computing protocol Fluence handed out cotton candy.&nbsp;



John Deaton, the pro-crypto lawyer who <a href="https://blockworks.co/news/elizabeth-warren-challenger-senate">just launched a campaign</a> to unseat Massachusetts senator and crypto skeptic Elizabeth Warren, had a booth at the event. Deaton said he wished he could send a video of the conference floor to <a href="https://blockworks.co/tag/elizabeth-warren">Warren</a> and <a href="https://blockworks.co/tag/jpmorgan">JPMorgan</a> CEO Jamie Dimon.&nbsp;



“I don’t see criminals. I see regular people,” Deaton said.&nbsp;



The crypto space certainly has reasons to feel upbeat. As <a href="https://blockworks.co/news/bitcoin-etf-inflows-new-peak">spot bitcoin ETF inflows accelerated</a>, the price of bitcoin (<a href="https://blockworks.co/price/btc">BTC</a>) ballooned to near all-time highs during the conference. Venture funding has shown <a href="https://blockworks.co/news/eigenlayer-fundraise-ecosystem-development">seeds of a turnaround</a>. Coinbase posted an <a href="https://blockworks.co/news/coinbase-earnings-q4-2024">earnings beat</a>.&nbsp;



When I asked Base founder Jesse Pollak for one reason why he&#8217;s optimistic about Coinbase, he responded: “Only one?”&nbsp;



<h2 class="wp-block-heading">Finding a narrative</h2>



But good feelings aside, no one at ETHDenver seemed to agree on what exactly ETHDenver was all about.&nbsp;



One exchange executive told me it felt like <a href="https://blockworks.co/news/bitcoin-defi-future">Bitcoin’s DeFi use cases were the spotlight</a>. A founder said this was the year of consumer crypto. Elsewhere, I heard decentralized AI was getting the most attention.&nbsp;



I brought up this lack of consensus in a conversation with Doug Petkanics, the co-founder of decentralized streaming platform Livepeer. It was Petkanics’ fifth ETHDenver, he told me, and he wondered aloud whether crypto hadn’t outgrown these sorts of industry-wide events. In the late 2000s, New York City began <a href="https://www.wsj.com/articles/SB10001424052702304432304576368151682162000">hosting</a> “Internet Week,” Petkanics recalled, though that would seem far too broad a category for a conference today.&nbsp;



Different sectors of the internet now hold their own conferences, and perhaps Web3 is headed for the same fate.&nbsp;



Read more: <a href="https://blockworks.co/news/cosmoverse-istanbul-conference-blockchain">Istanbul at center of Cosmos for three days</a>



Multiple people I spoke to expressed a desire for crypto to focus less on building technical infrastructure and more on creating apps and use cases for the real world.&nbsp;



Through its emphasis on infrastructure, crypto has been “building for ourselves,” Andy Bromberg, CEO of the company behind payments app Beam, told me. Now it’s time to “build for others.”



This news apparently didn’t make it to the developer-focused event next door, where coders were hunched over keyboards on the floor of an arena typically used for rodeos.&nbsp;


<div class="wp-block-image">
<figure class="alignright size-large is-resized"><img loading="lazy" decoding="async" width="2560" height="1920" src="https://blockworks-co.imgix.net/wp-content/uploads/2024/03/IMG_8307-scaled.jpg?w=1024&amp;h=1024" alt="" class="wp-image-81660" style="width:468px;height:auto" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2024/03/IMG_8307-scaled.jpg?w=2560 2560w, https://blockworks-co.imgix.net/wp-content/uploads/2024/03/IMG_8307-scaled.jpg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2024/03/IMG_8307-scaled.jpg?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2024/03/IMG_8307-scaled.jpg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2024/03/IMG_8307-scaled.jpg?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2024/03/IMG_8307-scaled.jpg?w=2048 2048w, https://blockworks-co.imgix.net/wp-content/uploads/2024/03/IMG_8307-scaled.jpg?w=343 343w, https://blockworks-co.imgix.net/wp-content/uploads/2024/03/IMG_8307-scaled.jpg?w=348 348w, https://blockworks-co.imgix.net/wp-content/uploads/2024/03/IMG_8307-scaled.jpg?w=292 292w, https://blockworks-co.imgix.net/wp-content/uploads/2024/03/IMG_8307-scaled.jpg?w=80 80w" sizes="auto, (max-width: 2560px) 100vw, 2560px" /><figcaption class="wp-element-caption">Source: EthDenver</figcaption></figure></div>


A couple devs napped on beanbags. “FRONT END NEEDED,” read a sign propped up on one project’s table.&nbsp;



I spoke to a duo who was working on a decentralized <a href="https://blockworks.co/tag/artificial-intelligence">AI</a> audio transcription project. They said they expected more teams to be working on AI, but of the other projects submitted alongside theirs, the majority appeared to be infrastructure.&nbsp;



I trekked to Denver’s art district one morning to see Edge City, the soft launch of an organization <a href="https://wiki.edgecity.live/about">hoping</a> to become a “society incubator” aimed at human flourishing. Edge City is a spinoff of <a href="https://www.palladiummag.com/2023/10/06/why-i-built-zuzalu/">Zuzalu</a>, an exclusive retreat Ethereum co-founder Vitalik Buterin helped host in Montenegro last year.&nbsp;



As attendees did yoga or took advantage of the ice baths and sauna outside the venue, I sat inside with Edge City co-founder Gary Sheng. Sheng called ETHDenver the “biggest family reunion” for “soulful technologists,” but said side events like his are helpful for separating signal from noise.&nbsp;



“A lot of people, they feel really overwhelmed by ETHDenver. The quality of the average interaction is not very good. A lot of VCs, a lot of shilling,” Sheng said. “It’s like, overwhelming, a sea of information. You&#8217;re not sure what&#8217;s high quality. And so I think curators are really valuable today.”



The couple of Edge City attendees I spoke to generally echoed this sentiment. One joked that just like <a href="https://blockworks.co/tag/layer-2-2">layer-2s</a> arose to solve congestion on the Ethereum blockchain, side events are a solution for congestion at ETHDenver.&nbsp;



Of course, conference goers also escaped the crush of the main venue with the evening happy hours that various projects threw. At an event for the oracle platform Pyth, I chatted with a DeFi fanatic who said he’d be taking it easier by only going to four crypto conferences this year.&nbsp;



“I love talking crypto,” he said. “If only it was all hot girls here,” he added, gesturing at the majority-male group around us.&nbsp;



On top of being largely male, the ETHDenver attendees also skewed younger. Despite <a href="https://blockworks.co/news/sec-approves-bitcoin-etf">spot bitcoin ETF approval</a> and the <a href="https://blockworks.co/news/wealth-managers-bitcoin-etfs">slow march of institutions into crypto</a>, the conference made it seem like crypto’s crop of quirky outsiders were still at the space’s forefront. I saw zero people in suits at ETHDenver. I spotted someone in a collared shirt, but its wearer made up for the formality with pajama pants and sequined shoes.&nbsp;



Somewhat rudely during an interview, I remarked to Coinbase vice president of engineering Will Robinson that he might feel like he’s surrounded by kids. Robinson, who has worked in engineering for two decades, shrugged in response.&nbsp;



“I’m surrounded by people who see the future,” he told me. “Kids often see the future.”



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ETHDenver

ETHDenver showed good vibes are back in crypto, but questions remain

Jacquelyn Melinek

<div id="highlights-block_620fcebd50d0c" class="highlights">
 <ul>
 <li>The ecosystem program will launch in tandem with SKALE V2, or SKALEverse</li>
 <li>The network aims to onboard billions of users and has a focus on NFTs, DeFi and Web3</li>
 </ul>
 
</div>



Ethereum-focused multi-chain network SKALE set up a $100 million grant program to fund the future of blockchain-based gaming.



The company announced the initiative at the ETHDenver conference on Friday. The capital will be used to increase and onboard applications and projects to the SKALE network.&nbsp;



<div class="wp-block-image"><figure class="alignright size-full"><img loading="lazy" decoding="async" width="300" height="300" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/02/d4a71f7d-acce-42da-857f-c0b981b45e7c_Jack_OHolleran_SKALE_Co-Founder_CEO.jpeg" alt="" class="wp-image-17630" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/02/d4a71f7d-acce-42da-857f-c0b981b45e7c_Jack_OHolleran_SKALE_Co-Founder_CEO.jpeg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/02/d4a71f7d-acce-42da-857f-c0b981b45e7c_Jack_OHolleran_SKALE_Co-Founder_CEO.jpeg?w=150 150w, https://blockworks-co.imgix.net/wp-content/uploads/2022/02/d4a71f7d-acce-42da-857f-c0b981b45e7c_Jack_OHolleran_SKALE_Co-Founder_CEO.jpeg?w=257 257w, https://blockworks-co.imgix.net/wp-content/uploads/2022/02/d4a71f7d-acce-42da-857f-c0b981b45e7c_Jack_OHolleran_SKALE_Co-Founder_CEO.jpeg?w=261 261w, https://blockworks-co.imgix.net/wp-content/uploads/2022/02/d4a71f7d-acce-42da-857f-c0b981b45e7c_Jack_OHolleran_SKALE_Co-Founder_CEO.jpeg?w=219 219w, https://blockworks-co.imgix.net/wp-content/uploads/2022/02/d4a71f7d-acce-42da-857f-c0b981b45e7c_Jack_OHolleran_SKALE_Co-Founder_CEO.jpeg?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2022/02/d4a71f7d-acce-42da-857f-c0b981b45e7c_Jack_OHolleran_SKALE_Co-Founder_CEO.jpeg?w=50 50w" sizes="auto, (max-width: 300px) 100vw, 300px" /><figcaption> SKALE Co-founder Jack O’Holleran</figcaption></figure></div>



The Network of Decentralized Economics (NODE) will kick-start the program with $5 million to creators focused on blockchain gaming, play-to-earn gaming and the metaverse.



The launch is timed in tandem with the network’s next iteration, dubbed, <a href="https://skale.network/blog/into-the-skaleverse-introducing-skale-v2" target="_blank" rel="noreferrer noopener">SKALE V2</a>, or SKALEverse, which aims to optimize features like chain-to-chain transfers, creating ecosystem hubs, NFT marketplaces and faster game modes.



Like most blockchains, the network aims to onboard billions of users and has a focus on NFTs (non-fungible tokens), DeFi and Web3.



Its network helps blockchain games build experiences for users, including zero fees or gasless transactions, plus supporting interconnected and interactive blockchains, SKALE Co-founder Jack O’Holleran said in a statement.



This launch is the latest step for the blockchain gaming space writ large, which has expanded over the past 12 months and is drawing increasing attention from big-time investors and funds.



Earlier this month, Gamestop and Immutable launched a <a href="https://cms.blockworks.co/gamestop-immutable-to-launch-100-joint-fund-for-gaming-nfts/" target="_blank" rel="noreferrer noopener">$100 million</a> joint fund for gaming NFTs. In November, Forte added <a href="https://cms.blockworks.co/?s=gaming#:~:text=Forte%20Adds%20%24725%20Million%20in%20Funding%20to%20Push%20Blockchain%20Gaming%20Forward" target="_blank" rel="noreferrer noopener">$725 million</a> in funding earmarked for blockchain games in one of the largest funding rounds of the year.



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