Out with the Old, In with the New: Bitget Celebrates Chinese New Year – "Recap 2023, Explore 2024" AMA Highlights
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Out with the Old, In with the New: Bitget Celebrates Chinese New Year – "Recap 2023, Explore 2024" AMA Highlights
On January 23, Meta Era, Bitget, and Bitget Wallet jointly hosted a Lunar New Year AMA event themed "Recapping 2023, Exploring 2024."
Navigating Web3 tides with focused insightsCompilation: Echo, Meta Era
This event aimed to meticulously review the industry dynamics of 2023 and explore new opportunities in 2024, offering participants abundant information and profound insights.
The AMA was hosted by Xie Jiayin, Head of Bitget's Chinese-speaking Region, and featured distinguished guests including Jack Kong, Founder of iPollo; Joy Lou, Partner at LD Capital; Vito, Co-founder of Meta Era; Kenneth Wong, Co-founder and CEO of G-North International Accelerator; Junfei Ren, Founding Partner of Hongshan Fund; Karry, CEO of Bitget Wallet; Tommy, Head of Research at Bitget Wallet; Chris Lee, Co-founder of Merkle 3s Capital; Kevin, Asia Partner at CGV; Yushan Zheng, Founder of Drip Capital; Thomas Zhu, Thomas Zhu, Initiator and Secretary General of the RWA Working Group; Gu Qianfeng, Co-founder of ChatPuppyNFT; Paolo Chen, CSO of VDX; Yang Liu, Professor at Nanyang Technological University (NTU) Singapore and Co-founder of MetaTrust Labs & Scantist; Runnie Shang, Co-founder of EMC Labs; Roger Zhang, Founder of Substance Exchange; Victor Gao, Chairman of the Board at Triangle Technology; Harry, Founder of Snowballx; Jan Chan, Business VP and Hong Kong Lead at Kun KUN; Tim, Chief Analyst at PSE; Wang Zhizhong, Ambassador for Velo Protocol in the Chinese-speaking region; Dr. Blackey, CFO and Co-founder of MUA DAO; Bao Er Ye, a veteran Bitcoin OG; and Xu Ke, an early code contributor to Bitcoin.
At the beginning of the event, Xie Jiayin, Head of Bitget's Chinese-speaking Region and host of the session, delivered opening remarks. Aligning with the theme of this Space, he reviewed key market highlights from the past year together with the panelists and audience, expressing optimism about new opportunities emerging in the crypto industry in 2024!
Below is a summary of the insightful discussions from our esteemed guests:
Question 1: How will ChatGPT spark a modern "industrial wave," and what disruptive changes can we expect?
Professor Yang Liu from Nanyang Technological University and Co-founder of MetaTrust & Scantist spoke first on this topic. Drawing from his research in security applications, he demonstrated how ChatGPT could simulate the work of security auditors, illustrating the process of transforming general-purpose models into expert systems.
On the same topic, CGV Asia Partner Kevin analyzed both ToB and ToC sectors, pointing out that Web 3.0 can offer superior incentive mechanisms for each. He particularly emphasized distributed computing power, suggesting that combining AI with physical devices under the influence of Web 3.0 could attract significant capital inflows.
Also addressing this theme, Vito, Co-founder of Meta Era, added further insight by emphasizing that while tools themselves are not intelligent, they act as extensions of human capabilities. While acknowledging the potential of AI agents, he expressed optimism about AI’s role in decision-making within Web 3.0, believing it could help resolve many issues caused by centralization.
Question 2: What are your views on Blur and the future development of the overall NFT market, as well as the liquidity boom in NFTs?
Tommy from Bitget Research shared insights on “Blur’s product strength and the future trajectory of the NFT market.” He affirmed the principle of “liquidity above all” and noted that airdrops might become one of the most certain paths to wealth creation in 2024.
Question 3: Amid banking trust crises, FTX collapse, and constant threats in blockchain’s dark forest, how should asset security be protected? How do you view de-pegging events of major stablecoins like USDC, USDT, and DAI during extreme incidents or FUD?
Roger Zhang, Founder of Substance Exchange, stated that discussing asset security requires understanding the nature of exchanges. He stressed the need for a highly reputable auditing firm capable of safeguarding user assets while taking only acceptable risks to generate returns. He believes liquidity should be unleashed to support ecosystem growth rather than being locked in inactive cold wallets.
Question 4: The Ethereum Shanghai Upgrade marks a critical step in Ethereum’s transition from PoW to PoS. How will the Layer2 market landscape evolve after the Dencun upgrade?
Gu Qianfeng, Co-founder of ChatPuppy NFT, discussed the potential market impact of the Cancun upgrade. He highlighted two points: first, reduced gas fees post-upgrade would attract more users to Web 3.0; second, the upgrade may trigger some speculative momentum around Ethereum.
Jan Chan, Business VP and Hong Kong Lead at Kun KUN, believes every technological advancement enhances efficiency, productivity, and production relationships. He predicts that within one to two years following the Dencun upgrade, the total value of Layer2 solutions could surpass that of Layer1. However, he notes that deeper Layer2 development depends on future Ethereum upgrades and whether upcoming market cycles can draw in new players from traditional finance.
Question 5: With the Hong Kong government championing Web 3.0 development, what are your expectations for the city's cryptocurrency industry?
In response to the recent announcement that the world’s largest Bitcoin summit will debut in Hong Kong this May, Kenneth Wong, Co-founder and CEO of G-North International Accelerator, offered his outlook. He anticipates Hong Kong hosting increasingly more international events in 2024. He also hopes the SAR government will establish more matching funds to attract large tech firms and public blockchains. Additionally, Wong raised an intriguing question: if Hong Kong launches its own stablecoin, what potential real-world economic use cases could emerge beyond virtual market trading?
Paolo, CSO of VDX, believes the recent surge in user numbers has largely come from traditional finance. Therefore, in the short term, progress lies in bridging the gap between Web2 and Web3 asset ecosystems to onboard users. In the long run, however, innovation must occur at the asset level, achieving deeper breakthroughs in underlying value creation.
Chris Lee, Co-founder of Merkle 3s Capital, mentioned differences between Hong Kong ETFs and U.S. ETF approvals, expressing hope that Hong Kong's push for Web 3.0 will open up new directions for its local Web 3.0 sector.
Question 6: Amid the meme coin wave, how do you view the massive wealth effect of meme coins? How can ordinary users identify opportunities within them?
Karry, CEO of Bitget Wallet, regards meme coins as true RWAs (Real World Assets), highlighting their ability to transform social trends into tradable assets. Victor Gao, Chairman of Triangle Technology, emphasized the accessibility of meme coin issuance for average users and foresaw potential synergy between meme coins and DePIN. Wang Zhizhong, Ambassador for Velo Protocol in the Chinese-speaking region, underscored community participation as key to uncovering opportunities, noting that active engagement builds valuable experience and increases chances of catching the next big trend.
Question 7: Why is BlackRock’s application for a spot Bitcoin ETF considered a major milestone?
Runnie Shang, Co-founder of EMC Labs, sees BlackRock’s spot Bitcoin ETF filing as a groundbreaking achievement—a significant contribution to the history of digital assets. He noted that without Grayscale’s legal battle against the SEC, the approval of a Bitcoin ETF might still be far off. He believes Hong Kong holds a late-mover advantage in ETFs, and physically-backed cryptocurrency index funds could offer greater value compared to U.S. spot ETFs. Furthermore, the realization of Bitcoin ETFs not only opens larger investment channels for Bitcoin but also positively impacts Hong Kong’s broader ETF ecosystem and actively managed strategy funds like his own.
Question 8: With the SEC frequently taking action, how should we interpret the lawsuits involving Grayscale and Ripple versus the SEC?
Junfei Ren, Founding Partner of Hongshan Fund, suggested drawing parallels with the SEC’s lawsuit against Coinbase. Over ten tokens listed on Coinbase were classified as securities by the SEC, leading to extensive regulatory scrutiny—this is precisely the core issue when discussing Grayscale and Ripple: the definition of token types. From another angle, it also reflects the distinction between investment and speculation. If a token is believed to have intrinsic value and expected to yield dividends within an ecosystem—akin to investing in a public company—it falls under regulation. But if a token is seen purely as a vehicle for hype without inherent value, it may escape SEC oversight.
Question 9: Regarding the Tia project airdrop, how do you view wealth generation via airdrops, and what implications does this have for the project’s long-term development?
Tommy from Bitget Research stated that airdrops could be among the most certain wealth opportunities this year. Taking Tia as an example, he noted its solid technical foundation and regulatory alignment. Moreover, its wealth effect has been remarkable—users who participated in the airdrop and staked Tia have seen returns of at least 20x to date. He predicts numerous application-layer projects will launch tokens based on Tia, potentially offering part of their airdrops to Tia stakers to drive traffic and acquire seed users. He also warned that if too many “shovel-selling” projects flood the market, the value of such tools themselves will depreciate.
Question 10: By enhancing the liquidity and composability of real-world assets, can RWA become a super gateway for new capital entering the crypto market? What are possible future innovations? And how should we approach regulatory and compliance challenges?
Dr. Blackey, CFO and Co-founder of MUA DAO, emphasized the essence of RWA lies in de-risking—aimed at improving real-world asset liquidity and optimizing regulatory-compliant services. Harry, Founder of Snowballx, explored RWA’s composability from a private equity (PE) perspective. Thomas Zhu, Initiator and Secretary General of the RWA Working Group, stressed the importance of selecting projects that are standardizable, institutionalized, and conducive to compliance—especially in cross-border payments where stablecoins and RWA technology can streamline investment processes, improve capital efficiency and turnover speed, thereby boosting market liquidity.
Question 11: With the summer of inscriptions upon us, how do you view the evolution and opportunities in the era of BTC inscriptions?
Karry, CEO of Bitget Wallet, viewed the current wave of inscriptions, exemplified by BRC20, as essentially a derivative of meme coins. Whether in terms of cultural concepts, virality, or community building, these inscriptions clearly exhibit strong characteristics typical of meme coins.
Yushan Zheng, Founder of Drip Capital, believes inscriptions have largely fulfilled their historical mission. Despite the continuous emergence of new protocols and inscription variants, he doubts any new inscription can surpass the dominance of current leaders.
Tim, Chief Analyst at PSE, emphasized that the greatest innovation of inscriptions lies in their novel asset attributes. In simple terms, when small in scale, they trade similarly to NFTs—fragmented liquidity but easy to operate. As they grow, they can list and transition into fungible tokens, enabling strong liquidity and high trading volumes. Thus, he finds the asset-level innovation of inscriptions highly commendable.
Question 12: SOL price breaks $100—will it reach new highs in 2024? What are your expectations for Solana’s ecosystem and its notable projects?
Joy Lou, Partner at LD Capital, said SOL’s price movement largely hinges on the broader market, especially Bitcoin’s annual trend and when Grayscale’s market influence subsides. She expects a major market cycle ahead, though currently in a correction phase seeking a bottom. Once this consolidation ends, she anticipates a substantial rally—though perhaps not reaching the scale of the 2021 bull run. Regarding Solana’s ecosystem, she considers it one of the most promising this cycle, particularly its already-hyped DePIN and meme ecosystems, including inscription-based projects, which she expects to continue performing strongly this year.
Question 13: Please share investment opportunities worth watching in 2024.
On this final question, Jack Kong, Founder of iPollo, expressed optimism about Bitcoin’s future. He pointed out that 2024 marks the 15th anniversary of Bitcoin going from 0 to 1, and the next 20 years will be the period of going from 1 to 100. In this new macro cycle, he believes Bitcoin stands a strong chance of surpassing gold as a key driver in the development of digital asset and virtual economies.
Joy Lou, Partner at LD Capital, believes timing is more crucial than asset selection in today’s market. In an environment filled with FOMO, the key is consistent investment and holding onto your positions—especially through the darkest hours before dawn, resisting panic selling despite volatility. Of course, choosing quality assets is essential, and Bitcoin remains one of the top candidates.
Xu Ke, early Bitcoin code contributor, likened today’s Web 3.0 industry to the opportunity-rich era depicted in the popular TV drama *Blossoms*. “It’s not the blossoms we love, but the era when opportunities were everywhere.” She believes the past decade of Web 3.0 resembles the stock market of the 1990s. With the approval of spot Bitcoin ETFs and the ongoing mainstream adoption of Web 3.0, opportunities persist. What matters isn’t temporary wins or leads, but sustained participation—never leaving the field.
The successful conclusion of this AMA owes much to the insightful, clear, and compelling contributions from all our distinguished guests, providing deep understanding of industry trends and igniting excitement for the approaching bull market. Under the leadership of the Web 3.0 era, technology will continue to bring positive transformations to society. We look forward to walking this journey together, exploring the boundless possibilities of the Web 3.0 era ahead!
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