Consensus 2024 Takeaways: Ethereum and ETFs Fade, AI and DePIN Shine
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Consensus 2024 Takeaways: Ethereum and ETFs Fade, AI and DePIN Shine
Fewer people, but higher quality.
Navigating Web3 tides with focused insightsWritten by: jk, Odaily Planet Daily
From May 29 to 31, 2024, U.S.-based Web3 media Coindesk hosted Consensus 2024 in Austin, Texas. Odaily’s North America correspondent attended the event.
As one of the world's largest and most influential gatherings for the cryptocurrency and blockchain industry, Consensus brings together developers, investors, founders, brands, and policymakers from around the globe. This conference not only serves as a platform to showcase cutting-edge technologies and discuss industry trends but also offers exceptional opportunities for professionals to connect and collaborate.
The First Major Conference Since the Bull Market Began
This year’s Consensus marks the first major industry conference since the current bull market began. Previously, with the approval of Bitcoin ETFs and Bitcoin surging from $50,000 to $70,000 during ETH Denver, the industry had already shown strong reactions to the incoming bull run over the preceding months.
Although attendance was lower compared to previous years, the overall quality significantly improved. Attendees were more professional, discussions were deeper, and interactions proved more efficient. The number of newcomers or students attending to learn—common at other conferences—was notably reduced. It became evident that this year’s participants were largely deep industry insiders. For companies seeking funding, clients, or investment opportunities in the U.S., Consensus remains one of the top three must-attend blockchain events nationwide.
The Main Venue Wasn’t Empty, But Everyone Was at Side Events
Despite retaining last year’s classic layout featuring a central thoroughfare with many side branches, participation in official main venue activities appeared lower than the previous year. Many people I met on-site admitted they hadn’t spent much time at the main hall. Instead, most discussions and networking occurred at various side events. Attendees showed a clear preference for these smaller, more flexible gatherings. Throughout the four-day Consensus period, over 200 such events were hosted by various Web3 companies. These side events focused more closely on practical applications and emerging technologies, offering richer opportunities for discussion and collaboration.
Additionally, the high ticket prices—though lower for students and developers—were another reason many chose not to attend main venue activities.
Consensus side events list, source: Consensus official
AI and decentralized physical infrastructure networks (DePIN) were the most prominent ecosystem tracks at this year’s conference. Whether in technical discussions or project showcases, focus centered heavily on these two areas. Most visibly, numerous events were concentrated within these ecosystems, while traditional sectors like DeFi and gaming received comparatively less attention. In contrast, Ethereum and ETFs, though still discussed, clearly did not capture as much attendee interest.
The presence of Asian attendees was particularly notable. Many participants flew in specifically from China, mostly not representing well-known large institutions, but rather founders of startups or fund investors coming to the U.S. to seek fundraising opportunities, investment targets, or insights into the latest Western capital trends. This made the conference a highly international and diverse platform, fostering dialogue and cooperation between East and West.
Overall, Consensus 2024 demonstrated the depth and breadth of the industry. Through international exchange, it helped chart a course for the future of blockchain and cryptocurrency. More than just an industry gathering, this event served as a convergence of global leading ideas and technologies—an indication of a more open, innovative, and decentralized future ahead.
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