ConsenSys Hong Kong Strategy Director: 22 Predictions for Blockchain Development in Asia in 2021
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ConsenSys Hong Kong Strategy Director: 22 Predictions for Blockchain Development in Asia in 2021
Indexing is a big business, and decentralized index funds will reach a scale of $1 billion in 2021.
Navigating Web3 tides with focused insightsCharles d’Haussy is the Director of Strategic Initiatives at ConsenSys Hong Kong. ConsenSys is a global blockchain and digital asset company that builds decentralized applications, enterprise solutions, and developer tools for blockchain ecosystems such as Ethereum. Its product suite includes Infura, Quorum, and MetaMask.
Prior to joining ConsenSys, d’Haussy was the FinTech lead at InvestHK, the Hong Kong government agency responsible for investment promotion.
Below are his 22 predictions on cryptocurrency and blockchain development in Asia for 2021, published on December 29.
1. Asian DeFi projects will continue rapid growth.
2. Mergers and acquisitions in Asian DeFi will increase.
- 2019: FTX acquired Poloniex
- 2020: Genesis Block acquired OMG Network
- 2021: Major Asian CeFi players will acquire DeFi protocols.
3. Asia becomes the world’s staking capital. Following its dominance in POW mining, Asia will establish leadership in the staking world.
4. Market consolidation in blockchain custody and Blockchain-as-a-Service (BaaS) is accelerating, with BSN and Amazon driving this trend.
5. The battle between CBDCs and stablecoins.
Stablecoins will grow larger and be increasingly adopted by banks and payment institutions. CBDCs will either change regulations like China or need to deliver their own offerings faster.
6. The first blockchain battle between China and the U.S. will be over CBDCs, followed by crypto standards.
7. Asian exchanges will continue acquisitions in 2021.
8. Twenty-five Asian banks will begin offering cryptocurrency custody. DBS Bank will lead the way, with others across the region following closely, including Hong Kong.
9. ETH 2.0 continues to progress.
10. The construction of public blockchain mainnets will wind down, while Layer 2 networks gain adoption.
11. More taxation and increased regulatory requirements.
12. The world will recognize the significant impact of Hong Kong’s crypto ecosystem within the blockchain industry. Where are the global top 5 exchanges listed? Coinbase’s IPO is just Western news.
13. Rise of fintech startups influenced by stablecoins and CBDCs.
14. Traditional stock brokers will lose market share to crypto exchanges, which will begin offering global stock exposure through synthetic assets or new products.
15. Traditional real-world assets will enter DeFi—such as trade finance, government bonds…
16. Companies will raise funds for themselves using stablecoins or cryptocurrencies.
17. Creditworthy companies will be able to leverage credit to raise funds in the crypto space, with the first $50 million-scale financing appearing.
18. Decentralized index funds will reach $1 billion in 2021. Index investing is big business, DeFi is growing, and decentralized indices will gain momentum.
19. DeFi will support an increasing amount of CeFi. Liquidity first, insurance second.
20. Western CeFi firms will accelerate expansion into Asia. They should realize that Southeast and Northeast Asia are different markets.
21. DAOs will accelerate as people realize there are better organizational frameworks available.
22. Your COVID-related data will be shared via blockchain infrastructure. Clinical events will be recorded on blockchain systems to facilitate data sharing and record-keeping.
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