Live from Lisbon: What Directions Are Investors Watching? Can Solana Overthrow Ethereum?
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Live from Lisbon: What Directions Are Investors Watching? Can Solana Overthrow Ethereum?
The relationship between a new generation and money is evolving. BTC is a non-sovereign value store, with focus on the intersection of DeFi, NFTs, and Gaming.
Navigating Web3 tides with focused insights
Note: The pandemic has isolated the crypto world, but this week’s Lisbon conference was buzzing with activity. Solana Breakpoint 2021—the first in-person global gathering organized by the Solana Foundation—was a major highlight. TechFlow compiles key insights from multiple sessions to bring you the latest perspectives and ideas.
Compilation: @analyticalali
Topic: After reaching new highs, where do investors think the market is headed?
About the Guests
Darren Lau: Founder of The Daily Ape and author of "How To DeFi"
Santiago R. Santo: Member of PleaseDao, angel investor
Arthur Cheong: Founder of DeFiance Capital
Julien Bouteloup: Founder of Stake Capital
Darren: What are your thoughts on the DeFi market after recent all-time highs? (Context: Traditional DeFi asset prices have largely stagnated.)
Santiago:No one truly knows—BTC is still in price discovery. We’re now at a stage of actual crypto adoption, building infrastructure for users. Crypto is undergoing a transformative phase. While DeFi has slowed relative to gaming and NFTs, I remain bullish on its future.
Arthur:From a price perspective, DeFi hasn’t performed well recently, but user growth continues steadily—though the market isn't paying attention. NFTs and gaming represent culture; DeFi represents finance—and both still have massive room to grow. A multi-chain future is clearly emerging. Solana is breaking free from gravitational pull. DeFi 2.0 builds upon DeFi 1.0, and prices are increasingly driven by narratives. We’ll see more fintech applications using DeFi—front-ended as fintech products, back-ended by DeFi protocols.
Julien:It's very different from 2017. Back then, the crypto market was chaotic, and governments were resisting it. Now, blockchain adoption is growing, and nations are watching closely. I believe the market will keep rising, though price predictions remain difficult. Protocols used to compete directly; now apps are built atop sub-protocols—we're moving into Layer 3, L2 bridges, and beyond.
Darren: What are your views on emerging sectors?
Santiago:I’m interested in DeFi, NFTs, and gaming. DeFi remains in a bull market. NFTs are easy to understand and highly relevant. I'm investing in gaming and NFTs—how will users interact with the metaverse? The younger generation’s relationship with money is changing. BTC is non-sovereign value storage—focus on the intersection of DeFi, NFTs, and gaming.
Arthur:Gaming—Axie Infinity, play-to-earn. As a gamer myself, I see real value in NFTs for games. Currently, half of transaction volume comes from gaming and NFT projects—watch the convergence of gaming and digital economies. The economy of the digital world will surpass that of the physical world. Gaming can exist independently of crypto, but also deeply integrate with it.
Julien:In Axie Infinity, AXS is more valuable than local fiat currencies in some regions. We’re seeing money become something entirely different from what we’re used to. In the Philippines, people prefer being paid in AXS—but governments are pushing back through regulation.
Darren: What benefits do tokens offer in the physical world? What are your thoughts?
Santiago:People don’t want tokens as currency—they want native tokens to incentivize participation. People involved in DAOs and protocols want to be part of the ecosystem.
Open-source is better than closed-source. We'll see new economic use cases emerge, such as royalty systems.
Now you can capture more value via tokens within protocols and interact with anyone globally in the metaverse.
Arthur:Most artists and musicians are severely underpaid, and NFTs will change that—especially in Asia. For creators, NFTs enable better pricing for their work, and the impact is enormous.
Darren: Can SOL disrupt ETH?
Santiago:ETH has already disrupted BTC in terms of usage and metrics. Gold is a trillion-dollar asset, but ETH and SOL are creating many new use cases. Can SOL flip ETH? I don’t know—but ETH serves different users.
Arthur:SOL has captured around 40–50% of ETH’s user base within just three years. I believe ETH holds significant value. However, because SOL’s market size is smaller, its current growth rate exceeds ETH’s. SOL was built for growth. We haven’t experienced a bear market yet, so we don’t know how the community will react—but overall, SOL is growing rapidly and already has millions of users.
Julien:Solana addresses a completely different user case. For foreign exchange (trading) markets, SOL is optimally positioned. I expect NFTs to mirror the ICO boom of 2017—many will fail, but some will survive. The true value of NFTs hasn’t fully emerged yet. Right now we talk about jpegs, but more meaningful use cases will be built. SOL is exceptionally well-positioned for quant-driven markets.
Darren: What applications excite you most?
Santiago:Gaming. I’m genuinely excited about Illuvium and the economic model behind AXS. Illuvium’s release is tentatively scheduled for Q1 2022—it promises an extremely immersive experience.
Arthur:I'm very optimistic about Aave announcing their deployment on Neon and sticking to execution. Aave balances innovation and sustainable growth well. The same applies to gaming—I’m excited about AAA-quality game launches and deeper blockchain integration.
Julien:I'm also excited about ILV. Game developers are beginning to build on blockchain, and major gaming companies are entering this space. Today’s big-tech software—from Facebook and TikTok to financial institutions—is moving into blockchain.
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