Consensys has released the five takeaways about the future of Web3 in its report on ETHCC and ETHGlobal Paris, which cover the following aspects:
1. L2 will continue to expand as a critical infrastructure to scale Ethereum.
This takeaway aligns with the Ethereum Foundation's long-standing belief that Layer 2 (L2) solutions hold the key to Ethereum's future scaling.
Prominent projects like Coinbase and Mantle Network have made innovative strides in the Layer 2 space, with announcements of their respective plans for decentralization and the launch of their public mainnets. These developments are welcomed additions to the ecosystem and have sparked great anticipation for Ethereum's future growth.
2. Social media in web3 are maturing and gaining tractionWith the recent launch of Meta's Thread application, users are increasingly concerned about the potential risks associated with a single entity owning and controlling their entire social footprint.
Over the past few years, we have observed progress in web3 social networks. However, the recent announcement of Lens V2 at ETHCC has heightened our optimism about the prospect of an open and decentralized social layer for the web. Lens, boasting a total user count of 109,381 as of April 2023, now incorporates new features like open actions, enabling users and developers to introduce their smart contracts for external smart contract actions on any Lens publication.
Additionally, Lens V2 supports cross-chain functionality and a new profile manager system that adheres to the ERC-6551 token standard. These advancements signify a positive trajectory towards a more decentralized and user-centric social web.
3. Abstract accounts will drive the next wave of large-scale user growth.
Vitalik's talk at ETHCC, entitled The History of Account Abstraction, solidified the fact that account abstraction will drive the next wave of mass user adoption for Ethereum.
Builders in the ecosystem are already developing wallets that support account abstraction, along with Layer 2 solutions that also facilitate this feature.
4.The development focus should shift from infrastructure to applicationsCurrently, there seems to be a trend of building slightly different infrastructure protocols, while there are few people truly focusing on developing dapps that run on this infrastructure. As an ecosystem, it is crucial for more people to concentrate on building and deploying real dapps with practical use cases for users, rather than creating duplicative versions of existing infrastructure functionalities.
5.Interoperability is crucial, and protocols need to be mutually compatible
With an abundance of infrastructure and limited application-layer interoperability, it is essential for protocols and teams to incorporate interoperability into their infrastructure.