#加密圆桌会议要点 Crypto Roundtable: Path to Breakthrough and Future Reconstruction
—— Deconstructing the industry dilemma from three dimensions: technology, regulation, and ecology.
Recently, the intensive meetings of the global crypto industry roundtable reflect that this field is facing unprecedented challenges: Bitcoin price volatility, frequent decoupling of algorithmic stablecoins, a spreading trust crisis among exchanges, and continuously diverging regulatory policies... The industry is struggling to find its way between technological breakthroughs and institutional constraints. How to find a balance between 'innovation and risk' and 'freedom and order'? This requires breaking through from three dimensions: underlying technology iteration, global regulatory collaboration, and ecological value reconstruction.
I. Technological Dilemma: The Double Strangulation of Performance Bottlenecks and Security Vulnerabilities
The 'impossible triangle' of blockchain technology remains a sword of Damocles. Although Ethereum's merge has reduced energy consumption by 99%, TPS has only increased from 15 to 30, far from Visa's 24,000; high-performance chains like Solana frequently experience outages, with a total downtime of over 200 hours in 2023. This imbalance between performance and security has led to repeated attacks on DeFi protocols; in just Q1 2023, vulnerabilities in cross-chain bridges resulted in losses of $1.3 billion.
Path to Breakthrough:
1. Breakthroughs in modular blockchain technology: Drawing on Celestia's data availability layer separation architecture, decoupling execution, settlement, and consensus layers to improve efficiency through specialized division of labor.
2. Scalable application of Zero-Knowledge Proofs (ZKP): StarkWare's recursive proof technology has reduced the verification cost of a single transaction to $0.003, establishing a technical buffer between privacy and compliance.
3. Layout for post-quantum cryptography: The CRYSTALS-Kyber algorithm, shortlisted in the NIST post-quantum cryptography standards, needs to accelerate integration testing with blockchain to guard against the 'quantum supremacy' era's dimensional attacks.
II. Regulatory Maze: The Battleground of Global Games and Sovereign Interests
Currently, regulation presents a 'tale of two cities' scenario: The EU's MiCA regulation establishes the strictest global framework, requiring stablecoin issuers to hold 1:1 liquid assets; Hong Kong opens crypto trading to retail investors but requires platforms to operate with a license; the U.S. is caught in jurisdictional disputes between the SEC and CFTC, having initiated 23 lawsuits against Coinbase, Binance, and others in 2023 alone. This fragmentation of regulation leads to market disconnection; Chainalysis data shows that Asia's share of crypto trading has decreased from 43% in 2021 to 29% in 2023.
Path to Breakthrough:
1. Establishing a multi-party mechanism for 'regulatory sandboxes': Drawing on the UK's FCA sandbox experience, set up a cross-border experimentation platform under the G20 framework, allowing compliant projects to operate across borders within a limited scope.
2. Implementing a 'Regulatory Stablecoin' certification system: Setting global uniform standards for reserve asset transparency, redemption mechanisms, and audit frequency, such as Singapore's MAS 610 regulation requiring monthly average reserve audits.
3. Building an on-chain regulatory technology (RegTech) system: Utilizing Elliptic's on-chain tracking tools to achieve automated regulation of transaction tracing, address tagging, and risk rating.
III. Ecological Chaos: The Vicious Cycle of Speculative Bubbles and Value Loss
The current crypto market is trapped in a 'narrative-driven' loop: MEME coins have a market value exceeding $20 billion, but 90% of projects have no actual application; the NFT market has seen trading volume drop by 97% from its peak, and blue-chip project floor prices have generally halved. This speculative boom obscures the reality of insufficient user penetration; CoinGecko data shows that there are only 400 million active crypto users globally, less than 5% of internet users.
Path to Breakthrough:
1. Anchoring the real economy to create real value: Promoting the tokenization of RWA (real-world assets), BlackRock's BUIDL fund has already attracted $150 million in national bonds on-chain, with an annual yield of 4.8%.
2. Building a decentralized digital identity system: Adopting the European eIDAS2.0 standard, using Soulbound Tokens (SBT) to achieve on-chain credit accumulation, solving the problem of over-collateralization in DeFi.
3. Developing autonomous community governance models: Optimizing the proposal voting mechanisms of DAOs, such as the 'optimistic voting' introduced by Aragon, which improves governance efficiency by 40% and reduces the risk of oligarchic control.
- IV. Future Changes: The Reconstruction of the Value Internet in the Web 3.0 Era
The key to breaking the impasse lies in returning to the essence of technology—building a trustworthy value network. This requires completing three leaps:
- From 'Financial Instruments' to 'Infrastructure': Embedding blockchain into the industrial internet (such as BMW supply chain traceability) and government systems (such as the Dubai Land Department on-chain) to broaden application scenarios.
- From 'Code is Law' to 'Algorithmic Governance': Developing smart contracts with ethical constraints and embedding KYC/AML modules to achieve technically inherent compliance.
- From 'Fragmented Ecology' to 'Interoperable Network': Establishing the 'TCP/IP standard' of the value internet through cross-chain protocols like Cosmos IBC and Polkadot XCMP.
The true maturity of the crypto industry does not lie in whether Bitcoin can break previous highs, but in whether it can create sustainable social value. When technological breakthroughs can solve medical data silos, when DeFi can reduce financing costs for small and medium-sized enterprises, and when DAOs can activate grassroots governance innovation, this revolution, which began with technological idealism, can truly navigate the cyclical fog and become the cornerstone of the next generation of the internet. The future has arrived, only the ones who break through will stand.