Xin Jiang, a former Binance veteran and founding partner at OFR (Old Fashion Research), has shared insights into the evolving landscape of web3 investments. Xin Jiang suggests that the primary and secondary markets have reached a bottom, making it an opportune time to invest in Web3 technologies.
Key highlights from Xin Jiang’s perspective include:
- Promising Avenues for DApps: Xin Jiang highlights projects such as memecoins, Friend.tech, and Unibots as promising avenues for decentralized applications (DApps). These projects leverage popular social media and messaging platforms like Twitter and Telegram to build and deploy their DApps.
- Scalability and Decentralization: Xin Jiang notes that with technologies like Solana, Ethereum Layer 2 rollups, and upcoming zkEVMs (Zero-Knowledge Ethereum Virtual Machines), scalability and decentralization are no longer significant concerns in the web3 space.
- The Search for “Killer Apps”: Xin Jiang suggests that what’s currently missing in the Web3 ecosystem are the “killer apps” that could drive mass adoption and usage. Identifying these applications is a crucial step in the ongoing development of Web3 technologies.
OFR, founded in late 2021 by industry veterans including Ling Zhang, Wayne Fu, and Xin Jiang, has been actively investing in blockchain projects. They recently revealed a $100 million fund focused on blockchain investments, with a diverse portfolio that includes Nansen, Mexc Global, Pudgy Penguins, WOO Network, Sei, Boba Network, Lookonchain, and Genopets.
Leveraging Social Media for Web3 Success :
Xin Jiang emphasizes that memecoins, Friend.tech, and Unibots represent the new frontier of decentralized finance (DeFi) in the next web3 cycle. These projects leverage the power of social media and messaging platforms to engage users and drive adoption.
– Memecoins: Memecoins like Harry PotterObamaSonic10Inu are mentioned as cultural phenomena within the crypto world. They offer a more equitable token distribution mechanism compared to traditional VC-backed tokens.
– Friend.tech: Xin Jiang sees Friend.tech not just as a social platform but as a financial product built on top of a user network (formerly known as Twitter). It’s about monetizing an existing network by pre-tokenizing it before an official token launch.
While Friend.tech has experienced significant fee generation, there has been a decline in user activity in terms of daily transactions. Xin Jiang anticipates whether these numbers can regain momentum in the next cycle.
In summary, Xin Jiang’s insights underscore the evolving landscape of web3 investments, emphasizing the role of social media integration and the search for compelling “killer apps” to drive the next wave of web3 adoption.