To choose a good blockchain, what does a project need to pay attention to?

Recently, representatives of layer-1 blockchains including Viction, Klaytn, Sei, Aptos and Injective had a discussion about how the project is built during the bear market season, the role of the ecosystem development fund as well as the forecast. about the future of the market.

Recently, the market has witnessed a strong new wave from layer-1 blockchains. During the bear market season, developers from these projects all have their own strategies to continue to survive and develop.
“We do not follow prices and market psychology, regardless of bull or bear season. What we focus on is continuing to build," said Mr. Le Thanh - founder of Ninety Eight and Council Member of Viction.

How Aptos, Sei, Viction and Klaytn attract projects and users

According to Mr. Sam Seo, founder of open source blockchain Klaytn, bear market is a difficult period for technology diffusion because of lack of services and ideas.
“Compared to web2 and other established systems, web3 still does not have many users. During the bear market season, we strive to enhance user experience so people spend more time here. Accordingly, Klaytn has supported account abstraction since the early days," said Mr. Sam Seo. Specifically, service providers on the Klaytn network can pay gas fees on behalf of users.

With the Viction blockchain, the bear market is the time to update technology to keep up with the current progress of the market, because Viction - formerly Tomochain - was established in 2018. “In addition, we are looking to create create a bridge to bring users from Coin98 Wallet to the Viction chain. We are also building an on-chain community from NFTs and IDs,” said Mr. Le Thanh of Viction.

Last year, Viction mainly prepared the technology platform to welcome projects to build on the chain and take advantage of the existing user base. Recently, Viction launched Viction World Wide Chain and integrated Polygon CDK to anticipate the future where it is likely that every project wants to launch its own chain.

With Aptos, whether the market is up or down, they are constantly "obsessed" with the people they are building services for: developers, builders and users.
“Currently, the number of on-chain users ranges from several hundred thousand to several million. Meanwhile, this number at Facebook, Instagram or Roblox can range from several hundred million to even several billion," said Mr. Kevin Ang - Developer Growth Lead of Aptos Foundation. “One of the ways we are trying to attract more users to web3 is to help them easily create a wallet on Aptos with a gmail account.”

Mr. Kevin Ang believes in the inevitable future of web3, “it will happen in some form or shape. And as an infrastructure layer, what we can do is facilitate that development.”

For Sei, the project came out of the bear market season with an awareness of things being built in the wrong direction in the market, such as sequencers. That's why the network decided to implement parallel EVM to improve what they think the market really needs.

'Survival' issues of a layer 1 blockchain

One of the vital issues for layer-1 blockchains is building a dynamic ecosystem around the chain, and projects often rely on ecosystem funds to do this.

Mr. Julian Tan, Head of Grants of Sei Foundation, said that ecosystem funding is one of the key factors for a project to decide to build on a blockchain.

“I think when developers build their own projects, the first question they ask is: Am I getting enough funding? Am I getting enough support? Because no one wants to quit their job, start a new project and see it fail after three months," said Mr. Julian Tan.


Mr. Le Thanh of Viction said that there are currently many projects that see ecosystem development funds as a potential source of income and choose a chain because of the funds that chain provides. But according to him, that is sometimes not necessarily a good decision.

"If you are a game project, perhaps you should consider choosing a chain with a strong community of gamers rather than a rich ecosystem fund"

The Foundation believes that before choosing a chain, projects should think carefully about their final destination, whether the chain's infrastructure can support the project, for example in terms of user experience, smooth operation.

“The ecosystem development fund and technological advancement should go hand in hand to support projects that want to develop on-chain,” he added.

With Injective, blockchain does not consider the ecosystem development fund as a preferential measure but as a motivation for the project to become more successful. Instead of giving a “lump sum” of money at the outset, Injective provides funding based on specific milestones achieved by the project.

“We are very transparent about how we finance the project. Before a project decides to build on Injective, we discuss where they are at their current stage and how they fit into our plans,” said Mr. Justin Wu, Core Contributor of Injective Labs. .

“We set stages for support rewards. For example, in the early stages, the project reaches this amount of monthly active users, they will receive the first round of rewards, and so on.”

Optimistic about AI and RWA

Forecasting the market next year, Mr. Kevin Ang of Aptos Labs is very excited about the integration of AI in web3. Recently, there was an AI-related project deployed on the Aptos network, which both provides computational proof for transactions and provides smooth payment services. “The ability to combine vertical industries like this is something everyone wants to see happen, right?”, Mr. Ang said.

According to observations of Mr. Julian Tan at Sei Foundation, this season's bear market is very different from previous seasons of the market - which is extremely price sensitive.

“I think we are not really in the bull market yet, but there are many things to feel excited about: financial institutions entering web3, real world asset (RWA) projects... I think that even though prices fluctuate, No matter what, many people are always finding creative ways to use blockchain to improve their lives,” he said.

Mr. Justin Wu of Injective Labs is also very optimistic about the future as the industry is significantly lowering the barrier to entry for users and projects. “With hiding the complexity of the blockchain, sponsoring gas fees, logging in with a web2 account, and the 'summer of chains' happening on Telegram, we are attracting users who know nothing about the 'maze'. ' web3,” he said.

Mr. Le Thanh of Viction also shares the same opinion, that in the future the market will reach a point when users can use web3 applications as easily as they use web2 applications today.

"Currently there are so many chains being born every day, this situation makes it difficult for even web3 builders to keep up, let alone users," he said. "I believe in the future when technology is widely applied, they will 'disappear', in the sense that users only need to know that their assets are on-chain without caring which chain it is."