Research firm Technavio projects a CAGR of 15.81% for the cryptocurrency market from 2022 to 2027, expecting a market expansion of approximately $1,815.78 million. Increased investment in digital assets, greater access to crypto wallets, and increased fintech spending are all expected to drive this growth.
Considering the market potential, Ignatius TerrenusHead of Communications and Business Development Mantle networkA recent interview discussed the future of the crypto industry, the Web3 ecosystem, Ethereum, and the layer-2 space. Benzinga At Crypto Expo Asia. Mantle Network aims to promote mass adoption of decentralized and token-controlled technologies.
Here is an excerpt from the interview with Terence.
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What are the current crypto market sentiments and where do you predict the market’s recovery will come from? Also, what is your vision for the future of Web3 and its potential?
All of us who have been in the industry for years know that every crypto winter is eventually followed by a crypto spring. Ultimately, it is during these periods of uncertainty that we see the most innovation, especially among infrastructure builders, as projects go back to basics and double down on fundamentals. In response, more builders will be better positioned to build meaningful apps, products, and services around these ecosystems that contribute to the sustainable growth and accessibility of blockchain and its applications.
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As the Web3 ecosystem continues to mature, we are now at a critical juncture in the development of the Web3 ecosystem, and this remains an important opportunity for industry players to shape a more progressive, transparent, and interconnected Web3 ecosystem for all.
Why is fostering a culture of interoperability important in the Layer-2 ecosystem, and what is the future of L2 blockchains?
The Layer-2 space is rapidly evolving, with each project building on pioneering technology to reinvent how we collaborate, trust and transact while growing the Web3 ecosystem to its fullest potential.
Interoperability is key to the next evolution of Web3 because it enables a world of possibilities and unlocks the true potential of tokenized technologies and decentralized finance.
There is no doubt that interoperability is a cornerstone of Web3 as it enables developers and manufacturers to create better products, services and platforms and deliver on blockchain’s promise of a decentralized ecosystem.
Can Layer-2 effectively solve the high fees caused by congestion on the Ethereum network?
L2s attempt to enable greater scalability by handling transactions from the Ethereum mainnet or Layer-1, significantly improving performance and throughput measured in terms of transactions per second. Network congestion is significantly reduced as the heavy computational load is taken off L1. It works through the power of rollups, reducing gas fees for users to access Ethereum for anyone interested in exploring the world of Web3. Although L2s is a relatively new technology, TPS on L2 networks surpassed L1 functionality as early as December 2022, so there is a fair argument to say that it is very effective.
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What recent developments have you witnessed in the Ethereum space and how will they contribute to its strengthening position in the future of the crypto market?
There is a lot of activity going on in the rollup space. The use of rollup technology brings off-chain computation and batch processing to solve scalability issues, and as a result, Ethereum’s primary function of consensus and settlement becomes efficient, leading to unparalleled scalability.
The rise of rollups provided an opportunity for Ethereum to address roadmap milestones ahead of schedule and improve the on-chain experience at an accelerated rate. With its modular architecture, the Mantle Network makes significant progress toward a future vision for using and building the Ethereum ecosystem.
Tell us about Mantle’s role in building the Ethereum L2 network.
Mantle Network adds a new dimension to what is currently available in the Ethereum L2 landscape through modularity. Leveraging an adaptive and iterative design by default provides greater efficiency in implementing new blockchain advancements such as maximum extractable value exploitation and resistance to account abstraction. With many upcoming Ethereum enhancement proposals in the pipeline, technical expertise is even more essential in Web3’s ambition to achieve mass adoption.
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