In the midst of Global Crypto Chain Reactions, paradigm shift

Leaders in the crypto business spoke on Wednesday about how the market's recent collapse has changed the environment.

Following the LUNA/Terra crash in May, a series of events have been set off. The ensuing market collapse that occurred during the so-called crypto winter led to closures of crypto institutions, including the declaration of insolvency by crypto lenders Three Arrows Capital (3AC) and Celsius Network.

Over the past 12 to 18 months, the industry has engaged in extensive discussion on the implications in the crypto realm.

Industry experts in digital assets spoke at an online seminar on Wednesday about the continuous paradigm shifts in the ecosystem in terms of blockchain, digital assets, bitcoin, and Web 3.0.

The industry itself, according to Jehan Chu, founder and managing partner of Kenetic, "has a long way to go in terms of being a stable and globally scalable platform," adding that "there are lots of lessons to learn, and continue to learn these lessons." "I think the paradigm shift to takeaway is that, as amazing of the blockchain technology, as it's kind of revolutionary as cryptocurrencies, I think the industry itself,"

According to Chu, the institutionalization, maturation, and evolution would combine elements of Web 2 and Web 3 on both the business and technical sides.

The ecosystem would also change into a completely decentralized, open, and decentral-mediate condition. He did, however, emphasize that it would take time for this potential situation to materialize rather than doing so immediately.

Alfian Sharifuddin, managing director of DBS(Hong Kong) Ltd., argued that because it is more "secure" than other institutions, a centralized platform deal with crypto trading would also be viable from the standpoint of the banking industry.

According to Sharifuddin, DBS gained permission from the Singapore authorities to launch a cryptocurrency trading platform, giving them the advantage of encouraging investors to transact with a reliable institution.

The DBS executive in charge of technology and operations in Hong Kong and China went on to say that the long-term growth of the banking industry would benefit from the usage of the blockchain technology.

Due to the removal of the requirement for an intermediary or settlement house to complete the finality of settlement, which is a thorough procedure, the decentralized finance (Defi) idea.

Modern technology will also remove the time limit constraint, enabling transactions around-the-clock, and increase the speed and universality of worldwide transactions.

The balance between regulation and innovation, as well as the kind of role a decentralized autonomous organization (DAO) should play, were other topics covered by participants throughout the webinar.