Markets are dumping but spirits remain high

This is a segment from the 0xResearch newsletter. To read full editions, <a href="https://blockworks.co/newsletter/research" rel="nofollow">subscribe</a>.<hr>Yesterday was day one of ETHDenver. The price of ETH was ~$2,300. People here must be depressed, right? Eh, not really. I must’ve had 20 conversations yesterday and maybe one person mentioned market prices. With about 18,000 attendees coming into the city, ETHDenver is still the largest free-of-charge Ethereum-centric event next to Devcon. The event kicked off with the folkiest of folk songs brought to you by <a href="https://blockworks.co/news/empire-newsletter-sec-action-nfts" rel="nofollow">Jonathan “A Song A Day” Mann</a>. Think “<a href="https://x.com/VitalikButerin/status/1880635379771904423" rel="nofollow">feminized wef soyboy mentality</a>” vibes that Solana DeFi bronze age spartans would probably cringe at.<figure><div><blockquote>Welcome to the ETH Denver Opening Ceremony featuring some awesome music! <a href="https://t.co/k71hYkAoA8" rel="nofollow">pic.twitter.com/k71hYkAoA8</a>— ETHDenver 🏔🦬🦄 (@EthereumDenver) <a href="https://twitter.com/EthereumDenver/status/1895153145883566352?ref_src=twsrc%5Etfw" rel="nofollow">February 27, 2025</a></blockquote></div></figure>Oh, and apparently people are complaining that ETHDenver is not so “Ethereum-aligned” anymore because there are non-Ethereum sponsors?<div><figure><img alt="" src="https://static.fwimg.io/img/feed/c92b07be1862e0b583b119d151fdc2be.jpg"><figcaption>Source: <a href="https://www.youtube.com/watch?v=1WUFpY-ByNA" rel="nofollow">ETHDenver</a></figcaption></figure></div>So salient is the criticism that ETHDenver founder John Paller felt the need to address it at the festival’s opening.“95%+ of our sponsors and 90% of our content is ETH, EVM or ETH aligned 😘😘😘,” his slide deck read.Step into the main conference hall and you’re greeted with large booths representing Uniswap, Arbitrum and Coinbase.<div><figure><img alt="" src="https://static.fwimg.io/img/feed/d30e5da4d7a3d6c477bb523b8886fdb5.jpg"><figcaption>Picture taken on day one event closure</figcaption></figure></div>There’s a markedly more professional vibe to ETHDenver this year, founder of Yap Global and ETHDenver’s official PR partner Samantha Yap told me.“ETHDenver in its earlier years was more scrappy. This year, booths are spending a lot more money and there’s a greater professionalization of the event. The industry is evolving,” Yap said.<figure><div><blockquote>DOGE pulled up to ETHDenver 👀 Much wow <a href="https://twitter.com/DogeOS?ref_src=twsrc%5Etfw" rel="nofollow">@DogeOS</a> <a href="https://twitter.com/MyDoge?ref_src=twsrc%5Etfw" rel="nofollow">@MyDoge</a> <a href="https://twitter.com/dogecoin?ref_src=twsrc%5Etfw" rel="nofollow">@dogecoin</a> <a href="https://twitter.com/elonmusk?ref_src=twsrc%5Etfw" rel="nofollow">@elonmusk</a> 👀 <a href="https://t.co/WJb0vBx7x6" rel="nofollow">pic.twitter.com/WJb0vBx7x6</a>— ETHWomen (@Ethereum_Women) <a href="https://twitter.com/Ethereum_Women/status/1895198203479461907?ref_src=twsrc%5Etfw" rel="nofollow">February 27, 2025</a></blockquote></div></figure>There also doesn’t seem to be just one dominant overarching narrative this year. Unlike <a href="https://blockworks.co/news/eth-denver-2024-unfocused" rel="nofollow">last year</a>, where EigenLayer and restaking dominated the agenda, there’s pretty much a sprinkle of anything you could think of: DePIN, AI agents, regulation, RWAs, privacy and — of course — interoperability. <a href="https://blockworks.co/news/ethereum-cross-chain-transactions" rel="nofollow">Ethereum loves interop</a>.Conferences are often chock-full of panels and fireside chats, speakers armed with their sometimes dreary PR-approved speeches. Standing out on the day one agenda was a spicy debate between Haseeb Qureshi from Dragonfly Capital and Matt O’Connor at Legion, on the topic of ICOs vs. venture capital funding. Legion is an ICO-like fundraising platform.<figure><div><blockquote>Debate: ICOs Are Better Than VC Funding by: –<a href="https://twitter.com/mattyTokenomics?ref_src=twsrc%5Etfw" rel="nofollow">@mattyTokenomics</a> from <a href="https://twitter.com/legiondotcc?ref_src=twsrc%5Etfw" rel="nofollow">@legiondotcc</a> –<a href="https://twitter.com/hosseeb?ref_src=twsrc%5Etfw" rel="nofollow">@hosseeb</a> from <a href="https://twitter.com/dragonfly_xyz?ref_src=twsrc%5Etfw" rel="nofollow">@dragonfly_xyz</a> –<a href="https://twitter.com/AshleyStanhope?ref_src=twsrc%5Etfw" rel="nofollow">@AshleyStanhope</a> from Hardfork Media Full video below 👇🧵 <a href="https://t.co/QiMLqWpAsm" rel="nofollow">pic.twitter.com/QiMLqWpAsm</a>— ETHDenver 🏔🦬🦄 (@EthereumDenver) <a href="https://twitter.com/EthereumDenver/status/1895227229648650689?ref_src=twsrc%5Etfw" rel="nofollow">February 27, 2025</a></blockquote></div></figure>Matt: “The idea that VCs are catalyzing growth and the product’s purpose to begin with…this gatekeeping and holier-than-thou attitude of VCs knowing which projects to fund leads to less experimentation and variety of what’s backed.”Haseeb: “It’s rich since Legion raised money from VCs…and how many individual users using Legion own equity in Legion? I’m going to assume the number is zero.”Anyway, here are some key launches from yesterday:<ul><li>MetaMask is <a href="https://x.com/MetaMask/status/1895292999615369660" rel="nofollow">launching</a> Bitcoin and Solana integrations, gas abstraction, a UX overhaul, smart transactions and a MetaMask card.</li><li>14 teams, including NEAR AI, Coinbase Agent Kit and Eliza Labs announced the Open Agents Alliance (OAA), an initiative to provide permissionless and free AI access globally by combining infrastructure.</li><li>Uniswap <a href="https://x.com/Uniswap/status/1895123116239503692" rel="nofollow">announced</a> fiat off-ramping on the Uniswap Wallet powered by Transak, Moonpay and Robinhood.</li><li>BitLayer announced the BitVM Bridge, enabling trust-minimized bridging between the Bitcoin network and other chains like Base, Starknet, Arbitrum, Sonic and Plume.</li><li>Babylon and digital asset insurance broker Native are developing institutional-grade insurance coverage for bitcoin stakers, enabling bitcoin slashing coverage denominated in BTC.</li></ul><hr>Get the news in your inbox. Explore Blockworks newsletters:<ul><li><a href="https://blockworks.co/newsletter/daily" rel="nofollow">Blockworks Daily</a>: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.</li><li><a href="https://blockworks.co/newsletter/empire" rel="nofollow">Empire</a>: Start your day with top crypto insights from David Canellis and Katherine Ross.</li><li><a href="https://blockworks.co/newsletter/onthemargin" rel="nofollow">Forward Guidance</a>: Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin.</li><li><a href="https://blockworks.co/newsletter/research" rel="nofollow">0xResearch</a>: Get alpha directly in your inbox — market highlights, charts, degen trade ideas, governance updates, and more.</li><li><a href="https://blockworks.co/newsletter/lightspeed" rel="nofollow">Lightspeed</a>: All things Solana, in your inbox, every day from Jack Kubinec and Jeff Albus.</li><li><a href="https://blockworks.co/newsletter/thedrop" rel="nofollow">The Drop</a>: The newsletter for crypto collectors and traders, covering games, tokens, apps, memes and more.</li></ul>

Inside day 1 at ETHDenver 2025

市场正在下跌,但情绪仍然高涨

<Markets are dumping but spirits remain high>

GM(Good Morning) 이더리움(ETH) 가격은 약 2,300달러였습니다. 참석자들은 시장 가격에 대해 크게 언급하지 않았습니다. ETHDenver는 여전히 Devcon 다음으로 가장 큰 무료 이더리움 중심 행사입니다. 

행사는 조나단 "A Song A Day" 만의 민요 노래로 시작되었습니다. 솔라나 DeFi 브론즈 시대 스파르타인들이 아마도 어색해할 "여성화된 웹 소이보이 정신"과 같은 분위기였습니다.

ETHDenver 창립자 존 팔러는 행사 개막식에서 95% 이상의 스폰서와 90% 이상의 콘텐츠가 이더리움, EVM 또는 이더리움 연계라고 언급했습니다. 

메인 컨퍼런스 홀에는 유니스왑, 아비트럼, 코인베이스 등의 큰 부스가 있었습니다. ETHDenver는 더 전문적인 분위기로 변화했습니다.

발표 내용에는 비트코인(BTC) 및 솔라나(SOL) 통합, 가스 추상화, UX 개선, 스마트 거래, 메타마스크 카드 출시, 오픈 에이전트 얼라이언스(OAA) 출범, 유니스왑(UNI) 월렛의 피아트 오프-램핑, 비트레이어의 비트코인-체인 브리지 등이 포함되었습니다.

ETHDenver 2025 1일차 내부

탈중앙화 무기한 거래소인 하이퍼리퀴드(Hyperliquid)의 네이티브 토큰인 HYPE가 목요일에 8.8% 이상의 상당한 하락세를 기록했습니다. 미국 소비자물가지수 (소비자 가격 지수(CPI) 발표와 비트코인 ​​가격이 89달러에서 하락세로 돌아선 것이 원인으로 분석됩니다.

고래 투자자들이 유동성이 높은 선물 시장에서 급격한 레버리지 축소에 나서고 있다.

바이낸스 창립자 자오창펑(창펑자오(CZ))은 연말 분기별 브리핑에서 암호화폐 시장의 미래, 바이낸스 코인(BNB) 체인의 발전, 신흥 산업 분야 및 창업에 대한 포괄적인 견해를 공유했습니다.

드디어 때가 왔습니다: 바이낸스 창립자 창펑자오(CZ) 2026년 암호화폐 전망을 공개합니다

ME 뉴스에 따르면, 톰 리의 펀드인 펀드스트랫의 암호화폐 전략 책임자 션 패럴은 12월 20일(UTC+8)에 발표한 "2026년 암호화폐 전망" 보고서에서 "비트코인과 전체 암호화폐 시장은 여전히 ​​강력한 장기 상승 잠재력을 가지고 있으며, 2026년에는 유동성 주도의 지지가 나타날 것으로 예상되지만, 2026년 1분기/2분기에는 일부 리스크 해소해야 할 수도 있으며, 리스크 더 매력적인 진입 시점이 나타날 수 있다"고 밝혔다.