Coinbase CPO predicts Ethereum will lead Web 3.0 and more regulation for the industry by 2022
Surojit Chatterjee, Coinbase’s Chief Product Officer (CPO), is the latest to give his predictions for the crypto industry in 2022 and believes Ethereum will make great strides in scaling it up.
As industry leaders, analysts and investors share their predictions for the crypto ecosystem in 2022, Chatterjee is confident that Ethereum will be at the forefront of the Web 3.0 and the crypto economy post on the blog on January 4th.
Chatterjee claims that Ethereum’s scalability will improve, but alternate L1 networks will also generate a lot of interest.
“I am optimistic about the scalability improvements of Ethereum with the introduction of Ethereum 2.0 and other L2 rollups.”
Coinbase CPO also added that newer L1 networks will also appear with a focus on gaming and social networks, and predicts that advances in the L1-L2 bridge will greatly improve scalability, adding that the industry is “after Improvements to the speed and usability of the L1 and L1-L2 cross bridges “.
These bridges allow multiple tokens to be migrated from an L1 network like Ethereum to an L2 network like Arbitrum and vice versa.
In terms of scaling technologies, Chatterjee spoke specifically about ZK Rollup, claiming that it “will attract both investors and users”. Zero-Knowledge “aggregates” batch transaction data for more efficient processing on Ethereum’s L1.
Companies like Matter Labs have already made great strides in developing and implementing the roll-up-based L2 zkSync platform in 2021.
The L2 ecosystem was massively expanded in 2021, with acceptance for all major platforms increasing. Follow L2beatTotal Value Locked (TVL) in the L2 ecosystem grew from around $ 50 million in January 2021 to $ 5.5 billion by the end of the year, an increase of almost 11,000%.
Chatterjee predicts more privacy-conscious apps will hit the market, but regulators will be watching this closely as more KYC / AML policies are enforced.
“We’ll see new privacy-centric use cases emerge, including privacy-safe apps and privacy-integrated game models.”
Other predictions Chatterjee makes include more regulation across the industry, big institutions getting into DeFi, more DeFi coverage emerging, more big brands joining Metaverse and NFT, and web companies 2.0 competing to join Web 3.0.
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