Every Crypto Winter Is Ultimately Followed By A Crypto Spring, Says Mantle's Igneus Terrenus

Research firm Technavio projects a 15.81% CAGR for the cryptocurrency market from 2022 to 2027, with an expected market expansion of approximately $1,815.78 million. Increased investments in digital assets, more accessible access to crypto wallets and the rise of fintech spending are all expected to drive this growth. 

Given the market's promising potential, Igneus Terrenus, head of communications and business development at Mantle Network, discussed the future of the crypto industry, the Web3 ecosystem, and the Ethereum and layer-2 spaces in a recent interview with Benzinga at the Crypto Expo Asia. Mantle Network aims to foster the mass adoption of decentralized and token-governed technologies. 

Here's an excerpt from the interview with Terrenus.

What are the current crypto market sentiments, and where do you predict the market's recovery will stem from? Additionally, what is your outlook on the future of Web3 and its prospects?

Those of us who've been in the industry for years will know that every crypto winter is ultimately followed by a crypto spring. Ultimately, in these periods of uncertainty, 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 in a better position to build meaningful apps, products and services around these ecosystems that all contribute to the sustainable growth and accessibility of blockchain and its applications.

As the Web3 ecosystem continues to mature, we are now at a critical juncture in developing the Web3 ecosystem, and it remains a prime opportunity for industry players to help forge a more progressive, transparent and interconnected Web3 ecosystem for all. 

Why does fostering a culture of interoperability hold significance in the layer-2 ecosystem, and what is the future of L2 blockchains?

The layer-2 space is rapidly evolving, with each project building pioneering technology to reinvent how we collaborate, trust and transact while growing the Web3 ecosystem to its fullest potential. 

Interoperability is key in the next evolution of Web3 as 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 empowers developers and builders to create better products, services and platforms, and deliver on blockchain's promise of a decentralized ecosystem. 

Also Read: Crypto Veteran Chen Zhuling Says Blockchain Innovations Set To Skyrocket

Can layer-2 effectively address the high fees caused by congestion on the Ethereum network?

L2s strive to enable greater scalability by handling transactions off the Ethereum mainnet, or Layer-1, to drastically improve performance and throughput, measured by transactions per second. With heavy computational load taken off the L1, network congestion is significantly reduced. This works via the power of rollups, reducing gas fees for users to make Ethereum accessible for anyone interested in exploring the world of Web3. Although L2s are a relatively new technology, TPS on L2 networks has far surpassed L1 activity as early as December 2022, so there is a fair basis of argument to say that it has been quite effective. 

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What recent advancements 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 becomes streamlined to consensus and settlement, which paves the way for unparalleled scalability. 

The rise of rollups has created an opportunity to address roadmap milestones ahead of Ethereum's schedule and improve the on-chain experience at an accelerated rate. With its modular architecture, Mantle Network is making significant progress toward the future vision for using and building within the Ethereum ecosystem. 

Tell us about Mantle's role in building the Ethereum L2 network.

Mantle Network brings a new dimension to what is currently available in the Ethereum L2 landscape via modularity. Leveraging an adaptive and iterative design by default allows for more efficiency in implementing novel blockchain advancements like defending against maximal extractable value exploits and account abstraction. With many more upcoming Ethereum improvement proposals in the pipeline, technical prowess becomes increasingly essential in Web3's ambition to achieve mass adoption.

Now Read: Ex-Morgan Stanley Tech Director Believes Crypto Represents Long-Term Growth Opportunity

Photo: Benzinga