FTX CEO and Solana Co-Founder on Web3 Builder Summit

FTX CEO and Solana Co-Founder on Web3 Builders Summit
  • Bankman-Fried shared some of the mistakes he made in his early professional years.
  • Yakovenko said that Web3 companies should carefully choose their partners.

The blockchain ecosystem is expanding its growth through new strategies. At this early stage of web3, FTX founder and CEO Sam Bankman-Fried and Solana co-founder Anatoly Yakovenko offered insightful advice for Web3 founders during an online Web3 Builder Summit, which was hosted by Wing venture capital partner Zach DeWitt.

The Web3 Builder Summit was conducted through the Zoom app on July 22, 2022. DeWitt remarked that there are still a few early-stage companies that might not understand how to develop and scale, despite these facts, the recent Web3 Developers Meeting aimed to solve these problems. Both the CEOs shared many things about web3 and their growth in the industry.

The Founders Points

Bankman-Fried began the Wing’s Web3 Builder’s Summit by outlining some of the mistakes he made in his early professional years. He said firms shouldn’t hire new staff unless they would be joining a team that is already well-run but has an excessive amount of responsibility assigned to it.  

When running a business it’s easy to fall into a trap where you hire a lot of good people and then end up with a total diffusion of responsibility. You then have too many cooks in the kitchen and no one is sure what anyone should be doing.

He pointed out that the biggest barrier to widespread adoption is scalable blockchains. He added that to handle a billion users, blockchains must be able to process one million transactions per second.

Following Bankman, Yakovenko also said that companies creating Web3 products should carefully choose their partners. Yakovenko highlights that the NFT markets like Solana’s Magic Eden and OpenSea, generate billions of dollars in income annually without utilizing any aspects of the Web2 economy.

If you look at most of the activity and sales happening on Magic Eden and OpenSea you will see that everything is mainly taking place on desktops. This is crazy, considering that every application now is mobile first.

On Twitter, both CEOs are active and when there are problems with the service, they interact with their customers and raise the issue. This idea may be essential to creating a multigenerational business.

A journalism graduate who is passionate about writing loves to dance and travel currently starts exploring blockchain technology.