The ETHDenver 2023 conference, one of the largest and longest-running Ethereum-focused events in the world, officially opened on February 24, 2023. As a representative Web3 technology company and an official sponsor of the conference, OKX was invited to deliver keynote speeches, set up exhibition booths, and host side events.
This article shares observations and insights from the event, focusing on the current state of the global crypto industry and notable trends—without offering any specific recommendations.
Denver Transforms into a Crypto Hub with 40,000 Attendees
The growth of ETHDenver has been remarkable. Last year’s event attracted 15,000 participants; this year, that number jumped to 25,000. In total, nearly 40,000 people flocked to Denver for various concurrent summits and events. For weeks, the entire city felt like a crypto capital—massive roadside billboards displayed Web3 ads, and it was common to run into familiar faces in restaurants, hotels, and even on the streets.
Another clear trend was the increasingly tight collaboration between projects. Many teams took the opportunity to strengthen existing partnerships, share updates, and explore new synergies. The atmosphere was both productive and congenial, with participants exchanging ideas and building on ongoing conversations.
The event felt like a large-scale co-working space—a "WeWork playground" for Web3 professionals.
ETHDenver Stands Out for Its Web3 Native Vibe
Unlike many other conferences, ETHDenver is strongly developer-oriented and deeply rooted in Web3 culture. It maintains a high level of technical depth and professional focus—a hallmark since its inception.
Other events like NFT LA and NFT NYC are designed to be beginner-friendly with low barriers to entry. Bitcoin Miami appeals to original crypto enthusiasts but focuses heavily on Bitcoin and mining, with relatively little emphasis on broader ecosystem development. Consensus sits somewhere in between, covering both Proof-of-Work (PoW) and Proof-of-Stake (PoS) ecosystems, but its broad scope means it isn’t exclusively focused on Web3.
In terms of pure Web3 authenticity and technical rigor, the only event that matches ETHDenver is DevCon, the annual Ethereum developers conference—though each has its own distinct vibe.
Given this context, it’s no surprise that the most popular topics at ETHDenver were infrastructure and DeFi (which itself serves as financial infrastructure). Although元宇宙, NFT, and GameFi also had a significant presence, these sectors often have their own dedicated conferences and didn’t dominate the discussion at ETHDenver.
Two Major Ethereum Narratives: ZK and LST
From a big-picture perspective, two major Ethereum-based narratives stood out: zero-knowledge (ZK) technology and liquid staking tokens (LST). Projects in these spaces are developing rapidly, and mainstream projects and public blockchains have made impressive strides in operational execution.
The ZK ecosystem has matured significantly over the past year. Community culture is becoming more defined, with organized efforts to build developer communities. Several Chinese-founded ZK projects and developers are gaining international recognition for their technical contributions.
Notable players like Manta Network, Scroll, and Aleo—often backed by investors like Polychain—are leading the charge. They are skilled at organizing events and attracting new talent, such as the highly sought-after ZK compiler =Nil; and the programmable ZK oracle HyperOracle. In fact, Manta Network was behind the largest ZK-focused day during the conference.
The Ethereum 2.0 narrative has also gained significant momentum, particularly in light of the upcoming Shanghai upgrade. This segment has developed its own distinct community.
Eigen Layer, though a relatively new project, demonstrated strong narrative skills and organizational ability. It hosted a Shared Security Summit focused on Ethereum’s security layer, staking, and restaking. The event drew numerous liquid staking projects, including Eigen Layer, Rocket Finance, and Stader.
LIDO, a major player in liquid staking, had a lower profile at ETHDenver—not because it isn’t a leader, but because it is prioritizing the European market and upcoming product updates. The team still attended in full force, holding private meetings with partners like OKX Web3.
Notable Improvements in Operations and Ecosystem Growth
The operational capabilities of leading projects and blockchains have improved dramatically.
Arbitrum, for example, has achieved stunning growth in Total Value Locked (TVL) and active users. Its ability to spotlight new projects is becoming a trademark, attracting a wave of gaming and application-layer projects. Offline, the team executed a series of well-coordinated activities—including booth sponsorships, founder-led vision sharing, and community dining events—that effectively engaged all stakeholders.
Despite having a relatively small team, Arbitrum’s results are commendable and offer lessons in both online and offline community operations.
Uniswap also demonstrated strong operational prowess at ETHDenver, though it has historically set a high bar in this area. Its progress was less dramatic compared to Arbitrum’s leap forward.
Promising Directions for the Future
It’s worth noting that the previous bull market was not solely driven by organic Web3 growth; it was also fueled by global macroeconomic conditions, including low interest rates and abundant liquidity. Without delving into broader economic trends, here are several areas that appear particularly promising:
- Liquid Staking Tokens (LST): The ecosystem is gradually shifting from the term LSD (Liquid Staking Derivatives) to LST. Major projects are collaborating on user education, aiming to avoid the term "derivative" due to its regulatory connotations.
- Layer 2 Solutions: Layer 2 networks are gaining traction by focusing on operations, supporting project growth, and leveraging Ethereum’s established infrastructure. Arbitrum is leading the charge with a 60% increase in TVL over the past month—all with a team that has grown by fewer than 10 people since October.
- ZK Technology: Already a star at last year’s ETHDenver, ZK continues to attract high valuations and developer attention.
In essence, LST, Layer 2, and ZK technologies are all contributing to the foundational infrastructure of Web3. To understand where the next wave of growth will come from, it helps to look at recent history.
Last year, the single largest source of new users was STEPN, which attracted 3 million users and reached 1 million daily active users at its peak. NFTs also served as an effective onboarding tool—for example, the collaboration between Polygon and Reddit introduced 2.5 million people to wallets and NFTs without them even realizing it. Thus, the next wave of mass adoption will likely come from gaming and NFTs—sectors that are intuitive and accessible to Web2 users.
Diverging Approaches in GameFi Between East and West
The GameFi sector is evolving along different paths in Eastern and Western markets.
In the West, the dominant narrative revolves around "mass adoption"—how to bring large numbers of Web2 users into Web3 without requiring them to understand underlying technology. Projects are exploring integrations with traditional entertainment, music, and celebrity endorsements. The focus is on delivering user experiences comparable to Web2 games, with economic models taking a back seat.
In contrast, some Eastern markets are more focused on refining token economic models and sustainability. These differences stem from cultural, regulatory, and market conditions. Both approaches are valid and address critical challenges in the application layer.
Note: GameFi here includes related sectors such as SocialFi.
The Rapid Growth of Decentralized Offerings from Centralized Exchanges
There is a growing number of projects offering developer tools and professional services. Compared to a year ago, these services have become more mature, with increasingly refined APIs and specialized solutions. This trend is likely to reduce development costs across the industry.
Additionally, marketing and operational support services are emerging from various regions and language groups. Web3-specific operational strategies are rapidly taking shape.
This aligns with the mission of OKX Web3: to offer a one-stop solution that integrates quality assets and lowers the barrier to entry for Web3.
While some observed that only OKX and Binance had a significant presence at the conference, this isn’t entirely accurate. Representatives from Coinlist, KuCoin, Coinbase, and other major exchanges were also present—though OKX Web3 and BNB Chain were among the main sponsors, with booths located close to each other in the infrastructure and DeFi zone.
OKX’s participation was led by its Web3 team, which reflects the company’s commitment to decentralized technology. OKX Web3 not only sponsored the conference Wi-Fi and hosted one of the largest parties but also conducted wallet activation campaigns. Key leaders from OKX Ventures and engineering departments delivered speeches sharing technical insights and product vision.
OKX firmly believes that the future lies on-chain—decentralized and multi-chain. The company sees itself as a technology provider and toolmaker for Web3. The OKX Web3 self-custody wallet already supports 50 public chains and integrates decentralized exchange (DEX), swap, bridge, yield, and NFT aggregation functionalities. Users can perform cross-chain transactions, stake into popular yield protocols like LIDO, and list NFTs across multiple marketplaces—all with a few clicks.
The conference was a reunion of sorts—many of the public chains and DeFi projects present are OKX’s close partners. Meeting in person after months of collaboration via Zoom and Telegram made for a productive and enjoyable experience.
Frequently Asked Questions
What is ETHDenver?
ETHDenver is one of the largest and longest-running Ethereum-focused events in the world. It is known for its strong developer focus, Web3-native culture, and high technical standards.
What are the key trends from ETHDenver 2023?
Major trends included the rise of zero-knowledge (ZK) technology, growth in liquid staking (LST), Layer 2 scaling solutions, and continued emphasis on infrastructure and DeFi.
How is GameFi evolving in different regions?
Western markets are focusing on mass adoption and seamless user experiences, while some Eastern markets are prioritizing economic model sustainability. Both approaches aim to drive growth in the GameFi and SocialFi sectors.
What is OKX Web3?
OKX Web3 is a suite of decentralized products offered by OKX, including a self-custody multi-chain wallet, DEX, bridge, yield aggregator, and NFT marketplace. It aims to provide a seamless and accessible entry point into the Web3 ecosystem.
Why are Layer 2 solutions important?
Layer 2 networks help scale Ethereum by processing transactions off-chain, reducing fees, and improving speed—all while leveraging the security of the main Ethereum chain.
How can developers and projects get involved with OKX Web3?
Developers and project teams can explore integration opportunities and partnership programs to join the growing OKX Web3 ecosystem. Learn more about partnership opportunities.
The ETHDenver 2023 conference highlighted an industry maturing at an extraordinary pace. From foundational infrastructure to user-facing applications, the pace of innovation shows no signs of slowing. For those building in Web3, now is an exciting time to contribute, collaborate, and grow.