**Disclaimer) The opinions expressed in this interview are those of the interviewer and do not represent the official statement of DeSpread.

Hello! This is Eunji Cho from DeSpread. DeSpread is a company made up of ‘Degens’ who are deeply immersed in the Web3 industry. While each team member has a unique personality, we all share a common DNA—our genuine passion for Web3. We work in a flexible and open environment, yet each of us demonstrates a high level of professionalism in our respective areas.

In the previous session of <D’s Friends Coffee Chat>, we interviewed Byoungjoon Kim, a researcher at DeSpread. In this edition, I had the opportunity to sit down with Sanghyeon Eom (also known as “Sose”), DeSpread’s Growth Lead. With years of experience in Web3, Sanghyeon has developed deep insights and strategic expertise.

As DeSpread’s Growth Lead, Sanghyeon is responsible for identifying and executing key factors essential for the company’s expansion. He plays a critical role in strengthening DeSpread’s presence in the Web3 market.

In this interview, we explored the secrets to building sustainable growth strategies in the fast-evolving Web3 industry and what sets DeSpread apart from others in the space.

Eunji: Could you introduce yourself?

“Hello, I’m Sanghyeon Eom, the Growth Lead at DeSpread. Many people in the Web3 space might be more familiar with my nickname, ‘Sose.’ Currently, I manage the ‘Crypto Offroad (DYOR)’ Telegram channel and contribute as a writer for ‘The Ticker is ETH’ channel.”

Eunji: How did you get into Web3?

“I first learned about Web3 and crypto during my military service. Many soldiers typically invest in military savings accounts, but I didn’t find that option attractive. So, I started studying investments in my spare time, which eventually led me to discover funds and take my first steps into investing.

Around 2016, I made my first crypto investment through Bithumb. However, I wasn’t just interested in trading—I wanted to understand how these assets were created and developed, which led me to study the space more deeply.

At the time, information was scarce. Searching on Naver yielded almost no results, so I started reading whitepapers in English, summarizing them, and posting my findings on a blog. Running that blog consistently for two to three years allowed me to build deeper expertise.

After completing my military service, I naturally became involved in Web3 communities while attending university. Through these interactions, I received multiple offers, which led me to officially start my career in Web3. Looking back, I’ve essentially become a ‘crypto native.’”

Eunji: Having been in the industry for eight years, how has Web3 evolved compared to when you first started?

“As more mainnets have emerged and the ecosystem has expanded, it has become increasingly important to specialize rather than try to cover everything. In the past, mainnets had only a few DApps, but now they host numerous applications across various sectors—not just DeFi, but also AI, meme coins, DePIN, and DeSci. This diversification has led to an increase in specialists who focus deeply on specific areas.

Another major shift is the growing recognition of crypto as an asset class. In the past, even Bitcoin struggled to gain trust, and the broader Web3 industry was often dismissed. However, as regulatory frameworks have developed, traditional financial institutions have begun to acknowledge crypto’s legitimacy.

The quality of industry participants has also improved significantly. Previously, many approached crypto with a get-rich-quick mentality, leading to short-lived projects that often failed. Nowadays, teams are more focused on long-term ecosystem building and sustainable growth, fostering a more mature environment.

Additionally, the perception of Korea within the blockchain space has changed. Global projects are now actively hiring Asia- and Korea-specific leads, reflecting their increasing interest in entering the Korean market.”

Eunji: Why did you choose DeSpread?

“At first, I was skeptical about DeSpread’s business model. Many Web3 consulting firms existed, and in my experience, lower-quality projects tended to spend more on marketing, while legitimate ones were often more conservative with their budgets. This dynamic led to many consulting firms working primarily with less credible projects, which ultimately harmed their reputation and sustainability.

However, DeSpread stood out by taking a different approach. Instead of chasing short-term profits, it carefully selected promising projects and built trust by genuinely contributing to their growth. Watching the company gradually establish itself convinced me that DeSpread was not just focused on revenue generation but had a clear vision and a defined role in the Web3 space.

I was particularly drawn to DeSpread’s collaborations with globally recognized Web3 projects. Additionally, I appreciated the company’s strong culture of open discussion and deep research. The team is full of people who are passionate about their respective fields, making it an environment where in-depth conversations lead to mutual growth. These factors ultimately convinced me to join.”

Eunji: As the Growth Lead at DeSpread, what are your key responsibilities?

“Many people associate growth leadership with growth marketing, but my role encompasses much more than that. My primary responsibility is identifying and executing the factors necessary for DeSpread’s growth.

Because Web3 growth strategies are not yet standardized, there aren’t many established case studies or datasets to follow. Instead of applying conventional methodologies, I focus on strategies that enable DeSpread’s overall expansion. This involves strengthening internal cohesion, maximizing synergy between teams, identifying our unique advantages, and improving inefficiencies.

Ultimately, my role revolves around the question: ‘How can DeSpread survive and continue to grow?’ I work on ensuring the organization develops sustainably in response to that question.”

Eunji: What makes DeSpread’s Web3 strategy unique?

“DeSpread’s Web3 strategy is built on a deep understanding of Web3 culture as a whole. Beyond just knowing the Korean market well, we differentiate ourselves by understanding crypto-native culture and global trends. Recognizing what people value and why certain approaches are effective is crucial.

Global partners seek out DeSpread not just because of our knowledge of the Korean market but because we accurately identify their needs, execute effectively, and foster growth through collaboration.

For example, BeraChain places a strong emphasis on creating its own distinct culture. DeSpread understands this culture deeply and tailors its official channels accordingly. Even the visual identity of our content aligns with these cultural nuances. In BeraChain’s community, you’ll frequently see phrases like 'Henlo' and 'Ooga Booga.' In contrast, projects like Axelar, which are more technology-focused, prioritize producing high-quality content that effectively communicates their technical value.

At its core, DeSpread’s differentiation lies in its ability to integrate both Korean market insights and Web3 cultural knowledge to craft strategies that resonate on a global scale.”

Eunji: Tell us about your Telegram channels, Crypto Offroad (DYOR) and The Ticker is ETH.

“‘Crypto Offroad (DYOR)’ is a channel where I share information and personal insights on Web3. The name reflects the idea of freely exploring the space, much like off-road driving, while also serving as a reminder to ‘Do Your Own Research (DYOR).’ In other words, I share information openly, but I encourage readers to verify and learn on their own.

‘The Ticker is ETH’ is a channel dedicated to the Ethereum ecosystem. Its name comes from a meme by Vitalik Buterin. This channel covers discussions and trends within Ethereum, summarizing key developments in the ecosystem.

Originally, I didn’t plan to create ‘The Ticker is ETH.’ However, as other mainnets grew rapidly, Ethereum faced increasing criticism in Korean communities, often due to its price stagnation. I felt this perception was unfair—Ethereum is not a network that should be judged solely by short-term price movements. As the leading blockchain, it has played a crucial role in shaping the industry, and I wanted to highlight the efforts of builders contributing to its ecosystem.

With this vision, I started the channel, which is now managed by a team of seven contributors. Our goal is to shift the focus from price speculation to the technological and philosophical values that Ethereum is developing.”

• Crypto Offroad (DYOR) Telegram Channel >> https://t.me/crypto_offroad
• The Ticker is ETH Telegram Channel >> https://t.me/thetickeriseth

Eunji: How do your Telegram activities align with your work at DeSpread?

“Having spent years in Web3, I’ve developed a habit of quickly acquiring and sharing information. Crypto Offroad naturally emerged from this process. Rather than growing the channel for its own sake, my goal has always been to help more people access accurate information. Reducing the information gap is crucial for Web3’s healthy development, and I prioritize providing objective insights rather than pushing specific narratives.

Many DeSpread members run their own Telegram channels, building personal brands and establishing themselves as key players in the Web3 space. This enhances expertise, fosters deeper learning, and encourages consistent content creation.

Additionally, these channels serve as a credibility boost when working with international partners. By showcasing our channels, we build trust and facilitate more meaningful discussions. Ultimately, this strengthens both individual growth and DeSpread’s overall impact.”

Eunji: Are there any projects or sectors (such as technology) that have caught your attention recently?

“I am particularly interested in Ethereum’s account abstraction (AA) technology and solutions for blockchain interoperability. AA has the potential to significantly enhance user experience (UX) by improving privacy protection and transaction speed, ultimately lowering the entry barriers for both existing and new users. Currently, blockchain transactions can be complex and time-consuming, but with AA, users can benefit from a more intuitive and seamless experience, reducing friction in interaction. I see this as a meaningful innovation that helps users tangibly experience the ongoing evolution of blockchain technology.

In terms of notable projects, I have been closely following BeraChain and its ecosystem. Additionally, I have a strong interest in the decentralized science (DeSci) sector. The reason DeSci captures my attention is that it offers a solution to the problem of non-mainstream research disappearing due to difficulties in securing funding within centralized research environments. Today, research funding is heavily concentrated in profit-driven fields, but a decentralized system would allow researchers greater freedom to pursue meaningful studies. Many Nobel Prize-winning discoveries initially stemmed from pure academic curiosity rather than commercial viability. If such a shift becomes possible, it could enable a broader range of research, ultimately contributing to a better world in the long run.

Beyond this, I am also paying attention to data and intelligence-driven service projects such as Kaito, Nansen, and Cookie3. The blockchain space is shifting from an infrastructure-centric focus to more user-oriented services, and these projects are gaining significant recognition for their value. In particular, projects with high user traffic demonstrate strong growth potential, and with upcoming token launches, they are likely to attract further interest from both investors and users.”

Eunji: What are your long-term goals at DeSpread?

“I want DeSpread to grow beyond Korea and become a leading Web3 company in Asia. As Growth Lead, I aim to help strengthen our team’s cohesion and accelerate organizational growth.

While DeSpread is already well-established in the Korean Web3 industry, my ultimate goal is to position us as a key player across Asia. I also hope to create an environment where every team member can grow, contribute, and be rewarded for their efforts. Through DeSpread’s success, I want to foster a culture where everyone advances together and shares in the achievements.”

DeSpread’s Mission

DeSpread provides refined perspective for web 3 pioneers.

**Disclaimer) The opinions expressed in this interview are those of the interviewer and do not represent the official statement of DeSpread.

Hello, I’m Eunji Cho at DeSpread. DeSpread is a company of “Degens” who are immersed in the Web 3 industry. Each of our team members has a unique personality, but we share the same DNA: a genuine love for Web 3. We work in a free-spirited atmosphere, but we’re all professionals in our respective fields.

In the previous session of <Coffee Chat with D’s Friends>, we interviewed Jaewon Choi, a consultant at DeSpread. This time, we sat down with Byoungjoon Kim (Tranks) from our Research Team to discuss ‘research in the Web3 market’.

Byoungjoon began his career at a Web3 education platform and is now a researcher at DeSpread, writing articles on topics like DeFi (Decentralized Finance) and the broader Web3 ecosystem. In this edition, we explore his research philosophy and routine.

Eunji: Could you briefly introduce yourself?

“I’m Byoungjoon Kim, part of the research team at DeSpread, focusing on Web3 and blockchain research. I go by the nickname ‘Tranks’ on X (formerly Twitter), inspired by the character Tranks from Dragon Ball, who I really like.”

Eunji: How did you get into Web3?

“I was first introduced to Web3 through NFTs (non-fungible tokens). My major was originally music composition, and I was working in the music industry at the time. One day, a friend mentioned to me that ‘art NFTs are an exciting new technology.’ That was back in 2021, during the NFT bull market, and that’s when I started exploring what NFTs were all about.

Initially, I looked into how music could be integrated with blockchain, but the more I studied blockchain, the more intrigued I became. Perhaps because I used to make beats while doing hip-hop, I found the narratives surrounding blockchain particularly compelling. Concepts like decentralization offer a break from traditional systems, creating fair and equitable new rules. I think I was deeply drawn to that."

Eunji: Since blockchain has many technical aspects, how did you start learning about it?

“I started by searching online, browsing X, and joining a study group at Ludium, a Web3 education platform. Through the study sessions, I learned foundational concepts like Bitcoin, distributed ledgers, and timestamps. I also experimented with setting up crypto wallets and engaging in on-chain activities.”

Eunji: What kind of work did you do before joining DeSpread?

“While participating in Ludium’s study sessions, I was invited to join DeSpread. Before that, I worked at Ludium, where I was responsible for developing Web3 education curriculums, operating training programs, and managing communities.

To elaborate, I created and refined blockchain educational content, particularly on foundational topics I had studied. I turned cutting-edge Web3 technologies into educational material, frequently adapting to the industry’s rapid pace. I also worked closely with co-founders to discuss strategies for establishing Ludium as a leading Web3 education startup.

In community management, I developed onboarding guidelines for community managers, tailoring them to Web3’s unique dynamics. Given the critical role communities play in this industry, I conducted training that highlighted key differences between platforms like X, Discord, and Telegram.”

Eunji: Why did you choose DeSpread?

“At the time, I had a strong desire to delve deeper into the Web3 space. My previous role focused on creating Web3 educational content, which didn’t allow for in-depth exploration of the industry.

DeSpread stood out to me because it seemed to attract many ‘degens’—a term often used to describe deeply engaged Web3 enthusiasts—and I saw this as a strength. The company’s ability to leverage this expertise for growth was very appealing.”

Eunji: What do you do at DeSpread?

“I conduct research on specific protocols in the Web3 market and write related articles. While my teammates, Declan and our team lead Do Dive, also cover macroeconomic topics, I primarily focus on Web3-related subjects. For instance, I contribute to the weekly Market Commentary, mainly covering Web3 market trends.”

Eunji: What are the characteristics of DeSpread’s Web3 research, and what’s unique about your approach?

“DeSpread’s research excels at presenting blockchain industry insights and market trends in a way that’s accessible to a general audience. When I write, I strive to ensure that even those with limited understanding of Web3 can follow along.”

Eunji: I understand you have experience using various DeFi platforms. What first got you into DeFi?

“I first learned about DeFi through the Ludium study group, where I studied the operational principles and concepts of popular protocols at the time, like Uniswap and MakerDAO. As I studied DeFi, I started to see its potential and the bigger vision. NFTs were my initial entry point into the blockchain space, but even after studying them, I struggled to understand what Web3 truly meant.

On the other hand, the deeper I explored DeFi, the more I became convinced that it could effectively replace traditional financial infrastructure. Today, the financial system is largely controlled by a few institutions. However, with DeFi automating this infrastructure, users could save on fees that would normally go to financial institutions or even directly share in the profits generated by DeFi.”

Eunji: You’ve done extensive research on BeraChain through your articles and on X. Could you give us a brief introduction to BeraChain?

“BeraChain is one of the most anticipated projects, even though it has yet to launch its mainnet or conduct a TGE (Token Generation Event).

BeraChain can be seen as a Layer 1 structure that incorporates the Solidly model of existing DeFi protocols. This unique approach has garnered significant attention, as it is a concept that hasn’t been implemented before. For example, it features a distinct mechanism where liquidity providers for protocols are rewarded with network tokens, and network stakers determine where these tokens will be emitted.

In short, BeraChain is designed to resolve the conflict between network security and protocol liquidity that exists in other systems. It creates a sustainable ecosystem by harmonizing the interests of network token holders, protocols, and liquidity providers.”

Eunji: I understand you joined DeSpread as a researcher and were promoted to a full-time position even before your probation period ended. That speaks to your strong research skills. Could you share your research routine?

“My daily routine, like that of many researchers, involves closely monitoring X and on-chain analysis tools to catch market trends.

When observing what KOLs (Key Opinion Leaders) on X are saying, I approach their opinions with a critical perspective. Since their views are based on their own perspectives, blindly trusting them can limit how you view the market. That said, I maintain a list of reputable KOLs and check their insights regularly.

Before writing an article, I start by outlining its structure. For instance, I first determine how the article’s flow will unfold, then create a bullet-point list of the key points I want to include. Once I begin writing, I refine the content by adding detailed information and supplementary data. Before starting this process, I usually spend 1-3 days gathering and archiving relevant materials and data.”

Eunji: Your research team has three members in total. How is the synergy within the team?

“We all have different areas of interest and perspectives, so there’s a lot we can learn from each other through discussions. Declan is excellent at objectively analyzing and organizing phenomena or situations, while our team lead excels in logical structuring. Since they’ve both helped me a lot since I joined, I always strive to learn from them.”

Eunji: In your opinion, which player, sector, or technology in the Web3 space has shown the most significant achievements this year?

“I think *Aerodrome on the Base network has performed exceptionally well. It currently has the highest TVL (Total Value Locked) on Base, and its trading volume and transaction fees rival those of DEXs (Decentralized Exchanges) on other networks. In fact, within the Base ecosystem, Aerodrome’s trading volume surpasses that of Ethereum’s leading DEX, Uniswap.

Recently, institutions like Spartan Group and Coin Ventures have also purchased $AERO tokens. This indicates their intent to wield influence within Aerodrome. If the Base ecosystem continues to grow, I believe Aerodrome could become a key player within it.”

*Aerodrome: A DEX on the Base network based on the Solidly model, which incentivizes liquidity providers to manage liquidity more efficiently.

Eunji: What is your philosophy on research, and what direction do you want your research to take moving forward?

“I believe this aligns with the strengths of DeSpread Research. In my view, articles from Web3 research companies are still read by only a small, select audience. It’s rare for the general public to actively seek out or engage with these articles, let alone see them go viral.

To guide the Web3 market toward long-term growth and inspire more people to recognize its vision, we need articles that are accessible to a broader audience and capable of persuading them. Writing such articles is both my goal and my philosophy.”

Eunji: Who do you think would benefit the most from reading your research?

“I believe it would be most helpful for people who are entering this space to invest. When people encounter Web3 and blockchain without prior knowledge, they often see it as nothing more than speculation or a bubble. However, once they dive in and explore deeply, they’ll discover the limitless potential of blockchain applications. I want to be a researcher who inspires these individuals to rethink blockchain’s utility by reading my work.”

Eunji: It seems like research is highly valued in the Web3 industry, both domestically and internationally. Why do you think that is?

“Web3 is still a relatively new field, and there aren’t many resources or datasets available to study this industry. Additionally, information is often fragmented. Because of this environment, I think there’s a significant gap between those who are building projects and those who are studying or investing in Web3. The divide is quite substantial.

That’s why we need people who understand both sides. For example, someone who can simplify technical concepts about protocols for the general public or consolidate fragmented pieces of information into something more digestible for them. As the demand for this kind of work grows, the role of researchers is becoming increasingly important.”

Eunji: Lastly, what goals do you hope to achieve at DeSpread?

“By the time the Web3 industry expands and solidifies its place, I want to be recognized as an ‘expert’ in this field. Along the way, I hope to show the public that blockchain is not just about speculation but is a technology that can be applied to various industries, including real services and finance. There are many promising sectors, like DeFi, DePIN, and DeSci. Ultimately, I want to contribute to creating an environment where Web3 becomes mainstream and is actively utilized.”

DeSpread’s Mission

DeSpread provides refined perspective for web 3 pioneers.

**Disclaimer) The opinions expressed in this interview are those of the interviewer and do not represent the official statement of DeSpread.

Hello, I’m Eunji Cho at DeSpread. DeSpread is a company of “Degens” who are immersed in the Web 3 industry. Each of our team members has a unique personality, but we share the same DNA: a genuine love for Web 3. We work in a free-spirited atmosphere, but we’re all professionals in our respective fields.

In the last edition of D’s Friends and Coffee Chat, we interviewed Jun Park, the content management lead at DeSpread. This time, We had a conversation with Jaewon Choi about how he became fascinated by IBC, which he now identifies with, and the story behind running his personal channel, Coblin’s IBC Training Battalion, for over three years.

Jaewon leverages his deep understanding of the Web3 market and IBC ecosystem, built from managing his personal channel, to serve as a consultant at DeSpread. In this edition, we’ll explore Jaewon’s efforts to resolve information asymmetry in the Web3 market and delve into the intrinsic value of blockchain.

** IBC (Inter Blockchain Communication): A protocol that enables interoperability between blockchains. Traditional blockchains recognize only the information generated within their own chains, ensuring strong security but creating fragmentation and liquidity issues as the number of chains grows. IBC was developed to address these shortcomings and not only provides bridge services but also supports interactions between smart contracts.

Eunji: Could you briefly introduce yourself?

“My name is Jaewon Choi, and I work as a consultant and project manager (PM) at DeSpread. In the Web3 community, I go by the name ‘Coblin,’ and I also run a personal channel where I share information about IBC.”

Eunji: How did you get involved in Web3?

“I got into the industry naturally through my interest in investments.

In 2021, there was the so-called ‘GameStop event,’ where the stock of the American game company GameStop skyrocketed. At that time, I was very interested in investments, so I invested in GameStop. That was when I started to get seriously into investing, and I began hearing about how ‘crypto assets’ were becoming popular among investors.

Later, I began investing in crypto assets, but a friend told me that crypto wasn’t just an investment tool. This friend worked in the blockchain (or Web3) industry, and through them, I got to try something called ‘airdrop farming.’

An airdrop is when a project distributes its tokens for free to users who have contributed to their network or DApp activity at the time of the token launch. Airdrop farming is when users try to figure out the airdrop criteria and leave transactions in DApps to qualify. I found this process interesting, particularly on the decentralized exchange (DEX) dYdX, and that’s how I naturally entered this industry.”

Eunji: What were you doing before you joined DeSpread?

“Before entering the industry, I worked as a social worker. At the time, there were many incidents that eroded trust in social welfare organizations, and I thought blockchain could be a solution. Blockchain allows individuals to access certain information, so public institutions could gain trust by transparently disclosing how they spend their budgets.

After officially entering the industry, I built my career by managing projects at a blockchain consulting firm. I also created my personal brand through my channel, Coblin’s IBC Training Battalion, where I consistently deliver news about the IBC ecosystem.”

Eunji: What made you choose DeSpread?

“I had collaborated with DeSpread as a freelancer before joining and noticed that it stood out from other Web3 companies.

Among the team members, some prefer the A ecosystem, others the B ecosystem—there is no bias toward a specific area or chain. Each team member brings diverse perspectives, which collectively enriches DeSpread with specialized knowledge across various ecosystems.

Since I like the IBC ecosystem, I sometimes get too immersed in it and miss the broader industry trends. I thought being part of DeSpread would help me broaden my perspective through the insights of my colleagues.

Then DeSpread made me an offer to join, and I became part of the team.”

Eunji: What do you do at DeSpread?

“I help various projects create localized strategies for the Korean market. I assist overseas projects that lack an understanding of the Korean market to successfully enter it. I also relay product updates from these projects to the Korean market.”

Eunji: You run a personal community called ‘Coblin’s IBC Training Battalion.’ The concept seems unique. Could you give us a brief introduction to the community?

“In my personal channel, I mainly focus on the IBC ecosystem. Many people think the name ‘Coblin’ is a combination of ‘Cosmos’ and ‘Goblin,’ but my original intention was ‘Coin + Goblin.’ In the early days of the channel, I covered various news about coins (crypto assets), but now I only focus on Cosmos, so that’s likely why people associate it with Cosmos.

I chose the Goblin character because in games, movies, and comics, Goblins are often depicted as a species obsessed with greed and money. In games like Diablo, there’s a ‘Golden Goblin’ or ‘Treasure Goblin,’ and if you catch them, you can get a lot of items or resources. As the channel operator, I wanted to convey the idea that if you follow me, you’ll receive valuable information, which is why I chose the Goblin as the main character.

The word ‘Training Battalion’ reflects the meme-like trend of using commanding tones. When I first started the channel, there was a meme around airdrops where people would say things like ‘Do this airdrop,’ ‘Claim here,’ in a commanding way. So I adopted the concept of a ‘training’ channel and named it ‘Training Battalion.’”

Eunji: What made you become so interested in the IBC ecosystem?

“As I mentioned earlier, after experiencing the dYdX airdrop, I started looking for other projects or ecosystems that offered airdrops. That's when I learned that by staking ATOM (Cosmos), new projects based on the Cosmos network would distribute airdrops whenever they launched. So, I began staking ATOM and got deeper into the ecosystem, wanting to share this information with others.

Initially, I was just interested in the airdrops, but over time, I became fascinated by the technical aspects, like the SDK (Cosmos Software Development Kit), and governance issues within the Cosmos ecosystem.”

Eunji: What do you think are the advantages of IBC compared to other interchain ecosystems?

“The biggest advantage is that developers can create a wide variety of products using the SDK, and it’s an environment where you can easily create new blockchains. This makes it an ideal setting for developing products beyond just DeFi (DeFi+), allowing for something new to emerge within the IBC ecosystem.

Another advantage is that over 80 blockchains interact with each other through IBC, which creates synergies. There’s a site called Map of Zones, a Cosmos explorer that visualizes all the blockchains connected through IBC, so I recommend checking it out to see the interactions visually.

Compared to other interchain ecosystems, IBC’s community naturally formed through airdrops, which I think is another advantage. Some projects try to force people to use tokens to bring them into the community, but with IBC, the process felt more organic.”

Eunji: What’s the secret behind running your personal channel consistently for over three years?

“At first, I started with the intention of organizing my thoughts and spreading the information little by little, but I was amazed to see people gradually gather. Initially, I thought most people wouldn’t be interested in blockchain, and I wondered, 'Why are they seeking out this information?’ But it turned out that people interested in the blockchain ecosystem were actually joining my channel.

That’s when I started to really work on improving the quality of the information and posting diligently. This effort created a positive cycle where new members would join.

Of course, it wasn’t just my hard work. People who were genuinely passionate about the IBC ecosystem also found their way to my channel, and the community grew around ecosystem-centered discussions, which contributed to creating an atmosphere of open debate. I found that rewarding.”

Eunji: I’ve noticed that there are a lot of Korean players in the Cosmos ecosystem. Why do you think that is?

“Before ICOs (Initial Coin Offerings) were banned in Korea in 2017, the ATOM ICO was conducted on the cryptocurrency exchange Coinone. I believe the total public sale volume of ATOM was 160 million ATOMs, and I remember the Coinone ICO had 100 million ATOMs, which is a huge amount.

Because such a large portion of the public sale was released in Korea, a significant number of people in Korea ended up holding ATOM. Later, in the Korean Cosmos ecosystem, there was a growing opinion that running a validator would be more advantageous because so many people held ATOM. As a result, a lot of Korean-based validators started to emerge. I think this environment is why we see so many Korean players.”

Eunji: There have been instances in the past, like the split between Jae Kwon and the ICF Foundation or Proposal 82, which caused the community to divide. Did these events lead to any changes in the ecosystem’s atmosphere?

“I think the fact that these kinds of debates can happen is one of Cosmos’s strengths. In the end, such divisions can be seen as interactions between individuals within the Cosmos ecosystem who have different interests. In other blockchain ecosystems, key individuals often played a major role, and their opinions were generally accepted.

However, in Cosmos, even though major groups like the ICF proposed something like ‘ATOM 2.0,’ some community members expressed concerns about the risks and voiced opposition. This opposition didn’t signify the failure of ATOM 2.0. Rather, it showed that various attempts and improvements are underway to advance the blockchain.

Even though the ATOM 2.0 governance proposal didn’t pass, it doesn’t mean that the users who rejected it were against reform itself. It seemed that they were concerned about the side effects of implementing radical changes to governance. As a result, elements of the ATOM 2.0 reforms are being reflected through a more detailed governance process.

Additionally, Jae Kwon, one of Cosmos’s co-founders who opposed ATOM 2.0, is building the blockchain he envisions through his projects GnoLand and Atom One, a Cosmos Hub hard fork. This also demonstrates the decentralized nature of the Cosmos Hub.

I think this is an example of embodying the spirit of blockchain. Even though Cosmos might be slower than other blockchains or have less impressive price performance, it still delivers meaningful results.”

Eunji: What is the current hot topic in the IBC ecosystem?

“I think the recent issue is the Neutron-based restaking protocol ‘Drop.’ Drop is a project aimed at providing liquidity to the IBC ecosystem by tokenizing staked assets locked in dPoS and enabling their use in DeFi. It works by tokenizing ATOM into dATOM, which can then be used in the ecosystem’s DeFi applications, offering incentives to encourage its use.

I will explain Drop in more detail. One of the challenges in the Cosmos ecosystem is that each blockchain operates independently. One of the most critical factors for any blockchain is network security, which heavily relies on staking. The more staking that takes place, the more secure the blockchain becomes. However, since Cosmos blockchains are independent, unlike Ethereum, a high overall staking rate does not necessarily mean that the ecosystem is secure.

In the Cosmos ecosystem, the large amount of staking has led to a lack of liquidity. To address this, Drop, based on the Neutron blockchain, aims to solve this problem in a way that differs from traditional LSD (Liquid Staking Derivatives) within the ecosystem.

A key drawback of the existing ecosystem’s LSD is that it carries the risk of being excluded from airdrops within the IBC ecosystem. As a result, users often found that the potential rewards from airdrops outweighed the benefits of using liquidity staking in DeFi, making it difficult to persuade users to adopt LSD.

However, Drop is aware of this issue and is working with various teams to ensure that tokenized ATOM holders can still be eligible for airdrops. Moreover, Drop has introduced a ‘points program,’ similar to the one that successfully attracted user participation in the Ethereum ecosystem, encouraging users to engage with DeFi, not just to tokenize their assets.

Another interesting point is that the team behind Neutron previously developed stLuna, which tokenized LUNA before the Luna crash. Given their deep understanding of DeFi and liquidity protocols, there’s optimism that Drop will help revitalize liquidity in the IBC ecosystem and revive the DeFi space.”

**Neutron: A platform based on the Cosmos SDK that utilizes CosmWasm, combining smart contracts with cross-chain interoperability to build an integrated application network.

Eunji: Since you’re a specialist in the IBC ecosystem, I imagine you often get personal questions about ATOM’s price. With ATOM’s price continuing to be weak, how do you maintain your confidence in Cosmos and IBC in this situation?

“For those who have been staking ATOM or contributing to governance for a long time, they would likely agree that they have already recovered their initial investment through continuous airdrops, even if ATOM’s price has declined. So, their view is quite different from the external perception that the ecosystem is no longer growing just because of price movements. These individuals tend to focus more on the governance aspects and other enjoyable elements rather than just the price.

While ATOM hasn’t performed well price-wise, the IBC ecosystem is full of new innovations, and the ecosystem continues to develop, even if the price doesn’t rise. Recently, a new governance auction system called ‘Hydro’ was introduced, and there are ongoing efforts, like in forums, to continuously upgrade and modify tokenomics.”

**Hydro: A governance auction platform designed to manage liquidity in a decentralized manner within the Cosmos ecosystem. ATOM holders can lock up their tokens in protocols that need liquidity and receive rewards from those protocols.

Eunji: Is there any project or sector (such as technology) that you've been paying close attention to lately?

“Recently, I’ve been interested in the ‘DePIN’ sector. Among those, the Cosmos-based storage project ‘Jackal’ caught my eye. Jackal is a decentralized storage blockchain where users only need a crypto wallet and JKL (Jackal) tokens to use its storage. Typically, in DeFi, there's a tendency to get stuck in the mindset of 'how much more liquidity should we add to this protocol,’ which can lead to a money-game routine. However, I feel that protocols like Jackal are designed with the goal of making their products easy for new Web3 users to adopt and use.”

Eunji: Lastly, is there a goal you want to achieve at DeSpread?

“As a member of DeSpread, I want to create an environment where more people can understand the Web3 ecosystem and easily explain why Web3 is important to us.

Korea already has a well-established banking and financial system, but I believe it would be great to have more infrastructure beyond that. For instance, I want to introduce products that incorporate DePIN elements like Jackal or Akashi, and create an environment where people can easily use them.

Since DeSpread is a group with experts from various fields, I think we can create this kind of environment and achieve a strong synergy effect.”

DeSpread’s Mission

DeSpread provides refined perspective for web 3 pioneers.