In this Twitter space hosted by [Kucoin]( [Tim Tsai]( is joined by [cedric]( Iris of [MojitoSwap]( James of [KuCoin Ventures]( and [Ray Song]( Core Contributor at [Pyth Network]( to discuss data, Web3 and more.
Read our notes below to learn more
* Head of BD at KCC in North America.
* KCC is a L1 protocol that’s backed by KuCoin and its ecosystem.
* They are the funds arm of KuCoin exchange.
* Uses funds to support different kinds of builders in the entire crypto space.
* His focus is infrastructure.
* Head of MojitoSwap.
* MojitoSwap is currently the top 1 DEX on KCC.
**About Pyth Network**
* It is an oracle that publishes financial market data onchain.
* Making asset prices available to every single chain.
* They source their data directly from a network of the biggest names in traditional and decentralized finance.
**Why did Pyth deploy on KCC**
* They are looking for demand like an actual mandate on high frequency and high fidelity data oracle.
* They have already launched on KCC with partners MojitoSwap and [KuSwap](
* There’s a lot of synergies between them and the KCC chain.
* KuCoin is one of their data publishers that provide data for their price feeds on Pyth Network.
* It expands the capabilities of many DeFi projects in their ecosystem and there will be more features that will be available for developers to develop.
**Importance of Data in Web3**
* Ray thinks of themselves as the bridge between the TradFi and DeFi community.
* High fidelity time sensitive real world data is often taken for granted in the traditional world.
* Pyth now has 85 publishers ranging from traditional trading firms, crypto institutions and traditional finance exchanges.
* Pyth is able to update data twice per second.
* Everyone can access Pyth Network’s input and aggregate outputs at the same time.
* It would make a lot of dApp products stronger.
* In the blockchain world, it’s easy for people to monetize data.
* Data in the crypto world is the raw material and most precious asset.
**Bear Market Effects**
* Ray is long-term bullish on DeFi and will stay here to build.
* Pyth has seen a lot of user growth and that continues throughout ever since the FTX incident.
* Even though the bear market is scary, it is a good time to build and good for builders who are devoted to this industry.
* The degree of competition decreases.
* James’ team’s thesis is focused on what kind of narratives of products we will see in the next bull market.
**Web3 in 2023**
* Pyth wants to become native, understand the obstacles, challenges and culture, and figure out how they can best service all of their partners.
* They want to expand on different asset types.
* They believe there are better ways to run liquidations or exchanges.
* If a project is asset heavy, it’s more important to build something right than to build something fast.
* Security and scalability is a great window of opportunity.
* KCC is focusing more on infrastructure, community and their brand for developers to build and grow with them.
* DeFi will continue to thrive and breakout next bull run in a different way.
* James thinks once China re-opens after Covid19, the demand will increase that will push the risk of inflation of the U.S. which means the decrease of the rate hikes will be pushed forward even into 2024.
* Next year will not be a good year for crypto.
* Projects need to keep 18 months worth of cash flow and it is very important to pay attention to cash flows.
* MojitoSwap plans to introduce order book models, more ways to do swapping and introduce some modern trading ways.
* MojitoSwap will introduce more games for users to experience and enjoy.
* Iris is bullish on ZK tech.
**Pyth Network’s design**
* They have incentives both to discourage being a bad actor and encourage being a good actor.
* Trading firms actually never thought of data as something they could monetize.
* In Pyth’s architecture, they make sure there are 6-7 publishers in every symbol of assets.
**Check out these important links**
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* [Listen to the original Twitter space](
4 thoughts on “How important data is for Web3?”
Well, even if I don’t know anything much in this aspect, I know that dapps need data and most of them just source this data from oracles like LINK, DIA, or even TRB. This just makes development a whole lot faster.
These data is easily collected with APIs and oracles. Crypto payment platforms can encourage integration by allowing merchants integrate their API into their site, like Utrust, Stripe already does
>How important is DATA for Web3?
This is like asking how important is a ball to play football… Web3 is all about Data ownership! Either oracles like Link and Dia, or storage solutions like Filecoin to data marketplaces like Ocean, these are the foundations to what I hope that will stop happening like the Cambridge Analytica scandal again!
Oracles like LINK and DIA and data economy projects like OCEAN really made me understand how important data is for web3. Dapps need reliable data from oracle projects and everyone need a data economy where they share and monetize data.