Matt Cutler, founder of Blocknative and a seasoned entrepreneur, shares his wealth of experience from building companies through various internet eras. He reflects on the early days of the internet, discussing innovations like Gopher and the Mosaic browser. Cutler articulates the importance of understanding the 'why' behind Web3 and its economic potential, addressing both skepticism and the transformative changes in decentralized finance (DeFi). He emphasizes the need for innovation and supportive regulations to navigate the challenges of today's blockchain landscape.
Matt Cutler discusses the evolution from the early internet to Web3, emphasizing the importance of timing and resilience in entrepreneurship.
He identifies the massive potential within the financial services sector for blockchain technology to create efficiencies and address global challenges.
Deep dives
Matt Cutler's Entrepreneurial Journey
Matt Cutler, founder of BlockNative, shares his extensive experience in building internet companies across major technological eras, including the current cryptocurrency phase. He reflects on the evolution of internet technology from its early days at MIT to the contemporary landscape of Web3, emphasizing the importance of timing in entrepreneurship. His journey illustrates how he navigated through various stages of technological advancement, learning valuable lessons about resilience and adaptation. He encourages others in the crypto space to understand their motivations and remain committed to innovation despite market fluctuations.
Observing Parallels Between Past and Present
Cutler draws parallels between the early internet era and the current crypto landscape, highlighting the skepticism and challenges faced during their respective foundational periods. Just as the internet faced doubt from the mainstream population, the crypto space is often perceived as risky or fraudulent, yet Cutler sees immense potential for growth and innovation. He emphasizes the excitement of engaging with 'weird' use cases in Web3, mirroring how early internet users pursued unconventional online experiences. This perspective fosters optimism about the evolution of the crypto ecosystem as it continues to mature.
The Economic Opportunity in Financial Services
Cutler discusses the significant size of the global financial services sector and the opportunity it presents for blockchain technology to create efficiencies. He provides a compelling statistic: the financial services industry comprises $33.5 trillion of the global economy, highlighting a vast opportunity for improvement through innovative technology. By transforming traditional financial services to capitalize on emerging technologies, he argues that billions in potential economic output could be redirected toward addressing global challenges. This underscores the idea that crypto can play a pivotal role in reshaping the financial landscape and solving pressing societal issues.
Addressing the Gas Fees and Next-Gen Architectures
Cutler identifies the often-overlooked area of gas fees as a significant problem within the Web3 ecosystem while introducing potential opportunities for innovation. He cites that approximately $5.2 billion was spent on Web3 fees over the past year and highlights the complexity of gas markets as they evolve. By advocating for the creation of a gas network, Cutler aims to provide a framework for better managing gas fees across different chains, potentially enhancing interoperability. This focus on both big and small challenges illustrates the wide array of opportunities available to builders in the evolving landscape of blockchain technology.
Matt Cutler is the founder of Blocknative and the combination of a fantastic storyteller and a fantastic data analyst.
Blocknative is not his first company, It’s his fifth. Matt’s first company was an internet company that he started in the 90s well before the dot com boom and he founded a company in every major internet era since.
In today’s Bankless Summit talk, we hear from Matt’s experience and wisdom so we can learn how the rise of blockchain technology contrasts with the rise of the Internet and why we are here in the first place.