Newconomics 2023 - Meet our Speakers: Oleg Fomenko

Are you coming to the Newconomics event in November to explore the new economics principles for global business? If you are, then you can look forward to learning from some great speakers working in the Web3 space including Oleg Fomenko, Co-founder and CEO of Sweat Economy. Here’s a taste of what you can look forward to in Lisbon.

Beyond TVL: Seeking True Success Metrics in Web3

“Web3 is really exciting. To me, it means allowing billions of people to have true ownership of what they have and the assets they do not yet realise are valuable - like physical activity.

Anyone and everyone with a smartphone in their pocket can now get paid to be physically active instead of having to pay for the pleasure. Think of it like the attention economy but for exercise and movement. 

Web3 has all the potential to be as widely adopted as the internet and It could become a catalyst for just as much innovation, but we need to change a lot in order for this to happen.

This means making sure there’s no space for scam-based projects. Then, we need to realise the real metric that matters most. It’s not TVL (Total Value Locked), which is the metric used to measure the total value of digital assets that are locked into a platform or app. It’s nothing but a vanity metric, and it doesn’t reflect the project’s potential success.

The internet became a huge industry when we all realised that the metric that matters the most is active users. In Web3 this is even more pronounced - it costs the same amount in gas (the fee needed to conduct a transaction or execute a contract) to process a transaction of a dollar or a billion dollars. We need a metric that forces everyone to innovate for mass adoption instead of a zero-sum game of shifting TVL from one protocol to another.

Web3 also needs innovation that has mass appeal and not just to the crypto crowd. We need to do what email and the internet did for thousands of homes - we need to solve really big problems instead of just innovating around regulations and legal frameworks.”

Find out more about the new economics of Web3 and how it can change the way we work together at the Newconomics event in Lisbon. Full details and registration can be found on the website.