On February 10, the “Build and Scale in 2026” themed forum—co-organized by ChainCatcher, RootData, and Alibaba Cloud—was successfully held in Hong Kong. At the event, representatives from over a dozen prominent projects and institutions—including Jayendra Jog, Co-Founder of Sei Labs; Leo Li, Head of Alibaba Cloud’s Greater China & Hong Kong Digital-Native Business; Sam MacPherson, Co-Founder of Spark; Eric Chong, Deputy Director of Research at Chief Trade; Art Aba, Managing Director of Vana Foundation; Yiying Hu, Chief Operating Officer of Jarsy; Hunter, Co-Founder of Web3 asset data platform RootData; Lulu, APAC Marketing Lead at Billions; Laughing, APAC Lead at KiteAI; Carter Feldman, Founder & CEO of Psy Protocol; and Bitcoinmaodu, CEO of Huazhi Education RWA—delivered keynote speeches and participated in panel discussions centered on integrated innovation for market opportunities and growth pathways in the new cycle.
Keynote Speech
Michael, Co-Founder & CEO of ZK verifiable computation platform Brevis, delivered a keynote titled “The Infinite Computation Layer: Where Everything Is Computable,” sharing how ZK technology is driving a fundamental paradigm shift in blockchain computation. Michael pointed out that current on-chain computation on blockchains remains costly and slow. Brevis’s proposed “verifiable computation” paradigm shifts heavy computation off-chain while requiring only low-cost proof verification on-chain—decoupling computation from verification—and simultaneously supports privacy-preserving use cases.
The presentation showcased performance breakthroughs of Brevis’s core product, Pico ZKVM: its latest-generation Pico Prism completes Ethereum block proofs in an average of 6.9 seconds, with 99.6% of blocks proven within 12 seconds—the first implementation of Ethereum Real-Time Proofs (RTP). Today, Pico ZKVM functions as an “on-chain ZK data co-processor,” already deployed across multiple scenarios including privacy-preserving incentive distribution, high-performance DeFi, and trustless on-chain data computation—and provides Rust-based development support requiring zero prior ZK expertise. Michael predicted that over the next decade, 99% of blockchain computation will occur off-chain, verified via ZK proofs. Brevis is actively advancing this transition through its verifiable computation infrastructure.
Jayendra Jog, Co-Founder of Sei Labs, delivered a keynote titled “The Future of Payments: The State of Stablecoins in 2026,” arguing that stablecoins are evolving beyond DeFi to become blockchain’s killer application—and that their yield-generating models hold greater revenue potential than transaction fees alone. However, regarding the current surge in “dedicated stablecoin chains,” Jayendra Jog expressed cautious skepticism. He noted that although such chains offer marginal optimizations in throughput and compliance features, their differentiation remains limited—and they have yet to demonstrate effective traction at scale.
Jayendra Jog also highlighted Sei Network’s latest developments. He stated that Sei Network is now the lowest-cost EVM-compatible stablecoin transfer chain, with an average cost of just USD $0.0005 for every 200 stablecoin transfers. The upcoming Sei Giga upgrade will deliver up to 200,000 TPS and sub-400ms finality—providing high-performance infrastructure for stablecoin payments, RWAs, and derivatives trading.
Sam MacPherson, Co-Founder of Spark, delivered a keynote titled “The Growth Engine of DeFi,” systematically outlining how Spark addresses fragmentation and inefficiency in on-chain capital markets by integrating savings, lending, and institutional-grade capital allocation into a unified solution. Sam MacPherson emphasized that today’s on-chain capital markets still face severe fragmentation and low capital utilization efficiency.
Spark builds its growth engine around three core products:
First, Spark Savings—a cross-chain savings account—has already managed over USD $2.75 billion in deposits, offering users a secure and stable yield entry point;
Second, SparkLend—a blue-chip asset-focused lending protocol—that captures value by reducing external protocol fees and internal protocol costs;
Third, institutional lending, developed in partnership with Anchorage Digital—bridging risk-adjusted returns across DeFi, CeFi, and traditional finance.
He argued that the next phase of DeFi growth will hinge on integrated protocols capable of seamlessly aggregating multi-chain liquidity, delivering institutional-grade risk management, and sustaining robust token economics. Spark is advancing DeFi toward greater efficiency and resilience through its product suite and ecosystem development.
Eric Chong, Deputy Director of Research at Chief Trade, delivered a keynote titled “
ChainCatcher Hong Kong Forum: Implications for Crypto’s Next Growth Cycle
The “Build and Scale in 2026” forum in Hong Kong, co-organized by ChainCatcher, RootData, and Alibaba Cloud, has provided critical insights into the strategic directions of leading blockchain projects as we approach the next market cycle. The convergence of heavyweight projects—including Sei Labs, Brevis, and Spark—around specific technological and market paradigms signals a maturation of the crypto ecosystem beyond mere speculation toward infrastructure-focused innovation.
ZK Technology: The Computational Paradigm Shift
Michael’s presentation on Brevis’s verifiable computation paradigm represents a potentially fundamental rethinking of blockchain architecture. The claim that 99% of blockchain computation will occur off-chain, verified via ZK proofs, is not merely technical conjecture but a vision for how blockchains might evolve to handle mass adoption. Brevis’s Pico ZKVM achieving Ethereum Real-Time Proofs (RTP) with 99.6% of blocks proven within 12 seconds is a significant technical milestone that could dramatically reduce latency for dApp interactions.
For investors, this suggests a strategic reallocation toward ZK infrastructure projects capable of delivering practical performance improvements. The implications extend beyond Brevis itself to the entire ZK ecosystem, including ZK-rollups like zkSync and StarkWare, which stand to benefit from the technological validation and growing developer interest in ZK tooling. However, the race for ZK dominance intensifies, and investors should scrutinize each project’s unique value proposition beyond generic ZK claims.
Stablecoins: Beyond DeFi to Killer Application Status
Jayendra Jog’s assertion that stablecoins are evolving into blockchain’s killer application reflects a growing consensus that utility will ultimately drive crypto adoption more than speculative gains. Sei Network’s positioning as the lowest-cost EVM-compatible stablecoin transfer chain at $0.0005 per 200 transfers demonstrates a strategic focus on the practical infrastructure required for mass adoption.
However, Jog’s skepticism toward “dedicated stablecoin chains” warrants investor caution. While several projects are rushing to build specialized stablecoin infrastructure, the differentiation and network effects required for success remain questionable. This suggests a potential market correction among overhyped stablecoin chains that fail to demonstrate compelling advantages over established multi-purpose blockchains.
Sei’s upcoming Giga upgrade (200,000 TPS, sub-400ms finality) positions it as a serious contender for high-throughput applications, particularly in stablecoin payments, RWA (Real World Assets), and derivatives trading. For investors, this highlights the importance of evaluating not just current metrics but the scalability roadmaps of infrastructure projects.
DeFi: The Path to Institutional Integration
Sam MacPherson’s presentation on Spark’s integrated approach to DeFi capital markets addresses a critical pain point: the fragmentation and inefficiency plaguing current on-chain finance. Spark’s three-pronged strategy—savings, lending, and institutional capital—represents a pragmatic evolution toward more capital-efficient DeFi protocols.
The $2.75 billion in deposits managed by Spark Savings demonstrates early traction, while the partnership with Anchorage Digital for institutional lending signals a concerted effort to bridge traditional finance with DeFi. This integrated approach appears more sustainable than isolated DeFi protocols competing for liquidity in a fragmented landscape.
For investors, Spark’s model suggests a maturation of DeFi beyond primitive yield farming toward more sophisticated capital markets. However, the integration of institutional capital also introduces new risks around compliance, counterparty risk, and potential regulatory scrutiny.
Strategic Implications for Investors
The forum reveals several strategic shifts with investment implications:
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Infrastructure Over Speculation: The clear focus on scaling solutions (ZK proofs, high TPS) indicates that the next cycle may reward infrastructure projects delivering practical improvements rather than speculative tokens.
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Enterprise Integration: Alibaba Cloud’s participation and the emphasis on institutional-grade solutions suggest increasing convergence between traditional enterprise needs and blockchain capabilities.
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Specialization vs. Generalization: While specialized chains (like stablecoin chains) are emerging, the skepticism from some founders suggests that multi-purpose blockchains with specific optimizations may ultimately prevail.
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Real-World Asset (RWA) Integration: Multiple speakers referenced RWAs, indicating this as a critical growth area for blockchain adoption in traditional finance.
Risks and Challenges
Despite the optimistic outlook, several risks merit investor attention:
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Technological Implementation Risk: ZK technology, while promising, remains complex and vulnerable to security vulnerabilities. The race to implement cutting-edge ZK solutions may lead to exploitable bugs.
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Regulatory Uncertainty: Particularly for stablecoins and integrated DeFi protocols, regulatory clarity remains a moving target that could significantly impact valuations.
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Market Fragmentation: The proliferation of specialized chains and protocols may create an overly fragmented landscape, hindering user experience and liquidity efficiency.
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Enterprise Adoption Timelines: While enterprise interest is growing, actual blockchain adoption in traditional enterprises often proceeds more slowly than anticipated.
Conclusion
The ChainCatcher forum highlights a maturing crypto ecosystem focused on solving real-world problems through technological innovation. The next market cycle appears increasingly likely to be driven by infrastructure projects delivering practical improvements in scalability, cost efficiency, and user experience. Investors should focus on projects with clear technological differentiation, demonstrated progress toward stated milestones, and pathways to generating sustainable revenue beyond token speculation.
While the long-term vision presented by these founders is compelling, investors must maintain discipline in evaluating execution risk and the potential for market overhype in specific niches. The convergence of traditional enterprise interest with blockchain innovation, exemplified by Alibaba Cloud’s involvement, may prove to be the catalyst for broader institutional adoption in the coming cycle.