DeFi believers in the back alleys of Cannes are searching for the next holy grail after fleeing the EthCC main venue.

Compiled by: Yuliya, PANews

PANews Editor's Note: Against the backdrop of a continued downturn in the crypto industry and escalating tensions between the US and Iran, the 9th EthCC (Ethereum Community Conference) was held as scheduled from March 30th to April 2nd, 2026 at the Palais des Filmères in Cannes, France. During the conference, DeFi builders gathered, striving to find the industry's next major breakthrough, while the tension between the "corporate" and "cypherpunk" factions within the crypto space became increasingly apparent. The following is a translated excerpt:

DeFi believers hidden behind the noise

In a back alley behind designer boutiques and beachfront hotels in Cannes, true believers in DeFi ignore the surrounding luxury.

Instead, they reminisce about the industry's glorious past, marveling at the growing influence of the "suit-wearers"—the increasing number of companies and traditional financial players crowding into the crypto space—and searching for the next major DeFi breakthrough.

During the annual EthCC conference, I joined them for an evening of candid conversations and free beer to get a glimpse into the perspectives of early adopters of DeFi, a sector that many feel is rapidly leaving them behind.

It is widely believed that EthCC’s privately hosted side events (usually closed-door and invitation-only) are the “real” meetings, away from the corporate coffee sponsors and paid speaking opportunities in the main venue.

Tuesday night's gathering was no exception; it was co-hosted by DLNews' sister companies DefiLlama and Octav, along with several DeFi-native sponsors.

A real carnival

The event was held at Barrel, a classic bar with draft beer, creaking wooden tables, and a bustling atmosphere. It was a stark contrast to the villas on the hillsides of Cannes and the marinas filled with luxury yachts, where the opulent sights constantly reminded people that this town was a popular destination for the global elite.

At the event, no one put on airs. That sense of authenticity, which is becoming increasingly rare in various meetings, was everywhere here.

“Let me introduce you to the founder, he’s a genius,” I overheard a reveler shouting to an acquaintance.

“Do you know this guy? He’s a conman,” another person joked about his friend.

For those on the fringes, this is both a networking opportunity and a chance to quickly learn about current hot trends in the DeFi space.

I've been told that peer-to-peer markets driven by ZKP (zero-knowledge proofs) can generate 500% annual returns. Others say that permissionless prediction markets can redefine our understanding of the world.

However, a sense of melancholy and nostalgia for the past also permeates the place.

Even today, many still regard the so-called DeFi Summer of 2020 as the pinnacle of on-chain finance. It was an exciting period, with DeFi applications growing rapidly and traders betting on whether new projects would lead the industry for the next decade or simply fleece their funds.

Key pioneers of the DeFi Summer, such as yield aggregator Yearn and decentralized exchange Curve, have been etched into the history of DeFi and still evoke fond memories for many in the industry—even those who bet on these projects and lost money.

The future does not belong to traditional industries

A key question is: what will be the next major breakthrough in blockchain?

Could this be related to prediction markets? Perhaps another decentralized stablecoin? The people I've asked aren't sure.

The only thing they were certain of was that future major innovations would not come from traditional companies.

What will truly drive innovation will be decentralized, permissionless technology, just like the original vision of Bitcoin and Ethereum. Any other ideas will be considered heretical.

Ultimately, it is this tension between the decentralized cypherpunks and the interests of corporations in the crypto space that will define the cryptocurrency industry in 2026.

Institutional interest in cryptocurrencies is at an all-time high. Many people I spoke with at the EthCC main venue made it clear that they were there to find clients, build business relationships, and sell products to corporate clients interested in cryptocurrencies.

The influx of large amounts of capital from traditional finance into the crypto industry is more pronounced than ever before, and its impact is becoming increasingly significant.

“Everyone is choosing a side,” one attendee said, referring to the split between corporations and cypherpunks. “Perhaps those in the middle are the ones being slaughtered.”