Decrypt and Rug Radio’s parent company, DASTAN, took center stage at Consensus Hong Kong to present their vision for MYRIAD, their innovative prediction market platform. DASTAN President Farokh Sarmad made a compelling case for MYRIAD, declaring it poised to be “a good champion” for the entire crypto ecosystem.
During the ‘Predicting Media Success’ panel, Sarmad, alongside DASTAN CEO Loxley Fernandes, dove into how MYRIAD, with its integration into Decrypt and Rug Radio, is pioneering a new incentive model for media. He highlighted a fundamental imbalance, explaining, “Historically, the reader has received the least value from media, yet it should begin with them. The model should be top down, starting with the audience.”
MYRIAD aims to flip the script with its dynamic and participatory design, shifting incentives “from the bottom back up,” as Sarmad described. He elaborated, “Now, the participant truly benefits. They gain the ability to build their reputation on-chain, engage within the network, and even earn a share of its value.” This creates a ripple effect of benefits, flowing upwards to empower creators and, ultimately, those overseeing the entire system.
At the heart of DASTAN’s reimagined media landscape is MYRIAD, seamlessly blending on-chain prediction markets and interactive Quests with the content from Decrypt and Rug Radio that users already enjoy. Since launching its mainnet on Abstract in January, MYRIAD has already seen impressive traction, attracting over 415,000 new users via Abstract Wallet and facilitating a total of 1.2 million predictions.
DASTAN CEO Loxley Fernandes and President Farokh Sarmad. Image: Decrypt
DASTAN CEO Loxley Fernandes further emphasized MYRIAD’s unique approach, noting that users “more often than not, won’t be served ads, but rather served opportunities to participate in the content funnel.” He articulated that the platform is designed to cultivate a “reciprocal environment” for all involved.
“Instead of treating the consumer like the product and trying to extract from them,” Fernandes explained, MYRIAD empowers individuals to “participate in the creation of the news cycle and help us find sources of truth, and then, of course, rewards them and incentivizes them for doing that.”
Rug Radio’s Web3 Art and Culture Summit
This insightful panel discussion was part of Rug Radio’s broader presence at Consensus, highlighting their Web3 Art and Culture Summit. The summit showcased a diverse array of brands, creators, entrepreneurs, and developers who are leveraging Web3 technology to redefine the landscapes of art and culture.
Another engaging discussion, titled “Does Crypto Have a Culture?”, brought panelists together to consider the evolving identity of the crypto space.
Sebastien, Founder and CEO of Sophon, shared his perspective that crypto culture has primarily been shaped by communities “making money together.”
He underscored the importance of airdrops in establishing enduring communities around new ventures, citing the launch of HYPE as a prime example. “They initiated at a low enough price point that even those who missed the HYPE airdrop could still participate and potentially profit,” he explained. “By launching at a relatively accessible valuation, they effectively invited everyone to become a community member.”
Mike Three, Creative Director at MOG, pointed out that the crypto world is currently experiencing a “culture shock.” He noted the tension between long-term crypto enthusiasts and newcomers who “don’t necessarily share the same core principles of decentralization and the importance of permissionless transactions.”
“Much of the friction arises from having unfair expectations of new participants,” he commented. He further highlighted the prevalent focus on financial incentives in onboarding conversations, questioning, “But how are we effectively onboarding them culturally and philosophically?”
Pedro Gomes, Founder and Director of the WalletConnect Foundation, emphasized that distinct Web3 brands require tailored strategies for cultivating their unique brand identity and culture.
For WalletConnect, Gomes drew an analogy to the familiar experience of using brands like Visa. He explained that consumers regularly use services like Visa and MasterCard without consciously thinking about them. “Every bank relies on them for almost every payment we make daily—from booking flights to Hong Kong to paying for a cup of coffee,” he stated. “It’s a seamless, trustworthy presence because it’s simply everywhere.”
WalletConnect aims to replicate this “safe and seamless experience,” Gomes clarified, adding, “As long as you are using WalletConnect, you’ll have a great experience, unbound by any single partner we work with.”
Sarmad concluded that a key takeaway from the day was that “People are eager to support strong products and applications.” He pointed to the panelists’ ventures, highlighting MOG as “an established meme coin that has cultivated a community for nearly two years,” and WalletConnect as “a product utilized by tens of millions of individuals.”
“People are increasingly wanting to back credible founders within the industry,” he noted, adding that there’s a clear desire for “a genuine return to culture.”
