This year's TOKEN2049 is still exceptionally lively.

Author: Tuoluo Finance

This year's Token2049 is exceptionally lively, and Singapore has once again become the holy land of Web3.

A year ago, the dispute between Singapore and Hong Kong was still in full swing, but a year later, the standoff between the two has gradually subsided. With the conclusion of the licensing system, Hong Kong's various policy advantages seem to have failed to shake Singapore's position as the Western outpost. Due to the reduction in controversial topics, Singapore has also been relatively low-key in the past year, and the development of the local Web3 has been shrouded in mystery, existing only in the rumors of the public.

In terms of data, Singapore's influence remains outstanding. The Token2049 held locally has undoubtedly become one of the top and largest conferences in the industry. Compared to previous editions, this year's conference has expanded in scale, with a record high number of attendees and participants from over 150 countries and more than 7,000 companies, making it a perfect punctuation for this grand event.

Compared to previous conferences, the most prominent feature this year is the significantly larger scale of side events. Under the collective revelry, it is not surprising to have over a hundred peripheral activities, but this year, the number of side events at Token2049 in Singapore has even approached 800, which is still astonishing. In these side events, major exchanges and project parties have all joined in, with various types of activities one after another, truly allowing the entire Singapore to experience the unique charm of the coin circle. Of course, the frequent side events have inevitably caused some crowding at the main venue, as most of the free activities undoubtedly offer better value for money.

As for why there are so many side events, some analysts believe that participating in the most influential events under limited budgets has become an operational consensus. Participating in Token2049 in Singapore is also part of PR. In addition to the more direct access to project and capital resources, the public exposure in front of the masses is also beneficial for building trust and brand image, and is more conducive to subsequent community traffic. Of course, this is just one perspective. However, after nearly a year of liquidity mismatch, most project parties are feeling the pinch. According to disclosures from most attendees, both the conference meals and the exhibition gifts from project parties are showing signs of downgrading.

It is worth mentioning that the international nature of the participants at the main venue is more prominent. Although there have been many overseas participants in the past, the proportion of Chinese faces has always been high. However, in this year's main venue, the number of Chinese faces has sharply decreased, reflecting more Western narrative characteristics. Interestingly, at the side events, Chinese figures are still very active.

In terms of topics, regardless of the various individual sections of the side events, the topics at Token2049 are still rich, focusing on current hot topics. Bitcoin Layer2 continues to be a focus, the AI+DePin concept is gaining lasting momentum, the popular TON is still receiving attention, and the integration of Web2 represented by ETF and RWA is also setting sail. Ethereum, driven by V God, has once again become a focus. In addition, the rise of SUI during the conference period has also attracted attention, with some attendees predicting that major positive news is about to land, and the optimistic voices are endless.

Of course, this year's conference is no different from previous ones. In addition to discussing trends and developments at the orthodox conference, the mingling and gossiping at the sidelines have never disappointed. Apart from the frenzy over photos of middle-aged women, various "quarrel gates" and "scandal gates" are becoming more and more intense, and there is even a trend towards becoming like Xiaohongshu (a Chinese social media platform), which has also attracted many industry professionals' ridicule.

Returning to the main theme, looking at the annual essays on Token2049, it seems to accurately outline the current situation. Following the Jewish people of Web3, the debate between Eastern and Western capital not picking up each other's slack, the victory of centralized exchanges, and the VC's defeat, one after another, truly reflects the rotation cycle of Web3 ecosystem roles. This year, perhaps due to the distraction caused by the side events, there has not yet been a small essay released, but the trend analysis in the speeches is still particularly important.

In this regard, Tuoluo Finance has specially integrated the views of some participating guests to see the points and trends discussed by the guests in Singapore. Note: The content is from Blockbeats, Jinse, and other external sources, with some deletions and modifications.

Vitalik Buterin, Co-founder of Ethereum

People often say that the crypto industry is still in its early stages, and we are still building infrastructure. Indeed, things like the internet took a long time to materialize, and there have been discussions since the launch of Bitcoin. However, the reality challenge we face today is that the crypto field is no longer in its early stages.

Ethereum as a project has been in existence for over 10 years, and in the 15 years since the birth of Bitcoin, we have seen things like ChatGPT go from non-existent to suddenly rising, completely changing the public's imagination of artificial intelligence.

I believe that we are not in the early stages of the crypto field, but we are indeed in a special stage. The main goal for Ethereum in the next ten years is to meet mainstream adoption while maintaining open source and decentralized values.

Full speech: https://www.tuoluo.cn/article/detail-10116119.html

Jeremy Allaire, Co-founder and CEO of Circle

In envisioning the future of the crypto market, in Circle's vision 1.0, this is essentially a world where the marginal cost of storing and transferring value is zero. In this world, the user experience of trading on these media will be as simple and seamless as using major software tools on the internet. We haven't fully reached this goal yet, but we are very close. However, I believe that in the next year, we will make progress on related practical tools. As we approach the vision 1.0, the speed of currency circulation and the real economy in the world will increase significantly. If we have this high speed of currency circulation, the ability for people to benefit economically from it will be significant.

We are still in the early stages, despite making huge progress in decentralized finance (DeFi), we are just beginning to explore this area. I would compare the current situation to when the iPhone was released, there were many creative ideas about mobile devices at that time.

Kyle Samani, Co-founder and Managing Partner of Multicoin Capital

Ethereum has been in development for over 9 years, and in these 9 years, there have been three most important events. First, the rise of DeFi, becoming the most important application of blockchain. Although DeFi had been developing before 2020, the real explosion was in the DeFi "summer" of 2020. This was 5 years after the release of Ethereum. The second major event was Ethereum's decision in October 2020 to adopt a roll-up-centric scaling roadmap. The third is Ethereum's transition from proof of work (PoW) to proof of stake (PoS) in 2022.

Currently, Ethereum is no longer the center of value capture. The roll-up-centric roadmap has clearly shifted transaction fees and MEV (maximum extractable value) fees from L1 to L2, L3, and even L4. Although this roadmap has successfully pushed transactions to the L2 layer, it has also moved most of the value creation away from Ethereum. Almost all transactions are now on L2, with over 90% of transactions occurring on L2.

From Solana's perspective, we have three unique advantages that are almost impossible for other communities to replicate, which is why we are more optimistic about its future. First is the token extension feature, which was launched earlier this year, providing many features for payment companies or major global asset issuers, such as built-in income features, confidential transmission features (hiding sender and receiver), asset issuance and revocation features, etc. These features were developed based on the direct needs of payment companies and Wall Street, and are now live on the mainnet. I emphasize this because we not only have DeFi and other decentralized financial tools, but we also need to meet the needs of regulated finance. Without these integrated features, regulated financial companies will not be able to go on-chain on a large scale.

• The second is the upcoming new Solana client Firedancer, developed by Jump Trading. The third is the hardware expansion related to Firedancer. One of Solana's design principles is natural expansion through parallel hardware. This is a key concept in the core system design: achieving our goal of building a decentralized Nasdaq. The Ethereum Virtual Machine (EVM) is a single-threaded processor, and although they have been talking about parallelization for 9 years, there has been no substantial progress to date. We believe that this comprehensive embrace of parallel processing will become more evident in the coming years, especially with the expansion of on-chain assets.

Star, CEO of OKX

The crypto industry will not simply replicate traditional trading structures. Because the crypto industry is fundamentally a technology-driven industry. Many new technologies will make these typical market structures no longer necessary, and many better market structures will emerge. Self-custody is a great technology.

In the thousands of years of human history, after we created wealth, such as gold or silver, people put it back at home, under the bed. In the digital age, when we get money, there is a third party agent to help us manage this money. I think self-custody technology provides a choice for human society, allowing people to control their funds themselves, rather than relying on others. I believe this will be a better future.

Shayne Coplan, Founder and CEO of Polymarket

To create a good product, starting from the marketing and promotion side, first build a core user group and find the user profile who truly likes the product. It takes time to figure out how to focus on building a useful product. Once the product is developed, it is necessary to understand its positioning in the market: how does it compare to competitors, and what unmet needs are there in the market? If the project starts marketing before truly creating a useful product, then they are not really promoting it.

After finding the target users and identifying the group to target, it is necessary to find the appropriate distribution channels to reach them. Polymarket usually chooses specific vertical markets first. Developers need to focus on creating some products with practical value, understand its positioning in the market, and whether it can meet some potential or unmet needs compared to competitors and alternatives.

In terms of attracting audiences, Shayne believes that rapid iteration of product development is crucial.

Alex Svanevik, CEO of Nansen

If Harris is elected, it may continue the current government's relatively unfriendly policies towards the cryptocurrency industry. But Harris' election may be beneficial for cryptocurrency businesses outside the United States, as American companies may move their businesses overseas. He revealed that founders and CEOs have expressed that if Harris wins, they will consider relocating their businesses. Svanevik emphasized that from a global perspective, non-Americans may be more supportive of Harris' election, as this will prompt more cryptocurrency businesses to move outside the United States.

Vance Spencer, Co-founder and General Partner of Framework Ventures

If I were to start a fund from scratch now, I would be very focused, just like we were in 2019. I might move to India, China, or Hong Kong. I would try to focus on a regional market, and I might delve into a specific area. I think the difficulty of starting as a venture capitalist now is that the competition is too fierce. We still haven't seen any fund in this cycle show breakthrough performance, like someone investing in a project and getting a 1000x return, and then becoming a "big shot," which may not be realistic now.

I think the period from 2018 to 2022 will be a very unique period in the history of this industry, to the point where I don't think everyone here can grow from a fund size of about $10 million to several billion dollars.

Arthur Hayes, Founder of BitMEX and CIO of Maelstrom

Today is Fed Day, when the Federal Reserve will begin cutting interest rates, and ETH is an internet bond with a staking rate of about 4%. As long as the Fed's interest rate cut leads to market expectations of US Treasury yields below 4%, ETH will become attractive, and the ETH bull market will rise again.

He also said that with the Fed's interest rate cut, there will be new winners and losers in the cryptocurrency tokens. Tokens that exceed the yield of US Treasury bonds will be winners, such as ENA, ETH, ETHFI, PENDLE, while RWA tokens like ONDO will be losers.

Qiao Wang, Investor at Pump.fun

In the crypto field, creating a successful consumer application, I don't think gamification is necessary. Fundamentally, user stickiness is important, whether it can have high retention, comes from whether you have solved the real core needs of consumers. Gamification is indeed interesting and effectively increases retention, but it is not a long-term solution. If your product has flaws, people don't want to use it, even if they use it because of some incentive, they will leave immediately after using it. I think no amount of gamification can change that.

However, in highly saturated markets, especially in heavily homogenized product tracks, the gamification of applications is most evident. In this case, companies need to maintain customer loyalty and retention through manual means, because the switching cost between products is low.

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