Exclusive Quick Interview with Token 2049 Title Sponsors: The Market is Maturing, We are on the Eve of Crypto Summer

Organizer: ChainCatcher

Another year of Token2049 has come to an end. Compared to last year's collective disappointment among the Chinese community with the "Web3 Jewish" essays, this year's summit seems to have become peaceful and joyful. Although we are still in a Crypto Winter, this year has been more lively than previous years, with attendance reaching a new high of over ten thousand people gathering in the small area of "坡县" (Poh County), enthusiastically shuttling and running between hundreds of events.

ChainCatcher also arrived in Singapore during Token 2049 and held an offline event themed "New Trends in Web3 and Changes in Investment and Financing" (which shocked us with the enthusiasm of our friends). Additionally, we interviewed more than ten Title Sponsors of this conference, including Justin Sun, discussing the new changes and trends observed during Token 2049 and the most intuitive feelings during our time in Singapore.

What impressed us the most was that these guests almost all felt an incredibly optimistic market atmosphere during the conference. Compared to last year, the industry has become more mature, and everyone in this ecosystem has shed FOMO and restlessness, becoming more calm and sincere. Everyone is actively exploring industry issues with an open and cooperative mindset (perhaps this reflects the cooling of the market, but it also brings some benefits). Furthermore, in terms of industry narratives, ZK remains a focal point, and RWA has almost become everyone's catchphrase… Overall, each year is better than the last, and of course, the biggest winner is still Singapore, which has once again triumphed this year.

Did you attend Token 2049 this year? We welcome your submissions for short essays.

Here is a quick Q&A session:

1. ChainCatcher: What were your most significant impressions from attending Token 2049 this year? Did you feel a sense of "Web3 FOMO" like last year? (Non-Chinese version: What were your most significant impressions from attending Token 2049 this year? Did you feel a sense of "Web3 FOMO" like last year?)

Justin Sun (Founder of Tron): This year, what impressed me the most is that the Asian narrative is becoming mainstream in the crypto world. More friendly and clear regulatory policies from various countries and regions in Asia provide an environment for innovation and development for Web3 practitioners. Singapore, Hong Kong, and the entire Asian region are releasing a huge talent and resource aggregation effect. The Web3 industry will usher in a future with more development opportunities.

Although I have experienced ups and downs in my 11 years of entrepreneurship, I personally do not feel the so-called "Web3 Jewish" sense of loss. First, crypto technology is a global strategy, and everyone will be involved. Our mission is to enable 8 billion people worldwide to achieve financial freedom, and forming a global consensus should be the goal of every practitioner and user in the crypto industry, which does not differ based on the practitioner's ethnicity; second, Chinese and Chinese-founded institutions and organizations still occupy advantageous positions in various subfields of the industry. Exchanges founded by Chinese, such as Binance and Huobi HTX, remain the safest and most trustworthy exchanges, and TRON is one of the most popular public chains. Finally, regions in Asia, such as Hong Kong, Japan, South Korea, and Singapore, continue to release more crypto-friendly regulatory policies, providing a rare strategic opportunity for the development of the global blockchain industry.

Lennix Lai (Chief Business Officer of OKX): This year's scale is larger than last year. Although the industry still seems relatively quiet in terms of trading volume and other indicators, so many people and projects are participating, and the scale is even larger than in previous years, which indicates that the foundation and underlying strength of this industry are still good and very resilient. This represents that when the market warms up, we will not lack the motivation for development. Every year there are new tracks, or some more segmented tracks emerge, which also represents that there are constantly talents and funds chasing opportunities here. Just at the events in Singapore, we can see so many talents, funds, projects, companies, and tracks that are so vibrant and active, which is enough to represent the real fundamentals; there are still many people paying attention to our industry.

After experiencing a whirlwind week of TOKEN2049, it is clear that the industry is transitioning from the "Web3 FOMO" phase of market participants to the "Web3 Acceptance" phase. Web3 represents not just cryptocurrency trading; it represents the integration of blockchain into our daily online lives. I believe that most speakers at TOKEN 2049 understand that Web3 is the pathway to our next phase of mass adoption.

For some time now, OKX has been at the forefront of Web3 and has invested heavily in building an excellent team to design our Web3 wallet, which is the industry's most advanced and integrated Web3 product. I hope we can continue to attract users who are looking for a comprehensive, intuitive, and multifaceted wallet.

Aleksandr Mamasidikov (Founder & CEO of CrossFi): I had anticipated the excitement of TOKEN2049, as it is one of the major events of the year, but I was still very surprised by the scale. The attendance was impressive. This year's event spanned multiple floors, filled with booths from Web3 projects, and it was exciting to see so many participants and such diversity.

What impressed me the most was the genuine interest displayed by the attendees. Unlike some events that focus solely on quick profits and speculative trends, the participants at TOKEN2049 were very interested in the technology itself and its practical applications in various aspects of life and business. We have all witnessed a collective shift in the industry's mindset towards long-term value creation.

Many entrepreneurs view Web3 as an opportunity to enhance their business processes. Many countries are not only exploring various possibilities but are also open to collaboration and partnerships. This spirit of cooperation was evident throughout the conference, with attendees eager to explore how to integrate blockchain and decentralized technologies into existing operations. This was very encouraging for me.

John (VP of Klaytn Marketing): I can even say that this year's Token2049 was more vibrant and energetic than last year. Regardless of market sentiment, this year's Token2049 indicates that the blockchain industry is not only still building but is also thriving, especially in Asia. As Asian legislators lead in providing regulatory clarity, it has, in return, fostered confidence and opportunities in the blockchain industry. I can see Asia becoming the center of Web3 in the coming years.

Keith Kim (Strategic Head of Nexpace): At this event, it indeed felt like the atmosphere of FOMO has significantly improved compared to before. In the context of shrinking cash liquidity, projects lacking vision, execution, and technical strength seem to have diminished considerably. Overall, the evolution of market participants appears to be becoming more prudent, moving towards creating products that are both meaningful and valuable.

Chris (Business Director of Bitget): This is my first time attending Token 2049; it was tiring but very rewarding. Compared to the conference in Hong Kong in April, it was more international, with more projects, and the discussions were more focused on compliance and regulation, as well as which technologies will become narratives in the next cycle. Practitioners are less likely to talk about prices. Singapore is an efficient city where you can meet many practitioners in one afternoon, and I hope to align with new developments in the industry and create more connections.

Before 2020, the industry was in a wild phase. After the halving in 2020, DeFi Summer brought the industry's infrastructure. By 2023, we have seen public chains, GameFi, NFTs, LSD, RWA, Layer 2, and various ecosystems thriving. Although we have experienced two years of bear market, at Token 2049, we still saw practitioners who are passionate and hopeful about the industry, looking forward to the next halving and seeking opportunities. If the past four years were about "three connections and one leveling" for a city, then the theme of the next cycle will be about building a three-dimensional city with "speed, quality, and cost-effectiveness": city regulations (compliance), transportation (Layer 2), housing (storage), financial payments (CEX & wallets), entertainment (applications), and citizens (builders & users). Crypto builders will definitely create a more comfortable and convenient virtual city.

Andrei Grachev (Managing Partner of DWF): I encountered many motivated individuals in the industry this year. It doesn't feel like the previous FOMO; it feels like we are welcoming the spring of crypto—I've seen a lot of fundamentals, many smart people and companies, all actively seeking ways to facilitate the future of cryptocurrency.

Danny Chong (Tranchess): This year, compared to last year, it is evident that there are more people, but the conference has also become much more organized, with more projects, protocols, and booths visible. The content this year is slightly different from last year; for example, there are not many NFTs, but more Web3-related projects.

In addition, I feel that everyone seems to have become more optimistic. We are still in a bear market, but it is exciting to see so many people still committed to building. Whether at the exhibition or in forums, people convey a readiness to embrace a more positive future. Although we don't know how long it will take to get through the bear market, the people here are patiently building projects and striving to maintain their businesses. Compared to last year, project parties are focusing more on product development and the projects themselves rather than marketing.

Moreover, this year's Token 2049 is more diverse. Among the attendees, I saw more people involved in compliance and regulation, as well as many from Web2 companies. During the event, I also chatted with friends from traditional funds, private banks, and family offices. The diversity is also reflected in the fact that this year, not only local Singaporeans attended, but many friends from around the world, and I also saw more white faces. Perhaps the SEC's regulations in the U.S. are driving more North Americans to come to Asia.

Bestun Ibrahim (Market Head of Islamic Coin): Token 2049 not only had a large number of participants but was also very well organized. The interaction between attendees and our team impressed me; users genuinely wanted to understand the complex concepts and personal mechanisms behind our work, showing real curiosity and interest, and the questions and viewpoints raised were very challenging. This made me feel the vibrancy of Singapore's crypto community. The atmosphere of the entire event was filled with a collective passion and sincere curiosity.

This event also provided us with a platform to think about how to protect and support users while creating opportunities for other projects, utilizing our L1 (HAQQ) blockchain to provide real-world utility for the 2 billion Muslim community.

In summary, Token 2049 in Singapore is not just a gathering of crypto enthusiasts but a vibrant, well-planned, and insightful moment that highlights the growing importance of this city-state in the crypto world.

2. ChainCatcher: What new trends and narratives did you discover at this year's Token 2049? What was your most important takeaway personally?

Lennix Lai (OKX): The atmosphere in Singapore is lively. This city truly showcases its value as an important Web3 hub in the Asia-Pacific region and globally. The talent and entrepreneurial environment in Singapore and its surrounding areas are impressive. We are delighted to have so many people there, and we hope all attendees can meet some of us to learn more about OKX.

The biggest difference this year is that the industry's requirements for compliance have significantly increased, and everyone is moving towards compliance. This has its pros and cons; you must enhance certain aspects of product services, which will increase industry costs, such as anti-money laundering, but once these services are elevated to align with traditional finance, the communication costs and time with traditional funds are greatly reduced.

Additionally, I noticed that everyone's focus on technology development is also beginning to shift. Previously, there was more focus on Ethereum and Layer 1 ecosystems, but now there is also a move towards Layer 2. Moreover, zk technology is becoming more mature, with more academic validation and successful cases, and I believe it can truly solve blockchain scalability issues in the future.

My personal biggest takeaway is that our industry is slowly breaking out of its niche; this year, we have genuinely seen some real signs. Some inherent barriers to the financial system are beginning to disappear and gradually align. Traditional Web2 companies are also trying to transition some of their businesses to Web3. Breaking out means we can influence more people and signifies that what we do is more meaningful.

Helen (Polkadot): In the Ethereum camp, Layer 2 is still the mainstream narrative, with various Layer 2s competing. Vitalik proposed the Ethereum privacy pool and stateless (state expired) nodes as new ideas this year, which may become some entrepreneurial directions for next year.

Other established Layer 1s continue to expand into niche markets. The Move twins and Solana are competing for application resources, while Polkadot and Cosmos continue to strengthen cross-chain capabilities. Polkadot has delivered all major features outlined in its white paper and proposed a more flexible Core Time concept as the core of 2.0, providing more flexible and powerful support for onboarding applications. Near and Cardano remain low-key as always.

Overall, the feeling is that there is not much innovation in underlying infrastructure projects; currently, everyone is more focused on developing applications and supporting the middleware. At the exhibition, I saw several categories of applications, such as payment, custodian solutions, wallets, and various applications connected to Web2 continuing to thrive, along with gaming and social applications sprouting up. Everyone is patiently waiting for market changes.

Justin Sun (Tron): My three most important takeaways are that the Asian narrative will become mainstream in the industry, U.S. regulations have become very uncertain, so we are very optimistic about the development prospects of the crypto industry in South Korea, Japan, Singapore, and Hong Kong. The goal of the crypto industry is to achieve mass adoption. I believe that in the next ten years, the largest daily application scenario for cryptocurrencies and blockchain will still be stablecoin payment transactions, which are expected to grow by a hundredfold. After a series of risk events represented by the collapse of FTX, the crypto industry needs to work on transparency and global consensus to build trust.

John (Klaytn): Tokenization of Real World Assets (RWA) has undoubtedly become everyone's catchphrase. As the industry and technology mature, the "on-chain" integration of off-chain services and assets is becoming a focal point. Traditional industries are finally understanding the real benefits brought by integrating blockchain technology, and RWA is now at the forefront of the on-chain/off-chain merger; this is especially true as regulators continue to provide clearer information from a financial perspective.

Danny Chong (Tranchess): Regarding trends, I feel that overall, there is not much difference from last year; it is still about Layer 1, Layer 2, and zk proofs, which remain a hot topic this year, but their feasibility has been further proven this year.

If there is any difference from last year, the biggest one would be regulatory issues. In previous years, people might have viewed regulations negatively, but this year, everyone is more willing to advocate for positive regulation. After all, the industry always needs moderate governance, just as technology also needs regulatory guidance. For example, Singapore recently established a regulatory framework for stablecoins, which is a significant step forward as it facilitates connections between Web3 and some traditional trading and finance. Moreover, we can see many countries communicating with each other on crypto regulation. In fact, since last year, many countries have started issuing licenses and permits for crypto exchanges, such as Hashkey recently obtaining a virtual asset trading license in Hong Kong. Overall, regulation is moving towards a more positive side rather than a negative one.

I believe RWA will be the next mainstream crypto narrative because this track can combine DeFi with real assets and more practical use cases, and it has enormous development potential and will generate many use cases. Additionally, stablecoins are also a good narrative combined with RWA. Currently, most stablecoins are only pegged to the U.S. dollar, but stablecoins pegged to the euro, yen, etc., have great potential. For example, the EU's MiCA regulatory framework for the crypto industry has done well regarding euro stablecoins, and Japan has learned lessons from the FTX failure, thus being very strict in protecting individual users' asset safety, so it is expected to launch its own stablecoin. Furthermore, other countries are also developing CBDCs, so there is still enormous market and development potential in this area.

Keith Kim (Nexpace): If in the past many projects were buried in the philosophical aspects of blockchain (such as emphasizing decentralization), now it feels like every project should focus on practical benefits, expanding services in a more efficient direction. From this perspective, to reduce uncertainty, many projects welcoming regulation have emerged.

Aleksandr Mamasidikov (CrossFi): What impressed me is that mainstream narratives are proposing solutions around the decentralization of applications. It is clear that the industry has shifted its focus to the practical applications of end-users, businesses, and even large companies, which are actively seeking ways to optimize internal processes.

The interest in decentralization is not a new trend; it has been steadily developing for years. However, TOKEN2049 impressed me with the fact that the market has now reached a new level of maturity. It is no longer just about discussing theoretical concepts; it has become a ready-made solution. This shift from theory to practice proves the increasing maturity of the market. This is a milestone for the blockchain and decentralized technology industry.

Now we can confidently say that the market has placed its bets on decentralization. This aligns with CrossFi's development strategy, as it is based on the fundamental principles of decentralization. I feel reassured to see our vision aligning with the broader industry direction.

Andrei Grachev (DWF): What I observe are the trends of "people are still building" and "cash is king." This is a common situation in a bear market, and frankly, it's a good thing. Because if people want to raise funds, they need to demonstrate excellent performance and products. Therefore, more good projects will lead the future market.

3. ChainCatcher: What is the overall Crypto atmosphere in Singapore like? What details can you recall?

Helen (Polkadot): As always, it firmly occupies the center of the crypto market in Asia, and the atmosphere is even more vibrant than last year, making it hard to feel the signs of a bear market. However, the booming commercial atmosphere is a good thing, and I hope to see more technology-driven and academically grounded forums and sharing.

John (Klaytn): What touched me the most was the energy of everyone I met. Whether at our Klaytn booth or at an off-site event, almost every newcomer I interacted with ended up having at least a 30-minute or sometimes an hour-long conversation about the industry and its ongoing potential.

Aleksandr Mamasidikov (CrossFi): Singapore shows an increasing interest in new technologies. From the moment we set up the CrossFi booth, it was clear that this is a society at the forefront of embracing innovative ideas, as our booth never had a dull moment with visitors. The audience at TOKEN2049 was exceptionally active and eager to embrace new experiences.

Attendees demonstrated a high level of engagement with the Web3 industry narrative. They were not passive observers but active, curious questioners and challengers, showing interest in understanding how blockchain and decentralized technologies can be applied in companies and enhance business processes. Attendees were eager to explore practical applications, such as how these technologies work and how to effectively implement them, including how to use XFI for payments through POS terminals, etc.

Keith Kim (Nexpace): I feel that many builders or projects have calmly accepted the current Crypto Winter as a preparation process for welcoming a healthier Summer. I am very much looking forward to the actions of the builders who have remained so far.

Justin Sun (Tron): Singapore has consistently maintained an open and forward-looking attitude towards blockchain and Web3 policies, supporting and encouraging innovation in the financial and technology sectors.

What is the atmosphere of Crypto in Singapore like? I believe everyone who attended Token 2049 will have the answer. According to data disclosed by the organizers, this conference set a new attendance record, with over 10,000 people attending, more than 300 exhibitors, and over 400 surrounding events, making it the largest Web3 event globally this year.

Huobi upgraded its English brand (to HTX) during Token 2049 this year and, in collaboration with TRON, Meta Era, Alibaba Cloud, DWF Labs, and other event partners, held a brand upgrade and my personal 11th anniversary afterparty at Singapore's largest club. The atmosphere that day was very lively, with many partners, industry practitioners, and media friends present to support. This also reinforced my belief and determination as a steadfast evangelist, advocate, and builder in the crypto world, as well as a builder of industry infrastructure and a bridge between the cryptocurrency industry and regulators.

Andrei Grachev (DWF): Bullish. Although this does not reflect in investment deployments and token prices, I remain very optimistic about this industry. People may be picky in this market, but they are still very active.

Danny Chong (Tranchess): This year's Token 2049 is very diverse, with more investors and people from more countries coming to Singapore, which undoubtedly benefits Singapore. This is also thanks to the long-term investment and cooperation of Singapore's regulatory authorities in the crypto field, which has established relatively clear and explicit rules to assist Web3 projects. Therefore, it must be said that the Singapore government's thinking is very forward-looking.

4. ChainCatcher: Who or what type of person left the most profound impression on you?

Danny Chong (Tranchess): In fact, many people have left a deep impression on me; everyone is contributing to this industry. This year, there is a noticeable feeling that there are fewer people discussing fantastical ideas, while more are researching market strategies and having clearer thoughts. Those participating in this field are becoming more mature.

Moreover, I feel that everyone's sense of collaboration has strengthened. In previous years, it always felt like everyone was focused on their own projects, rarely paying attention to other happenings in the ecosystem, but this year, it feels like everyone has become open and willing to collaborate, and everyone is adopting a learning attitude. One small scene I can recall is about Vitalik; he is genuinely serious about issues. At one point, a woman from traditional finance asked Vitalik what opportunities there are for transitioning to Web3. Vitalik took a moment to think seriously before answering her question. The reason this scene left an impression on me is that there is a sincere thought process among those exchanging ideas, and this sincerity will drive the space we are in towards a better direction.

Helen (Polkadot): Still the zk-related Layer 2 project teams. The significant breakthroughs in ZKEVM and ZKVM are what I look forward to the most.

Aleksandr Mamasidikov (CrossFi): I believe many attendees share the same feelings as I do. Besides the very active and open audience and the exhibitors showcasing their projects, I was most impressed by Justin Sun's speech, where CrossFi had the opportunity to share the stage with him in a panel discussion. Justin Sun's speech left a deep impression, especially when he announced the rebranding of Huobi and its transition to HTX. It was clear that this move was not just about changing the name; it marked a profound shift in their development strategy. The focus is shifting towards global expansion. This ambitious goal resonated deeply with me and my team, as we also do not want to be limited to a single region but rather have a global vision.