Original - Odaily
Organize - jk
The Token 2049 conference has just concluded, setting up a platform for the Web3 industry to discuss blockchain, cryptocurrency and decentralized technology. This is not only a grand event focusing on technology and finance, but also a collision of ideas and discussion of the future. Participants enthusiastically shared their views, insights and experiences, which not only increased mutual understanding within the industry, but also provided a comprehensive and diverse perspective to the outside world.
In order to let more people understand the impact and significance of this conference on Web3, Odaily has hereby collected testimonials from participants and collected and presented the voices of experts, start-up entrepreneurs, developers and blockchain enthusiasts from all walks of life as follows .
Will Wang,Partner at Generative Ventures
After reading many people’s 2049 essays, I can deeply feel the mixture ofDesire, despair are also the taste of delusion; Some people are longing for the so-called bull market next year. This desire seems to have started brewing the moment the bear market comes, as if nothing is done and the cycle happens naturally; some people are full of despair about the lack of narrative and rush but dare not express it wantonly , and finally must explain some specious half-baked tracks and delusions of opportunity prediction, so that staying in such an expensive hotel and being exhausted every day to socialize there is meaningless, and finally looked at taking a photo with some crypto celebrities Take the photo and send it to a circle of friends to make friends.
Maybe many practitioners dont realize or dont want to realize that this industry has already lost its most basic credibility in the past few years. This is a self-destructive attack that pulls all the firepower out of the cauldron. It also means that there will be no real increment, but rather Existing practitioners themselves care about obscenity; these credits include the basic credit between investors and entrepreneurs that this industry originally accumulated through the mobile Internet era, and also include the basic operating mechanism of the company under the joint-stock board of directors system, as well as the century-old traditional finance As a result of the continuous strengthening of supervision in the system, these basic credits were taken for granted in the industry, and then destroyed. Finally, everyone woke up and there was no long-termism.
So now is the moment of post-disaster reconstruction, the moment of returning to the fundamentalism of Satoshi Nakamoto getting rid of trusted 3rd party;Rather than looking forward to a bull market, it would be better to cheer for any progress and progress that can help rebuild the credit of this industry. So is there any?Let’s count them together and see which builders have made outstanding contributions to reaffirming the necessity and credibility of this industry to the technical and financial fields. I want to take a picture with these builders.
Finally, let’s talk about some changes, or at least variables, that are really worth observing besides intent, tg bot, and ft:
First, are institutions entering the market?Whether it is the PayPal stablecoin on the capital side, the edxm on the exchange side, or the ETF application on the asset capital side, etc.; one of my views is that the so-called Bitcoin halving cycle in this industry is a small cycle, and the real big cycle has only been experienced once. , is the first cycle since the birth of the industry, which I call the retail cycle of US dollar quantitative easing. This retail market is very similar to Chinas A-shares, except that Binance is a four-in-one securities regulatory exchange, investment bank, and investment bank. existence; whether the industry can evolve into a larger market with a higher proportion of institutions in the future needs to be paid attention to. My definition of institutional entry is not that institutions are throwing away money, or that some consumer and retail giants are just trying NFT. What I am concerned about is when you can purchase digital assets through your HSBC APP or various banking and securities trading interfaces. Appearing with the best UI is the first step. Let’s see if the next decade is an “institutional cycle in an era of monetary easing.”
Second, is the interest rate spread decreasing?Whether it is the efforts of US debt RWA or the tokenization of various assets, there is a basic logic that needs to be considered, which is why users go to the chain to buy off-chain assets, but practitioners are trying to use various methods to reduce The interest rate difference between inside and outside the pool; of course, one thing I have been calling for is that this industry lacks a basic financial facility similar to Yue Bao. If ETH is a currency-based risk-free return, but the annual return is billions of dollars The market is not enough to support a huge financial market, so is there an opportunity to at least create a U-standard YuE Bao? Otherwise, no matter how hard Wallet works to get many people to pretend, and Onramp works hard to get many people to join, in the end, if the money is placed here, won’t it still be bullied by inflation? So if people are forced to bet on big and small, then users will not mass adopt, and it will just be Binances 100 million or so global gamblers.
Third, is trust being rebuilt?The world is very contradictory. The premise for us to build a trustless network is that people are willing to invest resources to trust this thing; of course, this industry is also wonderful. The early investment of these resources comes from the nourishment of believers and gamblers. ; This industry is also very brave. Making the ledger public means that every cyber attack and hacker stealing money will be exposed to public opinion, while centralized banks may only need to modify the data, and this industry needs to make repairs in full view of the public every day. Supplement; I have been trying to find clues to re-establish trust in this industry by chatting with the founders of new projects. Is it relying on a project, an event, or peer support? Who is rebuilding trust, or whose initiatives are helping to rebuild trust?
I put question marks on all the above three propositions because I really don’t know if they are feasible, but they are really important. Looking forward to your comments and discussions. Of course, I am only looking at it from the perspective of a primary market investor, and it does not represent the operating perspective of the secondary market or the various brothers who are good at combing their hair. I often tell other fund partners that you are all too smart and powerful. , and can we try to pursue a little long-termism in this industry with a fundamentalist (trustless) thinking (although the current lock-in method and liquidity basically allow many funds to compete with each other to run faster), so we Insist on only being a lead investor in the first and second rounds, force yourself to focus on the core propositions that are crucial to the development of the industry (efficiency, security, developer friendliness), and continue to call for more infrastructure investment rather than the opposite, although many People are tired of the topic of infrastructure.
I have been reading the biography of Musk these days, which is the most empowering book I have read in the past few years. I realized that SpaceX is a company that has been around for 20 years. In 2003, I was still in middle school. But the progress and progress of spacex always make people feel refreshing rather than obsolete. The idiot index used by Musk when tackling construction costs impressed me deeply. What is quoted is 10 times or n times its physical raw materials? , it means that the idiot index is high enough and there is room for change. So if we use the same method to look at the global financial industry, can we make new discoveries? (VISA? Western Union? Black question mark face)
So if you want to write a short essay after reading the short essay, a paragraph: Let us push ourselves, are we really doing a great thing? There is already very little space left for things that are not great. In fact, don’t make unnecessary struggles, but use courage to attack the real mountain.
Jocy,Founder of IOSG
The scale of this industry is still growing further. This year I have participated in different events such as ETHDenver/ETHCC/Montenegro Zuzalu/Edcon. This time in 2049, I still met a lot of old friends. In fact, every such conference has a huge impact on the industry. Attracting a large number of attendees, many companies have set budgets for such conferences. Therefore, as the scale of the industry grows, the number of participants continues to rise even in a bear market.
LP continues to support early-stage VCs who are growing in the industry. VCs continue to support founding teams in some emerging tracks. The team continues to expand and grow in scale. It seems that everything is developing in a better direction. But in fact this is not the case,For many teams, this time 2049 has basically become their last hope for financing. If the bear market does not end, this may be the last time their team’s brand is exposed.Because most of the early teams have expanded in the past two years, the runway has basically bottomed out. Some teams have very high burn rates and only have 5 to 10 months left in such a market. They even do not hesitate to buy 2049 The sky-high price tickets/sponsored booths are used to pitch more potential investors.
In addition, I attended an exclusive event held by the Medici family. About half of the 120 people were VCs, and about 90% of the funds in the VCs of these 60 people were financing. Because under the pressure of US regulations, fund financing has become It is very difficult. Relying on their brand and influence, they believe that Chinese LPs in Asia will support them more generously.
But the reality is different from the bustling scenes of the 2049 event.Most Crypto-oriented LPs have become more frugal due to the bear market.Traditional LPs have fallen into skepticism about the value and use case of this industry.Therefore, it is unrealistic to expect to meet suitable VC/LP to complete financing at a conference event. It is obvious that the bear market will continue for a period of time. At this time, the founding team’s resilience and resilience will be tested, just like the previous one During the bear market cycle, many founders survived until March 2020. When they saw Bitcoin worth 3,000 US dollars, their hopes were shattered, and they disbanded the team and gave up the project. Of course, three months later that year, DeFi Summer broke out, and the encryption industry ushered in a new life. Many practitioners saw an unprecedented dawn.
Different from previous years, this year 2049 is no longer so commercial, because VCs and founders from all over the world are invited to participate in different side events. This week in Singapore, in addition to F1 spectators, they are crypto practitioners. Of course, my habit is Usually during this kind of blockchain week, I will arrange some catch up coffee chats during the day to communicate with the founders we have invested in in the past, and then go back to participate in some interesting activities and catch up with some old friends in the evening (basically the week of attending the meeting , they all go to bed at 1 a.m. and get up at 7/8 a.m. to schedule meetings).
From the perspective of IOSG, our strategy for the past two years is to do our best to provide a professional academic stage to help portfolios go to market, and to allow more industry practitioners to discover them, recognize them, and interact with them. .
There is no conflict between academic and social activities. We usually separate them into two separate areas. People who like to study can take notes quietly in the internal lecture area and listen to various presentations and panel discussions. Friends who like to socialize can go around and participate in OFR. Thousands of old friends exchange TG and chat one by one.
In fact, it is quite strange to pay attention to new topics in 2049, because builders/Devs generally rarely come to such conferences, and this provides more of a stage for capital docking. The power of capital can promote the progress of the industry. We can see the military competition on the L2 track with a valuation of US$2 billion. zkEVM, which holds hundreds of millions in cash, is making rapid technological progress and is competing in recruitment, mainnet and application ecology. Continuously throwing money at companies, even in a bear market, can still attract better talents to join the game.
In addition, we have invited more than 20 related founders to share the AI track at the IOSG OFR of French ECC in the past two months. This track has already become a radical track for most American Crypto funds to bet on. Modular labs is in the bear market. More than 14 TS were received, Gensyns valuation exceeded 400 m, and ChainML completed two rounds of financing in less than 6 months.
If you look back at OFRs event theme this year, we are focusing on protocol security audit/ZKML and Generative AI directions/LSD and Modular tracks. Of course, we will invite application and FOG founders at the upcoming DevConnect in Turkey, currently on L2 The application has become an inevitable trend for industry innovation. We look forward to seeing these best founders continue to solve the industry’s application challenges.
I accidentally wrote too much. In fact, I believe that friends who generally need to read this kind of summary article, I think there are more wanderers, because most practitioners will get involved, so I suggest these friends who are still reading the article, the next activity Just travel and feel the native power of encryption in the development community. Go to the industry to find a place where it shines and create it, instead of just waiting for the next bull market.
Zhao Chen, Director of Web3 Jews (Web3 Jews)
At 21:25 on September 14, 2023, Token 2049 CryptoJews Prophecy (Involution, frigidity and doomsday Carnival).
Chapter 1: No one dares to spend money as much as before, and no one is as eager to make money as before. It’s late autumn in the market, but before spring comes, no one dares to guess how harsh the winter will be. But if being bullish in 2022 is a crime, so is being bearish in 2023.
Chapter 2: The heated exchanges before the business meeting turned into cold looks after the self-introductions, and they even didn’t bother to send each other WeChat messages, silently wondering whether the project could see each other again in the next cycle.
So, everyone is trying their best to prove:Web3 is proving to Web2, the exchange is proving to users, the project team is proving to investors, GP is proving to LP, employees are proving to bosses, and KOL is proving to fans. I am here, I will be here, I will always be there, but no one is sure whether I can really hide in this battle royale system.
The arrogance in front of others and the anxiety behind others intertwined to form the background of this 2049 doomsday carnival. Since you don’t know whether you or the project can survive to the next cycle, and whether your persistence is still meaningful, it is better to enjoy it in time and die generously if you regret it. Tonight, I picked up the wine and just talked about the romance, not getting drunk.
Chapter 3 ： If the Hong Kong Conference in April is like this family gathering without New Year greetings, then 2049 is a big gathering of high school classmates or alumni. They are all old boys who have come from a young age. They don’t talk about technology, industry, or steel. They only talk about gossip, their journeys, and their original wishes.
Crypto is to TradFi, Web3 is to Web2, they are both carps on the road to the dragon gate, and they are also young people with dreams.
My friends, we have walked together with great ambitions and fought against the world for many years, and we still remain glorious.
Does anyone believe that Crypto can change the world? Yes, thats us from 5 years ago.
Let me share my favorite quote from this conference:We have taken the Blue Pill and there is no way out。
2023.9.14, Web3 Jewish Director, Zhao Chen in Singapore.
Warren Fang,ArkStream Venture Partner
Some insights from Token 2049:
-Participants come from all over the world, less than 50% of the participants are Chinese, and communication is basically in English.Judging from the speakers at the conference, Token 2049’s heavyweight speeches were mainly well-known projects disclosing some important information. In contrast, half of the Hong Kong conference in April was given by officials, which also showed the gap in internationalization and professionalism between the two places. Singapore is much higher than Hong Kong.
-In addition to well-known public chains and exchanges, the booth at the main venue also had many new exchanges and payment solutions that I had never heard of occupying most of the space. There are relatively few new Crypto projects, indicating that centralized financial instruments for digital currencies are still the mainstream for making money, and pure narrative innovation is difficult to sustain by burning money in the long term.
-The FT and Tg bots that are very popular on the Internet recently do not have many people discussing them on the spot. Ton’s public chain has been officially recognized by Telegram and is expected to handle 800 million Telegram users, which is a huge space for imagination. However, Ton officials don’t seem to know much about Tg bot.
-In terms of infrastructure, Zk and L2 are hot topics, and user portals such as wallets and games are also the focus of attention. Infrastructure developers are working hard to improve Ethereum and gain Ethereum legitimacy. When it is difficult to acquire new users on the C side, many projects are considering turning to 2B or To public chain solutions to obtain positive cash flow. Metamask’s new interface deserves attention.
-Continuing to do things in a bear market is the lowest-cost way to accumulate popularity and influence. In a bull market, huge energy is required to level the resource and cognitive gaps, which can be filled in a long bear market.
-Everyone seems to think that 2024 will be a bull market, which will be the end of 2024 at the latest. This may be related to Bitcoin’s halving cycle, but why did the Nasdaq, which had been following it for several years, suddenly fail recently? No one dares to think how many people will be able to hold on in 2025? Combining the above point with the alternation of bulls and bears in the first two rounds, the conclusion is: if you live well, you will win.
-Does anyone know which one, F 1 or Token 2049, brings more income to Singapore?
Victor Ji,Co-founder of Manta Network
The Asian market is as lively as ever, but compared to the gloominess last year, this year everyone is much more confident. Regulatory pressure from Europe and the United States and policy support from Asia have helped a lot. In terms of talent, AI in the United States is not as serious a drain on talent. Many of the friends who entered the industry last year have developed into industry backbones.
At the business level, large and small projects and VC activities are all about a group of people (zkEVM and zkBridge have the highest probability of being on the same stage with us). Last year, zk was still a VC-oriented market, but this year at Manta’s zkday event, with so many activities on the 12th, it also attracted 1,600+ viewers.At the same time, in several of the tracks we are involved in, L2 has already become very popular. Full-chain games and modularization have also attracted discussions among smart money. Our flagship zkApp has been seen in many places.
At the trend level, each project and VC is very practical, and the amount of funds raised and the popularity determine the quality of partners and participation activities. Everyone is working hard to promote cooperation and attract more users to their products.However, in terms of narrative, there is very little communication about thinking and imagining the endgame in the next three to five years and ten years (although I don’t understand it either).
Generally speaking, its hard to see people these days, and its a pity to lie down. The activities of retired bosses and exchanges are all kinds of weird. The projects and VCs seen in Europe and the United States are gaining popularity in Asia very quickly. The level of VCs who can organize activities is pretty good. Asian project developers/VC/Degen are the real investors. king. The quality of young talents determines the width and breadth of the next cycle, and I am very optimistic about them. Old friends, including myself, are very path dependent, and we still need to step out of our comfort zones to learn new things. At the same time, we should not settle for just a corner, but should actively roll up our sleeves, study new directions, and see how we can promote things that will bring positive changes to the industry.
Crypto Vituo｜Crypto V, KOL
My 2049 observations:
1. Did not participate in any 2049 main event this year
2. The number of Wannabe projects has been significantly reduced, but the ones that are still there still didnt learn
3. Fewer VCs are still communicating about their thesis, and more are discussing how to introduce incremental funds and break the circle. Others are discussing how to comply with regulations, but in fact they are discussing how to “withdraw funds”
4. Degens are emotionally stable and should party party. There is a clear distinction between the two groups of people, and they look at each other with disgust.
My 2049 takeaways:
1. More “serious people in the currency circle” are starting to talk about implementation, traffic, compliance, and value, which is an obvious sign of deep bears.
2. In fact, what these “serious people” are eager to focus on is how to prevent themselves from becoming other people’s exit liquidity while still completing the capital deployment KPI of this fund.
3. Excellent Buidler and Degen are essentially the same group of people. The difference is that one is Build towards Vitalik/VC in order to wait for the bull market to raise valuations and become rich, and the other is milk the ponzis. Of course, the vast majority of people can do neither
4. The tourists from the last bull market are almost completely off the market. My non-financial advice: Dont think too highly of them. They didn’t get on because they believed any narrative, and they didn’t get off because of industry irregularities. The only reasons for their participation are the big green stick on the K-line, the astronomical numbers of trading volume, and the boss’s KPI. If it werent for their lack of ability, they would already be project partners now
5. In the next round, all pure investment structures Crypto VC that claim to be institutions will cease to exist (yes, including the original form of our AC), and everyone must exit personally. How you despise DWF today, how you will learn from @ag_dwf tomorrow
Alex Svanevik,Founder of Nansen
Singapore and Dubai are currently the most likely to become cryptocurrency hubs. The two employ different strategies, which is a good thing. Currently, both enjoy high market awareness.
Token 2049 is expected to establish itself as the number one conference in the coming years.
Start-up companies are being hollowed out. Many companies are about to close or be acquired. However, many Series B and above companies are doing well and continuing to grow.
Be optimistic about some of the upcoming chains or layer-2 solutions (L2s) such as Monads.
I am also optimistic about several Web3 games such as Sipher.
The success of Token 2049 is inseparable from the enthusiasm and wisdom of every participant, speaker and audience. We are honored to hear such diversity and depth of voices, which will serve as valuable input in moving our industry forward.
Although the speech is short, it is of great significance. They not only record the wonderful moments of this meeting, but also inspire our expectations and exploration for the future. Let us continue to communicate, continue to learn, and in the coming days, turn these thoughts and inspirations into practical actions.
Thank you for experiencing this feast of ideas with us! Let us look forward to the next Token 2049 conference, where we can gather again, collide ideas again, and shape the future again!
