TOKEN2049 Singapore, a global conference to define the next steps in Web3, opened on September 18. With hundreds of meetups and workshops taking place over the two-day main event, Singapore has become a vibrant hub for Web3 activity, bringing together more than 7,000 companies and 20,000 attendees from over 150 countries. For peripheral activities, please refer to: "Event Express | Token2049 will be launched on September 18, a summary of peripheral activities"

BlockBeats sent reporters to the event site to follow up and report on the conference in real time. Here are the latest developments:

September 19

Multicoin Co-founder: Solana network performance will benefit from large-scale parallel chip processing performance improvements

On September 19, BlockBeats reporters reported on the scene that Kyle Samani, co-founder and managing partner of Multicoin Capital, attended the "Why SOL Will Flip ETH" (Why) on the first day of the TOKEN2049 main venue Solana will surpass Ethereum) themed roundtable discussion:

One of Solana’s fundamental design principles is to focus on organic expansion with parallel hardware. If you double the number of cores in the system, the performance of the system can also be doubled or. Not all massively parallel chips are suitable for Solana, but that’s okay, we only need a few of them to be able to apply them, and these chips will further promote Solana’s performance.

The Ethereum Virtual Machine (EVM) is a single-threaded processor. They have been talking about parallelizing it for 9 years, but nothing has actually been done. We believe that this trend of fully embracing parallelism will become more obvious in the coming years as on-chain assets expand.

Multicoin co-founder: Solana cooperates with Wall Street to transfer regulated finance to the chain, which is basically impossible for Ethereum to replicate

On September 19, BlockBeats reporter reported on the scene that Kyle Samani, co-founder and managing partner of Multicoin Capital, attended the roundtable discussion on the theme of "Why SOL Will Flip ETH" (Why Solana will surpass Ethereum) on the first day of the TOKEN2049 main venue and said:

I want to talk about the future and a couple of unique advantages that I think Solana has that are almost impossible to replicate for the Ethereum community and that are why we are even more excited about the future. The first is token scaling, which went live on the Solana mainnet earlier this year and provides a lot of functionality that a Wall Street firm, a payment firm, or any major asset issuer in the world needs. There are a whole bunch of other features that are in the framework of this idea.

All of these features have been developed based on direct feedback from Wall Street payment firms over the past few years. It's all live on mainnet today, completely free, completely open. Only when these features and everything that goes with them is natively built on Solana and ready to go, can regulated finance happen on-chain at scale. We think this is so important, and we think it's basically impossible to replicate this in the Ethereum ecosystem.

Multicoin co-founder: Solana's on-chain transaction volume and validator income are now on par with Ethereum

On September 19, BlockBeats reporter reported on the scene that Kyle Samani, co-founder and managing partner of Multicoin Capital, attended the "Why SOL Will Flip ETH" (Why Solana will surpass Ethereum) roundtable discussion on the first day of the TOKEN2049 main venue and said:

Blockchain is a financial system, and on-chain transactions are the most important indicator in the blockchain. At some times in the past year, Solana's on-chain transaction volume was higher than Ethereum, and some weeks it was lower than Ethereum, but today Solana is basically on par with Ethereum in terms of on-chain transaction volume.

In terms of total validator fees paid to Ethereum holders and Solana holders in their respective systems, some weeks Ethereum has higher income, and some weeks Solana has higher income. These indicators are now basically evenly matched.

Multicoin co-founder: Solana has long been committed to the goal of "building a decentralized Nasdaq", and its market value will definitely surpass Ethereum

On September 19, BlockBeats reporters reported on the scene that Kyle Samani, co-founder and managing partner of Multicoin Capital, attended the "Why SOL Will Flip ETH" roundtable discussion on the first day of the TOKEN2049 main venue and said:

Solana was founded to ensure fair, open, and traditional access to market data around the clock - that is, to build this decentralized Nasdaq concept. Of course, its system also needs to be optimized to spread this information to anyone with a computer and the Internet to receive market data in real time.

Building this "centralized Nasdaq" is much more difficult than any of us imagined. Salon has experienced many public Waterloos. The network has crashed about 10 times since its inception. There are congestion problems. All kinds of weird things have happened. It can be said that since May of this year, Solana can really credibly say that it has achieved the vision set in the early days, but we have focused on this and worked hard for it for six years, which is why we believe Solana will surpass Ethereum.

Multicoin co-founder: DeFi is the center of the current encryption field, but Ethereum does not plan to optimize for DeFi

On September 19, BlockBeats reporter reported on the scene that Kyle Samani, co-founder and managing partner of Multicoin Capital, attended the "Why SOL Will Flip ETH" (Why Solana will surpass Ethereum) roundtable discussion on the first day of the TOKEN2049 main venue and said:

DeFi is the most important thing on the blockchain today. You can see DeFi on Ethereum, DeFi on Solana, DeFi on Aptos, wherever you look. And people in Ethereum will tell you that DeFi doesn't matter. Well, if Ethereum doesn't plan to optimize for DeFi, it doesn't matter. Can you tell us why Ethereum plans to optimize. DeFi has never been able to do this because they don't know it themselves.

Multicoin co-founder: 90% of Ethereum ecosystem transactions occur on L2, and mainnet revenue is greatly reduced

On September 19, BlockBeats reporter reported on the scene that Kyle Samani, co-founder and managing partner of Multicoin Capital, attended the roundtable discussion on the theme of "Why SOL Will Flip ETH" (Why Solana will surpass Ethereum) on the first day of the TOKEN2049 main venue and said:

The intention of the Ethereum roadmap is to plan to push transactions from L1 to L2, and they did it. But in doing so, they also transferred all the actual value-added to the ease of use of assets. If we look at the data of this entire L2 and the percentage of transactions transferred from L1 to L2, we will know that everything is now on L2, more than 90% is on L2. This is for design considerations, which is good. They achieved their goals, but what is the purpose? They talk about this DA value tool. Here we are talking about DA value approval. L2 is the one who actually makes all the profit.

Multicoin co-founder: Ethereum is developing slowly and has no clear goals

On September 19, BlockBeats reporter reported on the scene that Kyle Samani, co-founder and managing partner of Multicoin Capital, attended the roundtable discussion on the theme of "Why SOL Will Flip ETH" (Why Solana will surpass Ethereum) on the first day of the TOKEN2049 main venue and said:

Ethereum has been launched for 9 years, and they have a lot of time to solve problems and figure out what they want to be. During these 9 years, the first big event was DeFi Summer; the second thing was that Ethereum launched a new roadmap in October 2020, one of the most obvious disadvantages of which was that it was not good for DeFi. The third major shift is of course the shift from PoW to PoS, which happened in 2022. They knew they wanted to make this switch before the mainnet was launched in 2015, but it actually took seven years to achieve this goal. The Ethereum community is developing very slowly, and they never know what they want to do, which is exactly the point I want to emphasize.

Polygon co-founder: Layer 1 use cases should be as simple and specialized as possible, and Ethereum's goal should be to become the best settlement layer

On September 19, BlockBeats reporters reported on the scene that Polygon co-founder Sandeep Nailwal attended the roundtable discussion on the theme of "The Argument for Ethereum and Layer 2 Solutions" on the first day of the TOKEN2049 main venue and said:

For the Ethereum community, everyone is paying close attention to the progress, which is why the discussion around the value and price of Ethereum may be detrimental to Ethereum in the long run. The community puts so much pressure on the project, hoping to bring more value to Ethereum in some way. Although the community is also under great pressure on the matter of price increases. I think the Bitcoin community has done a very good job of keeping Layer 1 as simple as possible, simply solving a specific use case - value storage, doing it to perfection, and there will be no doubt. Relative to Ethereum, this target use case should be to become the best settlement layer.

Scroll Lianchuang: The current user experience of Layer 2 is so confusing that the number of real on-chain users is slightly decreasing

On September 19, BlockBeats reported on the scene that Sandy Peng, co-founder of Scroll, attended the roundtable discussion on the theme of "The Argument for Ethereum and Layer 2 Solutions" on the first day of the TOKEN2049 main venue. When we started the Scroll project, one of the core missions was to provide a user experience that was as smooth as possible. Our idea is that everything about the chain and the wallet should be completely abstracted, and users only need to see what they want from their mobile devices.

Obviously, there is still a lot of work to do before we get there, and our roadmap has never changed. This is why we are very focused on the ultimate goal, and this is also an aspect that we need to keep properly in order to be able to achieve interoperability between different blockchains, which have obviously found product-market fit somewhere. Layer 2 systems can work together as a whole, and end users do not need to deal with any choices.

At this point I think the user experience has become so confusing that the number of users who are actually active on the chain and operating is decreasing slightly. Yes, it is.

September 18

Framework Ventures co-founder: Berachain mainnet will be launched before the end of the year, or challenge Solana and Ethereum dominance

On September 18, Vance Spencer, co-founder of Framework Ventures, said at Token 2049 in Singapore that the Berachain mainnet and tokens are scheduled to be launched by the end of 2024.

Berachain's POL consensus mechanism can introduce a fully consistent blockchain ecosystem by transferring part of the profits back to ecosystem participants: "When users stake BERA, they must direct the liquidity they obtain to these primitives. In this way, all fees remain in the ecosystem. They all flow to BGT and BERA holders, which is what the market desires."

It is worth noting that on April 12, the new public chain Berachain announced the completion of a $100 million Series B financing, which is about 45% higher than the previously reported amount. This round of financing was jointly led by Brevan Howard Digital's Abu Dhabi branch and Framework Ventures, with participation from Polychain Capital, Hack VC and Tribe Capital.

Circle co-founder: Today's crypto field is like when "Apple just launched the iPhone", still in its early stages

On September 18, BlockBeats reporter reported on the scene that Circle co-founder and CEO Jeremy Allaire spoke at the roundtable discussion on the theme of "The Next 3 Years in Crypto" on the first day of the TOKEN2049 main venue:

In the 1.0 version of the Circle vision, this is basically a world of storing and transferring value with zero marginal cost. In this world, the user experience of trading on these media will be as simple and seamless as the user experience of using major software tools on the Internet. We haven't quite reached our goal yet, but we're very close. But I think in the next year, we will make progress on related practical tools.

I feel like as we get closer to that point (1.0), the velocity of money in the world and the real economy will increase dramatically, and if we have this extremely high velocity of money, people's ability to benefit financially from it will be significant.

I think it's still early days, and despite the huge progress in decentralized finance (DeFi), we're still just beginning to explore this space. I compare this to when the iPhone was released, when there was a lot of creativity around mobile devices.

OKX Star: The crypto industry will not simply copy the traditional financial transaction structure, and I believe that self-custody is the future

On September 18, BlockBeats reporters reported on the scene that OKX CEO Star attended the "The Next 3 Years in Crypto" roundtable discussion on the first day of the TOKEN2049 main venue and said:

I don't think the crypto industry will simply copy the traditional transaction structure. Because the crypto industry is essentially still 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 thousands of years of human history, after we created wealth, such as gold or silver, people took it back home and put it under the bed. In the digital age, when we get money, there are third-party agents to help us manage the money. I think self-custody technology provides human society with an option for people to be able to control their own funds instead of relying on others. I believe this will be a bright future.

Vitalik: The ICO period was underestimated, and community-based operations have guiding significance for the future crypto field

On September 18, BlockBeats reporters reported on the scene that Ethereum co-founder Vitalik Buterin attended the "The Next 3 Years in Crypto" roundtable discussion on the first day of the TOKEN2049 main venue and said:

In the next three years, Ethereum will make important contributions to the cryptocurrency field through its smart contracts and decentralized applications (DApps). Ethereum's flexibility and scalability make it an ideal platform for developing new projects and innovative solutions. By promoting decentralized finance (DeFi), non-fungible tokens (NFTs), and other blockchain technologies, Ethereum can promote a fairer financial system, enhance transparency, and reduce the need for intermediaries. In addition, Ethereum's community and developers continue to work hard to optimize the network and improve its sustainability and security, which will attract more users and investors to participate. By educating and promoting blockchain technology, Ethereum can also help people better understand and utilize these tools, thereby driving the digital transformation of society. Overall, Ethereum has great potential to promote technological innovation, promote economic inclusion, and improve the global financial system, which will help create a better world.

I think the ICO period is underestimated, when new projects were launched, there was almost always an American community, a Chinese community, a Japanese community, and a European community. The project party tried to bring together people who were interested in the project from all over the world. In this era of rising physical barriers, economic barriers, and Internet firewalls, this is an ecosystem that continues to remain global. I think this in itself is a very important value that it provides.

Arthur Hayes: The market will collapse before entering a bull market after the rate cut, and ETH will perform strongly in the rate cut cycle

On September 18, BlockBeats reporters reported on the scene that BitMEX co-founder Arthur Hayes said in a keynote speech on "Thoughts on Macroeconomics Current Events" on the first day of the TOKEN2049 main venue:

It is a huge mistake for the Federal Reserve to cut interest rates when the US government is spending the most money. The situation is more complicated when inflation exceeds their target and real GDP growth has exceeded 2% for about 8 to 9 quarters in the past. Therefore, although I think many people are looking forward to rate cuts and think that this will drive up the stock market and other markets, this is not actually the case. I think the market will collapse a few days after the interest rate adjustment because it will narrow the interest rate gap between the US dollar and the yen.

I want to list some of the winners and losers in the changing interest rate environment from falling treasury rates and the interest income that can be generated by holding the safest fiat assets. The winners are ENA, ETH, ETHFI, and PENDLE, I personally hold a lot of these assets, but I do not hold ONDO. Maelstrom's (his family office) portfolio is very well suited to a falling interest rate environment.

A lot of people think that Ethereum has no progress at all in this cycle. Solana has performed very strongly in the bull market of the past few months. The main argument for Ethereum is that it is an Internet bond, an Internet bond with a yield of 4%. So why would I invest in this bond when the treasury yield is above this level? But if the treasury yield drops rapidly, then investing in ETH becomes profitable. The yields earned in Ethereum will exceed the yields earned in the US dollar and treasuries. The Fed will cut rates, the market will crash, and then reignite the bull market.

Vitalik: The current encryption field is no longer in the early stages

On September 18, BlockBeats reporters reported on the scene that Ethereum co-founder Vitalik Buterin participated in the first day of the TOKEN2049 main venue "What Excites Me About the Next Decade" (What I am excited about in the next ten years) The keynote speech said:

People often say that encryption is still in its early stages and we are still building infrastructure. Indeed, how long did it take for something like the Internet to come to fruition? I think people have been saying this almost since the launch of Bitcoin. And one of the realistic challenges we face now is that today's encryption field is no longer in its early stages.

Ethereum as a project has existed for more than 10 years, and in the 15 years since the birth of Bitcoin, we have seen things like ChatGPT develop from non-existence to sudden rise, completely changing people's understanding of artificial intelligence.

So we have to ask ourselves a question, which is how should we view all this? Are we really still in the early stages? My answer to this question is that I don’t think we are early in the crypto field, but we are indeed in a special stage. Full speech: Vitalik 2049 Full Speech: Ethereum needs to maintain open source and decentralized values while meeting needs

Pump.fun investor: Gamification is not a long-term solution to maintain user stickiness, high retention rate depends on whether the core needs of users are solved

On September 18, BlockBeats reporter reported on the scene that Qiao Wang, founding contributor of AllianceDAO and investor of Pump.fun, attended the roundtable discussion on the theme of "Going Mainstream: Building Web3 Consumer Apps" on the first day of the TOKEN2049 main venue and said:

In the field of encryption, I don't think gamification is necessary to make a consumer application and succeed. Fundamentally, user stickiness is important, and whether there can be a high retention rate comes from whether you solve a real core need for consumers. Gamification is sometimes really interesting, and it does improve retention, but I don't think it's a long-term solution. What I want to say is that you can't "clean shit up." If your product has loopholes, people won't want to use it, and even if they use it for some incentive, they will leave immediately after using it. I don't think any amount of gamification can change this.

However, in highly saturated markets, especially those tracks where product homogeneity is serious, the gamification of applications is most obvious. In this case, companies need to use manual means to maintain customer loyalty and retention because the switching cost between products is low.

Founders Fund Partner: Discussing prediction markets with Polymarket founders as early as 2016

On September 18, BlockBeats reporters reported on the scene that Founders Fund partner Joey Krug attended the "Going Mainstream: Building Web3 Consumer Apps" roundtable discussion on the first day of the TOKEN2049 main venue and spoke:

I think from the perspective of consumers. First, if the product is already live, you can judge it by early traction. A lot of people tend to think success is instant, but Shayne Coplan (founder of Polymarket) started emailing me about prediction markets in 2016 or 2017, and we chat occasionally a few times a year. Most people think we invested in Polymarket because of the election, but the election is actually not that important. Even after the election, Polymarket will still have continued repeatable traction.

Polymarket founder: To build a successful consumer product, you need to have a clear and clear "user portrait"

On September 18, BlockBeats reporter reported on the scene that Polymarket founder and CEO Shayne Coplan attended the "Going Mainstream: Building Web3 Consumer Apps" roundtable discussion on the first day of the TOKEN2049 main venue and said:

Why choose to use your product instead of other alternatives? I think the reason people are excited about Polymarket is that it provides the best service on the market, and it happens to be supported by encryption technology. Ultimately when building consumer products, everything needs to revolve around "who do you want to use it", what content you build for them, why they use it, and how you will reach them.

Framework Lianchuang: The competition in venture capital in this cycle is too fierce, and the bull market cycle from 2018 to 2022 may be difficult to replicate

On September 18, BlockBeats reporters reported on the scene that Vance Spencer, co-founder and general partner of Framework Ventures, attended the "Investors Roundtable: Navigating Crypto's Changing Landscape" (Investor Roundtable: Dealing with the Changing Landscape of Cryptocurrency) on the first day of the TOKEN2049 main venue. He said:

(If I start a fund from scratch now) I will be very focused, and we started like this in 2019. I might move to India, China, or Hong Kong. I will try to focus on a regional market, and I may go deep into a specific field. I think the difficulty of starting as a venture investor now is that the competition is too fierce. We still haven't seen any fund show breakthrough performance in this cycle, like someone investing in a project and getting a 1,000-fold return, and then becoming a "big boss", but of course it may not be realistic for me (to see this happen now). I think the period from 2018 to 2022 will be a very unique period in the history of this industry, so much so that I don't think everyone here can grow from a fund size of about $10 million to billions of dollars.

Multicoin partner Kyle: Financial markets are becoming more and more democratized, and the crypto field will gradually converge with traditional finance

On September 18, BlockBeats reported on the scene that Kyle Samani, managing partner of Multicoin Capital, attended the "Investors Roundtable: Navigating Crypto's Changing Landscape" roundtable discussion on the first day of the TOKEN2049 main venue and said:

Finance was originally something played by the elite among the elite, just like J.P. Morgan saved the United States. Over the past 100 to 150 years, the history of finance has been a history of democratization of access to opportunities, like Robinhood, and now with cryptocurrencies, there are about 6-7 billion people in the world, and those people are not too sensitive to price-to-earnings multiples when choosing what to buy. As the market becomes more mature, more hedge funds and traditional investors enter the field of cryptocurrency, which may lead to increasing convergence between the two worlds (traditional finance and encryption).

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