TOKEN2049, a global Web3 conference, was held in Singapore on September 18-19. The conference aims to define the next development of the Web3 field. During the two-day main event, hundreds of gatherings and seminars were held, bringing together more than 7,000 companies and over 20,000 participants from more than 150 countries. BlockBeats on-site reporters followed up and reported on the conference in real time. Please refer to: Real-time Update | TOKEN2049 Singapore Concludes Successfully, Review of Wonderful Content

After each TOKEN2049 conference, many participants will share their experiences and insights on various platforms. BlockBeats has selected four 2049 essays so that you will not miss the cutting-edge market information even if you did not go to the scene. The full text is reproduced as follows:

Jewish Director Zhao (Crypto KOL)

"Cycles, Dawn and Liquidity Incompetence"

1. I have never seen European and American project parties work so hard.

2. In the past, the old white men just talked and played videos, and the Asian market shut up and took my money. This year, they actually need to hold a series of grand side events, dress themselves up and even go directly to solicit business. The last time I saw them working so hard was when the big hair came to Beijing to raise funds in 2019.

3. The information gap between Europe, America and Asia is still huge

3.1 European and American project owners still think that Asia still has money, so they want to continue to exploit it by constantly splitting new assets. Unfortunately, the Asian market really has no money, not a drop left.

3.2 As for where the money went, the contract products of Asian exchanges continued the fine tradition and ate up most of the liquidity. The BTC ecosystem (Inscription Rune Layer2) also successfully revived a new track for the Asia-Pacific region in the asset issuance business monopolized by Europe and the United States through the Bitcoin Asian narrative. The two took away most of the Asian liquidity.

4. The lack of liquidity in the Asian market also made it so difficult to write this year’s Chinese essay. Even after a busy week, attendees could not express any feelings, because no matter whether they were investors, project owners, KOLs or retail investors, they had basically run out of bullets. As a result, attending the conference this year was like a eunuch visiting a brothel, with a calm mind. There were even some moments when they were so Buddhist that they didn’t really want to make money.

5. After all, whoever wants to make money is a leek, and the best way to make money is to make money from the person who wants to make money.

6. SOL's Breakpoint is the brightest star of this year's Side Event. As for Ethereum, whether it is the foundation or Layer 2, there is no decent event to prove its existence.

6.1. If V God is still "Web3 Han Xiandi" in April, then the little V who sells coins for love in September can only be "Ethereum Zhou Youwang".

6.2. The singing on the stage looks like completing the task of public shame of the hostess Bao Si.

6.3. The unclear clamor for "banning some substandard Layer 2" is really like a tyrant who loves beauty more than the country and is unable to tie up a chicken with his hands and is determined to reduce the vassal.

6.4. I really want to see how Web3 "clears the court".

7. As for the cycle, this year's rise is not a new bull market, but the aftereffect of the 21-22 year cycle, which is why this year's market is infinitely close to 2019. If you don't believe it, take a look at the altcoins you hold, most of them were issued in 2021. 2019 is not far from the start of a new cycle in DeFi Summer in August 2020, of course, it is also closer to 312.

8. The primary market is full of a sense of self-caressing tragedy, and a sense of tragedy is a very dangerous signal, after all, if you don't invest, you will die, and if you invest, you will die.

9. The market will wear out the patience of most people in the shock, and new directions will also grow quietly in silence. The directions that are optimistic about include:

· Consumer Electronics' DePIN project

· CeDeFi RWA as the underlying pledge to issue stable currency projects (BlackRock Buidl+USDM)

· All on-chain transactions + all tools to increase on-chain leverage (Perp Dex)

10. The new cycle is not far away, but the darkness before dawn is pitch black, and it is also the most challenging time. The combination of traditional finance and Crypto will be combined beyond expectations in the near future. Whether the currency circle is rising or accepting the amnesty, it is facing the infinite sea of stars that you have never experienced.

11. You can’t fall down before dawn. Each of us as the last line of defense in the industry can’t fall down, because there is no one behind us.

12. A word of encouragement for you all: People who come out of the storm never rely on umbrellas.

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Jademont (CEO of Waterdrop Capital)

The essay written by Director Zhao is as good as always, and it is all true.

1/BTC ecology is indeed a track where Chinese people barely have a place or even a certain voice in the entire Crypto market dominated by the West, while Chinese people in other tracks are basically just running along. In a speech at the BTC sub-forum at the main venue of 2049, I shared some data. For example, if several projects that are about to be launched are counted, the total market value of BTC ecological projects is close to 10 billion US dollars, while it was still less than 1 billion US dollars at this time a year ago, indicating that the growth rate is still very fast. Unfortunately, the overall Crypto market is relatively cold, and the BTC ecology can't support the entire market except for creating some local wealth effects.

2/ From the perspective of popularity, the most popular seems to be the Ton ecology. There are at least 20 activities around the BTC ecology. I went to five or six, and most of them were not full. It is said that the Fractal activity was full but I didn't go. But the two Ton activities I went to were full, similar to the BTC ecological activities when the inscription just broke out at the end of last year. However, the average customer price of Ton ecosystem is relatively low, which is its problem. It is estimated that the average account funds are more in the tens of U, while the average account funds of BTC ecosystem are in the thousands of U. In other words, Ton ecosystem is more suitable for contributing popularity, don't expect too much deposit.

3/The most suitable for buying booths is still the DePIN project party, just treat the conference as a trade fair to sell goods. I found that there were not many audiences in the speech area of the main venue, while the booth area was crowded, which was particularly suitable for selling goods on the spot, and it was not a big problem to sell the booth fees.

Although the organizers of 2049 made a lot of money by selling booths and tickets, after asking around, exhibitors generally felt that the cost-effectiveness was not high, so it was better to keep the funds for community promotion. We also bought a booth two years ago, but received a lot of decks from junk projects, which wasted money and time. So we decided not to buy it again. I suggest that unless the project parties can sell goods on the spot, they might as well save the money and spend it on online media and communities.

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Jack0x137 (Deputy Editor-in-Chief of BlockBeats)

I have been in Singapore for less than a day. Although the activities are still various swimming pools, discotheques, AI, DePin, and BTC ecology, the strongest emotion I feel is "disillusionment". Entrepreneurs, investors, and various participants in the entire industry are turning to the consensus of public opinion that "crypto scams" at supersonic speed, just like discovering a new narrative.

The industry has reached its lowest point so far, but it is impossible to hope that a sudden and violent bull market will save everyone's Bag. The predicament of the industry today is not only due to the big background, but also the staged death of the underlying logic.

Everyone has discovered that the industry logic and exit mechanism of the past five or even ten years: founding projects, VC packaging, user growth hack (points pua), Binance listing, exit and lying flat, are really coming to an end. All modes in the crypto industry seem to be ending under the impact of rounds of so-called "cycles", new narratives are ending, mining and selling are ending, and even volume activities are ending; in terms of funds, VCs are braking, market makers are braking, and exchanges are braking...

But death is a good thing. The roots of people's thoughts generally do not change, so society needs death to promote evolution, and an industry is roughly the same. When I came to Singapore last year, I heard a sentence during a chat that impressed me deeply: "The industry is still talking about the popularization of blockchain, which means that we have done nothing in the past ten years"; when I came to Singapore this year, everyone was saying this sentence. Everyone is saying: "The past set of things doesn't work anymore, and the next step is to fight for hard power."

But what is hard power? Take the public chain ecology as an example. The hard power comes from the superiority of technology development + the strong user stickiness and consensus shaping of the ecology + the close integration of the operation rhythm and the secondary active market-making strategy, etc. All of these are just the so-called "hard power" portraits of the past decade, which is what people call "the ability to build a game". Although there are countless L1s in the currency circle, only two have been successful so far.

Now, everyone's fantasy of "hard power" seems to have turned into "income", "real users", and "application scenarios". These are all right, and I agree with them, but a question has always bothered me: Do entrepreneurs and even investors in this industry really have the hard power in this regard? To be honest, compared with the past Internet/payment wars, the glamour of the Crypto industry is more like playing house.

So it seems to be the old saying: New opportunities are born in the most desperate places. But investors need to think clearly about two things:

1. What will be the new industry logic?
2. Does my protfolio have the "hard power" to survive/complete this transition?

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Zolo (TechFlow co-founder)

Reflections on the Singapore conference: Stay away from noise, the development of the industry is always driven by optimists.

From WebX, KBW to TOKEN2049, each event is the ATH of the number of participants in the past. Another year of conferences, what are everyone rolling for this year?

1-Roll for dresscodes. The trend started by @berachain has finally spread to other people. Wearing a headgear is a basic exercise. The best thing is to share without wearing clothes. The purpose is the same, hoping to spread;

2-Roll for DJs. Look at the top 100 DJ rankings, the DJ's figure, and even whether the DJ has hair;

3-Roll for awards. Many activities this year have awards, and most of them are not awards, but just social skills.

However, when it comes to awards, the most eye-catching award this year is from Breakpoint, which is also one of the best conferences I have attended recently.

Breakpoint2024, one of the best conferences this year

Main features:

1-Most speakers only have 5 minutes, so sharing must focus on the key points;
2-Add a debate format instead of a purely boring panel;
3-An alternative award ceremony, full of community vibe.

Walking into the Solana exhibition hall, you feel that it is more like a supermarket, not just a visit to an exhibition. From the perspective of the project, dozens of projects such as #Jupiter#Pyth#wormhole#Birdeye have released their own new products, and there are no boring moments throughout the whole process.

The meeting was divided into two stages, from left to right, from right to left, I can't remember how many times I ran back and forth, just to avoid missing some important links. The first day of the meeting lasted from 10:30 am to 6:00 pm. Thanks to the compact links and the agenda arrangement with almost no advertisements, almost every sharing session was full.

While listening to the sharing, whether it was the applause for "Firedancer" or the shouting "GO!" to "DeGods", you will find that the current Solana community has an extremely consistent consensus on the general direction.

· Everyone knows what the focus of Solana's future development is;
· Everyone knows which projects in the Solana ecosystem are truly loyal members;
· Everyone knows which stalks in the Solana ecosystem can only be understood by the Solana people.

Solana is the Beta in this cycle, which should be the consensus of many people. The non-consensus exists in: many friends feel that after the launch of major projects such as Pyth, Jupiter, Wormhole, Drift, etc., the Solana ecosystem seems to have no more Alpha projects worth looking forward to.

In fact, this is not the case. For example, @Backpack@cubexch@FlashTrade_@SonicSVM@solayer_labs@Compute_Labs, etc., developers are pouring in to Solana, and they are creating more interesting things.

I remember that on the technical stage on the right, the host asked how many people were coming to Breakpoint for the first time. Almost half of the people raised their hands, and the proportion of fresh blood reached 50%! Solana, which has climbed up from the trough, has become more resilient in the community.

Thanks to @Solana_zh for letting me participate in such an event. It's great that Solana has a community like you.

Move, another alpha besides Solana

During TOKEN 2049, the surge in $SUI also attracted a lot of attention. Sui Builder House is also one of the most popular activities before TOKEN 2049.

Actually, I started to contact people around April this year. @SuiNetwork, the main logic is:

1-Solana traffic overflow. For developers/speculators who think that the ecosystem on Solana is saturated, they will look for the next alpha. In the last cycle, there were Polygon, Avalanche, etc. This cycle should be SUI, TON, etc.;

2-The correlation between the Move language and RUST. As we all know, it is not difficult to switch from RUST to Move. Therefore, whether Solana projects are squeezed out or want to do side projects and launch new projects, the Move system is a good choice, such as solend went to Sui to do Suilend, etc. This applies to Sui, Aptos, and Movement;

3-Recognition from technical friends. Currently, Sui and Aptos have both launched their tokens on the mainnet. After consulting some technical friends, many people think that Sui's technology and documentation are better.

At that time, there was no so-called Grayscale Trust and Native USDC on Sui. With the support of these two, I believe Sui will develop better. Of course, overall, I am full of expectations for #SUI#Aptos and #Movement. When writing this article, $APTOS also rose by 14%.

However, the problem with Sui is that there are too few assets that can be hyped. Although SuiPlay has been launched and the largest game booth has been built at KBW in South Korea, the current star projects are still the previous Cetus, Turbos, Navi, Scallop, and memes can be counted on two hands. I hope that the incubation plan of Cetus and Sui will produce more things.

The problem with Aptos seems to be that users/communities are still a little confused about which direction its foundation wants to work in. Movement is the only Move-related project that has not yet issued a coin. Keep an eye on it and hope to see some star cases soon.

After the expectation of interest rate cut, everyone is more optimistic

From Japan, South Korea to Singapore, since I am a trading idiot, I can only seize every opportunity to consult friends about their views on the future market. Generally speaking, everyone seems to be more optimistic.

Two or three months ago, most friends thought that the cycle was over, or the bull market would last until Q4 this year or Q1 next year at most. Now, it is a more conservative view that the bull market will last until Q1 next year, and many people think it can last until Q3 next year.

The main reason is that the interest rate cut cycle has started. 50 points is just the beginning. It takes time to release water. At the same time, the asset outflow of US stocks/BTC has not started. The main uncertainty lies in the November election.

Although some people said before that everyone is looking for exit liquidity, and even some old people have expressed that they are very disappointed with the industry and cannot see any innovation, etc. But my suggestion is, let it go. Don't just see the pessimistic side. Let them leave if they are disappointed.

In fact, there are still many hard-working founders and hard-working projects in the industry. Yes, some people are actively looking for exit liquidity, and some are actively posting memes and making plates; but there are also many people who are always exploring the development direction of the industry, constantly trying and erroring to find PMF, and there are also founders with very high token rankings who are still shuttling between various venues as model workers.

For example, @JamboTechnology, from the last cycle of "African Phone" to now sold more than 500,000 units, covering more than 120 countries, and also launched JamboPhonev2 two days ago. Every time I meet their founders, I can feel their passion for the project. For example, @SolvProtocol, from the previous difficulty in finding PMF to now embracing the BTC ecosystem, the tenacious team has allowed them to currently own $13 billion in solvBTC; for example, @SonicSVM, from the beginning of making Marketplace for game projects to now building SVM and becoming famous; for example, @Matr1xOfficial, from launching, to listing, to testing, with all kinds of doubts, now officially launched the non-delete version of gold farming.

There will be people who are pessimistic about the industry in every cycle, just as every project will experience different FUD.

Whether it is pessimism or FUD, the industry is always driven by optimists. Without FUD, there is no real Community. Let us go all out for beautiful things!

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