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Real-time updates | TOKEN2049 Singapore opens today, check out the latest developments

Real-time updates | TOKEN2049 Singapore opens today, check out the latest developments

BlockBeatsBlockBeats2024/09/18 05:36
By:BlockBeats

Ethereum co-founder Vitalik Buterin recently stated at a conference that the crypto field is no longer in its early stages, but a special stage.

TOKEN2049 Singapore, a global conference to define the next steps in Web3, opened today. With hundreds of meetups, workshops and more over the two-day main event, Singapore has become a vibrant hub for Web3 activity, bringing together more than 7,000 companies and over 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. The following are the latest developments:


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


On September 18, BlockBeats reporters reported on the scene that OKX CEO Star attended "The Next 3 Years in Crypto" (the future 3 years in crypto) on the first day of participating in the TOKEN2049 main venue.


I don't think the crypto industry will simply copy the traditional trading 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 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 encryption 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:


Over the next three years, Ethereum will make important contributions to the cryptocurrency space 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 are constantly working 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 use these tools, thereby promoting 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 people interested in the project together 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 that 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 gave 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. So while I think a lot of people are looking forward to the rate cut thinking that will drive stocks and other markets higher, that is not actually the case. I think the market will collapse a few days after the rate adjustment as it will narrow the rate differential between the USD and the JPY.


I wanted to list some of the winners and losers from the rate change environment as Treasury rates fall, and the interest income that can be generated by holding the safest fiat assets. Winners include ENA, ETH, ETHFI, and PENDLE, all of which I personally own a lot of, but I do not own ONDO. Maelstrom (his family office) has a portfolio that is well suited for a falling rate environment.


A lot of people think that Ethereum has not made much progress at all in this round. Solana has been very strong in the bull run of the past few months. The main argument about Ethereum is that it is an Internet bond, an Internet bond with a yield of 4%. So why should 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 gains in Ethereum will exceed the gains in the US dollar and the gains in Treasury bonds. The Fed will cut rates, the market will collapse, and then reignite the bull run.



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 the question we have to ask ourselves is how exactly should we view all of this? Are we really still in the early stages? My answer to this question is that I don’t think we are early in crypto, but we are definitely in a special stage. Full text of the speech: "Vitalik 2049 Full Text: Ethereum Needs to Maintain Open Source and Decentralized Values While Meeting Demand"



Pump.fun Investor: Gamification is not a long-term way 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 "Going Mainstream: Building Web3 Consumer Apps" roundtable discussion on the first day of the TOKEN2049 main venue and said:


In the crypto space, I don't think gamification is necessary to make a consumer app and be successful. Fundamentally, user stickiness is important, and whether you can have a high retention rate comes from whether you solve a real core need for consumers. Gamification is sometimes fun, 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 "polish shit." If your product has loopholes, people won't want to use it, and even if they use it because of some incentive, they will leave immediately after using it. I don't think any amount of gamification can change this.


However, gamification of applications is most obvious in highly saturated markets, especially those tracks where product homogeneity is serious. In this case, companies need to use artificial 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 reporter reported on the scene that Founders Fund partner Joey Krug 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:


I think from the consumer's perspective. First of all, if the product is already online, you can judge a product based on its early appeal. Many people tend to think that success happens in an instant, but Shayne Coplan (Polymarket founder) started emailing me in 2016 or 2017 to discuss prediction markets, and we occasionally chat a few times a year. Most people think that we invested in Polymarket because of the election, but the election is actually not that important. Even after the election, Polymarket will continue to have repeatable appeal.


Polymarket founder: To create a successful consumer product, you need to have a clear and distinct "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 over other alternatives? I think the reason people are excited about Polymarket is that it offers the best service on the market, and it happens to be backed by crypto. Ultimately when building consumer products, everything needs to be centered around who you want to use it, what you are building for them, why they are using it, and how you are going to 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 out 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 I think it may not be realistic (now). I think the period from 2018 to 2022 will be a very unique period in the history of this industry, 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 reporters reported on the scene that Kyle Samani, managing partner of Multicoin Capital, attended the "Investors Roundtable: Navigating Crypto's Changing Landscape" themed roundtable discussion on the first day of the TOKEN2049 main venue and said:


Finance started out as something for the elite of the elite, like J.P. Morgan saving America. The history of finance over the last 100-150 years has been a history of democratizing access to opportunity, with things like Robinhood, and now crypto, to about 6-7 billion people around the world who aren’t too sensitive to price-to-earnings multiples when choosing what to buy. As the market becomes more mature and more hedge funds and traditional investors enter the cryptocurrency space, this could lead to more and more convergence between the two worlds (traditional finance and crypto).

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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