My Perspective on Token2049 in Singapore

My Thoughts on Token2049 in Singapore

Author: Phyrex, Binance Square Creator Source: X (original Twitter) @Phyrex_Ni

With the end of today, the work journey of Singapore Web3 has also ended. In fact, as a practitioner, it ended yesterday. Or maybe the main process of Token2049 can be completed in about 6 hours, so I wrote down three words last night, and today is over. I may interpret this Token2049 from different perspectives.

First word: payment

The exhibition hall this time is not very large. There are not many platforms present, but about one-third of the projects involve payment. Among them, not only are local companies in Singapore, but also companies registered in the European Union or offshore islands have surprisingly overcome payment channels.

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Moreover, if asset custody and financial audit companies are added, this part of the project accounts for more than half. One region’s booth is all about fund-related projects. And most of the projects are essentially compliant and partially compliant OTC, mainly targeting the US dollar and euro, and almost all of them are related to the renminbi, which is not completely compliant, but it also has a certain relationship with foreign trade.

What’s more interesting is that I talked to almost every payment company, no matter what type it is, the main focus is on cashing out. This means that the environment for cashing out is more prosperous at present, and more investors in the currency circle, including those worldwide, are looking for compliant and large-scale cash out solutions. I remember that even in 2021, when BTC broke through $64,000, there were not so many payment-related applications at various overseas exhibitions, and payment types are undoubtedly centralized.

Second word: English

When I was in Hong Kong, I also wrote an article saying that almost everyone said ABC when they opened their mouths. Even if they obviously knew that the other party might be better in Chinese, they would choose to speak English, and Cantonese is also very popular. But this time, it’s quite interesting. Although most of the platforms are said to be from Singapore, communication in Chinese is very smooth. Almost any Asian platform can speak fluent Chinese, and of course their English is better.

A small number of Indian, Middle Eastern (presumably), and European and American booths are definitely mainly in English, but if they find that you don’t understand, they will try their best to help you explain. It makes me feel that they have done their homework, but indeed from Hong Kong to Singapore, there are still too few “white people” attending the conference, and most of the project parties speak Mandarin better than me.

Third word: it’s good to have money

This is not nonsense. The cost of downtown Singapore is not cheap compared to Hong Kong, but my daily expenses have no expenditure on food except for accommodation and transportation. It can be said that in Singapore, once you have an address, you can go and eat. Most of the activities hardly verify whether you are attending or just tagging along, but to be honest, most of the catering provided in Singapore this time is leaning towards Indian flavor.

These days of Token2049 happen to coincide with the prelude to the Singapore F1 race, which has led to outrageously expensive airfare and hotels. Even the relatively affordable options cost around 2,000 RMB per night. Those who can afford to stay at Marina Bay Sands are the big shots. Oh, I almost forgot, the ticket price for Token2049 this time is $500 USD, which includes meals. Most of the friends who have experience in Hong Kong basically rely on free tickets. On the first day, the security was not very strict in the morning, so it was relatively easy to get in with a free ticket. The ticket actually consists of two parts: a wristband and a tag. At that time, I only looked at the tag, and that’s how I got in. In the afternoon, it was discovered that there were too many people sneaking in, so they started checking the wristbands, which caused a lot of congestion. The security became even stricter on the second day, and there were even incidents of confiscating the tags.

It can be said that there are two types of people who are having the best time in Singapore. One is those who are already wealthy, including project teams, who are enjoying the limelight. The second type is the friends who have enough budget (reimbursement), and they can also watch the show with a smile. Moreover, most of these friends are good people, and those who need tickets mostly seek their help. The others are people like me who are sneaking around. As long as you have thick skin, you can still profit from eating and taking things.

These are just the visible aspects. The relatively niche groups have directly increased the revenue of the entertainment industry in Singapore. Starting from 3 pm near Marina Bay Sands, the Google Maps shows that most places are closed. As for private parties and yacht parties, let’s not mention them. Anyway, I didn’t go.

Finally, let’s review Token2049 this time. In the past, there were institutions everywhere, and there were as many VCs as dogs. This time, there are hardly any institutions, and there are hardly any exchanges that have created a boom in the industry. Only a few well-known big exchanges remain, and the rest are Dex, especially Dex on L2, where the Indian community is the main force. In the past, attending the conference could easily get you a sore hand from collecting materials, but now besides promotional pages, all you can get is a power bank. There are fewer and fewer people discussing “Build”. In the past two days, apart from a small temporary gathering to discuss RWA, everyone around me is focused on whether there will be another bull market, whether BTC will rise. Even those who are doing public chains are like this. The only industry that is diligently working is the various exchanges, and they are truly capable.

Easter Egg:

I was chatting with a girl I met in 2018, and she complained to me that the most frequently mentioned project this time in Singapore is RWA. Overnight, everyone is laying out RWA, and everyone is an expert in RWA. But unfortunately, the vast majority of people don’t even know that RWA needs to comply with regulations. Even STOs require licenses, but RWA can just run wild? However, one thing is certain: RWA is the next form of DeFi, and it is very likely to be the driving force of the next cycle.

Summary:

When it’s dry, it’s extremely dry; when it’s wet, it’s extremely wet. The rich want people, and those who have people lack money. Crows caw every day, and radishes are everywhere.

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