Summary of short essays on Hong Kong Web3 Week

整理：陀螺财经

4 月 9 日，是香港 Web3 嘉年华最后一天，也标志着香港Blockchain周的尾声到来。一如往年的热闹非凡，保留了社交与打卡，香港再度以 Web3 为名集聚了一众加密人士，在散户、项目、KOL、VC/PE 乃至政府人士的多元化碰撞中，香港与加密的未来之路也正不断铺开。

Among them, short essays have become an indispensable part of large-scale events. Participants may talk about trends with witty remarks, or speak concisely and directly to the point, or simply vent their emotions. Perhaps the opinions are not consistent, but in the unique Huashan Sword Contest, spectators who are unable to experience it can also get a glimpse of the current hot spots and feel the emotions and atmosphere of the crypto circle by reviewing the current situation and development trends of the industry.

In this regard, Gyro Finance has specially compiled some short essays on the X platform, hoping that the Hong Kong Web3 in the eyes of participants can trigger more thinking.

Dov Wo@dov wo

A short essay on attending a conference in Hong Kong from a VC perspective (full of bias):

1. In a bull market, products are not important, narratives and emotions are more important. Meme has repeatedly proved this. At least half of the money raised is used to boost the market.

2. The most core abilities in this round of bull market: trading ability and shouting ability. If you don’t have trading ability, please practice shouting ability. I am also helping some project parties find KOLs for promotion. Welcome to take the business orders I give. There are many projects that Binance and OKX have invested in but cannot find suitable domestic/overseas promotion channels. False prosperity/buying is just a necessity.

3.VC 的地位越来越差，解锁慢、估值高，散户不认。如果不能给项目方带来额外的资源（如exchange关系、某特定地区的资源和Community、经济模型设计、推广能力等），大部分纯财投 VC 只能当大怨种。拿最近找我的某个项目举例，给 KOL 轮的额度估值比 VC 还低，且解锁比 VC 还好。（本项目由西方某顶级 VC 领投）

KOL > VC is not groundless, it really exists. So I am also running a small boutique KOL agency to sell shovels.

4. The most popular activities are Berachain, Solana, and BTC; the ETH ecosystem is relatively inactive, and a big meme is Layer 69 (Solana’s own funny video making fun of ETH)

5. There were a lot of people at the Side Event. There were probably hundreds of Side Events at this event. On the contrary, there were not many people at the main venue. Project owners may need to reflect on whether the expensive booths at the main venue are still worth it. For example, Berachain and Solana did not have booths at the main venue, but held their own events. OKX had booths and events, which was the top status. On the other hand, Binance still had no events.

6. Ordinary people must become KOLs and find their own position. For example, if you want to shout "Tugou", just shout "Tugou". If you want to do good analysis, just do good analysis. You can get good business orders. I asked KOLs who shouted "Tugou" to shout orders, and the price of each order ranged from 200U to 2000U. VCs who can't shout orders can't survive, and KOLs who can't shout orders can't make money. If you have traffic, a large number of project parties will actively look for you to cooperate, and you will have better information and more resources. Please read the second point again. Question the teacher who leads orders, understand the teacher who leads orders, and become a teacher who leads orders.

7. This year, there were fewer discussions about compliance and licenses in HK, and more about trading and accumulating resources (maybe because I have reached a higher level and can understand and participate). The largest booths as soon as you enter the main venue are OKX and DWF. Everyone knows who has resources and who has money.

Ethan yu@EthanYu2020

I drank it for 2 days and listened to it.:

1. Chinese institution Fomo Bitcoin ecology and Restaking, European and American/overseas institutions Fomo Solana DePin, a small number of institutions Fomo Cosmos ecology-related Bearchain, some institutions were trapped in GameFi in the last round, so now they can only continue to push forward, but all of them end up in the same place and have to cut their losses, and the valuations are simply outrageous.

2. Almost all consensus is that there are too many Golden Dogs on Solana, and the get-rich-quick effect has been continuing. In the past few days, the local Dog flow that went to Base has returned to Solana.

3. It’s not that KOLs play a bigger role than VCs, it’s because KOLs have more flexible funds and can call orders and delete pushes at will, and the unlocking method is also more friendly. What can you do if institutions call orders? On the other hand, institutions are not stupid and have a lot of money. You start with a valuation of 100 million US dollars, and it takes 3 years and 36 months to fully exit. You don’t list on Binance or OKX. If you let me invest 500,000 US dollars now, are you stupid or the institution stupid?

4. There are indeed many newcomers and people who want to enter the industry. Young people are proactive, enthusiastic, and eager to learn. They have no industry baggage and are willing to do it. However, there are not enough newcomers, so the bull market is still in its early stages.

NP Hard @xingpt

HK Conference Mini Essay:

1. The threshold for entrepreneurship continues to rise in this cycle. New domestic wild teams can only make money or run fur studios. A few are working on Bitcoin ecological projects, and it is basically difficult for them to raise large amounts of money.

2. Confusion of Chinese project owners: How can we get European and American funds to invest in us? / Confusion of domestic funds: How can we invest in European and American projects?

3. The Chinese practitioners in the cryptocurrency circle who live the most comfortable life: second-tier big players and top-tier KOLs.

Allen Ding @0x_Allending

I have been very busy in HK these days, so I will just quickly share a few opinions, hoping they will be helpful to you.

1. The overall market outlook remains bullish and we remain firmly bullish.

2. ETH/BTC will definitely reverse. The current exchange rate is under pressure mainly because the probability of passing the ETF in May is low + EF is involved in a lawsuit + lack of new narrative. However, I still believe that ETH is the only public chain that can undertake the financial needs of large funds and has the best developer atmosphere. After substantial liquidity release, funds will definitely still choose ETH, and Eigenalyer is about to be released, which should lead to a wave of AVS bulls.

3.Solana 自身战略没问题，目前已经变成我第一大持仓的 alt。但是生Xiaobai Navigation态中的情绪空气币太多，最近 Ore 搞得正常转账都不行。我目前重点关注 DePIN，Ebunker 已经推出一个 DePIN 金融平台可以让用户们更好地参与 DePIN 项目。

4. If you like to hype emotions, you can take a look at other layer1 ecological opportunities below. Foundations are all brewing their own meme season.

5.再次强调，牛市里靠消息炒币是资金使用率最高的，只要你有靠谱的信息源可以呼吸make money。如何能有靠谱的信息源，多交朋友，多交靠谱的朋友。

6. The biggest alpha comes from the process of low-liquidity assets becoming high-liquidity assets. I have been paying close attention to the NFT and meme fields recently. Recommendations are welcome in the comment section.

7. Everyone is working on Layer, especially Layer 2.

8.币圈就是草台班子，都是攒的局，你只要能拉上几个关键的天使，再拉上几个海外的大机构，搞定Binance /ok 两者中的一个，恭喜你 10 亿估值兜底。

Kay Capital@keyahayek

1. I used the points I had saved for a year to book a hotel for a few hundred dollars, while the project party I invested in stayed at the Grand Hyatt for 5,000 yuan.

2. The investors make patchwork while the project party buys cars and houses.

0xNatalie@0xNatalie860

—《What I Saw and Heard at the 2024 Web3 Hong Kong Conference》

Bitcoin Ecosystem: There are quite a lot of Bitcoin ecosystem projects, including those doing transactions, asset issuance agreements, and mining machines. They are all Chinese projects but the gap is quite large, both in terms of technology and products.

There are a lot of people participating in CKB activities. They will focus on Lightning Network next, and the ecosystem construction is faster than expected. It seems that everyone has/has held CKB, and most people are optimistic.

Solana 生态：看到的主要还是 DePIN 项目，AI+DePIN 层层挖矿，预计之后类似 sol 手机的挖矿设备会层出不穷，比如手表、手环、戒指以及各种 AR 穿戴设备。不同与手机的是，它们记录健康数据，并让用户选择是否共享给 data 项目来赚取收益。

AI：主要是隐私和数据相关，利用 AI 处理各种数据，当然还有许多老项目转去做 AI，神奇的是，AI 项目没有我想象中的多，而且没看到什么 AI 的国人项目。

TON Ecosystem: TON has a big vision and it is obvious that it wants to build an ecosystem. I heard that it also provides a lot of support for ecological projects. TON's booth is right in front of the entrance, and there are many people at the booth every day.

最后几个小点：有不少做支付 /web2.5 项目比我想象中对 web3 的了解更深入；对牛市持续时间的看法，外国人比国人更乐观；OKX 展位很热闹，外国人不感冒，用户大部分还是国人；游戏和 meme 项目都很会玩，请帅哥美女和 cosplay 满场宣传，想不注意都难。

Caesar On The Moon@czreth

Experience of the 3-day Hong Kong Web3 Carnival:

1. The Solana ecosystem is dominated by European and American retail investors and institutions, and the main promotion is various Meme coins. The most common one seen in Hong Kong Web3 is $PENG. At present, this coin has risen 10X and will fall back, almost losing all the gains.

2. Chinese VCs are now chasing the superiority of Bitcoin. In addition to attracting traditional investors to enter BTC, VCs are now beginning to panic and enter the BTC ecosystem, starting to build various Bitcoin second-layer and programmable UTXO projects.

3.TON 生态以欧洲人为主，具有强烈的 FOMO 和Community推动色彩，最有意思的是 notcoin，大量的空投 / 点击挖矿 / 菠菜 / 游戏项目在 Telegram 正在涌现。

4. DePin and RWA are now the first choice for traditional IT companies to transform into the Web3 track. We have seen projects such as Wifi distributed Mesh networks and decentralized charging piles. They are currently focusing on the Southeast Asian market, with Singapore as their main base.

5. A large number of newcomers are entering the market. A group of highly educated and highly motivated newcomers are working hard to develop their dreams in Web3. Local projects in Hong Kong and Singapore are also beginning to appear. However, the general low awareness of newcomers and the general lack of fighting spirit of Hong Kong and Singaporeans are also very obvious. Entrepreneurs in Shenzhen and Hangzhou can meet and chat at 3 o'clock to make money, but the only motivation for young people in Hong Kong or Singapore to come out at this time is probably X guns.

6. Hong Kong remains an international business center and a concentration of old money in Greater China. Although it has recently been suppressed by Europe, the United States and other countries, it still insists on working hard.

7. Traditional crypto VCs are rapidly being squeezed out by old money and the emerging DeFun and community capital. The new generation of VCs is growing through social media, which is very similar to Silicon Valley, and Web3 is developing even faster.

8. Airdrops are rapidly becoming a means for project owners to open up the market and capture users. With the development of the bull market, there will be more and more airdrop projects, and the game between project owners and airdrop studios will become more and more intense.

The article comes from the Internet:Summary of short essays on Hong Kong Web3 Week

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