Blockworks 2049 News: The Asian crypto market is exploding
Compiled & edited by: Xiaobai Navigation Coderworld
Participants of this issue:Jason Yanowitz, founder of Blockworks;Santiago R Santos, Investor
Podcast Source:Empire
Original title：Asia's Crypto Boom, Stablecoin Wars, and Crypto's Global Shifts | Roundup
Air Date: September 21, 2024
Background Information
In this episode, Jason and Santi dive into their experiences at Token2049 in Singapore. They discuss Asiacryptocurrencyexchange的惊人规模、产生收益的稳定币的出现，以及亚洲和西方用户采用率的鲜明对比。谈话还涉及cryptocurrency领域创始人的疲劳、新加坡独特的治理模式以及不断发展的风险投资格局。
Token2049 Review
The scale and atmosphere of the Singapore conference
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Yano and Santi The Token2049 conference was discussed in the podcast. Santi expressed his mixed feelings about the conference, saying that although he did not enjoy attending it, he was able toXiaobai NavigationIt was important to talk to the founders and feel the atmosphere. The conference attracted 20,000 attendees, double the number from last year, and felt more like a SaaS conference, with many participants actively negotiating and closing deals.
Asian Market Observation
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Yano He pointed out that although he previously believed that Token2049 was a predominantly American event, there were actually a large number of Asian participants. He emphasized that the Asian market is not just a "bot farm" but a large group of real users.
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Santi It is further mentioned that the development of consumer finance in Asia and the rise of Internet giants have made the use of cryptocurrencies more common, and applications like Grab have already made cryptocurrencieswalletintegrated into its services.
Surprises and new discoveries at the conference
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Yano He also mentioned that he found many unfamiliar companies and products at the conference, which shows the diversity and development potential of the crypto industry. He and Santi participated in several panel discussions, including one on crypto and AI and investors’ views on liquidity and risky investments.
亚洲exchange的强劲表现
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Yano He also shared his observations about Asian exchanges, noting that their profitability far exceeds that of exchanges in the United States. For example, Bybit is expected to make $3 billion in profit this year, while Bitget, the fifth largestcontractThe exchanges also performed strongly in profitability. These data show that the market size and profitability of Asian exchanges are impressive.
The Growth of Cryptocurrencies in Asia
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Santi In a conversation with a ByteDance executive, the company believes that India will become its largest market in the next 5 to 10 years. He mentioned that although China is their main market, India's demographics and demand potential make it a key market in the future.
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Santi It was further pointed out that the market demand varies significantly among Asian countries. For example, Vietnam and the Philippines have a large number of developers, while India and Indonesia are huge markets that are expected to achieve rapid growth in financial infrastructure and demand.
The evolution of crypto platforms
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Yano It is believed that current crypto exchanges are transforming into broader financial services platforms. For example,OKX is no longer just a crypto exchange, but hopes to become a comprehensive platform similar to WeChat.As the market regionalizes, exchanges need to obtain licenses from various countries, which has led to a large number of mergers and acquisitions and increasingly fierce competition among exchanges.
Competition for Stablecoins
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Yano It is also mentioned that the stablecoin market is about to usher in new competition. With the launch of new types of yield-generating stablecoins, stablecoins like PY USD and PayPal will put pressure on the existing USDC. USDC's partnership with Coinbase has given it an important position in the market, but other players are also looking for opportunities to provide competitive products without relying on Coinbase.
The future of the stablecoin market
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Santi and Yano The paper looks into the future stablecoin market and believes that there may be a situation where multiple stablecoins coexist in the future.
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Yano Mentioned that Rune's new stablecoin USDs may occupy an important position in the market as user demand for yield-generating stablecoins is rising. They discussed how to gain a user base in exchanges and custody services, and how to promote the popularity of stablecoins through cooperation.
Industry skepticism and prospects
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Santi It was also mentioned that there are more and more doubts in the industry, especially about the new generationBlockchainDespite this, they are optimistic about the future of the Asian market and believe that the real needs of users and the development potential of the market will drive the continued growth of the encryption industry.
Founder ceases operations
Reasons for founders to exit
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Santi He pointed out that many founders stopped operating not because they ran out of money, but because of a lack of clear market demand and product positioning. He observed that many startups only recovered 20 to 30 cents on the dollar after a period of trial and error. When reflecting on these situations, he found that differences of opinion among founders and a vague understanding of the problem being solved were the main reasons.
Changes in industry talent
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Santi He expressed concerns about changes in the quality of talent in the industry. He believes that the quality of entrepreneurs has been improving over the past few years, but the recent trend seems to be declining. He is not sure whether this change is related to the collapse of FTX and Luna, or due to changes in the regulatory environment. He mentioned that many new founders entered the market in 2021, and many did not have long-term commitments.
The psychological state of entrepreneurs
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In a conversation with the founder,Santi Start paying attention to their perception of their own identity. He mentioned that many successful entrepreneurs have one thing in common, which is persistence and hard work. He believes that in the absence of user demand, good entrepreneurs may feel frustrated. Even some top technicians may feel lost due to lack of attention.
Storytelling and market competition
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Yano He believes that many entrepreneurs in the current market rely too much on storytelling rather than actual products. He mentioned that many teams are still able to attract investors through storytelling without clear market demand. Santi also agrees with this view, believing that in the crypto industry, excellent storytelling skills are often more important than underlying technology.
Hope for the future
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Despite the many challenges currently facingSanti He is optimistic about the future. He believes that as more institutions enter the market, truly valuable technologies will be valued and high-quality entrepreneurial teams will stand out. He mentioned that projects like Helium have proven the effectiveness of their business models, which will promote the development and competition of the entire industry and encourage entrepreneurs to improve their capabilities and product quality.
L2 Lack of expansion options
Meeting Observation
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Yano It was noted at the meeting that L2 Discussions of solutions such as Optimism and Arbitrum were almost non-existent. He believes that this conference is not Ethereum-centric, which is different from the past. Tron's presence is very strong here, and Tron has already occupied an important position in the conferences in 2018 and 2019.
The Rise of Bear Chain
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Yano He pointed out that Bear Chain has done an excellent job of marketing in this region. He found that more people participated in the development of Bear Chain than those who participated in Optimism. This shows that Bear Chain's influence in the local area is increasing.
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Santi He also mentioned that Bear Chain has done an excellent job in launching its MVP program, and he himself has funded three to four startups based on Bear Chain.
Participants' enthusiasm
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Yano He further mentioned that although he is not an investor in Bear Chain or its related companies, he was surprised by the enthusiasm of the participants. He mentioned that Bear Chain recently held an event with 10,000 registrations but only 800 were able to enter, which showed great interest and participation.
in conclusion
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总的来说，尽管大型 L2 解决方案在此次会议上缺乏讨论，但 Bear Chain 的崛起和市场参与者的热情表明，BlockchainThe industry ecosystem is constantly evolving.Santi and Yano We are paying attention to this and look forward to more innovation and development in the future.
Singapore Market Analysis
Impressions of Singapore
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Yano He first visited Singapore at the conference and was impressed by the country's efficient operation. He learned from his interactions with taxi drivers that they were friendly and had unique perspectives on social issues in the United States. He mentioned that the drivers were confused by the homeless phenomenon in the United States and believed that Singapore had taken stricter measures to deal with drug problems.
Social Policy and Governance
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Yano He also mentioned that Singapore has very strict government policies, such as the age limit for taxi drivers and the high cost of car purchase (including application fees). These policies have effectively reduced air pollution and improved the quality of life in the city. He pointed out that Singapore's public transportation system works well, while the United States faces many challenges, including high crime rates and a dysfunctional political system.
Politics and Talent
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Yano He also discussed the advantages of Singapore's political system, arguing that Singapore's elite talents often choose to work in the government rather than go to technology companies or hedge funds. He believes that this phenomenon makes Singapore's governance significantly better than many other countries.
Sustainability and Scalability
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Santi He mentioned that despite the success of Singapore’s governance model, the feasibility of replicating this model elsewhere remains controversial. He believes that this involves the scalability of governance, especially inBlockchainand the cryptocurrency space.
Meetings & Events
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During the meeting,Yano and Santi The engagement of the attendees and the richness of the various side events were discussed. Despite the large scale of the main conference, the side events provided more intimate networking opportunities where participants could explore topics in greater depth.
Current state of the venture capital market
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Yano He also mentioned the current dynamics of the venture capital market, especially the difference in returns among top venture capital funds. Some funds have performed well in the past few years and are actively raising funds, while others are facing greater challenges and pressure.
Summarize
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新加坡以其高效的治理和严格的社会政策，成为了一个独特的市场案例。尽管其治理模式在其他地区的可复制性受到质疑，但新加坡在提升生活质量和社会稳定方面的成功经验，值得其他国家借鉴。同时，当前的区块链和风投市场也显示出新的机遇与挑战，值得持续关注。
Venture Capital Trends
Current Fundraising Environment
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Yano and Santi The current dynamics of the venture capital market were discussed, especially the fundraising performance of some large venture capital funds. They mentioned that funds that previously raised $300 million to $500 million may now only raise $100 million to $200 million. This reflects the change in the market's expectations of venture capital returns.
Return on Investment
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Santi Mentioning that traditional venture capital returns are usually between 4x and 5x, which allows these funds to rank among the top. They discussed the performance of different funds and believed that if certain funds have poor returns, limited partners (LPs) may reconsider their investment relationship.
Investment strategies and success factors
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Yano Emphasizing that in venture capital, success often relies on finding one or two very successful projects that can significantly drive the overall return of the fund. They cited Dragonfly and other top venture capital firms as examples, pointing out that these firms achieved significant returns by investing in a few successful projects (such as Chainlink or Aave).
Changes in the investment environment
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Santi He mentioned that the current market environment is different from the past, especially in terms of interest rates and economic cycles. He stressed that investors need to constantly adjust their expectations to adapt to new market conditions. He suggested that investors should focus on 50% that captures cyclical returns rather than pursuing higher goals, which can reduce risks and protect capital.
Personal investment experience
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Santi He shared his investment experience, noting that he started his career in a low interest rate environment, which affected his investment strategy. He mentioned that despite the rapid changes in the market, it is still necessary to keep a clear head and reasonably evaluate return expectations.
Summarize
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The current venture capital market is facing challenges, and changes in the fundraising environment and investment returns have prompted investors to re-evaluate their strategies. Successful investment still depends on identifying and supporting projects with potential while maintaining flexibility and adaptability in a changing market.
The article comes from the Internet:Blockworks 2049 News: The Asian crypto market is exploding
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