Web3 Carnival: Bright spots, laughs and slots

edit & nbsp;   wu says block chains

This time, Wu said that Space was replaying around the recently concluded Hong Kong Web3 Carnival, discussing the highlights, laughs and slots of the Congress at three levels: participation experience, off-site observation and industry exchanges. Among the guests involved were Sun Xiaochuan, Danny, Kirara, George, Amelia, Cynthia, Luis and Hana, among others, several Web3 practitioners。

It was generally recognized that the most prominent phenomenon of the Conference was the significant increase in the number of “outsiders” and pushers, and that the presence of the Grandmothers at the meeting, the looting of their surroundings, the taking of photographs and the use of the Congress as part of their travels, reflected the heat of the industry and exposed the ecological distortions of the venue. At the same time, there has been a decline in the perception of traditional projectors and developers, with exchanges, marketers, marketing intermediaries and various “relationship agencies” becoming more active, and the tendency of the industry to move from “narrative” to “resource” “discount”。

The guests also mentioned that the real focus of attention in the field was mainly on AI, forecasting markets, stabilizing currencies, payments, RWA, US stock chains and Pre-IPO, and that there were no new narratives that were particularly clear compared to last year; many practitioners even started to talk more about U.S. equity, semiconductor, and US dollar asset allocation, rather than encryption. Overall, the conference was both a lively image of Hong Kong's Web3 activities and a reflection of the current industry's fatigue, shift and anxiety in the bear market cycle。

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Little universe:

https://www.xiaoyuzhoufm.com/episode/69f24698fbed7ba94122cbd9

Web3 saw the conference live: the outside world has changed, the atmosphere has changed

Cat: Tonight, let's talk about this newly concluded Web3 General Assembly and share the most impressive highlights, laughs and slots. I'll throw the brick first。

The clearest feeling I've had this time was that the proportion of practitioners was lower than before, and there were a lot of people outside the industry. On the first day of Binance's event, I felt like some of the participants came to "inbound" and wanted to take everything。

My own things were put under the stool, and it almost got carried away; I also saw the pillows on the stool packed away. I was shocked, and I said, "Can I take this?" The other side means that everyone who counts as “neighborship” wants to take it。

IT'S ALSO OBVIOUS THAT THE ATMOSPHERE IS DIFFERENT. FOR EXAMPLE, WHEN I SAID TO AMA, THE FRONT-ROW AUDIENCE WAS PARTICULARLY EXCITED; THERE WERE A LOT OF PUNTERS IN THE MAIN ROOM, AND THE WHOLE FEELING WAS MORE "GO-ROUND" THAN IN PREVIOUS SESSIONS, BUT IT ALSO SUGGESTED THAT THERE WERE LESS REAL INDUSTRY PRACTITIONERS。

Web3 saw the conference live: the outside world has changed, the atmosphere has changed

Kirara: One of the things I remember most about this is that I met an aunt at Bian's. She said she just came into contact with Web3 and wanted to write to me, and I did. As soon as she finished, she asked me if I would go to a lobster event. I was particularly impressed by the fact that I was stopped at the scene of Bian'an's activities and was able to be “directed” to another station。

Cat: Did she talk to you about the industry? Do you have a wealth code

Kira: No, she's mostly asking me to go to Bronze End Bay the next day. Then I left and I deleted her。

Actually, what I'd like to know right now is, what channels are these people getting into so many Web3 activities? Why are there so many people who are clearly outside the industry at events like Bianan

Web3 General Assembly Watch: The venue “sweep” and the MM broker are warming up

Danny: I'll start with an off-site phenomenon. You can run back and forth from one event to the next, and you can often see people carrying big bags, even stuffing them directly with suitcases, stuffing their trunks, and calculating where to continue with the souvenirs。

ANOTHER, MORE OBVIOUS, FEELING IS THAT THIS YEAR THE PROJECTER'S OWN TEAM IS MUCH SMALLER, MORE MM TEAMS, OR EXCHANGE GROUPS。

THE MOST INTERESTING THING IS, I WENT TO DIFFERENT MM STATIONS, AND SEVERAL PEOPLE WERE SAYING THAT THEY DID THE SAME PROJECT. YOU WILL FIND THAT MANY PEOPLE MAY HAVE SOMETHING TO DO WITH THE PROJECT, BUT NOT AS STRAIGHTFORWARD AS THEY SAY, AS CLOSE AS THEY SAY, AND MORE AS PACKAGING AND ENDORSEMENT。

CAT: DO YOU THINK THIS IS A TREND? A LOT OF PEOPLE USED TO WRAP THEMSELVES UP AS EXCHANGE PEOPLE, AND NOW IT SEEMS THAT MORE PEOPLE ARE DOING MM RELATED SALES. WHAT DO YOU THINK OF THIS PHENOMENON

Danny: I think it's essentially profit-driven. Now that project parties are more aware of the path to the above currency and that the processes and prices on the exchange are becoming more transparent, there is less room for intermediaries。

BUT MM HAS PROFIT SPACE ON THIS SIDE, AND THERE IS REAL MARKET DEMAND, SO MANY SALES GO IN THIS DIRECTION. IN ADDITION TO THE MAIN VENUE, THEY WILL ORGANIZE THEMSELVES AND PLACE EMPHASIS ON “I DID THIS PROJECT” AS A MEANS OF EXPANDING THEIR INFLUENCE AND GAINING BUSINESS。

It's also interesting that the market is often surrounded by the words “this is what I did” and “this is a project that happened”, which are very mixed and dramatic. To some extent, the role of intermediaries in the current industry has indeed become more active。

The Hong Kong Congress was lively: the venue shrunk and the audience was highly misplaced

George: I was one of the sponsors of the Congress this time, and the 21st and 22nd came to the carnival. When I arrived on the first floor, I saw a lot of people and thought the Assembly had done well. He went to the front desk to collect the tickets, and he told me it was a lamp show. Then I ran to the fifth floor and found the real entrance to the venue in a small corner. There's a bunch of people at the door who are discussing how to get in because the tickets are not enough。

This is particularly contrasting with my previous impressions of participating in the General Assembly. Before, the main venue was usually larger, but this time it was clearly much smaller, and my first reaction was to worry that the sponsorship would not work。

AFTER ENTERING THE FIELD, THE CONTRAST BECAME STRONGER. I WENT TO OKX'S STAND, AND I SAW AN OLD LADY POINTING DIRECTLY AT THE PERIMETER. THE STAFF MEMBER SAID THAT THERE WAS NO MORE, AND SHE TURNED TO THE DISPLAY ON THE SHELF AND SAID, “THIS IS WHAT I WANT”. I WAS SHOCKED BY THIS SCENE, WHICH I HAVE NEVER SEEN BEFORE, WITH SO MANY ACTIVITIES。

THEN I WENT TO THE SHOW AND FOUND OUT THAT, ALTHOUGH THE BOOTHS WERE SMALL, A LOT OF THE AUNTS HAD BEEN TRAVELING THROUGH THE CROWD AND WERE TAKING THE PERIMETER. AND THEN AT THE OPC PARTY, I SAW A MAN WITH HIS HANDS UP, SHOOTING ALL OVER THE LADIES AND ASKING IF HE COULD TAKE A PICTURE AND WRITE A LETTER. WE HAD A FEW FRIENDS ON THE SCENE, AND EVERYONE THOUGHT IT WAS CRAZY AND HAD NO IDEA THAT THIS WOULD HAPPEN。

The impact of this Hong Kong Congress has indeed been significant. I later made a video and posted it on Twitter, and many media outlets quoted the cover to cover it. In general, what shocked me most at this meeting was the strong sense of “fault” on the ground。

Cat: What do you think this sponsorship is worth? Did you get what you expected? Will it be sponsored next time

George: I think it's worth it, and the cost is almost recovered. Because we sponsored this time, mainly in connection with Telegram, Ton Ecology. Our central purpose is to take this opportunity to bring the relationship closer. From this point of view, the results have been achieved。

It's a change of subject: from lay-offs, coins to stock

Sun Xiaochuan: I have a few feelings for this meeting。

First, it is true that there is talk of lay-offs, and there is a general feeling that it is not over, that there may be room behind it and that the focus may be on exchanges. Many felt that, in the current state of business and industry, there was still a preference for the staffing of the exchange。

Secondly, I went to a lot of games and found that you don't talk much about money anymore, but you talk about more stocks, especially American shares and semiconductors. The issues that are really more relevant to the money ring are more focused on stabilizing money, such as where money is spent, how much money is paid, and that's what you're talking about。

THIRD, I TALKED TO SOME PEOPLE TOO. MY FEELING IS THAT A LOT OF PEOPLE ARE NOT PARTICULARLY ANXIOUS ABOUT AI'S REPLACEMENT JOB. AT LEAST THE PEOPLE I'VE COME ACROSS ARE MORE CALM THAN I THOUGHT AND THERE IS NO APPARENT FEAR OF UNEMPLOYMENT。

There's another news that shocked me. I've heard from some institutional friends that the pursuit is also going into the field of encryption quantification. This is one of the most unexpected things to me at this Assembly, in addition to downsizing and shifting the topic。

Cat: It's kind of like home-based electricity coming to Web3. It's funny. In fact, your sharing is very relevant to the subject before us: On the one hand, unemployment and layoffs, and on the other hand, there was little discussion of the coins, and then the discussion started. In a way, it is a side-done testimony to the current climate in the industry。

The phenomenon of “tourist groups” in the General Assembly: many do not understand the currency but are involved in a community

HANA: I made a series of videos this time, because I was on my way to look for media room, and I saw a bunch of well-dressed aunts and uncles, like a tour group, and I went up to talk. The amount of information was subsequently found to be substantial and two other similar projects were continued。

Many old practitioners say that they do so every year, except for this year, when there are fewer participants in the programme, which makes them particularly prominent. I have since also devoted myself to learning how this kind of “growing” works and to talking to some of the people who enter the currency circles in this way。

Cat: How did these uncles and aunts get into the chain? How did they organize it

Hana: Most of the people come in not through industry channels, but through relatives and friends. Many of the transmission sources are located in cities on the 3rd and 4th Lines and spread throughout the country through acquaintances. Shanghai, Zhejiang, North-East etc. are already widely distributed。

This time, many people came to the scene after the second half of 2024, more of the second and third groups of participants. The first group was not very much here。

And one thing I didn't expect: they weren't all in the same kind of economic condition, and many of them actually had savings, property and living conditions。

Cat: Are they involved in projects like this mainly to make money

HANA: Not exactly. Making money may be an entry point, but many people then really believe that they are “transmitting love” or “transmitting energy”. Such projects are no longer just investments, but more like a community of spiritual mobilization. There are symbols such as bracelets, badges, and frequent use of the word “energy” and the word “fortune”, which is, as a whole, close to a faith-based form of organization。

cat: do they focus on the industry? like bitcoin, ether。

Hana: Not really. Many people don't even know bitcoin. I've come across about 30 percent of the people who actually know the basics of the industry, and most of the others don't know Web3 itself。

Their central purpose here is not to look at projects, but to meet community members, “teachers” or leaders. For them, it is more like a line link, with obvious social and organizational attributes。

Moreover, they usually stay in Hong Kong for four or five days and attend below-line lectures within their own system, in addition to attending exhibitions. So, strictly speaking, they do not come to the Web3 General Assembly, but rather see it as part of the entire process。

Cat: I see. It feels like these uncles and aunts are building the Web3 convention as part of the tour。

HANA: Yeah, almost。

Congress mood changes: the industry is moving towards “new finance”, but the boom no longer belongs to the original Web3

Luis: One of the obvious changes this year is that there are almost no post-conference “small essays” that summarize industry trends, wealth codes, and more of them talk. This reflects a decline in the overall excitement and expectations for the Assembly。

But there's also an interesting story. I met the owner of the commercial estate, who came to the Hong Kong Web3 Congress, not because he understood the industry, but because the genologist had suggested that he should have a portion of his encrypted assets。

I think it's quite representative: encryption assets are being seen by a growing number of people in the traditional industry as part of alternative asset allocation. On the other hand, this means that the industry's already high expectations and elastic “Alfa narrative” is weakening。

Also, what you're saying about Web3, is more and more like a “new finance” rather than an earlier ideal Web3 narrative. What really gets the dividends is more European and American institutions, especially in the direction of compliance and currency stabilization。

RELATIVELY SPEAKING, ASIA-PACIFIC PRACTITIONERS HAVE LESS ACCESS TO OPPORTUNITIES. SO WHEN MARKETS DON'T HAVE REAL NEW SPOTS, IT'S EASIER FOR THE PUSHERS AND THE CXS TO BECOME VISIBLE. THIS IS ACTUALLY A COMMON PHENOMENON IN BEAR CITY。

Cat: I asked two questions. First, what assets did the boss last look at? Secondly, what is the basis for your assessment that some traditional financial institutions do not necessarily want to make stabilization coins

Luis: First, he has not really done it, he is only here to look at it, he is also in contact with a number of quantitative agencies and industry service providers, and he is still in the waiting phase。

Secondly, with regard to the attitude of traditional financial institutions towards the stable currency, it is more precisely my personal judgement than my determination of the facts. It is largely based on our usual understanding of such compliance bodies that they do not necessarily have a strong sense of initiative。

Security torture on “Tourism Corps” and project

Amelia: I would also like to return to the previous topic on the phenomenon of “travel missions” in the General Assembly. Because we've got booths on the floor this time, and I've spent a lot of time in Booth, and I do see people wearing the little hats of the tour corps, the ears of wheat, and the guidees holding a small flag, showing them what this project is, what it is, and what it feels like to be surrounded。

I also heard from some KOL that the host might offer a discount on tickets to the tour team and use Web3 Final as a spot in Hong Kong. It is true that there are a lot of young and middle-aged people on the scene who obviously don't know the industry, and you talk about the other side of the street。

The other slot is that many of the elements that came out of this Conference were made up of vicious, rubbing and even cheap ingredients, such as tongue-kissing, fake drawings, etc. I'm disappointed that I have a bad overall view。

There is also a more impressive detail that happened shortly after the beginning of the General Assembly in the event of a project security incident. I went to talk to one of the project parties, and the model of the other was probably: users gave them stabilization coins, and they transferred the money to their own chains for their own money to pay off。

I asked him how to make sure the process didn't go wrong. The other side said, "We're going to the center," and I said, "Are we going to the center? And he said, "We're using smart contracts," and I went on to ask, "Doesn't smart contracts have problems?" Then he said, "The code's audited." I asked, "Is the code audited okay?"

asking the back, the other guy obviously didn't want to talk, just let me go to another booth。

Cat: I think the projector was thinking: Don't ask, don't ask。

Amelia: Yeah, almost that。

It's still hot in the Taifeng community, but it's got fish dragons on the spot. Miscellaneous

Cynthia: I've been involved in two side events, one BNB Chain and the other one that our team ran. I went to the main venue, and I felt a few things。

Let me start with a little detail. I have a lead colleague who used to work mainly with brand names and business clients, this time from Shanghai to Hong Kong to participate in BNB Chain. Instead, he helped me get my ticket because my application was never approved until the same day. This detail makes me feel that outsiders' interest in Binance and Web3 activities is already quite obvious。

Let's talk about our own activities. Before the preparations, we were really worried about the lack of participation of the Taifeng community in Bear City, with only 300 to 500 people enrolled in the first few days, and the internal expectation is that the hope is 1,500 or even 2,000. On the last day of the event, the number of registered persons reached 1,500, with more than 300 persons on the scene almost fully seated, as well as people on the aisles, and about 600 persons on mobile basis. This results suggest that, at least, the presence of the Taifeng community at large events and the presence of core figures is still high。

There's a small episode that I remember. I was introduced to a friend on the day of the event who said he was working at the CEO Office of a major factory exchange. As a result, at the end of the campaign, I brushed his circle of friends, top of which was a “cooperative signature picture” in a small conference room, with only two logo in the background, which looked very carefully packaged. This detail gives me the feeling that this Assembly does bring in a number of people who need additional judgement, especially through the introduction of layers of knowledge that cannot be easily trusted。

Last day I went to the main venue, and there were so few people there. I also met a former lead, who was doing well on the platform for a Hong Kong-listed company, but there was a marked shortage of people. Besides that, I've seen the kind of "Enabled to Love" "Happy Planet" stand that I mentioned earlier, which is really interesting. On the whole, my greatest feeling is that the participation of the community itself is still warm, but the composition of the entire General Assembly site is clearly more complex than before。

AFTER THE CONGRESS, WHAT IS THE INDUSTRY LOOKING AT: PREDICTING MARKETS, AI AND ASSET CHAINING INTO A MINORITY CONSENSUS

THE GENERAL ASSEMBLY LACKS NEW NARRATIVES: PREDICTING MARKETS AND AI, AND EVERYONE IS WATCHING

Kira: If it's hot, I think the market is one. I went to PredX-related events, and I feel there's still some interest in this direction。

BESIDES, THERE'S MORE TO THE DISCUSSION THAN AI. ON THE WHOLE, VERY FEW OF US AT THE CONFERENCE ARE SERIOUSLY TALKING ABOUT SPECIFIC TRACKS OR PROJECTS, MORE LIKE SOCIAL GATHERINGS, AND BY LOOKING AT THE IRREGULARITIES ON THE GROUND。

As to “whatever is hotter now and what is everyone looking at”, I think that many people are confused, and more waiting for the next round of real new narratives。

CURRENT HOTSPOTS: AI, RWA, COMPLIANCE AND QUANTIFICATION

Danny: Now the hotspot is clearer, first or first, AI. A lot of people are wondering how to use AI to increase efficiency and win。

Second is RWA. Exchanges and markets are concerned with moving traditional financial assets, such as stocks, crude oil and even some market-related assets. In essence, we moved Web2 and traditional finance to Web3。

The third is compliance. There have also been a number of recent discussions about how money and business can change after tax declarations and regulations have landed。

Quantitative strategies are also a priority. The long run of the long-term contract algorithms in the past is not necessarily appropriate for the current cycle, so many people are looking at new quantitative strategies and a new round of exchanges on contracts, pledges, liquidations。

And there's a small roll of money. A significant amount of funding is still concentrated in such projects, and opportunities continue to be found around these small currencies in the market。

FINALLY, THERE ARE INSTITUTIONAL INNOVATIONS WITHIN THE ECOLOGY, SUCH AS MULTI-AGREEMENTS, EMPTY AGREEMENTS AND LIQUIDITY AGREEMENTS DESIGNED AROUND RWA ASSETS. THESE ARE ALSO THE DIRECTIONS THAT WILL BE DISCUSSED RECENTLY, AND ARE RELATIVELY CLOSER TO EARNING OPPORTUNITIES。

Hot spots don't change much, but the boundary between Web2 and Web3 is getting blurred

George: I've had a lot of talk in Hong Kong this time, and there's a sense that there's little difference between the direction you're looking at now and the beginning of the year, or AI, the forecast market and RWA。

But I have a deeper feeling: the boundary between Web2 and Web3 is getting blurred. People sit together and talk not only about bitcoin, Memecoin, but also about the traditional assets of American stock, crude oil and futures. Many money-cycle users have also started trading through exchanges that were originally the subject of traditional finance。

I also heard an interesting point. It was stated that the real competitors for predicting market platforms were not necessarily other predictive platforms, but probably Hyperliquid. The logic behind this is that they are essentially chain-based de-centre trading platforms, and that future business boundaries may penetrate one another, for example, by predicting markets for sustainability, by forecasting for sustainability, and, finally, by competing in the same scene, often with the same large user base。

Also, in the Chinese language area, I have not yet seen any prediction platform that really runs well. The greatest difficulty in this track is now user growth and user education。

Thus, the hot spots as a whole have not changed much, but the integration of asset patterns and platform boundaries may be a more noteworthy trend。

CURRENT MAIN LINES: FORECAST MARKETS, PAYMENTS, RWA AND US STOCK CHAINS

Sun Xiaochuan: My opinion is similar. From last year to the present, there are several clearer lines。

The first is the forecasting of markets, which you have said more than enough。

The second is PayFi. Prior to this direction, the heat was high, but market discussions fell markedly after some projects were issued。

The third is the payment and stabilization currency. It's actually always hot, and there's a lot of people doing it, but it's not as loud as the previous tracks. Projects of this kind, including Circle, are, in my view, central, but with different circles of interest。

THE FOURTH IS RWA AND, MORE BROADLY, “EVERYTHING CAN BE CHAINED AND TRADED”. THE UNITED STATES STOCK CHAIN, THE DOLLAR ASSET CHAIN, AND EVEN ITS DERIVATIVES, BULK COMMODITIES, AND DOLLAR DEBT ALL FALL INTO THIS CATEGORY。

There's another line that's going on, which's more of a Crypto Native game, like the heavy-barrel currency around the exchange contract, to guess how the dealer pulls it, how it hits it. This game has been in play since last year。

In general, the main lines I'm focusing on are probably these。

Run-by observation: predicting the market is worth looking at, and people are always doing it

Hana: The previous ones are actually more comprehensive. I would add two directions of my own。

First, predict the market. This time I came in and thought the track was worth watching. I've known Polymarket before, and I've even tried to get involved in something, but then it turns out it's not simple, it's not just as rough as "choice a result like a lottery ticket" and there's actually plenty of room for in-depth study。

this time i talked to the people on the platform. it was mentioned that forecasting markets were more appropriate for those who had clear objective results and needed to be involved with an understanding of a particular area of breakdown. in other words, it's often someone who has a real chance to make a differentiated judgment that is sufficiently familiar with a niche market。

In addition, they are trying to make content and games more suitable for Chinese users, for example by lowering the threshold of entry for newcomers through vouchers and encouraging first-hand experience. I think it is more likely than simply replicating political forecasts abroad. After all, Chinese users may not really care about details in US politics, but the willingness to participate may be higher for entertaining, more topical content。

another direction i'm more interested in is payment. that direction has been and has been done, except that this assembly has not heard any particularly significant new changes. but several exchanges actually have some moves on the side of payment, so i'll keep watching。

AI, NARRATIVES ARE STILL EXPLORING HOW TO STABILIZE THE CURRENCY AND KEEP ATTRACTING OUTSIDE FUNDING

Luis: The payments, AI Agent, as mentioned earlier, I would like to add two points。

First, AI Agent remains the focus of many activities, and teams like 0G are exploring this direction. So far, however, there have been no particularly mature cases and the wealth effects have not been apparent, but there have been many ongoing efforts by teams, including some AI Token-related scenarios。

Secondly, the direction of the currency stabilization remains a concern. The first event that I participated in was related to the stabilization of currency, with the visible involvement of outside capital and traditional financial practitioners. It is true that this track is still attractive and has the opportunity to earn money, with relatively higher thresholds and more traditional finance favoured by those serving。

Overall, there are people in both directions, but AI Agent is still at the stage of looking for scenes, and the stabilization currency is closer to real demand。

New Hotspot Watch: Forecasts market warming, Pre-IPO and AI are still filtering directions

Amelia: I focused this time on two projects in BNB, one predicting the market and the other the master project Heartflow。

First, predict the market. We have previously written the view that Memecoin is losing heat and predicting that the market is taking on new speculative demand. Of course, it is not merely speculative; it also has the value of “gold and genuine pricing information”。

Now there are obvious faults in this track, in the head platform and in the rear of the ladder. platforms like Polymarket do well in super-events like the US elections, but they may not be as good as in Asian markets or smaller topics。

this time i talked to the team, and they said one direction: in the future, users could be more proactive about what they wanted to open, and the platform was primarily responsible for auditing. this makes it easier to incorporate real needs. i think that's a good idea. the whole thing came together, and the team gave me a feeling of being real, hand-on。

Say again. You may think that this is a bit of a bad idea when you mention the master, but when you talk about it, I think that he's very into the product, and that he's obviously in a very good state, really thinking about how it works。

What they do is pre-IPO related pre-closure contracts. There has also been a recent increase in interest in this direction, as some exchanges have begun to provide United States share Pre-IPO-related products, and market interest in such opportunities is indeed increasing。

AS FOR AI, MY FEELING IS THAT THE AI ATMOSPHERE OF THIS CONFERENCE IS NOT AS STRONG AS IT THOUGHT. SOME OF THE CONCEPTS THAT WERE HOT IN THE PREVIOUS PERIOD ARE NOW A LITTLE DOWN. THERE'S A LOT OF PEOPLE ON THE LINE TALKING ABOUT AI TRANSIT STATIONS AS A GOOD BUSINESS, BUT I BARELY HEARD PEOPLE TALKING ABOUT IT WHEN I RAN OFF。

But there's an aunt who comes to us to sell AI transit. I've got a list of risks that the foundationer summed up, one by one, against her. It turned out that the other party was sweaty, said that some of the questions could not be answered by itself, went back to the technical team and left with contact details. This little episode also shows that many concepts are hot online, but that there are not many people who really speak clearly。

ETA ECOWATCH: FORECASTING MARKETS, HIGH-QUALITY ASSET CHAINING AND ETH NARRATIVE

Cynthia: Let me start with a few observations。

First, I was impressed this year by the projection of the market. I joined CES in the United States at the beginning of the year, and then went to Inverda GTC, where I met some very strong young developers, including famous school people and large plant programmers, who were serious about predicting market arbitrage. It means that this track is not just a discussion of the heat, but is already being done in a more engineering way。

Secondly, I am also concerned about the chain of quality assets, including the Hong Kong shares, the Hong Kong dollar, the Pre-IPO. This track has been moving forward this year。

Thirdly, I personally would be more interested in this line of Data. We've arranged a lot of media exchanges this time in Hong Kong for an ETA-related company with US stock, and I've been involved throughout, and I've found that the two issues that are of greatest concern to the outside world are really: why buy shares in this kind of US stock, rather than just buy cash; and why this story ultimately ended up in the ETA. Both issues are actually critical。

As for Vitalik's share of this event, I am more impressed by his perception of Layer2. He believes that Layer2 exists not to compete with Layer1, but to complement each other. This is clear。