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#Token2049 #Web3 #Crypto The 2025 TOKEN2049 Conference in Singapore concluded successfully, drawing 25,000 participants from over 160 countries, along with 500 exhibitors and 300 speakers at Marina Bay Sands. More importantly, the atmosphere — that long-lost bullish optimism — was far more vibrant than the sarcasm and skepticism on Crypto Twitter. This year’s Token2049 sent a clear message: the crypto market is entering a new infrastructure cycle — driven by Perpetual DEXs, stablecoins, prediction markets, and DeAI. This is no longer a frenzy powered by memes or narratives, but a rational, trust-rebuilding phase in the evolution of Web3. Below is an on-the-ground breakdown of the seven defining trends shaping crypto in 2025. Trend 1: The Rise of Perpetual DEXs — The “Monetary Layer” of New Capital Markets At this year’s Token2049, two topics dominated nearly every closed-door meeting and investor session: Perpetual DEXs and stablecoins. These terms now represent more than just products — they’ve become the new monetary and settlement layers of the crypto ecosystem. Perpetual contracts have stepped into the spotlight because they solve two of centralized exchanges’ (CEXs) biggest flaws: transparency and global accessibility. With the evolution of on-chain liquidity protocols, DEXs can now offer trading experiences approaching CEX-level performance — while remaining immutable and self-custodial. In short, Perpetual DEXs are becoming the settlement infrastructure of crypto-native capital markets. Projects like Hyperliquid, dYdX, and Drift are leading the way, with liquidity, latency, and matching speeds nearing centralized standards. As market trust shifts from “I trust the exchange” to “I trust the code”, the foundational logic of crypto markets is being rewritten. This is not just a technical evolution but a financial migration. In the next two years, decentralized derivatives platforms are likely to move from “participants” to “the standard.” Trend 2: Stablecoins — The Energy Valve of the Global Crypto Economy If Perpetual DEXs form the new monetary layer, stablecoins are the lifeblood of global crypto liquidity. Entrepreneurs from Southeast Asia, Africa, and Latin America repeatedly emphasized one fact at the conference: in their regions, “crypto” might still sound foreign, but “the dollar on-chain” has already become a daily reality. In inflation-ridden and currency-volatile economies, USDT and USDC are now used for payments, savings, and salaries. By 2025, the stablecoin landscape is clearly diverging structurally: Tether remains the market’s stabilizing force, holding about 70% share; Circle expands its institutional footprint through regulatory compliance; PayPal USD and USAT (Tether’s U.S.-compliant coin) are opening bridges to traditional finance. The deeper logic here: stablecoins are becoming digital-dollar intermediaries within the global financial system. They are no longer just tools for traders — they’ve evolved into cross-border payment, storage, and settlement infrastructure. Once stablecoins fully transform from “trading units” to “digital currency infrastructure,” the energy valve of the crypto economy will be permanently opened. Trend 3: Real-Time Trading + eSports + Live Streaming — The Underrated Dark Horse This was one of the biggest surprises of Token2049. Beyond the main stage, side events and demo showcases revealed a hidden focus: the gamification and livestreaming of trading. Imagine this: A streamer goes live on Hyperliquid, taking a long position on SOL. Viewers can mirror trades, tip, or bet in real-time. The system generates an on-chain leaderboard, where PnL (profit and loss) becomes a form of social capital. Fans can even bet on their favorite traders — just like supporting an eSports team. This new trend, known as SpecFi + StreamFi, follows a clear logic: Trading is, at its core, a form of competition. When combined with social features, data, and incentives, it transforms into entertainment. Livestreaming closes the loop between watching → interacting → investing. The rise of Pumpfun exemplifies this shift — turning meme speculation into participatory entertainment. Spectators, bettors, and creators form a complete social speculation ecosystem. By Q4 2025, real-time trading and gamified livestreams could emerge as the most underestimated high-growth narrative in the market. Trend 4: Prediction Markets — From “Betting on Outcomes” to “Betting on Reality” At Token2049’s Founders Forum, many entrepreneurs highlighted a major transformation: prediction markets are becoming a core financial primitive. Once dismissed as niche or gambling tools, prediction markets like Polymarket, Zeitgeist, and HyperPlay are evolving into composable financial layers. Now, people can trade on election results, weather data, economic metrics, social trends, corporate KPIs, or even influencer popularity. As AI agents start analyzing real-world data and executing trades, prediction markets become the financial interface for real-world information entering the blockchain. In essence: Perpetual DEXs let users speculate on assets. Prediction markets let users bet on reality itself. This marks the second stage of the financialization of reality — no longer pure speculation, but a systematic reflection of intelligent market expectations. Trend 5: DeAI — Survival of the Fittest After the AI Hype The AI frenzy has cooled off. AI tokens are down over 70% from their peaks, and many projects have disappeared. But what remains is far more meaningful — DeAI (Decentralized AI) projects. DeAI lies at the intersection of AI and DeFi: intelligent agents autonomously manage treasuries, execute trading strategies, audit contracts, and even vote in governance. This evolution can be viewed in three layers: AI-assisted DeFi operations — improving risk control and yield optimization; AI-driven on-chain automation — agents executing complex logic; DeAI Networks — decentralized coordination of AI models and compute resources via blockchain. At Token2049, several DeAI teams showcased AI DAOs and Autonomous Treasury prototypes, underscoring the immense potential of this sector. The AI downturn, in fact, was healthy — it cleared the noise and left only the builders. As one VC aptly put it:“DeAI will be the next sector with real cash flow, not just narrative hype.” Trend 6: East Asia Rising — Korea Becomes the New Crypto Hub For years, the crypto narrative was dominated by the West — Wall Street institutions, SEC regulations, and U.S.-centric trends. Now, a new epicenter is emerging: East Asia, particularly South Korea. Korea’s crypto adoption rate exceeds 31%, higher than Japan or the U.S. Upbit’s daily trading volume has surpassed Binance’s for many new token launches. Global VCs now list Korea as a top market for consumer-facing innovation. While the West focuses on institutional and compliance tracks, East Asia excels in consumer and cultural adoption — from social trading to blockchain gaming and meme economies. In 2025, the next bull run won’t be led by Wall Street, but by Asian retail investors, creators, and on-chain communities. The rise of East Asia signals a cultural shift in crypto’s global center of gravity. Trend 7: VC Rationalization — From Narrative Speculation to Real Growth Over the past two years, venture capital has been flush with stablecoins — and fantasies. Now, the tone has changed. At Token2049’s investor roundtables, top fund partners openly stated:“We still have dry powder — but we’re done paying for stories.” Investment criteria now resemble traditional SaaS metrics: Focus on user numbers, not Twitter followers. Look at retention rates, not short-term TVL. Evaluate revenue models, not airdrop hype. This signals Web3’s entry into a professionalization era: speculators exit, builders take the stage. VCs are making fewer but deeper bets — and teams with real data, real products, and compounding growth will capture the next big funding window. On-Site Observation: Reality Is More Bullish Than Social Media Perhaps the most important takeaway from Token2049 wasn’t a project or token — but the mood. While Crypto Twitter remains drenched in pessimism, the energy on-site was electric. From industry giants like OKX and Coinbase to fresh DeFi startups, everyone was focused on building, not chasing overnight riches. As Token2049 Co-Founder Alex Fiskum put it:“We want every attendee to feel the real temperature of the crypto industry. This isn’t just a conference — it’s an awakening.” That sentiment reflects a maturing market. Conclusion: From the “Narrative Cycle” to the “Building Cycle” 2021–2023 was the era of narrative-driven cycles; 2024–2026 marks the rise of builder-driven cycles. The underlying logic of this new phase is clear: Perpetual DEXs form the liquidity base; Stablecoins reshape global settlement; Prediction markets merge with real-world data; DeAI introduces autonomous intelligence into finance; Asian markets drive consumer applications; Capital returns to rationality and long-term value. This isn’t the end of the bubble — it’s the maturation of the ecosystem. From the energy at Token2049, one thing is certain: the next phase of crypto will be built not on hype, but on products, data, and compounding growth. The Web3 building cycle has officially begun.