The Crypto Industry Moves from Speculation to Pragmatism: In-Depth Analysis of TOKEN2049 Dubai Conference

Recently held TOKEN2049 in Dubai, as a top global encryption industry event, attracted over 15,000 participants from more than 160 countries. This two-day conference not only showcased the evolution of market dynamics but also revealed the rise of emerging trends. By systematically reviewing the main content of the conference, we can gain insights into the future direction and narrative shifts of the Web3 market.

Focus on Infrastructure and Practicality

The agenda of the conference reflects a significant shift in industry priorities. Infrastructure-related topics account for the largest share (15.7%), followed by artificial intelligence (11%). Notably, the combined proportion of stablecoins (8.7%) and real-world assets (RWA, 5.5%) has surpassed that of AI, reflecting a growing market interest in blockchain applications with direct practicality.

In the DeFi discussion, industry perspectives have become more mature. The focus has shifted to how decentralized systems can complement existing financial institutions rather than replace them. This aligns with the overall trend of the industry towards regulatory engagement and institutional adoption.

Another significant change is the increased attention on the Solana ecosystem. Despite suffering setbacks during previous market turmoil, the Solana ecosystem has successfully rebounded, with its prominence in technical discussions even surpassing that of Ethereum. This shift in ecological dynamics is worth close attention, as it may indicate major changes in the Layer 1 blockchain landscape.

Depth Trend Analysis

Stablecoin: The core infrastructure of the digital economy

Stablecoins have established themselves as the core infrastructure of the digital economy and are seen as a key opportunity in the Web3 space. The industry widely believes that stablecoin trading will extend from on-chain activities to the real economy, potentially forming a market worth trillions of dollars. This prospect has attracted an increasing number of participants into the stablecoin space.

Industry focus has shifted from simple integration to control over the payment layer. Web3 projects and institutions are intensifying efforts to secure leadership in the stablecoin technology stack. Although still in the early stages, this shift has accelerated ecosystems like Solana, Tron, and TON in establishing their positions as foundational settlement platforms.

AI in the encryption field: High enthusiasm but still needs time.

The discussions on AI generally exhibit a cautious tone. Many participants pointed out that the gap between market enthusiasm and the current maturity of technology development is widening. Some AI agent projects have been criticized for lacking clear use cases, deepening the perception that most activities in this field remain speculative.

Despite these concerns, the industry still holds long-term confidence in the potential role of Web3 in the AI market. Concepts such as decentralized AI computing and open-source agent frameworks are considered to have practical potential. These are seen as long-term opportunities rather than short-term trends, and are expected to gradually gain attention after the current market frenzy subsides.

The gap between technology and market adoption

The gap between technological advancement and market adoption continues to widen. Even teams with strong technological capabilities acknowledge that continuous research alone is insufficient to attract market interest. Many technically mature protocols have failed to gain user attention, while some simple meme coins have managed to generate stable trading volumes.

In response, industry participants are shifting their focus from research to execution. Increasing efforts are concentrated on developing strategic market entry plans, understanding liquidity flows, establishing exchange relationships, and designing user-friendly TOKEN models. While technological excellence remains important, the ability to create meaningful value will be limited without an effective distribution strategy.

Key Announcement

• A certain stablecoin issuer plans to launch a brand new USD stablecoin that complies with US regulations, expected to be released between 2025 and 2026.

• A trading platform has launched a self-custody encryption payment application that offers zero-fee transfer functionality and wallet recovery through key splitting technology.

• A certain custody service provider announced the acquisition to establish a regulated business base in the UAE and to form a new custody partnership with the trading platform.

• A certain payment solution provider demonstrated new integration features with mainstream payment systems, allowing users to pay with cryptocurrency while merchants receive stablecoins.

• A certain fund completed a $2 billion investment in a trading platform through stablecoins. After the transaction is completed, the stablecoin will be natively integrated into a specific blockchain ecosystem.

• A certain investment institution announced the establishment of a $300 million fund, focusing on investments in modular chains, ZK-rollups, and self-custody solutions.

• A certain payment infrastructure project launched a native protocol based on the Bitcoin Lightning Network, aimed at achieving fast and low-cost payments, and expanding the application scenarios of Bitcoin.

New Stage of Industry Development

This conference clearly showcased the transformation of the encryption industry - shifting from speculative enthusiasm to a focus on practicality and infrastructure development. Three key thematic directions emerged:

1. Stablecoins transcend narratives and become the infrastructure of the digital economy.
2. The popularity of AI is soaring, but market sentiment is becoming cautious.
3. Dubai consolidates its position as a Web3 regulatory and capital hub

The era of idealistic experimentation is giving way to a phase of pragmatic execution. The Web3 ecosystem has now entered a stage that relies on infrastructure development, system integration, and delivery capabilities.

Although the attention economy remains important, the market is no longer solely paying for conceptual innovations. Stakeholders now expect practical applications and clear value propositions. This shift signifies a broader maturation of the entire ecosystem, paving the way for more stable, long-term development—this can be seen as the arrival of the "urbanization" era of Web3.