Seven Key Insights from Token2049: Perpetual DEX and Stablecoins Lay the Foundation, On-Site Bullish Sentiment Exceeds Expectations

Compiled by: Tim, PANews

After attending KBW for the second time and Token2049 in Singapore for the third time, I can clearly feel that the atmosphere this year is distinctly different. People are not only more mature but can even be said to be much more optimistic than the general sentiment on crypto Twitter.

Here are some thoughts on trends in the crypto industry:

Key Points:

The current main focus of the crypto industry is on perpetual DEXs and stablecoins.
Real-time trading + esports + live streaming is becoming a dark horse track for the fourth quarter.
Prediction markets are upgrading to important financial infrastructure.
The AI hype has receded, and decentralized AI (DeAI) is the next wave.
Asia (especially South Korea) is leading the consumer-side adoption of crypto applications.
Rational decision-making is replacing herd investing; VCs are more cautious but consider more factors in their decisions.
The bullish sentiment in offline crypto communities far exceeds the perceptions in the crypto Twitter sphere.

Perpetual DEXs and Stablecoins Become the New Normal

In various side events and private dinners, the two core topics are undoubtedly perpetual DEXs and stablecoins.

These two areas have long surpassed speculative hype and entered a phase of substantial infrastructure building. Companies are actively constructing, integrating, or investing in related verticals. The liquidity advantages and global accessibility of perpetual contracts have made them the "currency layer" of the crypto-native capital market.

Meanwhile, stablecoins are absorbing massive global demand, especially in regions like Southeast Asia and Latin America. There, interest in "cryptocurrency" is surging, while there is ignorance and indifference towards "digital currency."

Real-Time Trading + Esports + Live Streaming

This surprises me; it may be the most underrated narrative at the moment.

We are beginning to notice that people view real-time trading of perpetual contracts as a competitive entertainment, akin to a blend of Twitch's live interaction, Robinhood's zero-commission trading, and Binance's crypto trading.

The relevant infrastructure is now in place, and on-chain leaderboards have been realized. I expect this ecosystem to experience explosive growth in the fourth quarter of 2025.

Pumpfun Shifts to Live Streaming Economy

The explosive growth of PUMP and its derivatives has proven one thing to the world: people not only want to trade but also want to watch others trade.

Live streaming is the most efficient medium with the shortest conversion path. The path from watching → interacting → purchasing is almost seamless.

Pumpfun injects a participatory viewing model into the Meme coin culture: creators issue coins, spectators place bets, and everyone collectively chases this social carnival.

Now imagine combining this with perpetual contract trading:

A streamer goes live on Hyperliquid to long SOL.
Viewers follow trades, tip, or support through microtransactions.
Trading performance climbs the on-chain leaderboard, and PnL becomes social capital.
Smart contract liquidity pools allow fans to bet on traders like they would on esports teams.

This is the "SpecFi + StreamFi" intersection that is currently forming.

Prediction Markets After Perpetual DEXs

The most astute founders are shifting their focus from "gambling applications" to broader structured market infrastructure modules, covering diverse areas such as election outcomes, economic data, influencer impact, and even corporate KPIs.

This is the next development stage after perpetual DEXs:

While perpetual contracts allow speculation on assets, prediction markets enable betting on real-world events.
Liquidity, composability, and arbitrage mechanisms are continuously improving, especially as AI agents begin to parse real-world signals and trade accordingly.

AI Hype Recedes, Survivors Thrive

The AI craze has subsided, which is actually a good thing. Speculators have exited, leaving behind projects that genuinely focus on infrastructure, interoperability, and actual returns.

A new trend emerging is the fusion of DeFi and AI, which can be termed DeAI or DeFAI. Agents can autonomously optimize treasury strategies, execute trading logic, and even audit contracts.

Institutions vs. Retail and East-West Divergence

A surprising observation:

While the West focuses on tokenization, compliance, and capital market infrastructure, the East is driving consumer-side applications.

Especially in South Korea, it is becoming a new retail "magnet," with Upbit replacing Binance's position in 2021 as the default liquidity and listing platform for new coins.

The next wave of mass adoption will no longer be characterized by Wall Street institutions "entering cryptocurrency."

It will manifest as: under the premise of user experience and ensuring trust, Web2 and traditional financial capital will flow into Web3 infrastructure through compliance-oriented hybrid channels.

VC Status: Rational Decision-Making, Fewer but Precise Moves

The trend in VC investment this year: reduce investments and improve decision-making accuracy.

VC funds still hold ample ammunition, but the era of broadly casting nets for "narrative tokens" is clearly over. The market is maturing, and due diligence is regaining favor.

Current capital markets place greater emphasis on hard metrics such as real users, real revenue, and real retention. Entrepreneurs who can demonstrate sustainable growth and solid data will attract investors, rather than merely seeking likes and shares.

The atmosphere now is not like the speculative frenzy of DeFi in 2021; it is closer to the early SaaS phase of 2016: cautiously optimistic, refocusing on fundamentals. This marks the entry of Web3 into a professionalization era.

Positive Energy on Site

Despite the constant noise on crypto social media, the atmosphere at the Token2049 conference is filled with positive energy. The interactions are deeper, the side events are more refined, and the prevailing optimism is highly infectious.

Although apocalyptic narratives permeate crypto Twitter, builders and investors in Singapore are focusing on long-term strategies.

Conclusion

If the 2023-24 season is a celebration of "AI + Meme coins," then 2025 is shifting towards a new cycle of "infrastructure + AI."

The next stage of cryptocurrency development will no longer depend on memes or macro catalysts but will be driven by effective products, compounding capital, and high user retention.

We are moving from hype to reality, and that sounds really great.

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