Xiangxiang's "FORESIGHT 2024" annual summit was held at the Ocean Park Marriott Hotel in Hong Kong from August 11 to August 12. It was co-organized by Foresight Ventures, Foresight News and The Block, aiming to provide a forum for exchange and development of Web3 builders around the world. A stage for collision of ideas.
Focusing on the development trend of Web3, the discussion topics cover the new chapter of Web3 in Asia, institutional investment strategies, global Web3 investment trends, the integration of AI and blockchain, etc. The following dynamic area will take you to find out.
FORESIGHT 2024 Opening
White Forest, co-founder of Foresight Ventures, made an opening speech:
The national economy relies on three elements: investment, consumption, and exports. Ecology also relies on three elements: investment, users, and developers.
Users bring consumption, and developers produce products to earn value. Having good products can also attract capital from other ecosystems, similar to exporting in exchange for foreign exchange. A strong economy has a strong three-factor circulation system. Similarly, a strong ecology also requires the circulation of three elements.
How to form a public chain ecological cycle is inseparable from the value growth of the ecology's own tokens. Similar to the national currency, the appreciation of a country's assets will make residents more wealthy for consumption, promote investment, and increase manufacturing input.
The growth of Token's value can also stimulate VCs to invest in the ecosystem. Users will have money to spend, and developers will have money to develop.
White Forest said: "We should create products that truly belong to all mankind. Recently, the innovations in the Web3 industry have become smaller and smaller, lacking attention to consumers. We should not create products around a few Degens, but around Degens, family members, Friends and colleagues create products.
Summary of highlights of the two-day summit:
first day
1. OSL Executive Director: Hong Kong Digital Asset ETF drives a win-win situation between financial intermediaries and the crypto market
- Gary Tiu, executive director and head of regulatory affairs at OSL, said in the roundtable forum "How ETFs Impact the Cryptocurrency Market" that Hong Kong's financial intermediary structure and the digital asset market are complementary to each other. Due to Hong Kong's good market incentive mechanism, Hong Kong's financial intermediaries The structure can earn commissions after the launch of digital asset ETFs. This is a good source of income for many intermediaries, giving financial intermediary structures the motivation to promote the launch of digital asset ETFs, while also allowing more new capital to enter digital asset market.
2. Yuanbi Technology CEO: Hong Kong dollar stable currency can solve the pain points of payment and is the next incremental market in Hong Kong
- Rita Liu, CEO of Yuanbi Technology, said in the roundtable forum "The "Increment" of the Hong Kong Crypto Market" that from the perspective of the stablecoin track, solving the pain points existing in the current market means there will be increment, and payment is the basis of traditional finance. A pain point, the problems existing in the traditional transfer system could have been solved with stablecoins using blockchain technology. An important reason why stablecoins have not been promoted is compliance. In addition, in terms of underlying assets, the advantage of Hong Kong dollar stable currency is that it has the regulatory support of the Hong Kong government, so Hong Kong dollar stable currency is the next growth market, but large-scale changes in the financial market are not something that can be achieved overnight, and require long-term efforts to solve these problems. question.
3. Founding partner of IOSG Ventures: In the future, we should look for project founders who respect the community
- Jocy Lin, founding partner of IOSG Ventures, said in the roundtable forum "Web3 Investment: New Environment, New Track, New Trend" that "a soft landing in the macro market is possible, and the encryption market has triggered a moment similar to the AI awakening in 2022. "Every time the global market falls, it is helpful, and now is a good time to enter the market," rather than locking up positions for a long time.
4. Chairman of TON Foundation: TON’s goal is to empower 30% of Telegram users by 2028
- Steve Yun, chairman of the TON Foundation, delivered a keynote speech "TON to 500M" and said, "Viral applications based on TON mark the beginning of the large-scale popularization we have been waiting for. Reaching 239 million, active on-chain users on Catizen reached 40 million; the proportion of Notcoin users invited through friends reached 94%, and currently empowers 30% of Telegram users.
5. Legislative Council Member Chiu Ta-kan: Hong Kong plans to improve the supervision and enforcement of digital asset-related legislation within one to one and a half years
- Qiu Tat-kan, Member of the Legislative Council of the Hong Kong Special Administrative Region (Technology Innovation Sector) said, "Hong Kong's technology mission includes attracting technology talents to Hong Kong, establishing a new generation of infrastructure, and accelerating the establishment of relevant legislation and supervision. The next step of the system will encourage project parties to explore in Hong Kong More innovative financial products.
6. Bitrace CEO: The trading scale of Hong Kong’s OTC market has reached 100 billion USDT in the past three years.
- Bitrace CEO Isabel Shi said in the roundtable forum "The Growth of the Hong Kong Crypto Market" that "the Hong Kong government's 'Web 3 New Deal' has had a strong positive impact on the development of the local industry. At present, it mainly provides over-the-counter transactions for Hong Kong users. As a service provider, the transaction scale is growing rapidly. The total transaction volume in the past three years has reached hundreds of billions of USDT, of which the transaction scale in the last year accounted for more than 50%. At the same time, the proportion of funds related to high-risk activities increased from 21%. % reduced to 12%.
7. Partner of market maker Tide Groups: Actively adjusting market-making strategies according to changes in industry liquidity
- Evelyn, a partner at Tide Groups, an Asian crypto market maker, said in the roundtable forum "Liquidity Changes: The Cryptocurrency Market in the Eyes of Market Makers" that for most Altcoin, the hype narrative and the funds behind it are not enough to affect the market. Most native Web3 traders will only focus on the top projects. Therefore, in this cycle, neither new liquidity nor native Web3 profit-making funds will enter the purchase of Altcoin. Tokens or industry leading projects controlled by some whale may form independent market trends.
- Stable prices are the ultimate goal, and the designed token economic model is only a key factor in achieving this goal. It made the following suggestions for the design of the economic system: organic growth and diverse token burning scenarios, and being community-centered. "As a leader and provider of liquidity, we are committed to becoming a bridge between exchanges and projects, promoting multi-party cooperation, overcoming the prisoner's dilemma, building industry confidence and reputation, and jointly creating ultra-long-term benefits."
The second day
1. Chief Corporate Development Officer of Hong Kong Cyberport: Over 250 Web3 companies have entered the Cyberport
- Georgina Chu, chief corporate development officer of Hong Kong Cyberport (Cyberport), delivered a keynote speech "Leading the New Wave of Web3.0 in Hong Kong". Cyberport serves as an incubator to support the launch of local projects in Hong Kong. More than 250 companies have settled in Cyberport, covering 19 countries, three unicorn companies, including financial services companies and blockchain security companies, among others. Received support of more than HK$150,000.
2. Bitlayer Lianchuang: There have been 3 conceptual transformations and 2 changes in the Bitcoin ecosystem in the past 2 years.
- Kevin He, co-founder of Bitcoin's native L2 Bitlayer, spoke at the roundtable forum "Bitcoin under L2 and Liquidity Carnival: The Biggest Narrative of the New Bull Market?" 》 stated that Bitcoin has undergone three conceptual transformations in the past two years: Bitcoin can issue assets, Bitcoin can earn interest, and Bitcoin can verify any calculation. There are also two big changes: the welcome return of the Builder spirit, and excitement about institutional Bitcoin strategies.
3. Blast founder: Points are not for retention rate, but to attract users to enter the market
- Pacman, co-founder of Blur and Blast, said in the fireside chat, "Points are not for retention, but for users to enter the market, because the points campaign will end. We knew before the launch of the points campaign how it would affect Blur's retention rate , but more importantly, it is to accelerate market acceptance and guide users to use Blur.”
- Meow, the founder of Jupiter, said, "Jupiter launches 20,000 new tokens every day, which is crazy. Most Memes have no platform or governance, and are completely designed by the issuer's personal wishes. What we do is to create an environment where these Memes can Prosperity and development. We imagined better.”
Summit website: FORESIGHT 2024 Summit page , FORESIGHT 2024 annual summit full tracking
