I've been talking to several teams in Hong Kong about various things.
- There are a lot of Perp teams. Some are working on their own chains, while others are new Perp teams. However, I don't see any teams that seem capable of ending the current Perp chicken game. They seem to be approaching the Perps that are about to hold their TGEs, simply to feed off their liquidity. So, I don't have high expectations. Teams targeting completely new structures or different verticals seem more attractive.
- The infrastructure sector seems to be completely wiped out. This is because if there's no revenue, there's no longer any market anticipation for the token itself. Therefore, many projects are rushing to issue tokens (with the goal of exiting somehow), and many are preparing to pivot.
- In the case of RWA, while previously tokenization was a simple matter of waiting in the wings, there seems to be a lot of effort being made to create yield opportunities within the platform. What I'd like to think about further is whether the explosive growth will come from solving the inefficiencies of traditional markets or creating something new that's only possible on-chain.
*An interesting suggestion was that in the future, instead of "tokens," "company/project shares" could be tokenized and traded.
- There's a lot of talk about prediction markets, but I don't understand why they're so highly valued, so I've been asking a lot of Americans. Ultimately, they seem to see it as a new type of "betting" app.
It shouldn't be considered a crypto product; it's a Web2 betting app that allows betting on sports, politics, and entertainment, and it's receiving high valuation due to this. Will it eventually lead to an IPO rather than a token?
- Many people say BTC will reach $40K, but in reality, not many have a specific reasoning behind it; many are simply basing their opinions on a "feeling." This suggests a weak market sentiment.
Opinions are divided on whether crypto is doomed. On the positive side, there's always the bear market, with some saying it's over, while others are creating something new to inject vitality and innovation into the market.
On the negative side, there's the belief that it's ultimately losing out to AI in the battle for talent and money. The core value of technology remains.
