The Hong Kong Web3 Carnival is coming to an end, and essays from participants have been released one after another. We have compiled some high-quality opinions, which are about the wealth code for the next 24 years, the future of Hong Kong, and the trend judgment of the industry, as well as complaints and ridicules about Web3. 
defioasis @defioasis: Asian institutions are setting up Bitcoin ecosystem, their capabilities are amazing
1. Crypto advertisements can be seen everywhere on Hong Kong streets, buses and subways.
2. Binance was absent throughout the event.
3. HashKey boasts that it will surpass Coinbase in five years, and non-compliant firms are not its main competitive targets.
4. HashKey is going to enter Ethereum L2, but there seems to be no Ethereum L2 projects on site or in the surrounding area.
5. There are almost no NFT projects, except for the Fat Penguin.
6. TON is active, and high TPS public chains are still the current narrative.
7. A certain Solana Meme appeared at the venue, and the team was composed entirely of foreigners.
8. Merlin ecosystem gatherings are mainly for project parties, while Atomicals gatherings are mainly for retail investors; there are really many people talking about CKB.
8. Asian institutions’ ability to build a Bitcoin ecosystem is evident.
9. Base is a popular social application Farcaster, but not many people actually chat offline.
10. Almost everyone says AI is a good narrative.
11. When everyone was preparing to evacuate, Vitalik Buterin suddenly appeared in Hong Kong and gave a speech at the conference the next day. The main venue, which was deserted the day before, was as crowded as Ethereum.
Original link: https://x.com/defioasis/status/1777673229404111207 
Ethan yu@EthanYu2020: There are not enough newcomers!
1. Chinese institution Fomo Bitcoin ecology and Restaking, European and American/overseas institutions Fomo Solana's DePin, a small number of institutions Fomo Cosmos ecology-related Bearchain, some institutions were trapped in GameFi in the last round, so now they can only continue to push forward, but all of them end up in the same place and have to cut their losses, and the valuations are simply outrageous.
2. Almost all consensus is that there are too many gold dogs on Solana, and the get-rich-quick effect has been continuing. In the past few days, the local dog turnover that went to base has returned to Sol.
3. It’s not that KOLs are more effective than VCs, but because KOLs have more flexible funds and can call orders and delete pushes at will, and the unlocking method is more friendly. What can you do if institutions Official Twitter orders? On the other hand, institutions are not stupid and have a lot of money. You start with a valuation of 100 million US dollars, and it takes 3 years and 36 months to fully exit. You don’t go to Binance or OKX. Let me invest 500,000 US dollars now. Are you stupid or are institutions stupid?
4. There are indeed many newcomers and people who want to enter the industry. Young people are proactive, enthusiastic, and eager to learn. They have no industry baggage and are All In to do it. However, there are not enough newcomers, so the bull market is still in its early stages.
Original link: https://x.com/EthanYu2020/status/1777156583010742743
Allen Ding @0x_Allending: The world is a makeshift team
1. The overall market outlook remains bullish and we remain firmly bullish.
2.ETH/BTC is bound to reverse.
The current exchange rate is under pressure mainly because of the low probability of ETF in May + EF is in a lawsuit + lack of new narrative. But I still think ETH is the only public chain that can undertake the financial needs of large funds and has the best developer atmosphere. After the substantial release of funds, ETH will definitely be the first choice, and Eigenalyer is about to be released, which should lead to a wave of AVS bulls.
3.Solana’s own strategy is fine, and it has become my largest holding of alt. However, there are too many sentimental coins in the ecosystem, and Ore has recently made it difficult to transfer money normally. I am currently focusing on DePIN. Ebunker has launched a DePIN financial platform that allows users to better participate in the DePIN project.
4. If you like to hype emotions, you can take a look at other layer 1 ecological opportunities below. Foundations are all planning their own meme season.
5. Once again, in a bull market, relying on news to speculate on cryptocurrencies is the most efficient way to use funds. As long as you have a reliable source of information, you can make money. How to have a reliable source of information? Make more friends, and make more reliable friends.
6. The biggest alpha comes from the process of low-liquidity assets becoming high-liquidity assets. I have been paying close attention to the NFT and meme fields recently.
7. Everyone is working on layers, especially layer 2.
8. The crypto is just a makeshift team, and it's all gathered together. As long as you can attract a few key angel investors, a few large overseas institutions, and get one of Binance/OK, congratulations, you will have a valuation of 1 billion.
Original link: https://x.com/0x_Allending/status/1777177280244236709
Dov Wo@dov_wo: Hong Kong from a VC perspective
1. The product is not important, the narrative and emotion are more important. Memes have repeatedly proved this. At least half of the money raised is used to boost the market.
2. The most core abilities in this bull market: trading ability and shouting ability. If you don’t have trading ability, please practice shouting ability. I am also helping some project parties find KOLs for promotion. Welcome to take my orders. There are many projects that Binance and OKX have invested in but cannot find suitable domestic/overseas promotion channels. False prosperity/buying is just a necessity.
3. The status of VC is getting worse and worse. The unlocking is slow, the valuation is high, and retail investors do not recognize it. If they cannot bring additional resources to the project party (such as exchange relations, resources and communities in a specific region, economic model design, promotion capabilities, etc.), most pure financial investment VCs can only be a big complaint. Take a project that recently came to me as an example. The valuation of the KOL round was lower than that of VC, and the unlocking was better than that of VC. (This project was led by a top VC in the West) KOL > VC is not groundless, it is real. So I am also running a small boutique KOL agency to sell shovels.
4. The most popular activities are bera chain, solana, and BTC; the ETH ecosystem is relatively inactive, and a big meme is layer 69 (a funny video made by solana himself that pranks ETH)
5. There were a lot of people at the side events. There may be hundreds of side events this time. On the contrary, there were few people at the main venue. Project owners may need to reflect on whether the expensive main venue booths are still worth it. For example, berachain and solana did not have main venue booths, but held their own events. OKX had booths and activities, which was the top status, while Binance continued to have no activities.
6. Ordinary people must become KOLs and find their own position. For example, if you want to shout "Tugou", just shout "Tugou". If you want to do good analysis, just do good analysis. You can get good business orders. I asked KOLs who shouted "Tugou" to shout orders, and the price of each order ranged from 200U to 2000U. VCs who can't shout orders can't survive, and KOLs who can't shout orders can't make money. If you have traffic, a large number of project parties will actively look for you to cooperate, and you will have better information and more resources. Please read the second point again. Question the teacher who leads the order, understand the teacher who leads the order, and become a teacher who leads the order.
7. This year, there were fewer discussions about compliance and licenses in HK, and more discussions about trading and accumulating resources (it may also be because I have reached a higher level and can understand and participate). The largest booths as soon as you enter the main venue are OKX and DWF. Everyone knows who has resources and who has money.
Original link: https://x.com/dov_wo/status/1777003404621177150 
@thecryptoskanda: KOLs win all the way
My observations:
1. This is a united and victorious conference. For the first time, there is an illusion that "the industry has finally grown up". No matter the VCs, ecosystems, project parties, or KOLs I met, they were more pragmatic than in previous years.
2. The theme of the conference is collusion and win-win, and there are "thought-out" conspiracies everywhere. Whoever co-organizes an event with whom on the stage represents who is in a group. This is no longer a shallow joint promotion, but a mutual TVL, mutual liquidity, and mutual top-up phone bills and free mobile phones.
Offstage, in the corridors of every event, in every private meeting, everyone finally stopped hiding for the so-called "brand tone" and spoke openly. I provided technology, you provided operations, he provided MM, how to divide the account and what market value strategy. The meeting finally began to have the efficiency of the Canton Fair.
3. Meet up with KOLs and old friends to discuss the progress and promotion of agricultural technology. The hypothesis of "KOL replacing VC" proposed two years ago has finally been realized in a practical sense.
The title of KOL can be used with dignity, and more so-called "international major projects" have begun to adopt the direct sales financing strategy of "two VCs + exchanges + KOL".
4. The conference has 5 main themes: BTC as a bet, Solana as a bet, mutual aid Restaking and the prospect of splitting, the new Cosmos public chain-level group Ponzi, and TON going to Tencent Conference for promotion
my thoughts:
1. The Crypto opportunity window is not narrowing, but getting bigger
- There is no consensus on the main line between the East and the West anymore, and the liquidity war will reach a new level. The "political correctness" of the last round no longer exists, and each camp has put out a large budget to find new heroes.
- The consensus and participation in on-chain opportunities have increased significantly. Shanghai Stock Exchange is the ultimate destination of collusion, but it is not the only solution to collusion.
- The theory that grassroots entrepreneurs have no chance of success has been proven wrong. What is eliminated are "professional grassroots entrepreneurs" rather than "professional grassroots entrepreneurs". Experienced local dog teams are more popular with the conspirators than "title stamp collectors" who are out of touch with reality.
- "Compliance" is just superficial political correctness. Your products and efforts have already explained the problem. As the global political situation is divided, regulations continue to increase, but compliance will become increasingly powerless. I admire the courage of those teams that have gone from Silicon Valley to Dubai and cut ties with the powers of the industrial age.
2. All VCs work for Binance
Those who cannot work (even Binance OK) will inevitably lose their position. Accordingly, either do what Binance likes, or do something completely opposite. Going to extremes will become an advantage in this cycle.
As @BroLeonAus said, the lack of exit paths for institutions will bring opportunities to Bybit, gate, and bitget. In fact, I am more looking forward to the emergence of new vertical centralized exchanges in this cycle, especially newcomers from sanctioned or non-aligned countries such as Southeast Asia or Russia. If everyone stops pretending to be halal in this cycle, can they stop pretending to be compliant in the next cycle?
3. Reflect on yourself
During this trip, I had in-depth exchanges with many colleagues, and I realized that I had a visible gap in the professionalism and coordination of team cluster operations. Old sickle, new problems, it's time to make up for the shortcomings. New cooperation, new conspiracy, new organization.
4. Open Source Scythe
I met many friends who like open source sickle, which made me realize that the "three-disk theory" is appreciated and even really helps many people. This is the right way, and I will continue to practice, summarize and share.
5. Keep fighting
The bull market is far from over, or is it no longer appropriate to view our industry in terms of bull and bear markets? As an investor or a market maker, should we just wait, rely on, and ask for the bull-bear divide, or should we just say that this market is a battle of "wins and losses" for us?
Original link: https://x.com/thecryptoskanda/status/1777796960637837574 
BroLeonAus: The big market is not over yet
1. The big market is not over yet. The controversy is more about the impact of BTC halving, ETH ETF, and the expectation of US interest rate cuts and money release on the market in the short and medium term. In the long term, it tends to move up by about 50%. However, the halving may be accompanied by market fluctuations, and those who cannot hold on will suffer.
More and more people are beginning to use the percentage of BTC to gold market value to predict the price of BTC, which opens up more room for imagination. However, more and more retail investors in the crypto no longer hold BTC because they think it is too expensive and the price rises slowly. This is also the reason why the fundamentals of this Meme cycle seem to be improved compared with previous ones.
2. There are still some differences between China and the West in their preferences for popular narratives. Many Chinese institutions still prefer the Bitcoin ecosystem, but European and American institutions do not seem to be very interested. Everyone is playing their own game. In fact, it is understandable. Recently, all the institutional players have made a lot of money. Wouldn’t it be better for me to continue to organize according to this logic? Inscription has a long way to go to enter the mainstream of Europe and the United States.
3. Although Solana has been congested recently, the projects that have emerged, whether it is the Golden Dog or the airdrop, have a wealth-creating effect that beats other chains. Chinese and foreign institutions are still interested in projects on the Solana ecosystem.
4. Restaking has not ended its wealth creation after Eigen mainnet and coin issuance, and the war between dozens or hundreds of AVS has just begun. Whoever has the most powerful shovel will be the next financial darling like Pendle.
5. Binance is still the most popular one. Basically, as long as there is a project related to Binance investment or Binance listing, the team and the boss will enjoy star-level treatment. FTX fell, Huobi declined, and OK became more and more stringent because of the compliance requirements for listing coins. The narrowing of CEX exit channels has become a point of distress for many project parties and institutions. The benefits may be Bybit, gate, bitget and other medium-sized exchanges, especially Bybit, which specializes in overseas and receives the most traffic.
Original text: https://x.com/BroLeonAus/status/1777710845193236673 
Caesar On The Moon @czreth: DePin and RWA are the first choice for traditional IT companies to transform to Web3
1. The Solana ecosystem is dominated by European and American retail investors and institutions, and the main push is various Meme coins. The most common coin seen in Hong Kong Web3 is PENG. Currently, this coin has risen 10X and will fall back, almost losing all the gains.
2. Chinese VCs are now chasing the superiority of Bitcoin. In addition to attracting traditional investors to enter BTC, VCs are now beginning to panic and enter the BTC ecosystem, starting to build various Bitcoin second-layer and programmable UTXO projects.
3. The TON ecosystem is dominated by Europeans, with a strong sense of FOMO and community-driven. The most interesting one is notcoin. A large number of airdrop/click mining/gambling/game projects are emerging on Telegram.
4. DePin and RWA are now the first choice for traditional IT companies to transform into the Web3 track. We have seen projects such as Wifi distributed Mesh networks and decentralized charging piles. They are currently focusing on the Southeast Asian market, with Singapore as the main base.
5. A large number of newcomers are entering the market. A group of highly educated and motivated newcomers are working hard to develop their dreams in Web3. Local projects in Hong Kong and Singapore are also beginning to emerge. However, the general low cognition of newcomers and the general lack of fighting spirit of Hong Kong and Singaporeans are also very obvious.
Entrepreneurs in Shenzhen and Hangzhou can meet and chat at 3 o'clock to make money, but the only motivation for young people from Hong Kong or Singapore to come out at this time is probably to have sex.
6. Hong Kong is still an international business center and a concentration of old money in Greater China. Although it has recently been suppressed by Europe, the United States and other countries, it still insists on working hard.
7. Traditional crypto VCs are rapidly being squeezed out by old money and the emerging DeFun and community capital. The new generation of VCs are growing through social media, which is very similar to Silicon Valley, and Web3 is developing even faster.
8. Airdrops are rapidly becoming a means for project owners to open up the market and capture users. With the development of the bull market, there will be more and more airdrop projects, and the competition between project owners and airdrop studios will become more and more intense.
Original link: https://x.com/czreth/status/1777434288646152525 
Haotian @tmel0211: We are in the early stages of a bull market
1. From the excitement of the conference, it is certain that the market is in the early stage of the bull market. We can feel the strong enthusiasm for participation, but it is not too Fomo yet. Although the secondary market has been volatile during this period, the expectation of the Fed's interest rate cut has been delayed, and the uncertainty of the bull market has increased, the enthusiasm of the primary market builders to participate is certain, which is also the basis for this round of bull market to be firm, lasting and magnificent.
2. The theme sharing and panels at the main venue and sub-venues, as well as the surrounding community-led activities, etc., are decentralized, thematic, and community-based, so it is difficult to say which one is the mainstream. Some people believe that Solana can flip Ethereum, some believe that CKB can drive the prosperity of BTC layer2, and some people go to the direction of AI+DePin to find Alpha. Of course, more people are sticking to the Ethereum layer2 field. It seems that everyone has their own "mainstream" in their minds, but there is no one that has gained national consensus and the "main uptrend" of Fomo for all people has appeared. The entire northwest of Shanxi has become a mess, and who is the leader has not yet been decided. This just proves that it is still in the early stages of the bull market, and there is no track or leader with absolute voice.
3. The narrative around "chain" is still the top priority. Whether it is ETH layer2, BTC layer2, high-performance layer1, parallel EVM, modular chain, chain abstract interoperability, AI+Crypto, ZK, DePIN, etc., each narrative direction seems to be centered around "chain" infra. On the surface, all parties in the industry have focused their development efforts on the narrative of "chain", and the application landing direction seems to have stagnated? But in fact, the application landing direction is also very lively, but the narrative of the application can only have a sense of existence if it reaches the same level as Stepn. Once the application is locked, it has to go through the Internet-style involution such as attracting new users, retaining, and growing, and the current market mass adoption is far from the point where it can roll up applications. On the contrary, the roll-up of B-side services can be integrated and nested with modular resources, and the chain abstraction can be used to combine liquidity across the ecosystem. The scalability is really rich. Rather than saying that the market prefers to tell B-side stories, it is better to say that this is all we can tell at this stage.
4. It is obvious that the voice of high-quality KOLs has become stronger, and to some extent, their influence has surpassed that of some VCs. This is fundamentally due to the change in VC's strategy. VCs work with project parties to incubate projects and attract exchanges to accumulate projects. This round of VCs has obviously become "old leeks". The VC dream-building story that has locked up for a long time in the past no longer works. To some extent, the money that wants to escape at any time has become a hot potato. Most excellent projects cannot get quotas just by having money, and KOLs who have both primary investment capabilities and secondary sales capabilities have become popular. Therefore, the KOL Round did not come out of thin air, and it is a good supplement to the weakness of VC's weakening voice in the primary market.
5. Under the guidance of narrative directions such as resttaking and modularization, the resource integration (La Bang Jie Pai) capability of the project has become increasingly prominent, which is tantamount to the manifestation of soft power beyond the mainstream technology and development narrative of the project. It should be said that the resource accumulation ability behind the project will become a strong support for its development expectations. Once a project has extremely strong resources and relationships, judging from a business perspective, it has already won at the starting line. In the same story of being difficult to implement, which type of project will users prefer? The answer is obvious.
Original text: https://twitter.com/tmel0211/status/1777871689092923636
