Despite hazy conditions and low visibility, the past week at @token2049 Singapore has cleared away any doubts about the path ahead for crypto. Here are some of our key takeaways: Overall Event Much larger institutional presence across the conference as compared to previous years. Though the number of side events have declined, private gatherings and dinners still remain of high quality. Tokenization & RWAs Tokenization and RWAs remain at the top of everyone's minds, and the main subject of discussion. Further institutionalization of the industry in the near future is consensus, and we should expect even more suits at future conferences. Interest in yield products built around tokenized RWAs like funds and structured products is building, though distribution to the masses remains limited. Derivatives @HyperliquidX remains king, and related events were heavily subscribed to and widely raved about. HIP-4 seems to be the next product poised for growth, and eyes are on teams like @Outcomexyz. Outside of perps, options have also drastically increased in mindshare, with @DeriveXYZ leading the pack. Despite the sector's limited adoption in the past, this could prove to be its breakthrough moment. Teams like @TheRiskProtocol are also working on incorporating options while completely abstracting them from the end user. AI & Agents @prlnet was the talk of the town, amongst both funds and retail traders. Slightly mysterious and hard to acquire (reminiscent of @bittensor's early days), but it did not slow buyers down at all. Trading still remains the largest focus for agents, whether for spot, perps, or prediction markets. Cards & Payments @ethena and @ether_fi seemed to be the top 2 solutions for overseas attendees. Ethena's localized approach with Grab was extremely effective and also received praise from locals. Quantum @NEARProtocol and @QuantusNetwork's Quantum + Privacy Day was the conference's largest quantum event, discussing crypto's migration to quantum-safe, privacy preserving infrastructure. @drakefjustin's sudden tweet played a large part in driving conversations around an imminent Qday and the need for quantum resistant solutions. We expect this to be a larger area of interest in the coming future. Thankful for the past two weeks of conferences and conversations with both builders and investors! As always, our DMs are open :-)

See you guys there!

The past week of @kbwofficial 🇰🇷 felt like a true and positive reflection of where the industry is currently sitting. Both in terms of sentiment, increasing institutional participation and real adoption.  Here are our key takeaways from the week:  Tokenization South Korea's STO framework goes live in early 2027. Bank and institutional presence went up sharply from last year. Growth is coming in two ways: natively on onchain platforms, and through partnerships with large consumer apps such as @ondo & Kakao.  For a start, lower-volatility assets such as ETFs and MMFs are tokenized. Institutions are exploring DeFi utility with them, mainly on staking and lending on-chain through @morpho @aave.  As for risks, AML/KYC is top of mind for institutions. If sanctioned wallets end up holding a meaningful share of a tokenized asset, it does not reflect well for the category. Therefore, there is a gap in screening on-chain that is looking to be filled. Our eyes are on who will step up.  Neobanks Localized neobanks with country-specific GTM are emerging. Funds are actively looking, but are more selective with funding. Core business metrics and a regulatory moat still remains key.  Stablecoins Demand for non-USD stablecoins (JPY, KRW) is coming from banks and institutions. Institutions see stablecoins as easy onboarding for retail. Once they hold stables, it gives a push towards tokenized assets that they can buy easily with stablecoins. Perps The number of perp DEXs has exploded while volume remains top heavy in select DEXs such as @hyperliquidx @lighter_xyz @variational_io. Institutional capital will only gather at the top and for those that have regulatory arbitrage.  Decentralization isn't high on most users' list, however  users do care about self-custody and privacy, so they aren't hunted or front-run.  Meanwhile, agentic trading terminals are still early. The question still remains: if everyone runs the same tools, where's the alpha?  Marketing Campaigns South Korea is still one of crypto's strongest retail bases, and teams are localizing to match. From cashback offers by @plasma on Olive Young purchases to live trading competitions by @joinfrontier that draw real crowds. Teams are giving additional thought to campaigns in the real world that users truly want to join. Up next, the team will be @token2049 🇸🇬 for the entire week. We are always looking to meet teams building in the space, DMs are open :)

The reality remains that a majority of tokenized stocks and RWAs sit idle on-chain, minted and left within users' wallets. Restrictions, redemption delays, insufficient liquidity, and gaps in pricing are all factors that have slowed their integration into the rest of DeFi. Better solutions and improvements to infrastructure are already being made, and it is a matter of time before we see the value truly flow into DeFi.

This is a huge first step towards an onchain future Slowly, then all at once.

While propAMMs have gradually grown in volume share due to better quotes and tighter spreads, there are still areas that traditional AMMs like PumpSwap excel in. One of which is their support for permissionless listings and long-tail assets. Custom pairs only take this one step further. We discuss both models in greater detail in an upcoming article, so keep your notifications on!

Weekly trading volume on @fomo just hit an ATH, thanks to the explosion of new tokens on Robinhood Chain. With notable traders climbing the leaderboards, the flywheel on Fomo is only growing stronger and stronger. Read more on how this affects the landscape of trading below!

The Pre-IPO arena is heating up. @entropyIO just launched pre-IPO markets for Anthropic and Unitree and has seen over $28m in OI in just a day. We cover the details on these markets and the underlying mechanisms below!

The gap between trading and entertainment is decreasing rapidly. From achieving social validation to potential financial rewards, social trading apps are able to retain users through fast feedback loops and a gamified experience. We cover more details in an article we are publishing this week! 👀