What to expect at TOKEN2049 in Singapore

Ethereum co-founder Vitalik Buterin will deliver the keynote speech at TOKEN2049, and MOTHER founder Iggy Azalea will also be featured as a star-studded speaker.

TOKEN2049 kicks off this week in Singapore, and the sold-out conference bills itself as the world’s largest crypto event.

While Bitcoin 2024 is known for having a negative outlook towards altcoins, this meetup is expected to be a more open-minded event with everything from Web3 to DAOs on the agenda.

More than 30,000 attendees are expected to flock to the luxury five-star Marina Bay Sands resort, while regulars from the conference circuit will also take part in panels and talks.

However, the atmosphere may not be optimistic as crypto markets fear what lies around the corner and bearish price action is rife.

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Wednesday’s session will feature a compelling conversation about the changing landscape of cryptocurrencies, as regulators race to keep up with this fast-moving industry.

Arthur Hayes’ keynote speech on current macroeconomic events will also be informative, as the Federal Reserve is expected to cut interest rates this week.

But his long and in-depth writings on crypto issues have often been as often wrong as they have been right. By his own admission, his lofty predictions that a brand new bull market would begin this month have failed to materialize, and his warnings that Bitcoin could fall below $50,000 have also missed the mark.

All eyes will be on a 20-minute slot moderated by Ethereum co-founder Vitalik Buterin, and there’s little doubt the crowd will be asking for updates on the blockchain’s roadmap.

He will again appear on a panel with OKX founder Star Xu and Circle chairman Jeremy Allaire to discuss what’s to come in the next three years for cryptocurrencies, but in practice, it’s nearly impossible to predict the next big trend that will dominate the market.

Few could have predicted the runaway popularity of Hamster Kombat, the insatiable demand for prediction markets, the rise of political memecoins, and the frenzied activity on Pump.fun, where anyone can create their own coin in minutes.

Indeed, TOKEN2049 looks set to be a star-studded event in this regard, with Australian rapper Iggy Azalea set to take part in a panel titled “The Virality of Value: Memecoins in the Attention Economy.”

Azalea made headlines when she launched her MOTHER token in May and regularly posted about the digital asset to her 7.7 million followers on X. But it hasn’t been an easy ride for holders, considering the coin is down more than 75% from its all-time high of $0.24 set in June.

A recurring theme

Many of the panels at TOKEN2049 will focus on the mainstream adoption of cryptocurrencies, with lively discussions on what needs to happen for cryptocurrencies to be used by the masses.

The obstacles standing in the way are pretty obvious. Many trading platforms still lack an intuitive user interface, and there can be a steep learning curve for beginners. Sky-high fees for trading also price out consumers in emerging economies, and as Buterin has noted in the past, can sometimes cost more than workers in low-income countries earn in a day.

Moreover, the narrative around Bitcoin being used as an everyday payment method has failed to deliver, primarily due to its volatility. For proof of this in action, just look at Laszlo Hanyecz, who paid 10,000 BTC for two pizzas in May 2010. Today, the cryptocurrency would be worth a jaw-dropping $600 million.

However, there are pockets of crypto that have a compelling opportunity to represent the future of finance — particularly stablecoins. Those pegged 1:1 to fiat currencies, like USDT and USDC, open up access to digital dollars and make cross-border payments both cheaper and faster. Given that the Federal Reserve continues to drag its feet on the development of a central bank digital currency, there’s a decent chance that these particular alternatives could play a much larger role in the economy in the coming years.

Crypto conferences always offer a dizzying mix of business and pleasure, and it looks like TOKEN2049 will be no exception. A huge afterparty is planned for when the conference wraps up — music acts, an open bar, and views of the Singapore Grand Prix. Tickets for last year’s concert were snapped up in minutes.