The Consensus 2025 crypto conference in Hong Kong has recently concluded, offering a comprehensive overview of the current state and future prospects of the industry. The event gathered a diverse group of participants, including project developers, crypto venture capitalists (VCs), and key opinion leaders (KOLs), all contributing to insightful discussions and developments. Read the impressions on the heels by DWF Ventures.
Market Outlook
Projects and Builders
The conference showcased a range of projects, predominantly those already listed or in advanced development stages. Notable among them were Hyperliquid, Jupiter, Grass, Humanity Protocol, and Abstract. Despite the altcoin market experiencing price adjustments, these projects demonstrated resilience, with their development teams continuing to build and expand their ecosystems.
Crypto Venture Capital
A noticeable trend among crypto venture capital firms is a strategic shift from primary market investments to focusing on liquid digital assets. This realignment reflects a more cautious approach in the current market climate, with some VCs slowing down on their investment activities.
Key Opinion Leaders
The announcement of the upcoming listing of Kaito AI (market and on-chain data intelligence platform) generated significant discussions among KOLs. Many engaged in valuation projections and speculated on the potential worth of anticipated airdrops, highlighting the community’s active involvement in emerging opportunities.
Blockchain Ecosystems
Solana
Despite facing SOL price declines and unfounded fears, the Solana community demonstrated remarkable resilience. Moreover, the Solana Hong Kong Summit emerged as one of the Consensus week’s most attended events, underscoring the community’s robust support and commitment to the ecosystem.
BNB Chain
BNB Chain has been attracting considerable attention within the crypto space, as well. Key areas of interest for this blockchain include Artificial Intelligence (AI), Real-World Assets (RWA), and Decentralised Science (DeSci), indicating a broadening scope of applications and innovation.
Monad
Coinciding with the conference, Monad, a highly scalable EVM-compatible Layer 1 blockchain, announced the testnet. This development offers the Web3 community an opportunity to assess the performance and potential of this new entrant in the blockchain arena.
Abstract
The emerging Abstract blockchain ecosystem, which aims to conquer the consumer crypto sector, faced a challenge with an exploit on Cardex, a platform built on Abstract, leading to losses for some users. Importantly, this incident did not compromise the Abstract Global Wallet’s (AGW) contracts. The Abstract team is actively investigating and preparing a comprehensive report to address the issue and prevent future occurrences.
The Open Network (TON)
Following the news about an exclusive partnership between Telegram and the TON blockchain, all mini apps, previously operating on other blockchains, are now required to migrate to TON. This strategic move is anticipated to bring increased traffic and liquidity to the TON network, enhancing its ecosystem and user engagement. This is another achievement for the ecosystem, which previously reached multiple milestones throughout 2024.
Hong Kong Crypto Scene and Regulation
Hong Kong continues to solidify its position as a hub for crypto venture capital and institutional investment in Web3. The city boasts a vibrant community of builders across various ecosystems, including BNB Chain, Solana, and Monad.
At the same time, the proactive stance of the Hong Kong government in embracing blockchain and Web3 technologies is evident through initiatives such as licensing entities like HashKey Group and providing investment support via agencies like InvestHK and Cyberport. These efforts aim to foster innovation and establish a conducive environment for the growth of digital assets.
In a significant policy announcement during the conference, Julia Leung, Chief Executive of the Securities and Futures Commission, revealed that Hong Kong is considering the approval of new cryptocurrency products, including derivatives and margin lending for certain investors.
That is not all: Financial Secretary Paul Chan highlighted that nine digital asset trading platform licenses have been issued, with eight more applications under review. Additionally, efforts are underway to advance the regulation of stablecoins, reflecting Hong Kong’s commitment to a comprehensive and forward-looking regulatory framework.
Next Stop: ETHDenver
Looking ahead, the community’s attention is turning to ETHDenver, scheduled from 23 February to 2 March 2025, in Denver, Colorado. This event promises a blend of technical workshops, networking opportunities, and collaborative sessions aimed at fostering innovation within the Ethereum ecosystem. We’re excited to meet up with ecosystems and projects at ETHDenver. Feel free to connect with DWF Ventures via the website form ahead of the crypto conference.