The Web3 Industry Shows New Trends: Shifting from Speculation to Practical Infrastructure

The recently held global top-tier cryptocurrency industry event TOKEN2049 in Dubai attracted over 15,000 participants from more than 160 countries. This two-day conference not only showcased the evolution of market dynamics but also revealed the rise of some emerging trends.

The conference agenda reflects industry priorities

This conference covered a wide range of blockchain topics, fully showcasing the changes in industry priorities. Infrastructure-related topics accounted for the largest share (15.7%), followed by AI (11%). Notably, the combined proportion of stablecoins (8.7%) and real-world assets (RWA, 5.5%) has surpassed that of AI, reflecting the growing market interest in blockchain applications with direct practicality.

In the DeFi discussion, industry perspectives are more mature compared to previous years. The focus of the discussion has shifted to how decentralized systems can complement existing institutions rather than replace traditional finance. This is consistent with the overall trend in the industry towards regulatory engagement and institutional adoption.

Another significant change is the increased attention to the Solana ecosystem. Despite suffering a heavy blow during the FTX collapse, the Solana ecosystem has successfully rebounded, and its presence on the stage and the intensity of technical discussions have even surpassed that of Ethereum.

Deep Changes and Trends

Stablecoins become infrastructure

Stablecoins have been established as the core infrastructure of the digital economy and are seen as a key opportunity in the Web3 space. An increasing number of viewpoints suggest that stablecoin transactions will expand from on-chain activities into the real economy, potentially forming a market worth trillions of dollars.

Industry focus has shifted from simple integration to control over the payment layer. Web3 projects and institutions are intensifying efforts to secure a leadership position in the stablecoin tech stack. Ecosystems like Solana, Tron, and TON are accelerating the establishment of their status as foundational settlement platforms.

AI in the cryptocurrency field: Exciting but still in the experimental stage.

Discussions about AI are showing a cautious tone. Many participants pointed out that the gap between market enthusiasm and the current maturity of technological development is widening. Some AI agent projects have been criticized for lacking clear use cases.

Despite these concerns, there remains a long-term confidence in the potential role of Web3 in the AI market. Concepts such as decentralized AI computing and open-source agent frameworks are seen as having practical potential. The current focus remains on foundational experiments rather than immediate large-scale applications.

Technology is no longer the only chip

The gap between technological advancement and market adoption is continuing to widen. Relying solely on ongoing research is no longer enough to attract market interest. Many mature protocols fail to gain user attention, while some simple meme coins launched through meme platforms can continue to generate stable trading volumes.

Industry participants are shifting their focus from research to execution. Increasing efforts are being concentrated on developing strategic market entry plans, understanding liquidity flows, building exchange relationships, and designing user-friendly token models.

Important Announcement

1. A certain company plans to launch a new US dollar stablecoin that complies with US regulatory requirements, expected to be released in 2025 to 2026.

2. A trading platform has launched a self-custody crypto payment application that offers zero-fee transfer functionality.

3. A custody company announced the acquisition of Tungsten Custody and is establishing a regulated business base in the UAE.

4. Mesh showcases the new integration feature with Apple Pay, allowing users to pay with cryptocurrencies and merchants to receive stablecoins.

5. The MGX Fund in Abu Dhabi completed a $2 billion investment in a trading platform through the stablecoin USD1.

6. A certain investment company announced the establishment of a $300 million fund, focusing on investments in modular chains, ZK-rollups, and self-custody solutions.

7. Former PayPal executives launched a native protocol called Spark based on the Bitcoin Lightning Network, aimed at achieving fast and low-cost payments.

Industry Transformation

This conference clearly showcased the shift in the crypto industry from speculative enthusiasm to practicality and infrastructure development. Three key themes emerged:

1. Stablecoins transcend narratives and become the infrastructure of the digital economy.
2. AI enthusiasm is rising, but market sentiment is becoming cautious.
3. Dubai consolidates its position as a Web3 regulatory and capital hub

The era of idealistic experimentation is giving way to a phase of pragmatic execution. The Web3 ecosystem has now entered a stage that relies on infrastructure development, system integration, and delivery capabilities.

Although the attention economy remains important, the market is no longer solely paying for conceptual innovations. Stakeholders are expecting practical applications and clear value propositions. This shift marks a broader maturation of the entire ecosystem, paving the way for more stable, long-term development—this can be seen as the arrival of the "urbanization" era of Web3.