Singapore, one of the world's most advanced economies and a leading IT hub in Asia alongside Shanghai and Hong Kong, hosted this year's largest crypto conference, Token2049.
Token2049 took place from September 18-19, 2024, attracting over 20,000 attendees, 7,000 companies, and 300 speakers. In addition to the four main stages, there were 797 side events available to participants.
Networking, investment ideas, learning, and fun—these words perfectly describe what went down in Singapore.
Networking, investment ideas, learning, and fun—these words perfectly describe what went down in Singapore.
Vitalik Buterin on Ethereum’s Growth
Vitalik Buterin’s presentation at Token2049 gained widespread attention: he not only offered insights into the evolution of Ethereum but also treated the audience to a brief musical performance.
Buterin also emphasized the positive impact of The Merge that occurred in September 2022, when the network transitioned from Proof-of-Work to Proof-of-Stake. This upgrade led to faster transaction confirmations, reducing the average wait time by half.
Vitalik also challenged the popular belief that the crypto industry is still in its early stages. He compared its evolution to that of the internet, suggesting that the foundational infrastructure phase is now behind us. Buterin believes that the focus should now be on addressing other challenges, such as improving user experience (UX) and making cryptocurrencies more accessible to the public.
The highlight of Buterin's presentation was his performance of "Love You Like A Bitcoin," a cover of Selena Gomez's "Love You Like A Love Song." This part of his talk quickly went viral, with related posts gathering hundreds of thousands of views on social media platforms.
Vitalik Buterin speaking at Token2049. Source: cryptonaute.fr
According to Buterin, cryptocurrencies have moved beyond being a "new phenomenon" and are becoming more user-friendly. For example, Ethereum’s current ecosystem boasts lower transaction fees than ever before, and the nearly zero transaction costs in L2 networks (like Optimism and Arbitrum) further support this progress.
Buterin also emphasized the positive impact of The Merge that occurred in September 2022, when the network transitioned from Proof-of-Work to Proof-of-Stake. This upgrade led to faster transaction confirmations, reducing the average wait time by half.
Vitalik also challenged the popular belief that the crypto industry is still in its early stages. He compared its evolution to that of the internet, suggesting that the foundational infrastructure phase is now behind us. Buterin believes that the focus should now be on addressing other challenges, such as improving user experience (UX) and making cryptocurrencies more accessible to the public.
The highlight of Buterin's presentation was his performance of "Love You Like A Bitcoin," a cover of Selena Gomez's "Love You Like A Love Song." This part of his talk quickly went viral, with related posts gathering hundreds of thousands of views on social media platforms.
Iggy Azalea and Her Strip Club Rodeo
Arriving about 20 minutes late, Iggy Azalea participated in her first panel discussion titled The Virality of Value: Memecoins in the Attention Economy. She spoke about creating the meme coin MOTHER, her views on celebrity coins, and the branding of celebrities in Web3.
Iggy Azalea believes that digital assets can be a powerful tool for branding. She argues that the assets in a user’s wallet can align them with specific brands, which plays a key role in a project’s success. However, she emphasized that branding should extend beyond just the celebrity figure: “Celebrity tokens cannot translate if the brand is just the person.”
Iggy Azalea left a lasting impression at the conference, not only with her participation in the panel discussion but also by organizing a provocative party. The event, held at a strip club with a rodeo theme, featured plenty of alcohol, scantily clad dancers, and cash being thrown around—just a glimpse of what went on.
Iggy Azalea at the Token2049 panel discussion. Source: x.com
According to Iggy, succeeding in the meme coin space requires more than just creating a tokenized meme. While she didn't detail specific features, she emphasized the importance of integrating elements that provide value and engagement for token holders.
Iggy Azalea believes that digital assets can be a powerful tool for branding. She argues that the assets in a user’s wallet can align them with specific brands, which plays a key role in a project’s success. However, she emphasized that branding should extend beyond just the celebrity figure: “Celebrity tokens cannot translate if the brand is just the person.”
Iggy Azalea left a lasting impression at the conference, not only with her participation in the panel discussion but also by organizing a provocative party. The event, held at a strip club with a rodeo theme, featured plenty of alcohol, scantily clad dancers, and cash being thrown around—just a glimpse of what went on.
The party received mixed reactions. Some attendees were critical of the event, leading to a backlash from MOTHER’s followers. One X user who criticized the video, stating that “this video shows everything whats wrong in crypto this cycle,” was met with a sharp response from Iggy herself: “Shut up virgin.”
The most talked-about moment, however, was a tweet from Iggy where she referred to singing about cryptocurrencies as "loser shit," clearly taking a jab at Vitalik Buterin’s performance. The tweet racked up 485,000 views, showcasing Iggy’s unique approach to marketing.
The most talked-about moment, however, was a tweet from Iggy where she referred to singing about cryptocurrencies as "loser shit," clearly taking a jab at Vitalik Buterin’s performance. The tweet racked up 485,000 views, showcasing Iggy’s unique approach to marketing.
Arthur Hayes Predicts Market Downturn Due to Fed Rate Cut
At Token2049, Arthur Hayes, the former co-founder of BitMEX, shared his thoughts on the potential impact of the U.S. Federal Reserve’s interest rate cut on the stock and cryptocurrency markets. Spoiler: Hayes isn’t optimistic.
Hayes believes that despite the initial optimism, this scenario will eventually lead to a market downturn. He attributes this to the shrinking interest rate differential between the U.S. dollar and the Japanese yen.
For years, the dollar-to-yen exchange rate has been used for a carry trade strategy—borrowing funds at a low-interest rate (like the yen) to invest in higher-yielding assets, such as U.S. stocks.
Arthur Hayes warned that the carry trade may no longer be the reliable strategy it once was before the Fed’s rate cut. If the U.S. dollar weakens against the yen, investors might start selling off their U.S. stocks and Treasury bills (T-bills) to repay loans taken in yen. This could trigger a domino effect, negatively impacting both the stock and cryptocurrency markets.
Hayes pointed out the vulnerability of RWA tokens (real-world asset tokens) to changes in the Fed’s interest rate. Specifically, the value of ONDO, the native token of Ondo Finance, could decline. Ondo Finance tokenizes T-bills, and if these assets drop in value, the platform could see a reduction in its user base.
At the end of his speech, Hayes also highlighted several assets that could benefit from the Fed’s rate cut: Ethena, Ether.fi, and Pendle.
Interestingly, just two days after his presentation, Hayes transferred more than $1 million worth of PENDLE tokens to the exchanges Binance and ByBit. While it’s unclear what happened to these assets afterward, many in the community speculated that Hayes might have dumped his PENDLE tokens after promoting them at Token2049.
Berachain hosted a party at Marquee, Singapore’s largest nightclub. The event drew 10,115 participants, and the line to enter stretched across an entire floor of a shopping mall.
Arthur Hayes speaking at Token2049. Source: blockhead.co
Arthur’s presentation took place about 14 hours before the FOMC press conference. On September 18, 2024, the Federal Reserve reduced the benchmark interest rate by 50 basis points to 5%.
Hayes believes that despite the initial optimism, this scenario will eventually lead to a market downturn. He attributes this to the shrinking interest rate differential between the U.S. dollar and the Japanese yen.
For years, the dollar-to-yen exchange rate has been used for a carry trade strategy—borrowing funds at a low-interest rate (like the yen) to invest in higher-yielding assets, such as U.S. stocks.
Arthur Hayes warned that the carry trade may no longer be the reliable strategy it once was before the Fed’s rate cut. If the U.S. dollar weakens against the yen, investors might start selling off their U.S. stocks and Treasury bills (T-bills) to repay loans taken in yen. This could trigger a domino effect, negatively impacting both the stock and cryptocurrency markets.
Hayes pointed out the vulnerability of RWA tokens (real-world asset tokens) to changes in the Fed’s interest rate. Specifically, the value of ONDO, the native token of Ondo Finance, could decline. Ondo Finance tokenizes T-bills, and if these assets drop in value, the platform could see a reduction in its user base.
At the end of his speech, Hayes also highlighted several assets that could benefit from the Fed’s rate cut: Ethena, Ether.fi, and Pendle.
Interestingly, just two days after his presentation, Hayes transferred more than $1 million worth of PENDLE tokens to the exchanges Binance and ByBit. While it’s unclear what happened to these assets afterward, many in the community speculated that Hayes might have dumped his PENDLE tokens after promoting them at Token2049.
Berachain Throws a Massive Party in Singapore
Despite still being in the testnet phase, Berachain has gained significant traction in the industry, thanks in large part to its marketing efforts. One example of this was seen at Token2049 in Singapore.
Berachain hosted a party at Marquee, Singapore’s largest nightclub. The event drew 10,115 participants, and the line to enter stretched across an entire floor of a shopping mall.
The club was packed with well-known crypto figures, including trader Ansem. The night saw numerous posts on X, showcasing everything from dancing to tracks by popular South Korean DJ SODA to fights and confrontations.
Berachain’s marketing didn’t stop there: two days after the party, Smokey the Bera, a co-founder of the project, appeared at the conference wearing a bear head. He shared that the original plan wasn’t to create a full blockchain but rather an NFT collection featuring bears smoking weed, known as Bong Bears.
Snowden began his talk with a personal reflection, recalling 2009, the last time he was in Singapore. Now living in russia, he participated in the conference virtually.
Snowden also pointed out vulnerabilities at the protocol level in Telegram. According to him, Telegram is not as secure as many believe; rather, it functions more like a chat app with private messaging features. He suggested that the app's design could allow access to user data if Telegram chose to do so.
He urged developers to learn from Telegram's shortcomings and to design their projects to withstand government interference from the ground up, starting with the protocol level.
Snowden reaffirmed his support for Bitcoin and criticized the trend of downplaying Bitcoin's privacy and anonymity features. Some in the community believe that emphasizing the anarchic nature of Bitcoin might scare away institutional investors, but Snowden argued that the opposite should be done—highlighting the values and unique aspects of cryptocurrencies.
The event was packed with various booths, relaxation zones, and networking opportunities. Attendees witnessed the creation of meme coins at the SunPump booth, a live Formula 1 race broadcast, and several cosplay performances, including one featuring SBF.
You could also meet not only representatives but also the founders of various projects at the booths. For instance, WhiteBIT CEO Volodymyr Nosov was recording a crypto podcast right at the location.
The vibe at the Berachain event during Token2049. Source: x.com
The party was so well-received that one X user even joked that he hopes Berachain never launches its mainnet, so the community can continue to enjoy events like this.
Berachain’s marketing didn’t stop there: two days after the party, Smokey the Bera, a co-founder of the project, appeared at the conference wearing a bear head. He shared that the original plan wasn’t to create a full blockchain but rather an NFT collection featuring bears smoking weed, known as Bong Bears.
Edward Snowden’s Online Address
One of the key speakers at Token2049 was the famous whistleblower and privacy advocate Edward Snowden. He noted that although the world has changed since his exile from the U.S., government surveillance of citizens has not decreased—in fact, it has become more pervasive and covert.
Snowden began his talk with a personal reflection, recalling 2009, the last time he was in Singapore. Now living in russia, he participated in the conference virtually.
Edward Snowden speaking at Token2049. Source: cryptonews.com
During his speech, Snowden warned about the increasingly sophisticated nature of government surveillance, citing the recent arrest of Pavel Durov, the founder of Telegram, as an example. He argued that Durov’s detention was an attempt by authorities to gain control over user data.
Snowden also pointed out vulnerabilities at the protocol level in Telegram. According to him, Telegram is not as secure as many believe; rather, it functions more like a chat app with private messaging features. He suggested that the app's design could allow access to user data if Telegram chose to do so.
He urged developers to learn from Telegram's shortcomings and to design their projects to withstand government interference from the ground up, starting with the protocol level.
Snowden reaffirmed his support for Bitcoin and criticized the trend of downplaying Bitcoin's privacy and anonymity features. Some in the community believe that emphasizing the anarchic nature of Bitcoin might scare away institutional investors, but Snowden argued that the opposite should be done—highlighting the values and unique aspects of cryptocurrencies.
Final Words
This is just a glimpse of what happened at Token2049. The conference also featured talks from Solana co-founder Anatoly Yakovenko, EigenLayer founder Sreeram Kannan, Chainlink's Sergey Nazarov, Monad's Keone Hon, Polymarket's Shayne Coplan, and many others.
The event was packed with various booths, relaxation zones, and networking opportunities. Attendees witnessed the creation of meme coins at the SunPump booth, a live Formula 1 race broadcast, and several cosplay performances, including one featuring SBF.
The Atmosphere at Token2049. Source: x.com
Each booth at Token2049 offered a unique experience with its own atmosphere, colors, and activities. For example, visitors to the Tron booth could take photos with Tron Guy, while PancakeSwap hosted a celebration for the DEX’s birthday, and WhiteBIT offered a Flappy Bird-style game with the project’s logo instead of the bird and Japanese bars as obstacles.
You could also meet not only representatives but also the founders of various projects at the booths. For instance, WhiteBIT CEO Volodymyr Nosov was recording a crypto podcast right at the location.
The next Token2049 conference will be held in Dubai from April 30 to May 1. Tickets are already on sale: the Super Early Bird pass costs $399, while the Special Access Pass is priced at $4999.
