Takeaways from TOKEN2049 Singapore 2025.

Here are the key notes we brought back from this year’s conference:

Conference vibes

— Less crowded, but higher quality of events compared to last year.
— Overall sentiment: people are more bullish on crypto than ever.

Perp DEX momentum

— Perp DEX trend is undeniable — Hyperliquid made everyone, including CZ, want to capitalize on perps.
— @HyperliquidX hosted one of the best side events, gathering the sharpest minds in one room.
— @Lighter_xyz ended its closed beta during their side event, and within days TVL crossed $1B.

Themes & narratives

— Tokenization was a hot topic, with bold predictions that everything will soon move onchain.
— Ethereum DATs got mixed reviews — some investors see them as overrated, while big players keep pushing the narrative.

Projects to watch

— $WLFI: one of the best sales teams in the industry, with a product to match. Expect millions of users onboarded with their upcoming debit card.
— Crypto is shifting fast from degen culture to institutional adoption.

Final takes:
Right now is one of the best times to build in this industry.