M2 at TOKEN 2049 Singapore

Last week, a small number of the M2 crew took off for Token 2049 Singapore, where leaders in the crypto industry and wider blockchain space gathered to discuss the future of the technologies and sector at large.

Over the course of the week, we explored critical challenges and emerging trends, such as addressing crypto crime, cross-chain interoperability, as well as engaging with, and experiencing the ever-interesting and very human side of this industry, such as the cultural influence of memes, and the rapid rise of real-world tokenization.

Daemon Day

On Tuesday, we took part in Daemon Day, Blockdaemon’s highly anticipated institutional summit, where the central theme resonated throughout—infrastructure is everything. The event emphasized that strong infrastructure is key not only to delivering exceptional products but also to creating seamless user experiences, both of which are critical for driving mass adoption of blockchain technology.

This message was reinforced by a lineup of notable speakers, including Andrew Vranjes, Head of International and VP at Blockdaemon; Fisher Yu, Co-founder of Babylon; Lihan Lee, Co-founder and Co-CEO of Xangle; and Deborah Algeo, Head of Global Enterprise at Zodia Custody. They addressed pressing industry challenges, such as future-proofing wallets, emerging trends in venture capital and staking, and the ongoing struggle with blockchain interoperability and scalability. The event culminated with an address by Konstantin Richter, CEO and Founder of Blockdaemon, who underscored the importance of infrastructure in shaping the future of blockchain.

Crypto Crime

Day one of the summit kicked off with a panel discussion on a topic of critical importance, how do we navigate instances of criminality in crypto in 2024?. Our Chief Product Officer, Sudhu Arumugam, joined forces with CEO of Chainanalysis Michael Gronager and CLO of OKX Mauricio Beugelmans in a panel titled “Navigating Crypto Crime in 2024” to discuss the industry’s response to criminal activity. The session was moderated by Perianne Boring from The Digital Chamber. 

The panel debunked the long-held idea that cryptocurrency is for criminals, by highlighting the extent to which blockchain solutions have advanced and the sheer level of monitoring that occurs, making it much easier in 2024 to defend one’s digital assets from bad actors. The speakers collectively agreed that blockchain technology provides transparency that law enforcement can use to its advantage. They also predicted that regulators will soon turn their attention to DeFi. Rather than viewing it as a threat, the panel agreed that DeFi could in fact be a major strategic opportunity for major players to work with regulators, and provide the right data for education and oversight. 

Interoperability

Much of the conversation throughout the day focused on cross-chain interoperability, a critical challenge the blockchain space must overcome to truly scale. As multiple blockchain ecosystems—like Ethereum, Solana, and Polkadot—continue to expand, enabling them to communicate seamlessly is becoming a priority for developers and founders. Teams at the summit shared their approaches to solving this issue, from trustless bridges to improving data transfer protocols, all with the goal of creating a more unified and efficient blockchain ecosystem.

Interoperability isn't just a technical hurdle; it's key to unlocking mass adoption. Without it, blockchain remains fragmented, but by solving these challenges, we can drive greater liquidity, improved user experiences, and enhanced security across networks. Ethereum’s Pectra upgrade, announced recently, is a major step toward solving some of these issues. Although developers decided to split the upgrade into two phases to manage its complexity, the first part of Pectra—scheduled for early 2025—will introduce improvements like EIP-7702 to enhance wallet functionality. While this upgrade focuses on improving Ethereum's core infrastructure, its eventual impact on cross-chain interoperability is significant, as it could pave the way for smoother interactions between Ethereum and other networks.

IRL Trends

Amidst these very serious discussions on the very serious challenges that our industry is faced with, the sheer love for memes and meme culture remains ironclad within the community. Memes continue to serve as vehicles not only for humor, but for education, creating a shared language that bridges the gap between learning and the friendly social attitude that is present when cryptocurrency is working at its best. 

Memes are more than just jokes in this business, they build community and drive engagement. At the summit, participants recognised that memes are uniquely essential in maintaining and bolstering the esprit de corps of the community at large. No more an advocate for this could be found than, Iggy Azalea - whose memecoin, Mother Iggy (MOTHER), skyrocketed to a market capitalization of $194 million in its first week.

Another very important topic of the summit was real-world tokenization, which is quickly becoming a dominant trend in these spaces. Tokenizing real-world assets, such as real estate, luxury goods, and intellectual property, on blockchain networks, opens up enormous potential through the enabling of fractional ownership, instant transfers, and global accessibility. Shout out to John Mullins, Co-Founder and CEO of MANTRA on a great keynote. 

Projects at the summit are already working on bringing these solutions to life, setting the stage for broader institutional adoption and further bridging the gap between TradFi and DeFi.

Special Thanks 

A huge thank you to the organizations that hosted us at various events during the week: Gate.io, Kronos Research, FalconX, Fireblocks, Baboon, Adaptive Frontier, Aquanow, Bitazza, Hidden Road and more. 

Your hospitality made the summit week even more enriching and collaborative.

An even bigger thanks to the team at Cointelegraph, on their production of LONGITUDE. Billed as the side event of the week and with good reason. A treat and honor to hear Animoca Brands founder Yat Siu, Chainlink founder Sergey Nazarov, Aave founder Stani Kulechov, Coin Bureau co-founder Nic Puckren and more. 

As we reflect on the key insights from Token 2049, it is clear that resilient infrastructure and collaboration between industry players and regulators will shape the future of blockchain. We look forward to continuing these conversations as we work to drive the industry forward.

As we wrapped up the summit, it became clear that the industry is at a decisive pivot. Infrastructure is developing rapidly and we’re getting closer and closer to interoperability and real-world tokenization, and the future of the industry looks both complex and promising. We left Daemon Day with a renewed sense of purpose and excitement for what lies ahead, knowing that the challenges we tackle today will shape the decentralized world of tomorrow.

Next stop, Barcelona.