Compiled by: Yuliya, PANews
From April 20th to 23rd, 2026, the 2026 Hong Kong Web3 Carnival, themed "Mountains, Wind, Clouds, and Sea," was held at the Hong Kong Convention and Exhibition Centre. The event attracted numerous prominent figures from the political, economic, and crypto sectors, including Hong Kong Financial Secretary Paul Chan, Ethereum co-founder Vitalik Buterin, and Binance co-CEO He Yi, who engaged in in-depth discussions on core topics such as "The Convergence of Traditional Finance and the Crypto World" and "The Collision of AI and Web3."
Beyond the official grand narratives, the "short essays" written by frontline practitioners after various sub-venues and private gatherings often best reflect the true state of the market. The following is a selection of content from this compilation (this article will be continuously updated):
SUN XIAOCHUAN
Key takeaways: There is still room for improvement in the industry; offshore USD asset distribution may become a new trend.
Some consensuses reached with fellow crypto savvy individuals during the Hong Kong conference:
1) After several rounds of layoffs, the industry still has considerable room for "optimization." This room mainly comes from offshore exchanges.
2) The penetration rate of the crypto industry is slowing down dramatically, making the growth hell even more difficult.
3) The main growth of the industry in the future may not come from the crypto industry itself: Offshore exchanges, DEXs, PERP DEXs... a major trend that is now clearly visible is that they are gradually becoming important offshore distribution channels for dollar assets, including US stocks, US stock derivatives, commodities, US Treasury bonds, etc. They perfectly complement the onshore market and are expected to jointly build a "new era of distinctive dollar asset circulation (dual-wheel drive)" system.
4) Based on the new version of the offshore USD asset distribution center, bloggers with strong investment research capabilities will see a significant boost.
5) The new version of the offshore USD asset distribution center may bring new regulatory issues. This is because it not only directly bypasses the existing brokerage and banking systems, but also "temporarily" circumvents CRS. Looking back at the joint crackdown on Futu Tiger by numerous brokerages, reporting them for "illegally" opening accounts for domestic users online, which led to Futu Tiger almost completely ceasing its efforts in the domestic market, it was only a few years ago.
6) Regarding AI, most Chinese investors expressed less anxiety, stating that the level of anxiety is not as high as it was during the period of great anxiety 10 years ago. Note: The period of great anxiety 10 years ago arose against the backdrop of a real estate bull market fueled by "monetary compensation for shantytown redevelopment" and the "mobile internet" wave. Its main manifestation was that "if assets don't rise as fast as others, if you don't learn anything new every day, or if you don't feel progress, you'll be punished with an anxiety debuff." Many "knowledge-paying" teachers, such as Liu Run, Luo Zhenyu, Fan Deng, and Wu Xiaobo, acted as excellent anxiety producers/boosters/amplifiers at the time. The dissemination of various "new concepts and new knowledge" by them often further amplified anxiety in society, especially among the middle class in first-tier cities, ultimately forming a reinforcing spiral of anxiety.
7) MM, referring to self-operated passive market makers, the big players who do not actively manipulate the market, have had a very high attrition rate in the past two years. A rough estimate suggests that at least half of the small and medium-sized MMs have disappeared, and many previously excellent MMs have chosen to retire gracefully or have been forced out of the market.
8) Both expressed extreme respect for MicroStrategy, calling it the "pillar of the crypto world" and the "golden beam supporting the sea." However, they also worried that it might accumulate "risks," turning itself into a repeat of Lu Xiangshan's actions at the end of the Ming Dynasty, ultimately leading to a major disaster. Regardless, MicroStrategy has already changed the crypto cycle.
Encryption Vite
Key takeaways: When tourists leave, those who remain are the true builders; set aside prejudices and acknowledge the power of new players.
Back to work now, but I'll add a little Hong Kong post at the airport.
First of all, this was the busiest Hong Kong trip I've had in recent years: impromptu private meetings and squeezing in discussions about potential collaborations at various events...
Many of my friends have asked me what it's like to be a project manager.
Actually, I've participated in several projects every year over the years, with similar pace and intensity. However, the mental pressure and anxiety are greater when I'm publicly involved.
However, one of my strengths is that I focus on the present and don't dwell on metaphysical or unforeseen events.
Contrary to many friends' observations, I think this year's Hong Kong conference was actually the most representative year in terms of showcasing the resilience of the cryptocurrency community as an independent cultural group (note: not an industry).
Tourists and larpers have left; the "investors" and "rock stars" who chased trends, basked in the spotlight, and received compliments have vanished.
The rest are the true skin in the game, the participants who truly coexist with crypto:
Exchanges and exchanges that hold events without fail
A crypto KOL (Key Opinion Leader) who verbally declares the crypto world finished, but in reality, relies on his million-dollar salary for his livelihood.
Regardless of bull or bear markets, the young P-class warrior is always on the front lines, reaching into pockets.
Find proactive market makers (BD) that break through and innovate financial paradigms
Of course, there are also the "real crossover influencers" - Brother Qiang, Empowering Love, and Teacher Baolong.
Empowering Love, a scheme that seems incredibly rudimentary, can have hundreds of participants in a single Tencent Meeting morning meeting. Many of these schemes don't just hold simple brainwashing sessions; they provide hands-on training on how to set up VPNs, download wallets, buy virtual tokens, and deposit funds.
Ironically, their contributions to crypto education and expanding traffic outside the crypto community, as well as attracting new users, put most of us "industry insiders" to shame and be ashamed.
I also met the young programmers I previously helped out on the blockchain: although we all speak C language online but call each other "teacher" offline, you can't deny that their quality and research ability far exceed the prejudices leveled against them in the simplified Chinese media. Almost every one of them is an AI magician, a self-taught quantitative expert, and a researcher of online culture. Their professionalism, enthusiasm for exploration, and focus fully explain why you lost to them – they are young people worthy of respect.
When the industry's allure fades, those who remain steadfast are the true builders (if we must use that term). I don't know what the next hot trend will be, but I know victory will belong to those still at the table, not those who slip away under the guise of "going to the bathroom."
If those of us in the cryptocurrency industry stubbornly cling to our near-biased "political correctness," failing to grasp the inevitable changes in the cryptocurrency space due to demographic and generational shifts, failing to genuinely and humbly listen to every newcomer (instead of abstracting them into "new users"), and failing to serve their needs for participation and profit generation...
Then we don't genuinely want the industry to develop; we're just trying to protect our fragile and worthless self-esteem.
You wouldn't want a young (or old) "P-jun" to walk up to you, waving his wallet and phone and saying:
"Old Deng/Kid, times have changed!"
