The most interesting highlights from Token2049 in Septemeber 2024
Hey there! Alexey Sukharev here, CBDO at MetaLamp. In September, I attended this event, and our team selected presentations and products that offer direct value and interest for both everyday web3 specialists and entrepreneurs — ranging from TON’s plans to attract 500 million new users to a meme coin scanner on Solana.
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TON plans to turn Telegram into a giant Web3 projectThe partnership between Telegram and the TON blockchain is the first successful example of direct integration between decentralized applications and a popular Web2 platform. Already, users can exchange cryptocurrency, send tokens, and earn rewards in crypto games via Telegram bots. However, according to TON Foundation President Stephen Yoon and Telegram CIO John Hyman, this is just the beginning.
In the latest version of Telegram, the TON Space wallet, once activated, is available from the main menu. Starting in November, it will become a default feature for all users. This will attract the attention of users unfamiliar with TON Space.
Additionally, Web3 projects on TON will get priority access to the Telegram Ads platform and can promote their mini-apps in more than 17,000 crypto communities. The ambitious plan of the TON Foundation is to attract 500 million new users over the next 5 years, which will undoubtedly make TON the largest blockchain ecosystem in the world.
MetaLamp Analysis
TON is one of the key ecosystems MetaLamp works with, and it’s certainly one of the most promising. The boom of “tap” games and their associated airdrops is just the first demonstration of the synergy potential between an 800 million-user messenger and a fast, low-cost blockchain. Another example is the active trading of Telegram usernames as NFTs, with sales already reaching $120 million.
For projects that have not yet chosen which chain to build on, TON is a very interesting alternative to Solana, Polygon, etc. While it’s not an EVM chain and uses its own FunC language for smart contracts, promoting a project on TON can be much simpler and cheaper, as the funnel is much shorter. A click on an ad in Telegram can lead directly to a bot, which users can connect to with one click via TON Space. The addition of the TON Space wallet in the main menu of the app is another huge advantage for projects.
Presentation of the TON Space wallet integrated into TelegramVitalik Buterin sings (and calls for L2 decentralization)Vitalik Buterin surprised the Token2049 audience, if not with his vocal abilities, then certainly with his boldness: he sang a song about the advantages of cryptocurrencies over other forms of money.
In the main part of his speech, Vitalik spoke positively about the trajectory of L2 chains, particularly highlighting the sharp reduction in fees on Arbitrum and Optimism. Now, sending cryptocurrency on these rollups costs less than $0.01. He also praised these two rollups for reaching what is known as Phase 1 on the L2 security and decentralization scale.
However, Buterin stressed that in the race for mass adoption of Web3 technologies, decentralization should not be overlooked. He gave examples of solutions that (in his opinion) balance utility for mass users and decentralization:
- Smart wallets that allow users to send transactions only after proving control over a certain email address.
- A mechanism enabling users to prove they are spending cryptocurrency obtained from legal sources without revealing their wallet deposit history.
- A ZK account for social networks that lets users prove they are genuinely part of a project’s team (and not a scammer pretending to be an admin).
MetaLamp Analysis
Vitalik Buterin’s speeches and articles are often filled with technical details that can be difficult for beginners to grasp. However, he drew attention to an important issue: the lack of decentralization across many layers of Web3. For example, rollups still rely on centralized sequencer nodes, and many of them are currently unable to generate fraud proofs or validity proofs, which are essential for decentralized dispute resolution in rollups.
Recently, Vitalik even stated that starting next year, he would stop mentioning L2s that haven’t reached Phase 1 (which includes generating proofs, having at least 26% of the security council from outside the core team, and several other requirements). Currently, in Phase 0, we still find platforms like Base, Blast, zkSync Era, Mode, and others.
Источник: L2BeatTeams building projects on L2 chains should take this into account. For example, Base and Blast have many advantages, but it’s important to understand that they are highly centralized, which is a risk factor.
BitMex Founder Arthur Hayes Predicts Market Crash (and Why You Should Listen)Arthur Hayes, founder and former CEO of BitMex, remains an influential figure in the crypto industry, despite having been convicted for violating AML/KYC regulations and sentenced to two years of probation along with a $10 million fine. Hayes is an active trader and crypto investor, and his predictions on X are definitely worth following.
Hayes’ forecast, made at Token2049, was rather bleak. In his talk, titled with a neutral tone “Reflections on Current Macroeconomic Events,” he suggested that a reduction in interest rates in the U.S. would lead to a market crash, including in cryptocurrencies.
According to the entrepreneur, the catalyst for the downturn would be the depreciation of the U.S. dollar against the Japanese yen — Hayes views this metric as crucial for macroeconomics. In August, when the U.S. Federal Reserve announced plans to lower the federal funds rate while the Bank of Japan was raising its rate, markets fell by 10%. However, Hayes believes that a real U.S. rate cut of 50 basis points would result in a much more severe crash.
That said, a few days after his Token2049 speech, Arthur Hayes changed his mind and encouraged his X audience to keep trading meme coins, despite the Federal Reserve lowering the rate even more than expected.
Tweet based on Arthur Hayes accountMetaLamp Analysis
Arthur Hayes’ optimistic tweet doesn’t mean that the crash is off the table, but rather that it won’t happen in the immediate days (as he originally predicted). Hayes pointed out a fundamental issue: Bitcoin’s price is heavily influenced by macroeconomic factors, such as the dollar-yen exchange rate.
Forex traders borrow yen at low interest rates and invest in high-yielding dollar-based assets. But if the difference between interest rates suddenly narrows, traders quickly close positions, pulling out margin capital from the system, which can lead to cascading liquidations. This didn’t happen in September, but it could happen in October or later. All crypto investors can do is remain cautious and avoid going all-in on long positions.
Certik Presents Free Token Scanner to Identify Potential ScamsLeading blockchain auditing firm Certik unveiled two completely free products for regular users at Token2049: TokenScan and WalletScan.
With TokenScan, you just need to enter the token contract address, and the system will evaluate it based on 9 parameters, such as:
- Percentage of tokens held by the 20 largest investors;
- Ability to modify contract metadata;
- Percentage of tokens in DEX pools;
- Percentage of liquidity held by the largest DEX liquidity provider, etc.
After scanning, an overall rating is calculated, and any suspicious metrics are highlighted in red. For now, the tool is available only for Solana, where most meme coin trading is currently concentrated.
WalletScan, on the other hand, checks for potential risks such as:
- Fraudulent websites in the list of approved apps;
- Whether the wallet is “tainted” by transactions with suspicious addresses (which could complicate deposits and withdrawals from exchanges);
- Whether it contains potentially dangerous phishing tokens.
MetaLamp Analysis
Investors often rush to buy new meme coins on DEXs to avoid missing out on potential gains but overlook risk factors like centralization. For example, token liquidity might look high, but if 50% of LP tokens are held by the creators, they could withdraw and sell the assets, causing a price crash.
Until now, there wasn’t a simple tool to flag such “red flags.” In this sense, TokenScan might be the most practical product introduced at Token2049 (and definitely more needed by the market than Solana’s new smartphone, which we’ll discuss next).
Seeker — Solana’s New Web3 SmartphoneSolana Mobile introduced the Seeker, a smartphone with 128 GB of storage and dual cameras (108 MP and 32 MP). However, the main focus is on its native Web3 integrations:
- A “cold” wallet Seed Vault with fingerprint access and a mobile wallet created specifically for Seeker;
- A dapps store on Solana;
- A rewards tracker across various protocols, and more.
Each Seeker device generates a unique Genesis Token, giving the owner access to exclusive perks and content.The smartphone is currently available for pre-order at a special price of $500, with deliveries starting in 2025.
MetaLamp Analysis
The first smartphone from Solana Mobile, Saga, launched in 2023 with a lot of hype, but demand was so low that the price was slashed from $1000 to $600. However, sales unexpectedly surged in April 2024 when the meme coin project BONK started airdropping free tokens to phone owners, eventually selling out all 40,000 units.
The Seeker tells a different story: it already has 140,000 pre-orders. According to Solana CEO Anatoly Yakovenko, the company needs to sell 250,000 devices annually for the project to break even. Is that realistic? Does the future even hold promise for blockchain smartphones?
A key advantage of Seeker is the ability to buy NFTs and other digital assets without the 20% commission that App Store and Google Play typically charge. For example, Apple’s 20% fee on all in-app purchases in the App Store has been a major roadblock for games and marketplaces. This is why you can’t buy NFTs on the OpenSea iOS app.
Additionally, Solana fans will likely be drawn by the potential for future airdrops, like the one BONK held. However, for users of other blockchains, the Seeker — priced at $500-$700 — may not be appealing. While there are over 75 million active addresses on the Solana network, whether Solana Mobile can sell 250,000 phones a year solely to its audience remains an open question.
What do you think about the presentations and products showcased at Token2049? Share your thoughts with us!
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The most interesting highlights from Token2049 in Septemeber 2024 was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.