Hong Kong Web3 Summit Highlights: Declining Popularity, Shifting Focus, Pro Gathering

From April 6 to 9, 2025, the Hong Kong Web3 Carnival will be held at the Hong Kong Convention and Exhibition Centre. This is the third event since the declaration was released in 2022. Although the organizers claim to have gathered nearly 400 top experts and industry leaders from around the world and that the exhibition area has increased by 50% compared to last year, the actual attendance on site is significantly lower than in previous years.

Several participants reported that the overall attendance has nearly halved compared to the previous two years, and the number of booths has decreased from over 150 last year to less than 100. Compared to the 300 booths at the Token2049 in Singapore, the scale appears even less impressive. Some jokingly referred to this as "the quietest conference ever." The reasons for this situation include: market sluggishness affecting attendance enthusiasm, the Consensus conference in February diverting some popularity, and the industry generally lacking hotspots and innovation.

From the booth situation, a certain trading platform has the largest booth scale and the most popularity, making it the main gathering place for foot traffic. Following that, the MEME project GMGN has also garnered attention. In terms of hot topics, Payfi remains the focus, with many traditional financial institutions actively laying out in this field. The concept of RWA( real-world assets) is also in high demand, with a certain data exchange and a certain fund company showcasing in this direction.

In contrast, some previously popular concepts received lukewarm responses in the main venue. The DePin track attracted little attention, with only one AI-related robotic dog exhibit standing out. While Solana and Sui maintained their popularity in other contexts, their exposure in the main venue was low. After experiencing turmoil, the TON ecosystem no longer emphasized explosive prospects. The Bitcoin ecosystem was almost ignored, and BTCFi seemed to have become a "pseudo proposition."

From the perspective of the participants, opinion leaders have become the main force, with some jokingly calling it the "opinion leader talent market." In contrast, the low profile of venture capital institutions stands out. This is in stark contrast to the high profile of venture capital institutions during the last bull market, reflecting the rapid changes in the industrial ecosystem.

Although the main venue is quiet, the surrounding activities are still booming. Among the more than 100 side events, there are technical forums and programming marathons, as well as cruise parties and night gatherings. Many trading platforms are vying to hold events to attract crowds. The Chinese community remains the backbone of the Hong Kong conference, while overseas participants have decreased.

The most talked-about aspect of this conference is the gathering of a group of Chinese pros. At the BUIDL 2025 event, several veterans of the cryptocurrency circle came together, showcasing a rare "smile to dissolve grudges". These pros had previously been at odds, but now they were talking and laughing warmly at the dinner table, sparking endless speculation in the market.

In contrast, the situation of the Ethereum founder, representing the Western camp, is completely different. Against the backdrop of a sluggish cryptocurrency market, his speech has encountered considerable skepticism and criticism. Interestingly, the founder of a certain exchange seems to be more popular than him, reflecting a shift in the industry's focus.

Overall, from the ambitious goals of 2023 to the bustling crowds of 2024, and now to the current quietness, Hong Kong has witnessed the entire process of the crypto market transitioning from a bear market to a bull market and back to a mix of both. Currently, the industry faces challenges such as a lack of hot topics and innovation, and slow application implementation, but the bear market has also created conditions for quality projects to stand out. The integration of traditional finance and emerging fields, along with the continuous improvement of regulations, brings both opportunities and challenges.

Despite facing numerous challenges in the development of Web3 in Hong Kong, the ecosystem has begun to take shape. From a policy perspective, whether it is the RWA pilot or stablecoin regulation, Hong Kong's openness in the Web3 field remains among the top in the world. The government has invested 50 million HKD to support Cyberport in promoting the construction of the Web3 ecosystem, attracting a large number of related enterprises to settle.

As of September last year, Hong Kong had over 1,100 fintech companies, with an annual growth of over 15%. This covers various fields including digital banking, virtual insurance, and virtual asset education platforms. On April 7, the Hong Kong Securities and Futures Commission officially allowed virtual asset spot ETFs to participate in on-chain staking activities under prudent regulation, while also relaxing relevant restrictions on virtual asset trading platforms.

Although Hong Kong's role as a window is limited at present, in the long run, as a region that combines regulation and openness, Hong Kong remains the best choice for traditional institutions to enter the Web3 space. Perhaps we should give more patience and expectation to Hong Kong's development.