BroadChain, April 24, 01:30 - The 2026 Hong Kong Web3 Carnival was held from April 20 to 23, with the theme "Mountain, Wind, Cloud, Sea." Attendees included Hong Kong Financial Secretary Paul Chan, Ethereum co-founder Vitalik Buterin, Binance co-CEO He Yi, and other figures from politics, economics, and the crypto space, who discussed topics such as "the integration of traditional finance and the crypto world" and "the collision of AI and Web3."
Attendee Sun Xiaochuan summarized eight observations: First, there is still room for optimization in the industry, mainly from offshore exchanges. Second, the penetration rate of the crypto industry has slowed significantly, making growth more challenging. Third, future growth points may not lie within the crypto industry itself—offshore exchanges, DEXs, and perpetual contract DEXs are gradually becoming important offshore distribution channels for dollar-denominated assets like US stocks and US Treasuries, complementing onshore markets and potentially forming a "dual-wheel drive system for dollar asset circulation." Fourth, bloggers with research and analytical capabilities will benefit from this trend. Fifth, the new version of the offshore dollar asset distribution center may raise new regulatory issues, as it not only bypasses existing broker and banking systems but also temporarily avoids CRS. Sixth, most Chinese investors are less anxious about AI than a decade ago—when the "shantytown renovation monetization" and "mobile internet" waves overlapped, fueling asset anxiety and a knowledge payment boom. Seventh, proprietary passive market makers (MMs) have seen a high elimination rate over the past two years, with at least half of small and medium-sized MMs disappearing. Eighth, attendees expressed high respect for MicroStrategy, calling it a "pillar of the crypto world," but also worried about its accumulated risks, which could lead to a repeat of past mistakes.
Another attendee, Encryption Vite, said this was the busiest trip to Hong Kong in recent years, with private meetings and collaboration discussions interspersed among various events. He noted that when tourists leave, those who remain are the true builders, and urged setting aside biases to recognize the strength of new entrants.