Token 2049 Perspectives Summary: The Situation of Chinese Teams in Web3 Sparks Heated Discussion

Token2049 in Singapore successfully concluded on September 28. Many attendees shared their experiences and thoughts through short essays. Among them, Zhao Chen’s “Token 2049 Takeaways” garnered widespread attention. In his article, he suggested that the Web3 community in Europe and America is “oppressing” and “excluding” Chinese people, making us the “Crypto Jews.” This viewpoint has sparked responses from several well-known figures in the industry.

Wang Feng, the founder of Mars Finance, stated that this is an unprecedented insult. He believes that Chinese Web3 teams are forced to accept less funding to do more work, while foreign teams with equivalent capabilities can secure ten times the financing. Wang Feng calls for not to regard Chinese people as the “railway sleepers” of Web3 civilization.

DForce founder Min Dao believes that this sense of identity is deeply rooted in Chinese culture. He pointed out that long-term collective stigmatization has permeated the subconscious of mainstream society overseas. Min Dao suggested reducing tragic narratives and excessive identity perception, as the market potential is enormous, and there is no shortage of talent and capital.

Justin Sun, the founder of TRON, holds an optimistic attitude. He has seen many creative Chinese teams in Singapore, especially in the fields of public chains and trading platforms. Justin Sun promises that TRON will continue to support Web3 Chinese teams and users.

Frank Fan pointed out that domestic projects are underestimated not only because of nationality and language issues. He believes that many domestic projects hastily enter the market without a deep understanding of cryptocurrencies, and such behavior naturally invites disdain. Frank Fan calls for more Chinese entrepreneurs who truly love and believe in cryptocurrencies to work diligently.

Conflux co-founder Yuanjie provided a few suggestions for Web3 entrepreneurs: domestically, they need to comply with relevant regulations, use public chains as underlying technology, and settle in RMB; on the international front, attention should be paid to architecture setup and product design, avoiding the use of Chinese interfaces or targeting Chinese users.

Wiger shared his experiences and insights from Token 2049. He noticed that there were relatively few young people from China attending, while there were many young people from overseas. Wiger encouraged trying to integrate into overseas circles, understanding their trends, while staying clear-headed and working hard.

KVC.eth emphasizes that the biggest bottleneck for Chinese capital and projects is self-doubt. He believes that Crypto Native projects do not necessarily require traditional capital support and should adhere to the Crypto Native philosophy, without being troubled by the narratives of traditional VCs.

Victor Ji pointed out that the core of the Asian community is still the trading platform, lacking a truly decentralized ecosystem. He suggested that project teams focus on products, users, and growth, rather than just issuing tokens. Victor Ji urged Chinese teams to take time to focus on one direction and create products or platforms that have social value.

Flynngao proposed that most people transitioning from Web2 to Web3 are not doing so to achieve any great cause, but rather to make up for their failures in Web2. He believes that the reason Asian capital does not invest in Chinese projects is due to lower returns.

Slow Fog’s Yu Xian indicates that Chinese people should not be overly pessimistic or optimistic in the Web3 field. He believes that true strength is the most important, rather than the false prosperity. Yu Xian emphasizes that the dark forest is the most authentic form of this industry.