TOKEN2049 Dubai

🌎 Location: Dubai, UAE

🗓️ Date: April 28 – May 4, 2025

🔗 Link: TOKEN2049

🎯Agenda: Over 700 official and unofficial side events across Dubai

📝 Overview: Token2049 Dubai 2025 confirmed its status as the world’s most influential Web3 event. With a packed main stage, over 700 side events, and a dense crowd of investors, founders, and institutions, it became a crucial week for deal-making and market signals.

Dubai's Token2049 remains one of the few conferences that actually matter. Everyone in Web3 was there—from crypto-native retail to institutional allocators. For Moonhill Capital, this wasn’t just another gathering. We went to get a temperature check on capital flows, understand how the AI narrative is evolving, and hear directly from funds, founders, and OTC desks where the market's headed. Our schedule leaned toward private meetings, which means our view is biased—but it’s also grounded in real conversations.

• Retail meets institutional: The mix of crypto-native individuals with institutional players shows there's still real curiosity and belief in the space.

• AI dominance: AI took over every discussion. 0G's presence was felt everywhere, both on-stage and in side conversations.

• RWA traction: Plume and other tokenized asset platforms are finally seeing serious recognition. The RWA narrative has legs.

• Bitcoin and stablecoin flows: Institutional capital is flowing back in, especially into bitcoin, stablecoins, and trading strategies.

• Trading-first market: The market has matured. It's now a trader's environment, not a builder's hype cycle.

• VCs are still spending: Despite few breakthroughs or clearly solved problems, some VCs are still deploying capital.

• Many funds underwater: Behind closed doors, it’s clear a lot of funds are struggling with underwater positions.

• OTC dominance: Most of the action isn’t happening on-chain or on exchanges, but in OTC channels.

• Selective capital: Smarter capital is emerging. Funds are becoming more selective, looking beyond hype to real revenue.

• Infra and meme fatigue: Infra plays, high-valuation meme tokens, and hype-led launches are out of favor.

• Return of B2B: High-revenue, unsexy B2B businesses are back in the spotlight.

• Consumer apps make a comeback: New user growth is once again a major draw.

• Old chains reborn: Ecosystems like Sui and Aptos are enjoying renewed attention over new L1 experiments.

• CEXes still in charge: Centralized exchanges continue to dominate retail and institutional flows.

• Marketing shifts: Grassroots efforts are winning over big-name investor backing.

There are two ways to play this market: lean into momentum trading and narrative shifts (especially in AI, BTC, and stablecoins), or bet early on real revenue models in B2B or consumer sectors. Either way, hype alone isn’t enough.

AI infra, OTC-focused platforms, tokenized real-world assets, and anything that brings new capital in without relying on crypto-native users is now in focus. Old ecosystems with existing communities are safer bets than unproven ones. Funds still deploying need to choose wisely—the tide isn’t lifting all boats anymore.

Token2049 Dubai 2025 wasn't just big—it was dense. With over 700 side events and most meaningful interactions happening in private, it was clear this market runs on relationships, not headlines. For Moonhill, the signal was strong: capital is here, but it’s cautious, smarter, and looking for something real.