Summary
This article comprehensively reviews a series of Web3-related activities in Hong Kong in April, including the Hong Kong Crypto Finance Forum, the "BUIDL 2025" crypto conference, and the 2025 Hong Kong Web3 Carnival. During these events, industry leaders such as TRON founder Sun Yuchen shared project progress and industry insights, including TRON's business achievements, emerging models, and emphasis on compliance and security; discussions also covered the development of crypto infrastructure, the combination of AI and blockchain, and other cutting-edge topics. The events showcased the innovative vitality of the Web3 industry while revealing challenges such as cross-chain security and cognitive popularization, and presented trends for the industry's future development in compliance and technological integration.
I. Hong Kong Crypto Finance Forum: Collision of Industry Ideas
On April 8, the Hong Kong Convention and Exhibition Centre held the grand Hong Kong Crypto Finance Forum. This forum gathered numerous industry elites, becoming an important platform for the exchange and collision of ideas in the crypto finance field. TRON founder Sun Yuchen was invited as an important guest to participate in the roundtable discussion on "Essential Infrastructure - Building the Future Blueprint of the Crypto Finance World" with Google Cloud strategic advisor Michael Yung, StakeStone Chief Strategy Officer Rose Li, PoPP co-founder Andrew Sato, and Humanity Protocol founder Terence Kwok.
Sun Yuchen detailed the business achievements of TRON in his speech. TRON is committed to building centralized cryptocurrency infrastructure to provide users with decentralized asset issuance, trading, and the use of various stablecoins and applications. Currently, it has developed into a global payment clearing network connected with all cryptocurrency networks, with the number of users approaching the 300 million mark. In terms of on-chain business data, the total issuance of stablecoins on TRON has exceeded USD 66.7 billion, with daily settlement amounting to over USD 30 billion. At the same time, TRON closely collaborates with major exchanges, wallet providers, and developers to jointly promote the development of the crypto finance ecosystem.
It is worth mentioning that Sun Yuchen, as the largest shareholder and investor of the cryptocurrency project World Liberty Financial under the Trump family, stated that the project is in the process of globalization and will carry out substantial development work on TRON. Sun Yuchen is confident in the strength of the project team, believing that many meaningful applications will be launched, and TRON will continue to provide support and follow up on the project's progress to maintain its leading position in the infrastructure field.
Regarding compliance, Sun Yuchen pointed out that since Trump's election, significant progress has been made in the industry's compliance process. He believes that in the future, U.S. regulatory agencies are likely to approve more ETF compliance financial products besides Bitcoin and Ethereum, creating an overall trend that encourages cryptocurrency development. Meanwhile, TRON actively combats crime, having jointly established the T3 Financial Crime Unit (T3 FCU) with Tether and blockchain intelligence company TRM Labs, freezing a total of USD 130 million in crime-related funds involving cryptocurrency since its establishment. Additionally, TRON has also collaborated with law enforcement agencies in Hong Kong, the U.S., and Spain to combat criminal activities in the cryptocurrency field, demonstrating a commitment to maintaining industry safety and responsibility.
In the cross-chain field, Sun Yuchen believes the biggest challenge lies in security. In recent years, there have been frequent theft incidents involving cross-chain bridges, with cross-chain bridges and exchanges accounting for over 95% of cryptocurrency theft cases, and the proportion of thefts involving cross-chain bridges even exceeding those of exchanges. The reason is that cross-chain and cross-chain infrastructure are usually Web3 projects, which have relatively smaller investments in resources and security compared to exchanges. Some cross-chain bridge project teams have only about thirty members, with very few focusing on security, while the number of teams engaged in hacking and penetration far exceeds those related to cross-chain. With the development of technology, network attack methods are increasingly diverse, and Sun Yuchen emphasizes that only by ensuring security can cross-chain development be promoted, making blockchain usage more convenient and simple.
In terms of the integration of AI and blockchain, Sun Yuchen shared TRON's planning and vision. The company has been dedicated to developing a cryptocurrency-related payment AI Agent product. He believes that current regulations on AI are too strict and that AI should be managed as a person, granting AI human rights rather than merely treating it as a tool. Specifically, the plan is to issue identity cards for AI, giving them TRON addresses and cryptocurrency addresses, allowing them to open accounts, make payments, and collaborate with other AIs or humans, and choose whether to charge fees or offer services for free based on their own wishes. By doing so, they will provide AI with payment channels and human rights, with Ethereum and other payment channels to be integrated later.
II. "BUIDL 2025" Crypto Conference: Focusing on Crypto Infrastructure
On April 5, TRON founder Sun Yuchen appeared at the "BUIDL 2025" crypto conference held in Hong Kong. At this conference, Sun Yuchen, along with Tomo Wallet founder Ryan Fang, TVM Ventures founder Steve Yun, and Morph Chief Growth Officer Colin Goltra, held a roundtable discussion on the "Evolution Path of Crypto Infrastructure," delving into key topics such as the development history of crypto infrastructure, bottlenecks faced, and innovative technologies.
Sun Yuchen pointed out that although the prices of cryptocurrencies like Bitcoin have fluctuated, stablecoins are showing a steady growth trend and have become an important pillar for industry development. Taking TRON as an example, its stablecoin scale has surpassed USD 60 billion, with approximately USD 5 billion growth in the past month, and the growth trend continues. The on-chain daily trading volume of stablecoins on TRON has also been steadily rising, currently between USD 20 billion and USD 30 billion, with USDT performing particularly steadily and continuously setting new historical highs. Sun Yuchen believes this is due to the efficiency and stability of the TRON network, as well as the wide recognition and application of USDT globally. In the first quarter, TRON launched the upgraded decentralized stablecoin USDD, which has become increasingly popular following its listing on Kraken last week, with a market value reaching USD 300 million. Sun Yuchen expects that this year the market value of USDT on TRON may reach around USD 100 billion, while USDD is expected to reach a scale of USD 1 billion.
When discussing the bottlenecks facing the industry, Sun Yuchen shared his personal experience of giving a Bitcoin to a friend in 2013, who only thought of it and liquidated it in 2025, reflecting the public's lack of understanding of cryptocurrencies. He believes one of the current industry's important tasks is to popularize blockchain services and cryptocurrency knowledge to the public, changing people's traditional views on currency and money, and letting more people recognize that cryptocurrencies are also a form of "real money."
Regarding technical issues, Sun Yuchen introduced the Gasfree feature launched by TRON. This feature took six months to develop and was officially released two weeks ago, providing a good user experience. With the Gasfree feature, users can generate a mirror address to receive USDT keys regardless of how many addresses they own, and the fees can be deducted directly from USDT, eliminating concerns over operational errors. This feature greatly simplifies the transaction process, lowers the barriers for use, and provides a convenient solution for ordinary users and institutions to receive stablecoins.
Sun Yuchen emphasized that the ecosystem built by TRON has obvious advantages over traditional finance, with its non-KYC feature allowing users to participate in cryptocurrency transactions more freely, protecting user privacy, giving users full control over their assets, and eliminating the risk of account freezes, ensuring asset security. Moreover, TRON has introduced the non-freezable stablecoin USDD, providing a safer and more convenient way for users to store wealth. However, he also cautioned that due to users having 100% control and the autonomy of smart contracts, security issues cannot be ignored, as events like Bybit suffering a $1.5 billion loss from multi-signature smart contracts serve as warnings for the industry. At the same time, the company has activated advanced security tools, mandating their use on every device and software within the company to address the forgery risks brought by AI development.
III. 2025 Hong Kong Web3 Carnival: A Multidimensional Perspective on the Web3 Ecosystem
(I) The Security Empowerment of Digital Shield
This year's carnival is co-hosted by Wanxiang Blockchain Lab and HashKey Group, gathering 150+ leading projects and 300+ industry leaders to discuss the future of Web3. Digital Shield stands out among numerous exhibiting projects through its technology exchange and ecological cooperation. The Digital Shield technical team comes from a national-level security enterprise, integrating core technologies such as CC EAL 6+ security chips, open-source audit architecture, and cold-hot isolation systems, bringing traditional financial security concepts into the decentralized world to provide rock-solid digital asset protection for global users.
During the event, the Digital Shield team engaged in discussions about ecological compatibility with several popular public chain projects such as Polygon, Aptos, and TON, and explored support opportunities for emerging chains like Base and Berachain. Its native software ecosystem is steadily being built, including features such as a DApp browser, cross-chain bridges, and an NFT market, aiming to create a seamless Web3 asset interaction hub. Digital Shield prioritizes "security" as its first principle, employing CC EAL 6+ highest-level security chips to ensure that private keys remain offline and never touch the internet from generation to signing. Additionally, all code is 100% open source and subject to external audits, effectively eliminating potential backdoor risks. Through a cold and hot separation architecture design, combined with a QR code scanning signing mechanism, it balances security and usability efficiency, providing users with a financial-grade asset protection experience. In terms of asset support, Digital Shield has achieved native compatibility with twelve mainstream public chains, including BTC, ETH, TRX, and covers over 3000 types of tokens, dedicated to building a truly unified multi-chain wallet experience. In the future, it will successively integrate functions such as DEX, NFT markets, and cross-chain bridges, facilitating core scenarios like trading, staking, and cross-chain asset management, allowing users to realize free flow of all-chain assets on one platform. Compliance is also an important part of Digital Shield's globalization strategy. Currently, the team is actively discussing compliance custody cooperation plans with well-known leading institutions and plans to launch API interfaces for institutional clients, empowering quantitative teams, funds, and other professional users to securely and conveniently access the on-chain ecosystem.
(II) The Outlook of the Ethereum Founder
At the "2025 Hong Kong Web3 Carnival" ETHAsia 2025 event, Ethereum founder Vitalik Buterin delivered a keynote speech on "The Future of Ethereum L1." Vitalik first analyzed the current status of Ethereum, noting that L1's throughput is 15 transactions per second (15 TPS), and the Gas limit has recently increased to 36 million, approximately six times higher than a decade ago. Meanwhile, L2's throughput has reached about 250 TPS, achieving significant progress in scalability.
The upcoming Pectra upgrade will increase the Blob capacity from 3 to 6, expected to enhance TPS. However, the expansion of Blob capacity largely depends on the Fusaka upgrade, which is expected to be realized in Q3 or Q4 of this year. Ideally, the Fusaka upgrade could increase Blob capacity to 48, and if DAS is fully realized, Blob capacity could reach as high as 512, potentially boosting the TPS of Ethereum L2 to tens of thousands. Additionally, EIP-7702 has made significant progress, fundamentally being the first step towards abstract accounts, which will enhance account intelligence and security.
Vitalik stated that although L2 is developing rapidly, it is still crucial to improve the scalability of L1 to achieve anti-censorship and cross-L2 asset transfers. The scaling techniques used in L2 can also be applied to L1 in the future, and L1 can learn from the asymmetry between production and verification utilized by L2. In terms of short-term planning, it is expected that by 2026, a series of proposals will be gradually implemented. Through these proposals, Ethereum is expected to significantly increase Gas limits while ensuring that decentralization of nodes is not compromised, achieving this goal safely. Furthermore, Vitalik summarized the various advantages that account abstraction can bring, including enhanced security and user experience, resistance to quantum attacks, Paymaster (which allows others to help pay Gas fees or pay Gas fees with tokens other than ETH), support for native use of smart contract wallets, L1 dominance with L1 following, etc. Through technologies like social recovery and Guardians, Ethereum will also provide more decentralized identity verification and asset control solutions. In other areas, Ethereum is actively exploring enhancements in L1 privacy features, EVM upgrades, protocol cleaning/simplification, consensus layer quantum resistance improvements, protocol security attributes and simplification optimization, and Slot time reduction, aiming to build Ethereum L1 into the core of the "world computer" to support diverse applications with high security and efficiency.
(III) The Culture and Technology Integration of XT.COM
Before Wong Kwan Chung's performance, guests from Web3, venture capital, and the creative industry engaged in lively discussions in a relaxed atmosphere. As toasts were raised and business cards exchanged, the conversation shifted to how blockchain technology is changing the landscape of the creative economy. Guests shared their observations and practices regarding NFT and DeFi application scenarios and how these technologies empower artists and promote closer connections among communities. One guest described blockchain as a new "backdoor pass" that allows artists and fans to establish a more direct and transparent relationship.
Zuma Hong Kong, originally focused on modern Japanese cuisine, was transformed into a futuristic space full of technological vibes that night. Guests were attracted by the visual and arrangement of blockchain concepts, and the restaurant's ambiance shifted to a cutting-edge social venue, enhancing the experience with signature Japanese snacks and creative cocktails.
XT.COM has adhered to the dual core of technological innovation and community building through bull and bear markets. The brand representative stated that measuring platform value goes beyond transaction data, focusing more on whether meaningful and lasting collaborations can be established. By integrating life with the Web3 world through cultural carriers like music, the VIP night in Hong Kong is a bold attempt by XT.COM to launch the #BeyondTrade project. Music becomes a resonant language, and blockchain technology serves as a tool to break down barriers in the traditional entertainment industry. #BeyondTrade not only focuses on technological breakthroughs but also emphasizes real-world applications and emotional connections, establishing a new paradigm for crypto platforms that transcends finance and is close to life.
The event kicked off with a lively red carpet ceremony, gathering many media, bloggers, and social media influencers. Wong Kwan Chung appeared in a minimalist-style suit, chatting with blockchain guests about the trends in the creative economy. The most attention-grabbing part of the evening was Wong Kwan Chung's performance, with continuous guitar solos eliciting applause and emotions from the audience, allowing young viewers to also feel the cross-generational shock. The lounge atmosphere of Zuma catalyzed countless authentic connections, with NFT creators and producers, developers, and investors frequently exchanging ideas, leading to numerous collaboration opportunities.
(IV) Dialogue on the Evolution from Web1 to Web3
At the 2023 Hong Kong Web3 Carnival, co-hosted by Wanxiang Blockchain Lab and HashKey Group, and organized by W3ME, angel investor & Meitu chairman Cai Wensheng, Dragonfly.xyz founder Feng Bo, and Alibaba's former chief strategy officer Zeng Ming gathered for a roundtable discussion on the evolutionary process from Web1 to Web3.
Cai Wensheng believes Web1 was the Yahoo and Sina era, with information being relatively centralized; Web2 is the era of Google, Baidu, WeChat, and Facebook, allowing for interaction but with accounts restricted by platforms; the core of Web3 is that registering accounts does not require platform consent, allowing users to control their own data and monetize it, becoming the owners of platform value. Feng Bo stated that Web3 is the code name for the next generation of internet applications, and there are currently no real Web3 companies; everyone is searching for direction.
Cai Wensheng and Feng Bo shared their past investment experiences, such as Feng Bo's early investment in Sina, later investing in Ku Xin but not following up in time, and Cai Wensheng's early cashing out of the 265 navigation website he founded, missing the opportunity with the Meitu project due to being too early. They believe entrepreneurship is a long-distance race and should not focus too much on short-term benefits. Feng Bo also mentioned that the crypto industry is undergoing human civilization progress, and entrepreneurs should focus on fundamental innovation and not rush.
Regarding future technological development, Zeng Ming believes Web3 is driven by three technological revolutions: AR and VR, Blockchain, and AI. AI brings surprises and enters a new stage of development, creating a large number of digital assets, which combined with blockchain may give rise to a creator economy, ushering in Crypto 2.0; breakthroughs in AR and VR may lead to significant advancements in human-computer interaction, expected to bring about the first major explosion of Web3 in about three years. Feng Bo believes humanity is moving toward a software civilization, with Bitcoin as the best product of the internet, changing money creation and value anchoring, and Ethereum representing the trust mechanism of future software civilization. Cai Wensheng believes the difficulty in the development of Web3 and blockchain is due to the changes in production relations, obstructed by traditional vested interests, while AI development can promote Web3, potentially erupting in the next three years.
(V) The Current Status and Reflection of Web3 Carnival
According to several attendees, the overall foot traffic at the 2025 Hong Kong Web3 Carnival was almost halved compared to last year and the year before, with booths totaling less than 100, a noticeable reduction from over 150 last year and a stark contrast to the 300 booths at last year's Token2049 in Singapore. The conference has been jokingly referred to as the "coldest conference ever." Reasons include the timing of the conference during a tariff war, poor market performance, highlighting the bear market nature, reduced attendance enthusiasm; the previously held Consensus conference in February seized the opportunity, and many KOLs on X did not attend Hong Kong, while side events dispersed the main venue's foot traffic; the industry faces common issues of no hotspots and no innovations, with participants focusing more on prices rather than technology, making attendance more of a social event.
OKX is the hottest and largest booth, with the exchange still being the main sponsor of the conference and bustling with crowds. In terms of hot topics, Payfi has drawn much attention, with traditional funds making significant contributions here, while the Shanghai Data Exchange focuses on RWA, and Bosera Fund is associated with digital currency funds. The once-popular DePin track is now neglected, Solana and Sui are not prominently featured in the main venue, and the popularity of TON has diminished, with the BTC ecosystem receiving little attention. Among the participants, KOLs have become the main figures, while VCs have stepped back. Surrounding activities are lively, with over 100 side events, including technical forums, hackathons, and various cruises, night events, and parties attracting large crowds; the Chinese community is the core group of the Hong Kong conference, with a further decrease in overseas participation this year.
The gathering of Chinese leaders has become the most talked-about topic of the conference. At the BUIDL 2025 event, CZ, Sun Yuchen, Li Lin, and other ancient Chinese OGs gathered together. Previously, there were many conflicts between them, but now they have "smiled away past grievances," and their interactions have sparked endless market speculation. In contrast, Vitalik, representing the Western camp, has received mostly criticism and blame against the backdrop of Ethereum's price slump, and his popularity at the event is not as high as CZ's.
Although the development of Web3 in Hong Kong is not satisfactory, the ecosystem has initially taken shape. In terms of policy, Hong Kong leads the world in Web3 openness, such as establishing a regulatory system for stablecoin issuers, having allocated HKD 50 million to support Cyberport in promoting the Web3 ecosystem, attracting enterprises to settle. The Hong Kong Securities and Futures Commission has issued a circular allowing virtual asset spot ETFs to participate in on-chain staking activities, loosening restrictions on virtual asset trading platforms. According to the Deputy Secretary for Financial Services and the Treasury of Hong Kong, as of last September, there are over 1100 fintech companies in Hong Kong covering diverse fields. In the long run, Hong Kong remains the most suitable soil for traditional institutions to break into Web3, deserving more patience.
🔥【Highlights from CZ's dialogue in Hong Kong】
"Chasing meme coins shouldn't be the only thing in the crypto space!" — CZ directly addresses industry pain points in Hong Kong:
▶️ Warning against the intensifying MEME coin frenzy disrupting the ecological balance, calling for a balance between quick money and slow money games;
▶️ Reaffirming the belief that "IF You can't hold, You won't be rich," but emphasizing the need to select fundamentally strong tokens;
▶️ Revealed that BNB Chain will delve into AI/DeSci to accelerate the expansion of global compliance application scenarios;
▶️ Advice for newcomers: DCA mainstream coins in batches, reject the illusion of overnight wealth, and combat volatility with a long-term perspective.
"The crypto space needs more builders rather than speculators." — This in-depth dialogue serves as both a wake-up call for believers and outlines the evolutionary blueprint for the next generation of the crypto ecosystem.
