A few takeaways from #TOKEN2049# in Singapore 🇸🇬 Crypto feels quite different from a year ago. Fewer new #DeFi# protocols, fewer projects riding the hype. Many new teams are building on top of established infrastructure rather than reinventing everything from scratch. The crowd has changed too. Far more institutions, banks, and family offices. Capital is moving onchain gradually, but the direction is becoming clearer. Tokenized stocks, stablecoins, and yield generation were among the biggest themes. Stablecoins, in particular, are increasingly becoming financial infrastructure rather than just trading tools. Risk perception is shifting too. High APYs alone aren't enough anymore. People want to understand where yield comes from, how it's generated and the risks involved. Security and transparency matter more than ever. Meanwhile, white-label crypto debit cards and CEXs were absolutely everywhere. AI, surprisingly, was less prominent than I expected. My takeaway? Less hype, more substance. DeFi hasn't stopped building. The market is becoming more selective, leaving more room for those focused on creating real, lasting value. And personally, I think that's a very positive sign for what's ahead.