The Round Trip

In an era where encryption and AI intersect, the truly important stories are often hidden outside the noise.

In an era where encryption and AI intersect, the truly important stories are often hidden outside the noise. In order to find these overlooked truths, PANONY and Web3.com Ventures jointly launched the English video program "The Round Trip". Co-hosted by John Scianna and Cassidy Huang, this episode will deeply analyze the key trends in the current global market, from the India-Pakistan conflict to the breakthrough of cryptocurrency, from the Sino-US trade negotiations to the divergence of global monetary policies, to provide readers with comprehensive market insights.

Token2049 Dubai Live: Heat Rekindles, Construction Mood Returns

The Token2049 Dubai event was crowded with people, the exchange made a high-profile appearance, and there were many high-quality projects. The rainstorm that plagued the event last year did not reappear, and the overall experience was greatly improved. Market sentiment has warmed up significantly, and the project team has returned to the "construction mode", showing their faith and vision.

However, the sideline activities were too dense, and Dubai's traffic was congested, so it often took 30 to 40 minutes to shuttle between the activities. Despite this, the execution and long-term thinking of some founders were still impressive. In addition, there was an interesting episode: the global "pistachio shortage" was partly due to the popular pistachio chocolate in Dubai. It is reported that this chocolate is sold at Costco, and the price has risen from US$7 to US$10, while the original one in Dubai is as expensive as US$20 a piece.

Geopolitical situation: India-Pakistan conflict escalates

The most serious story of the week was the escalation of tensions between India and Pakistan. The conflict dates back to the partition of British India in 1947, and the two countries have fought four major wars since then: the Kashmir War of 1947-48, the Second Kashmir War of 1965, the Bangladesh Liberation War of 1971, and the Kargil War of 1999. Notably, both India and Pakistan have become nuclear-weapon states since 1998, making any conflict potentially more serious.

The current round of tensions stems from a terrorist attack in Indian-controlled Kashmir on April 22 that killed 26 tourists, mostly Hindus. The attack was claimed by the Resistance Front, a group linked to the Lashkar-e-Taiba (LeT), which was responsible for the 2001 Indian Parliament attack and the 2008 Mumbai attacks. India immediately accused Pakistan of harboring terrorists.

Earlier last week, India launched a military operation codenamed "Operation Sindoor" to hit nine targets in Pakistan-controlled Kashmir. India stressed that this was a precision strike against terrorist infrastructure, avoiding Pakistani military targets. However, Pakistan condemned this as an "act of war", reported civilian casualties including women and children, and claimed to have shot down Indian warplanes and carried out retaliatory strikes.

The conflict continued to escalate, with both sides exchanging fire near the Line of Actual Control (LOC), leading to the evacuation of a large number of civilians. China, as a close ally of Pakistan, expressed serious concern, and Western intelligence even reported that a Chinese J-10 fighter jet shot down an Indian French Rafale fighter jet. The international community, including UN Secretary-General Guterres and US President Trump, called on all parties to exercise restraint, but driven by populist leaders such as Modi, it is difficult for both sides to give in without a "victory".

Macroeconomic policy divergence: global liquidity and interest rate trends

Global macroeconomic policies are clearly diverging. The People's Bank of China lowered its reserve requirement ratio and injected $143 billion into the system, starting a liquidity release mode. It is unclear whether this is a liquidity injection in the context of the trade war or a quiet panic in the market. At the same time, despite lower oil prices, OPEC members agreed to increase production, a decision that may be aimed at stimulating global economic growth.

In the United States, Fed Chairman Powell kept interest rates unchanged at 4.25%-4.5% despite negative GDP in the first quarter. Whether inflation is under control or whether economic growth is sacrificed remains to be seen. In contrast, the United Kingdom chose to cut interest rates to 4.25%, demonstrating a different monetary policy path.

In addition, US President Trump reached a trade agreement with the UK, the first formal agreement since Trump launched a global tariff offensive. The two sides agreed to reduce trade barriers in automobiles, agriculture and steel, with US tariffs on British steel reduced from 25% to 0% and automobile tariffs reduced from 27.5% to 10%. In exchange, the UK will ease access to US cars, ethanol, agricultural products and industrial equipment. The agreement provides targeted tariff reductions, but it is still