Token2049迪拜：穩定幣是關鍵基礎設施，加密行業從猜測轉變為實際應用

這份由Tiger Research撰寫的報告對Token2049 Dubai會議的主要趨勢進行了深入分析，表明Stablecoins正在成為關鍵基礎設施

This report, written by Tiger Research , provides an in-depth analysis of the key trends from the TOKEN2049 Dubai Conference.

Tiger Research撰寫的這份報告對Token2049 Dubai會議的主要趨勢進行了深入分析。

According to the research report , TOKEN2049 Dubai 2025 once again consolidated its position as the world's top crypto industry event, attracting more than 15,000 participants from more than 160 countries . The two-day conference covered a series of high-level speeches and discussions, reflecting the evolution of market dynamics and the rise of emerging trends.

根據研究報告，Token2049 Dubai 2025再次鞏固了其作為世界上最高加密行業活動的地位，吸引了來自160多個國家 /地區的15,000多名參與者。為期兩天的會議介紹了一系列高級演講和討論，反映了市場動態的演變和新興趨勢的興起。

As an important forum in the industry, TOKEN2049 is regarded as a barometer of the future direction and narrative shift of the Web3 market. This report systematically reviews the main contents of TOKEN2049 Dubai 2025, categorizes and deeply analyzes some important announcements according to core themes, and captures the changes in the overall priorities of the ecosystem, providing strategic insights to help interpret the future potential direction of the industry.

作為行業中的重要論壇，Token2049被視為Web3市場未來方向和敘事轉變的晴雨表。該報告系統地回顧了Token2049 Dubai 2025的主要內容，根據核心主題對一些重要的公告進行了分類並深入分析，並捕獲了生態系統整體優先事項的變化，提供了戰略洞察力，以幫助解釋行業的未來潛在方向。

2. Emerging trends: What does the agenda reveal?

2。新興趨勢：議程揭示了什麼？

TOKEN2049 Dubai 2025 covers a wide range of blockchain topics, fully demonstrating the evolution of industry priorities. Infrastructure-related topics account for the largest proportion (15.7%), followed by AI (11%) . Although the initial enthusiasm around AI agents has cooled, the continued integration efforts of AI and blockchain show that this topic is still structurally important.

Token2049迪拜2025涵蓋了各種區塊鍊主題，這充分證明了行業優先事項的發展。與基礎設施相關的主題佔最大比例（15.7％），其次是AI（11％）。儘管對AI代理的最初熱情已經冷卻，但AI和區塊鏈的持續整合工作表明，該主題在結構上仍然很重要。

It is worth noting that the combined proportion of stablecoins (8.7%) and real assets (RWA, 5.5%) has exceeded AI . This reflects the market's growing interest in blockchain applications with direct practicality. In particular, stablecoins have attracted much attention due to their actual value in payment and settlement, while RWA has become a leading category of next-generation blockchain applications.

值得注意的是，穩定幣（8.7％）和實際資產（RWA，5.5％）的總比例已超過AI。這反映了市場對具有直接實用性的區塊鏈應用的日益興趣。特別是，由於穩定​​的付款和結算價值，Stablecoins引起了很多關注，而RWA已成為下一代區塊鏈應用程序的領先類別。

In this year's DeFi discussion, the industry's perspective is more mature than in previous years. Instead of focusing on replacing traditional finance, the focus of the discussion has shifted to how decentralized systems can complement existing institutions. This is also consistent with the industry's overall trend towards regulatory involvement and institutional adoption.

在今年的Defi討論中，行業的觀點比往年更加成熟。討論的重點不是專注於取代傳統財務，而是轉向了分散的系統如何補充現有機構。這也與該行業的監管參與和機構採用的總體趨勢一致。

One notable change is the growing attention paid to the Solana ecosystem . Despite suffering a major blow during the FTX debacle, the Solana ecosystem has successfully rebounded and is now even more popular on the scene and in technical discussions than Ethereum. This shift in ecosystem dynamics is worth paying close attention to and has the potential to be an inflection point in the Layer 1 blockchain landscape.

一個值得注意的變化是對Solana生態系統的關注日益增長。儘管在FTX崩潰期間遭受了重大打擊，但Solana生態系統已經成功反彈，現在在現場和技術討論中更受歡迎，而不是以太坊。生態系統動態的這種轉變值得關注，並有可能成為第1層區塊鏈景觀中的拐點。

Overall, the main stage of the conference showed a more down-to-earth and pragmatic way of thinking . Although eye-catching elements such as meme coins and celebrity appearances still exist, they are only secondary. The core discussions revolve around long-term growth drivers, including regulation, financial integration, infrastructure construction and artificial intelligence.

總體而言，會議的主要階段表明了一種更務實和務實的思維方式。儘管仍然存在諸如模因硬幣和名人露面之類的引人注目的元素，但它們只是次要的。核心討論圍繞著長期增長驅動因素，包括法規，金融整合，基礎設施建設和人工智能。

3. Deep changes beyond the spotlight

3.深度變化超出了聚光燈

As in previous years, the most meaningful developments often occurred off the stage. Side events and closed-door meetings revealed deeper industry dynamics, strategic reshaping, and fundamental shifts in direction—factors that often had a profound impact on the market long before the public narrative.

與往年一樣，最有意義的發展通常是在舞台上發生的。附帶事件和閉門會議揭示了更深層次的行業動態，戰略性重塑以及方向的根本轉變，這些因素通常會在公眾敘事之前對市場產生深遠的影響。

3.1 Stablecoins have become infrastructure

3.1 Stablecoins已成為基礎設施

Stablecoins have now been established as the core infrastructure of the digital economy and are seen as a key opportunity in the Web3 space. There is a growing view that stablecoin transactions will expand from on-chain activities to the real economy, potentially forming a trillion-dollar market. This prospect has attracted more and more participants to enter the stablecoin space.

現在已經將Stablecoins確定為數字經濟的核心基礎設施，並被視為Web3領域的關鍵機會。越來越多的觀點是，Stablecoin交易將從鏈上的活動擴展到現實經濟，可能形成萬億美元的市場。這一前景吸引了越來越多的參與者進入Stablecoin空間。

As this view solidifies, the industry's focus has shifted from simple integration to control of the payment layer. The goal is not just to stop at the issuance stage, but to extend to building end-to-end financial infrastructure. Web3 projects and institutions are stepping up their efforts to take a leading position in the stablecoin technology stack.

隨著這種觀點鞏固，行業的重點已經從簡單集成轉變為控制支付層。目標不僅是在發行階段停止，還要擴展到建築物端到端的金融基礎設施。 Web3項目和機構正在加緊努力，以在Stablecoin Technology Stack中處於領先地位。

Although still in its early stages, this shift has already driven ecosystems such as Solana, Tron, and TON to accelerate their efforts to establish themselves as foundational settlement platforms. Their strategies are not limited to the issuance of stablecoins, but also cover wallet development, payment infrastructure construction, and institutional adoption.

儘管仍處於早期階段，但這種轉變已經驅動了諸如Solana，Tron和Ton之類的生態系統，以加速他們作為基礎和解平台的努力。他們的策略不僅限於簽發穩定的策略，還涵蓋了錢包的開發，支付基礎設施建設和機構採用。

3.2 AI in Crypto: Exciting but Still Experimental

3.2 AI在加密貨幣中：令人興奮但仍在實驗

A general tone of caution prevailed in the discussion on AI . Many participants pointed out that the gap between market enthusiasm and the maturity of current technological development is widening. In particular, some AI agent projects have been criticized for lacking clear use cases, further deepening the perception that much of the activity in the field is still speculative.

關於AI的討論，普遍的謹慎態度佔了上風。許多參與者指出，市場熱情與當前技術發展的成熟度之間的差距正在擴大。特別是，一些AI代理項目因缺乏明確的用例而受到批評，進一步加深了人們認為該領域的大部分活動仍然是投機性的看法。

Despite these concerns, there is long-term confidence in the potential role of Web3 in the AI market. Concepts such as decentralized AI computing and open-source agent frameworks are seen as areas with real potential. These are seen as long-term opportunities rather than short-term trends and are expected to gradually gain traction after the current market noise subsides.

儘管有這些擔憂，但人們對Web3在AI市場中的潛在作用仍然有信心。分散的AI計算和開源代理框架等概念被視為具有真正潛力的領域。這些被視為長期機遇，而不是短期趨勢，預計在當前的市場噪聲消退後會逐漸獲得吸引力。

While AI continues to attract widespread attention, most attendees agreed that the field should be

儘管AI繼續引起廣泛的關注，但大多數與會者都同意該領域應該是