Core Viewpoint - The future of finance is shifting towards a decentralized model where users have true control over their assets on-chain, moving away from traditional custodial systems [2][3]. Group 1: Why Everything Will Go On-Chain - The transition to on-chain systems is inevitable as the financial landscape evolves, similar to the shift from closed to open systems in mobile communications [3]. - Traditional finance largely operates on closed systems, while decentralized finance (DeFi) offers an open system characterized by transparency and verifiable rules [4]. Group 2: Characteristics of On-Chain Systems - True on-chain systems must be public and transparent, allow for open development, not rely on any single service provider, and be global in nature [4]. Group 3: Readiness for On-Chain Finance - The infrastructure for on-chain finance is fully prepared, with Layer 1 blockchains capable of processing thousands of transactions per second, and Layer 2 solutions processing tens of thousands [5]. - The evolution of crypto assets, such as Bitcoin becoming "digital gold" and stablecoins proving successful, indicates a maturing market [5]. Group 4: The Future of Self-Custody - Self-custody allows users to "verify first, then trust," contrasting with traditional finance's reliance on intermediaries [6][7]. - Advanced on-chain monitoring technologies enhance security and compliance, enabling better anti-money laundering practices compared to traditional finance [7]. Group 5: OKX's Role in Future Finance - OKX has established itself as a leading exchange with strong liquidity and regulatory licenses across multiple jurisdictions [8]. - The company prioritizes self-custody for user assets and has developed OKX Pay, a compliant self-custody wallet for easy transactions [8]. - OKX is actively collaborating with various industry partners to promote the development of on-chain finance, including sponsorships in sports and partnerships with financial and tech companies [9].

Core Insights - The Token2049 event in Asia highlighted the future of finance as being user-controlled through blockchain technology, moving away from traditional institutional asset custody [1] - Star Xu, CEO of OKX, emphasized that the future of finance will see various assets, including bonds and real-world assets, gradually migrating to the blockchain [1] - The current significant on-chain assets are stablecoins, with USDT and USDC becoming new channels for cross-border payments, surpassing traditional banking in some emerging markets [1] Group 1 - The next era of finance will be characterized by users truly controlling their assets on-chain rather than relying on institutions [1] - The infrastructure for on-chain finance is now fully prepared, paralleling the transition from a closed to an open internet [1] - The tokenization of real-world assets (RWA) is a tangible manifestation of the trend towards "everything on-chain" [1] Group 2 - Key technical challenges such as "transaction efficiency" and "scalability" must be addressed for the "everything on-chain" vision to be realized [1] - OKX aims to adhere to decentralized principles and promote the development of Web3 and the on-chain future [1] - The Token2049 summit attracted over 25,000 participants and more than 500 exhibitors from the global crypto industry [2]

Core Insights - The article emphasizes the emerging trend of "Everything Onchain," highlighting the shift towards decentralized asset management and the increasing importance of blockchain technology in financial systems [5][6][12]. Group 1: Industry Overview - Singapore is positioned as a crucial player in the global financial system, leveraging its robust business environment and regulatory framework to attract capital [3]. - The TOKEN2049 summit in Singapore gathered over 25,000 participants, showcasing the growing interest in Web3, DeFi, AI, and real-world asset (RWA) tokenization [3][17]. Group 2: Company Initiatives - OKX, as a leading cryptocurrency exchange, sponsored TOKEN2049 and its CEO, Star Xu, presented a vision for a future where users have true control over their assets through self-custody wallets [5][6]. - OKX announced a partnership with Grab to enable crypto payments for various services, indicating a practical application of "Everything Onchain" in everyday transactions [8][17]. Group 3: Technological Advancements - The concept of "Everything Onchain" extends beyond digital tokens to encompass the tokenization of various assets, including bonds and real-world assets, facilitated by advancements in blockchain technology [6][7]. - The infrastructure for on-chain finance is now capable of processing thousands of transactions per second, supporting the scalability of blockchain applications [7][16]. Group 4: Regulatory Landscape - The article notes the increasing regulatory acceptance of cryptocurrencies, with OKX obtaining licenses in multiple jurisdictions, including Singapore, Australia, and the EU [16][17]. - The establishment of a regulatory framework for stablecoins in the U.S. and Singapore reflects a broader trend towards compliance and legitimacy in the crypto industry [16][17]. Group 5: Future Outlook - The growth of the TOKEN2049 summit is indicative of the maturation of the blockchain industry, with expectations for continued innovation and integration of Web3 technologies into daily life [17]. - The article concludes that a new era in finance is beginning, driven by decentralized principles and the ongoing evolution of blockchain technology [18].

Core Viewpoint - Singapore has established itself as a significant player in the global financial system, leveraging its favorable business environment and effective management to become a "safe haven" for global capital [1] Group 1: Event Overview - TOKEN2049 summit took place in Singapore, focusing on Web3, DeFi, AI, and RWA, attracting over 25,000 participants from around the world [1] - OKX was the main sponsor of the event, with its branding prominently displayed [3] Group 2: Key Themes from Star Xu's Speech - Star Xu emphasized that the future of finance lies in users truly controlling their assets on-chain rather than relying on institutions [5] - The concept of "Everything Onchain" extends beyond digital tokens and NFTs to encompass the tokenization of real-world assets, data, and identities [8] - Stablecoins like USDT and USDC are currently the most significant on-chain assets, facilitating cross-border payments and surpassing traditional banking channels in some emerging markets [9] Group 3: Technological Advancements - The infrastructure for on-chain finance is now robust, with Layer-1 blockchains processing thousands of transactions per second, and Layer-2 solutions handling tens of thousands [10] - OKX's partnership with Grab allows users to pay for services using cryptocurrencies, indicating the practical application of on-chain payments in everyday transactions [11] Group 4: Asset Management and Transparency - The importance of self-custody in asset management was highlighted, with a focus on user control over private keys to enhance security [19] - The rise of self-custody aligns with the fundamental principles of cryptocurrency, emphasizing the relationship between private keys and asset ownership [19] Group 5: Compliance and Regulation - The trend towards compliance in the cryptocurrency industry is growing, with OKX obtaining various licenses and adhering to regulatory standards [23] - The establishment of a regulatory framework for stablecoins in the U.S. and Singapore's new regulations for digital token service providers are pivotal for the industry's future [24] Group 6: Industry Growth Indicators - TOKEN2049's rapid growth from 7,000 participants in its first year to over 25,000 this year reflects the maturation of the blockchain industry [25] - The evolution of cryptocurrencies into more systematic and regulated entities marks a new era in finance, with Web3 technologies becoming increasingly integrated into daily life [25]

Core Viewpoint - The World Gold Council has proposed a revolutionary plan to launch a physical gold-backed digital token in London, aiming to transform the trading, settlement, and collateralization of gold [3][6][10]. Group 1: Digital Gold Initiative - The initiative, named "Upstream Digital Gold," seeks to enhance the transparency, trustworthiness, and accessibility of the gold market through digital means [6][8]. - The "Gold Bar Integrity" (GBI) program aims to create a blockchain-based, tamper-proof database for compliant gold, allowing buyers to verify the integrity of their investments [7][8]. - The initiative is expected to inject new vitality into the global physical gold trading market, which is valued at approximately $930 billion [3][10]. Group 2: Market Context and Timing - The proposal comes at a time when central banks have been purchasing over 1,000 tons of gold annually, reflecting a significant increase in demand for safe-haven assets amid rising geopolitical risks [10][11]. - The digital gold initiative is seen as a response to the need for gold to transition from a "solid" asset to a "liquid" financial asset, enhancing its liquidity and usability in capital markets [10][11]. Group 3: Challenges of Asset Tokenization - Unlike stablecoins backed by standardized assets, physical assets like gold face challenges such as lack of standardization and high cross-border transfer costs [12][15]. - Concerns about the authenticity of on-chain assets remain, as current methods to track physical gold are costly and may not guarantee full transparency [12][15]. - The success of digital gold will depend on establishing unified standards and enhancing transparency in custody and delivery systems [15].

Group 1 - Robinhood has launched a stock tokenization product in Europe, allowing users to trade tokenized versions of over 200 US stocks and some pre-IPO companies like OpenAI and SpaceX [1][6][12] - Stock tokenization involves mapping traditional stocks onto blockchain tokens, enabling 24/7 trading without the need for brokers, thus breaking geographical and time barriers [2][4] - The trend of integrating traditional and digital assets is accelerating globally, with other platforms like Kraken also offering tokenized stock products [4][6] Group 2 - Robinhood's stock tokens are essentially derivative contracts similar to CFDs (Contracts for Difference), rather than direct stock ownership, which means users do not have shareholder rights [10][20][21] - The regulatory landscape is crucial, as Robinhood has obtained necessary licenses (MiFID II) to operate in Europe, but the product is not a direct 1:1 mapping of stocks [14][18][19] - The business model of Robinhood relies heavily on selling order flow, with higher profit margins from cryptocurrency trading compared to traditional stock trading [30][32][36] Group 3 - The introduction of stock tokenization could reshape the pricing dynamics of private companies like OpenAI and SpaceX, as active trading could influence their valuations [81][82] - The potential for real-time settlement in a fully tokenized environment could disrupt traditional financial systems, particularly in the context of Robinhood's order flow model [64][74] - The future of trading may see a shift towards a more integrated blockchain-based system, which could enhance liquidity and pricing efficiency for both public and private assets [49][50][64]