Web3 in Global Harmony: Reflections from Token2049 Dubai
By Joanna Liang, Founding Partner of Jsquare
Over the past year, I’ve had the opportunity to deeply engage with the Web3 ecosystem across the globe — from Devcon in Southeast Asia to ETHDenver in North America, and most recently, Token2049 in Dubai. This conference in the Middle East marked more than just a change in venue; it highlighted a noticeable shift in industry atmosphere. The once unified, global narrative of Web3 is now being gradually replaced by region-specific trajectories — each with its own priorities and pace.
This decentralization of capital, culture, and vision is not a regression, but rather a new beginning. It calls for a greater sensitivity to local context, strategic nuance, and collaboration across borders.
Dubai Is Not a Copy of Asia — It’s a Parallel Web3 Reality
Token2049 Dubai attracted over 4,000 companies, 15,000+ attendees, and more than 500 side events, making it the largest Web3 gathering ever held in the Middle East. Its explosive scale signals clear momentum — but what stood out most to me was the composition of participants.
Compared to conferences in Asia or North America, Dubai featured a far more active presence from European projects. Chinese-speaking teams were noticeably fewer, and many of the exhibiting groups were rooted in derivatives, centralized exchanges, and market-making — clear signs of Dubai’s positioning as a hub for capital and liquidity.
What’s more interesting is the distinctive makeup of the developer community. A significant proportion of builders came from Russia and India. This reinforces the idea that the Middle East is not an “extension of Asia,” but a region with its own geopolitically driven ecosystem. Compared to Western developer-centric conferences, Dubai’s developer base is far more diverse and cross-regional, showcasing the city’s local strengths: an open and inclusive business environment, flexible policy infrastructure, and a forward-looking embrace of emerging technology.
Liquidity Defines the Agenda: It’s More About Connections Than Innovation
The layout of Token2049 Dubai made its capital-driven nature crystal clear. Roughly 60–70% of booth space was taken by exchanges and their affiliates. This dominated the visual branding and shaped the tone of the entire event.
Rather than emphasizing groundbreaking innovation or developer-first culture, the event’s real value was in facilitating high-level capital cooperation and institutional matchmaking. Its liquidity-first focus — on deal-making and ecosystem expansion — represents one valid path of industry development. Its audience, pace, and format naturally differ from events centered on builders and technology, forming a complementary structure in the broader Web3 conference landscape.
Core Narratives Remain, and Market Sentiment Holds Steady
In conversations with numerous funds, projects, institutions, and service providers, we found that while no single new narrative emerged to dominate the agenda, attention still gravitated toward three structural themes:
- Stablecoin Innovation: There is growing interest in localized, compliance-friendly stable assets with real-world payment use cases.
- Real-World Assets (RWA): From tokenized funds to on-chain bonds, RWAs remain central to institutional engagement and long-term DeFi transformation.
- AI x Web3 Integration: The conversation has matured from theoretical models to practical applications like content generation, identity systems, and on-chain AI agents.
All of this reflects a renewed, if cautious, optimism. While the Middle East may not yet match the institutional depth of New York or San Francisco, the regulatory clarity emerging from the UAE and broader region has inspired confidence in what lies ahead.
Jsquare in Dubai: Creating Space for Deeper Dialogue
At Jsquare, we believe high-quality conversation happens best in the right setting. That’s why, during Token2049, we organized five small-format coffee meetups near the main conference venues. These quiet, comfortable gatherings offered participants a break from the hustle — inviting deeper, more intentional discussions. They also reflected our ongoing commitment to creating human-centered investment dialogue and fostering authentic, cross-border connections.
Jsquare also co-hosted the Jutopia Hackathon Demo Day in collaboration with Juchain. Angela Tong, CMO at Jsquare, delivered the opening remarks, where she shared the firm’s investment philosophy, recent strategic focus areas, and long-term vision. Angela also served as a judge during the Demo Day, engaging deeply with participating startup teams and offering constructive feedback and professional insights.
Four Key Takeaways for Builders and Investors
- Capital Is Flowing Back to Blue-Chip Assets
After recent market corrections, many funds have begun accumulating high-quality tokens like BTC, ETH, and SOL, signaling a risk-adjusted rotation back toward stability. - Infrastructure Hype Has Eased — Applications Take the Spotlight
Investors are now focusing on real-world adoption. Projects with strong user retention and tangible value loops are gaining priority. - Mainstream Themes Are Moving Toward Execution
Narratives like AI, stablecoins, and RWAs are no longer buzzwords — they are becoming real business opportunities with clearer paths to monetization. - Structural Optimism Is Emerging
Across builders and institutions alike, there’s a growing belief that the current cycle is not a setback but a style shift. With policy stabilizing and capital flowing more selectively, a more strategic upcycle may be underway.
Final Thought: Web3’s Future Lies in Global Collaboration
Token2049 Dubai revealed a broader truth: Web3 is no longer led by a single region or narrative. The Middle East is rising as a financial and regulatory hub, APAC is advancing adoption through user-driven growth, and North America continues to define technological frameworks and legal structures.
As global investors, we must remain curious, grounded, and close to the builders shaping this future. At Jsquare, we will continue supporting founders across geographies — bridging regions and ecosystems — to co-create a more connected and collaborative Web3 world.
About Jsquare:
Jsquare is a research and technology-driven investment firm that is dedicated to facilitating the mass adoption of blockchain technology. Founded in 2021, Jsquare currently manages an AUM of over $200 million dollars.
Jsquare Website: https://www.jsquare.co/
Jsquare X account: https://x.com/JSquare_co
Jsquare LinkedIn: https://www.linkedin.com/company/jsquare-co/
