Summary:From KBW to Token2049, a structural recovery driven by institutional participation and real user demand is reshaping the growth logic of Web3.

I. A Turning Point at “Black Friday”?

The Web3 market stands at a delicate crossroads.

With the conclusion of two major industry events — KBW and Token2049 — the future direction of Web3 has once again become the center of attention for builders and investors worldwide. From RWA and AI+DeFi to GameFi, new narratives are evolving rapidly, as institutional involvement and user-centric ecosystems become the dominant forces shaping the next phase of growth.

Yet, the market’s recent sharp correction — a “Black Friday”-style downturn — has sparked doubts: is this recovery the beginning of a true bull market, or just another mirage?

Against this backdrop, MIMBO Node (MGG) hosted a Twitter Space on October 17, 2025, titled “Market Recovery or Mirage? Navigating the Next Phase of the Bull Run”, featuring leaders from Sign, XPIN Network, and Aspecta— alongside project representatives whose tokens are listed on major global exchanges such as Binance, Bybit, KuCoin, and Gate.io.

This brought together builders across ecosystems and exchanges, naturally creating new networks and collaboration opportunities. The synergy of such global connections opens the door for future joint AMAs, listing campaigns, and co-marketing events, amplifying both visibility and partnership potential across communities.

This article summarizes the key insights shared during that Space.

 

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I. “Black Friday”: Correction or Turning Point?

Facing sudden market drops, the speakers expressed long-term confidence beyond short-term volatility.

“This wave feels more like an emotional reset than blind speculation,”
said Eliza, CMO of MIMBO Node, emphasizing that for long-term builders, this was merely a temporary pullback. From late 2024 to 2025, the crypto market has entered yet another liquidity-driven recovery phase.

Unlike previous rebounds fueled purely by hype, this one reflects a structural reallocation of capital toward sectors with real demand — RWA, AI+DeFi, GameFi, and the Bitcoin ecosystem.

Bling, CMO of XPIN Network, described the correction as “nothing out of the ordinary.” She recalled the crashes of September 4, 2017, March 12, 2020, and May 19, 2021, noting that today’s drop is far from panic level. “Historically, Q4 tends to be a strong quarter for crypto,” she said. “There’s no need for excessive pessimism.”

That confidence is rooted in real market data. Jane, Growth Lead at Aspecta, observed that despite the dip, sentiment remains net positive — many projects still view the market as being in a bull phase and are actively preparing for TGE (Token Generation Events). “The market is digesting fear,” she said, “but also rebuilding trust.”

Claire, Co-Founder of Sign, shared a similar perspective:

“No matter where the market goes, great builders keep building. We’ve seen teams that haven’t stopped even for a moment — real builders focus on long-term product evolution and ecosystem growth, not short-term prices.”

 

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II. From KBW to Token2049: Asia as the Dual Hub of Narrative and Capital

“As two bellwethers of the Asian crypto market, KBW and Token2049 both marked clear turning points,”
the panelists agreed.

Eliza noted that the spotlight has shifted “from hype to delivery,” as the market now values teams capable of shipping real products.

Both Claire and Jane pointed out the contrasting dynamics of the two events.
Claire said she preferred KBW for its vibrant retail energy — “You can feel the real buyers in Korea,” she remarked, citing the surprising enthusiasm of local investors. Exchanges like Upbit and Bithumb keep participation high, prompting many projects to launch their Asia strategies in Korea.

By contrast, Token2049 in Singapore reflected a more institutionalized tone. Topics such as RWA, stablecoins, and regulated asset classes dominated the stage. The convergence between TradFi and crypto is accelerating, with traditional institutions that once watched from the sidelines now starting to step in.

Jane echoed this, saying “KBW brought more new faces, while Token2049 leaned institutional.”

From a geographical perspective, Bling summarized it well:

“Singapore is the regional hub, while Korea is a very niche and unique market. Together, they form Asia’s dual core — Korea represents retail heat, Singapore represents capital trust.”

This dual dynamic is turning Asia into the new epicenter of Web3 narratives, bridging retail and institutional participation.

“From retail to institutions, from trading to compliance — we’re witnessing the emergence of a complementary regional ecosystem. The next cycle might very well ignite from Asia.”

 

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III. New Narratives Emerging: Who Will Lead the Next Wave?

As speculation fades and fundamentals take center stage, new narratives will define the next growth wave. The panelists repeatedly mentioned three: AI+DeFi, RWA, and GameFi.

RWA: The Most Predictable Growth Curve

RWA (Real-World Assets) was unanimously seen as the most certain growth driver for the coming two years.

Claire noted that stablecoins and RWA are reshaping the flow of global capital. Factors like the regulatory stance of issuers, settlement pathways, and rate structures directly affect on-chain funding costs. She also highlighted that Korea is developing a KRW-backed stablecoin, signaling that traditional finance is actively integrating with Web3.

Bling reviewed the evolution of crypto narratives — from ICOs to DeFi Summer, NFTs, and GameFi — and said that while RWA isn’t new, this time is different:

“Now we have BlackRock, Fidelity, and J.P. Morgan stepping in — RWA is no longer fringe; it’s becoming the bridge between traditional and decentralized finance.”

AI + DeFi: Intelligence Meets Liquidity

Jane added that AI has moved far beyond content generation.
It now powers algorithmic trading, credit scoring, and risk management, and future protocols will no longer depend on manual governance or market making.
Instead, autonomous models will dynamically adjust parameters, vastly improving DeFi’s sustainability.

GameFi: The Intersection of AI and Play

As a builder deeply rooted in GameFi, Eliza shared MGG’s view:

“The strongest demand will emerge where AI-enhanced gameplay meets gamified DeFi.”
This is precisely the direction MGG is pursuing — using MIMBO Node and on-chain games to turn “Play” into an economy that creates real value for participants.

From a broader market perspective, Jane believes the market is becoming increasingly policy-driven, with narratives tilting toward institutional capital markets rather than the retail-driven mass adoption of the last cycle.

 

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IV. The Builders’ Code: Growth, Community, and Sustainability

In a volatile and uncertain market, the question is not whether to build but how to build — a point on which all panelists agreed.

Claire stressed the importance of heads-down building. Using Sign as an example, she explained that the team continues to expand partnerships with governments and educational institutions — and most importantly, ensures sustainable revenue, because “revenue builds confidence and helps you survive the cycle.”

• Data & Verifiable Credentials (VCs): Sign helps governments transform physical IDs (e.g., licenses, diplomas) into verifiable on-chain credentials.
   

• TokenTable: A revenue-generating product offering token unlock and distribution services in collaboration with partners like Aspecta.
   

Jane echoed this pragmatism, saying users are becoming more rational:

“Builders should create something meaningful — not random things nobody uses or cares about.”
She revealed that Aspecta is developing multi-chain asset and pre-TGE token management systems, integrating with TokenTable to offer secure, automated token unlock and vesting services.

Bling shared a more personal perspective — the mindset required to endure:

“Be patient, stay hungry.”
As a female builder, she emphasized maintaining balance between work and life without losing focus. She also announced XPIN’s upcoming global eSIM data-sharing program, which will allow users to access low-cost cross-border connectivity through XPIN’s node network — signaling XPIN’s expansion from Web3 communication protocol to real-world data infrastructure.

For users, Claire urged them to resist one-time airdrop temptation and instead find projects whose visions they truly believe in — to become diamond hands.
Jane was even more direct:

“If you discover a truly great product, buy and hold. For tokens with real value, any time you sell is the wrong time.”

 

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Conclusion

A bull market never begins with price—it begins with the return of trust.

From this session, which attracted over 6,000 live listeners and more than 138,000 total plays, we gain a clear snapshot of the Web3 ecosystem’s current state: the recent correction is squeezing out speculative froth, while real builders are driving substantive innovation at unprecedented speed.

For participating projects, this Space was not just an exchange of ideas—it was a moment of collective brand building. The high-quality exposure and cross-ecosystem connections formed through this discussion are evolving into a shared growth platform for builders, users, and brands alike, laying a solid foundation for future collaborations and community engagement.

In short, within this cycle of structural recovery, the true winners will not be the speculators, but those who kept building through the winter and earned trust before the dawn. As Eliza aptly concluded:

“Build something that can survive and stay quiet. If your community and product remain strong when the market is silent, that’s proof you’ve built something real.”

Through the fog of the market, narratives may rise and fade—but only projects that prove to be meaningful and revenue-generating will define the next bull run’s true law of survival.