Singapore flexes crypto muscles

In the Token Issue this week, we cover DeFi’s second act and how Singapore remains an exciting place for crypto (even if the F1 race was a total bore) [Read from your browser]( Token Issue Welcome to Token Issue! Delivered every Friday, this free newsletter breaks down the biggest stories in Asia’s crypto scene and beyond. View past issues [here]( or [sign up here]( to receive future newsletters. Written by Terence Lee Editor in Chief Hi {NAME} I have to admit that I was dozing off while watching the uneventful Singapore F1 race last Sunday. It sucks that the track isn’t friendly for overtaking, and the downpour before the race slowed things down. But I definitely noticed the sheer number of crypto brand logos plastered all over the cars and driver’s suits. The F1 week was no doubt a huge flex for Singapore. Glamorous selfies with the rich and famous were abundant, and champagne bubbles were aplenty even as the broad crypto bubble popped. Crypto winter be damned, a massive crowd also turned up at this year’s Token2049. There was no shortage of star power, with Daniel Ricciardo, the soon-to-be-jobless F1 driver with a big smile whose team is sponsored by [OKX]( speaking at the conference (even if, according to one colleague, he said nothing of substance). In this week’s premium story, I touched briefly on how Singapore will remain relevant in decentralized finance even as the country shuns the retail trading of crypto. But the article’s broader theme is how DeFi is entering its second age. No longer catering to just gamblers and degens, it’s donning a suit and pursuing the real whales: financial institutions. Enjoy! -- Terence  ---------------------------------------------------------------  THE BIG STORY [DeFi enters its second act]( The crypto winter may have caused folks to lose a lot of money, but it’s also helping DeFi grow up. We look at what’s bubbling under the surface.  --------------------------------------------------------------- ⭐ TO THE STARS A look at what’s pushing Web3 forward. Asians continue to embrace crypto and crypto gaming One recurring observation I heard from people at crypto events last week was how Asians appear to be more receptive to crypto, particularly crypto gaming. A lot of the chatter arose from [a recent Chainalysis report]( that puts Vietnam and Philippines on top in terms of crypto adoption. People I spoke to also pointed out that there’s a stronger [gambling]( and gaming culture in the East compared to the West. People across Asia are also more open to “spending money on power in games,” says Robbie Ferguson, co-founder of Web3 gaming platform [Immutable](. Consequently, they are more open to buying in-game NFTs that give them an edge over other players. Game studios in the region are similarly receptive to the concept. “We see much of the region is the most advanced in thinking about Web3 games,” Ferguson says. To tap into that expertise, Immutable is hiring a team in Korea.  --------------------------------------------------------------- 🌙 TO THE MOON Tokens, NFTs, and yield generators we’re noticing. [Ribbon Finance]( The platform offers yields through decentralized lending and options vaults. It scores a passing grade (77% out of 100%) for security on [DeFiSafety](. [CakeDefi]( The “CeDeFi” platform has launched a new product called Earn. It promises “stable high returns” on crypto assets while providing “low volatility.” See also: [How this rarest of crypto startups is shrugging off winter]( --------------------------------------------------------------- 🌏 BACK TO EARTH The week’s biggest roadblocks. Yet another outage at Layer 1 blockchain Solana The network was down for more than six hours on October 1, the latest hiccup in its spotty performance throughout 2022. The recent outage brought out the usual Twitter trolls proclaiming that Solana is doomed to fail, though proponents chalked it up to solvable technical challenges. On the bright side, plenty of vibrant communities and projects are built on top of Solana.  --------------------------------------------------------------- STILL A PONZI SCHEME The dark underbelly of Web3 and crypto today “Solana has been marred in controversy since its founding. With frequent downtime, failures, hacks & scandals! This is why I have put together a short & incomplete history of SOL's skeletons” — [Justin Bons, founder and CIO of Cyber Capital]( I get it. This reads like typical FUD. But a founder of Polygon has retweeted it, so what do I know? 🤷 In any case, I do believe that reading critical takes (even if they stretch the truth) is an antidote to all that crypto Kool-Aid you and I have been drinking. And who can resist a handy list of Solana’s supposed indiscretions? --------------------------------------------------------------- MORE TO CHEW ON Essential news and views. 1️⃣ [No interest cap for crypto as it is ‘not money,’ Korean court says]( A dispute between two anonymous Bitcoin managing firms has led a South Korean court to rule out legal limits on crypto interest rates as it is “not money,” Forkast reported. 2️⃣ [Thai media giant to work with Sygnum for $300m hybrid equity-NFT raise]( Sygnum, a Switzerland-based digital asset bank, has partnered with Thai media giant T&B Media Global to facilitate a US$300 million round for the latter through a structure that hybridizes equity and NFTs. 3️⃣ [A peek into Polygon’s plans to drive mass adoption of Web3]( The company has learned that developing technology alone won’t get it to the promised land. 4️⃣ [Crypto lender Nexo in talks to invest in or buy more companies in Asia]( The potential deals are aimed at either expanding Nexo’s footprint in the region or facilitating its move into new verticals within crypto, Tatiana Metodieva, the company’s head of corporate finance and investments, tells Tech in Asia. 5️⃣ [A list of Web3 founders in Singapore]( Web3 is inherently borderless, which means crypto startups don’t often share where they’re based. But if Token2049 proves anything, it’s that physical presence and connections still matter. If you’re visiting or based in Singapore, this list will come in handy.  --------------------------------------------------------------- That’s all for this issue - we hope you liked it. WAGMI! P.S. Don't miss out on the biggest tech news and analysis. Add newsletter@techinasia.com to your address book, contacts, or safe sender list. Or simply move us into your inbox. Too many emails? Switch to a different frequency or get new content through our [preference center]( or [unsubscribe](. You can also break our hearts and remove yourself from all Tech in Asia emails over [here](  Copyright © 2022 Tech in Asia, All rights reserved. 63 Robinson Road, Singapore 068894