Figment has just returned from Dubai and Abu Dhabi where we attended a number of conferences and events in the region. What was intended as a routine business trip became challenging due to the worst storms the region has faced in 75 years. Our planned discussions on blockchain technologies took a backseat as we navigated through flooded urban landscapes. With attendees facing airport delays, hotel power failures flooded streets to meetings, and taxi standstills, these challenges brought everyone together to discover new opportunities. It certainly led to some of the most interesting stories we have heard from recent conferences!
This experience underscored the unpredictability of not only the crypto markets but of external conditions, reminding us all of the importance of resilience and adaptability in our industry. Despite these hurdles, we are excited to share valuable insights and developments gleaned from the event.
High Spirits Amid Logistical Challenges
The complications caused by the severe weather were significant, impacting both transportation and infrastructure. However, the spirit of cooperation and determination among the participants remained undeterred. The energy in the region was high, with a particularly memorable Builders Night hosted by EigenLayer that featured leading figures in protocol restaking including Pendle, Altlayer, Etherfi, Linea, Renzo, OpenDB. These discussions highlighted the industry’s growing interest in ETH restaking as well as AVSs as the topic of the moment. Figment is live as a mainnet operator on EigenLayer and has been participating in the EigenLayer ecosystem since early on in testnet. You can read more about Figments’ support for EigenLayer and restaking here.
Abu Dhabi: A Beacon of Digital Asset Innovation
The Abu Dhabi segment of our trip, where we attended the Abu Dhabi Blockchain Funds Forum hosted by Abu Dhabi Global Market (ADGM), Lw3, and Coinbase Institutional was very well-attended, despite the adverse weather conditions. Areas in focus included; the impact geography/location drives crypto ventures, Solana and its future, with Lily Liu the president of the Solana Foundation, and the UAE’s role in the blockchain and crypto landscape. ADGM’s commitment to fostering a robust digital asset ecosystem was evident, a reassuring signal for asset managers, funds, and VCs interested in compliant investment opportunities in the region. The regulatory clarity provided by ADGM and the FSRA, including sharing their views on how they see the regulatory landscape evolving in the region, enhances Abu Dhabi’s appeal as a hub for digital assets, aligned with the strategic interests of institutional entities.
Dubai: Resilience and Community Strength
In Dubai, yet again, the adverse weather was a major talking point initially, but it soon became a backdrop to a story of resilience and community. Despite numerous logistical challenges—from transportation disruptions to power outages—the digital asset communities came together impressively. Token2049 was a sold-out event, drawing global participants keen on exploring the latest in digital assets. Companies represented at the conference manning booths included gaming and Web3 projects as well as exchanges and infrastructure providers, panel topics included Bitcoin ETFs and institutional flows, predictions for the industry in 2025, and Stablecoins as the future of payments. Conversations outside of the panels extended well beyond this with attendees and Dubai residents discussing the growth of the crypto ecosystem in Dubai as well as the region’s continued ability to attract top talent, the importance of infrastructure, what to expect from EigenLayer, and the growth of AVSs alongside Bitcoin Layer 2s, including Stacks.
Institutional Engagement and Innovation
We joined the Dexponent and BreakOrbit Institutional Digital Asset Summit, hosted with speakers and partners across the industry. Our own Eva Lawrence contributed to a panel discussing protocol staking, restaking, and liquid staking. Discussions also touched on the latest developments on EigenLayer, our growth as the largest independent staking provider, and the evolution of Distributed Validator Technology (DVT), for institutions looking to leverage blockchain technology securely and efficiently.
Stacks and the Halving
The presence of the Stacks team, progressing towards their Nakomoto upgrade underscored the continuous innovation within the blockchain space. Their Dubai Halving Dinner, hosted by Muneeb Ali, the co-founder of Stacks, provided an excellent networking opportunity for those interested in Bitcoin Layer 2 solutions and a great way to close out the week. There were close to 500 side events during the week leading into ETHDubai but those small dinner and drinks events provided the most value with the chance to foster relationships and explore new opportunities for collaboration in Dubai with our customers and the crypto community in general.
Looking Ahead
Our experiences in Dubai and Abu Dhabi have reinforced our confidence in the UAE as a dynamic hub for the industry. With regulatory support and a continuous influx of innovative projects, there is fertile ground for institutional growth. Figment remains committed to supporting our clients through innovative staking solutions and insights, helping navigate both market and environmental unpredictabilities.
As we look ahead, we are excited by the potential for growth in the region and are keen to continue our support for institutional clients in navigating this ever-changing landscape. Despite the challenges presented by the weather in Dubai, Abu Dhabi, and Token2049, our journey was filled with highlights of the strength of community in the digital asset space.
The information herein is being provided to you for general informational purposes only. It is not intended to be, nor should it be relied upon as, legal, business, tax or investment advice. Figment undertakes no obligation to update the information herein.
