Key Web3 trends showcased at Token2049 Dubai: Here’s a recap

The latest in Web3 was at the stage at Token2049 Dubai, including a growing Web3 ecosystem along with the PoSA-based Bahamut blockchain.

Dubai’s rapid blockchain growth was showcased at Token2049, with Fastex highlighting its Web3 services, such as the Fastexverse and ftNFT platform.

The most populous city of the United Arab Emirates hosts a myriad of tech events from all scales. Unsurprisingly, Token2049 — a dynamic crypto conference that hosted over 4,000 companies — also picked Dubai as the backdrop of its April 2024 gathering. Held on April 18-19, Token2049 Dubai brought together the brightest minds in the crypto ecosystem to discuss the future of Web3. 

Among the participants at Token2049 was Fastex, a fast-growing Web3 ecosystem known for its comprehensive range of services and commitment to building on blockchain. Fastex is a successful case of a Web3 ecosystem built on its preferred blockchain, Bahamut. 

At Token2049, the platform highlighted its Web3 products and applications, such as Fastex Exchange, Fastex Wallet, Fastex Card, Fastexverse and ftNFT platforms. Fastex also showcased services like white-label centralized exchange, white-label nonfungible token (NFT) marketplace and Fan Token Development Services specifically prepared for the iGaming industry. 

#TOKEN2049DUBAI is live!

Be part of the industry networking, innovation and exceptional experience with Fastex at stand N63⚡#fastex #bahamut #blockchain #token2049 #dubai pic.twitter.com/E7vIvu1P8J

— Fastex (@fastex) April 18, 2024

Digital Yerevan in metaverse 

Fastex’s Web3 innovation in the metaverse vertical centers around Fastexverse, a dedicated virtual world where users can get their own metaverse spaces and launch their virtual businesses. They can showcase their products/services, display their artworks, host various events through diverse tools and integrations. 

This accessibility enables users to buy and sell NFTs with a couple of clicks through the metaverse. Users can get their hands on various offerings from the Dubai-based Web3 company, including crypto trading platform Fastex Exchange and crypto payment gateway FastexPay. 

As part of its Cerebrum Virtual City initiative, Fastex seeks to build virtual replicas of real-world cities within virtual reality. Cerebrum offers a platform designed for those who aim to launch the virtual analog of their physical office/store,  communicate with their customers, partners and friends in new ways and provide 24/7 customer support using avatar employees and artificial intelligence (AI). 

Fastex also utilizes its in-house product Hoory AI integrated with Fastex products and Automated Support Processes. With Yerevan’s digital twin complete, the team is now working on bringing Dubai and other major cities to the metaverse. 

Proof-of-stake-and-activity consensus steals the show 

A key topic of discussion for Fastex during Token2049 was the Bahamut Chain, an Emirati-based blockchain network utilizing the proof-of-stake-and-activity (PoSA) consensus mechanism that powers the Fastex ecosystem. Adding an extra layer of security to the popular PoS consensus, the PoSA-based Bahamut is developed specifically to address the needs of Web3 businesses and users. 

Launched in 2023, Bahamut Chain opens the door for developers to come up with decentralized applications (DApp) that contribute to the growth of the Fastex ecosystem. On its Sahara mainnet, Bahamut Chain features an execution layer (Caravan) and a consensus layer (Bedouin). 

Bahamut Chain emphasizes scalability, security and user engagement, supporting a wide range of applications from DeFi platforms to NFT marketplaces. The PoSA mechanism ensures efficient transaction processing and incentivizes active participation from network validators, enhancing overall network robustness. 

Additionally, Bahamut Chain focuses on delivering a better user experience and increased incentives for developers, motivating them with attractive rewards. The PoSA mechanism builds on the foundational strengths of PoS and provides an alternate revenue stream for every business, offering new financial opportunities for enterprises. 

Phygital NFT experience at Token2049 

A unique highlight of Fastex’s Web3 efforts is ftNFT, a series of physical NFT experience centers located in Dubai, Venice and Yerevan. Designed to merge digital with physical to create a “phygital” store, ftNFT allows visitors to physically experience the NFT gallery and create avatars in the metaverse with the in-store 3D scanner. 

Fastex organized informative meetings in the ftNFT phygital space during the conference, which were well-received by the attendees. The ftNFT sessions provided insights into the technical features of the Bahamut blockchain, the Bahamut Grants program for supporting new decentralized applications, and the broader legal and regulatory issues in the crypto world. 

Aside from Token2049-focused activities, Fastex is also holding the second ftNFT International Awards to highlight Dubai’s emerging role as an innovation center for Web3 and NFTs.  

Wanna know what’s going on at #TOKEN2049?

All 👀 on us⚡️#fastex #token #blockchain #dubai pic.twitter.com/GwEgzqPf4q

— Fastex (@fastex) April 19, 2024

“I believe that in the coming years, Fastex will be among the industry leaders, becoming a platform where everyone can find the services they need, from cryptocurrency exchange to other decentralized services,” said Vardan Khachatryan, chief legal officer at Fastex. He emphasized the growth of the Web3 company, adding: 

“Fastex introduces new solutions every year while strictly adhering to all legal regulations.” 

Events like Token2049 cement Dubai as a global blockchain and Web3 innovation center. These global gatherings also help Dubai-based companies to showcase their technology to a broader audience. As the digital and physical spaces continue to converge, Web3-native  ecosystems like Fastex have the potential to shape the future of what both worlds have to offer.