Buenos Aires has a unique rhythm. In this city where European grandeur collides with the intensity of Latin America, the theory of economics is not just an abstract idea discussed in ivory towers; rather, the people are struggling to survive every day. Given this situation, it's no coincidence that Devconnect 2025 is being held in this city. Argentina's currency fluctuations and its association with grassroots cryptocurrency adoption have provided a unique foundation for our growing sector.
The previous years of the cryptocurrency cycle were characterized by noise, shows, and speculative frenzy lights reminiscent of a casino in Las Vegas. Buenos Aires, however, was a complete contrast to this atmosphere: there was no scent of easy money or empty promises in the air; rather, the smell of strong coffee and serious engineering work dominated. The narrative has changed here. We are no longer building toys for bored rich people; in this cracking moment of the world, we are building solid infrastructures.
To better understand this radical change, we drew on the views of industry pioneers: Arthur Firstov (Mercuryo CBO) focused on privacy, Vivien Lin (BingX CPO) detailed the integration of artificial intelligence into trading ecosystems, and Ivan Machena (8lends CCO) provided a critical assessment on Layer 2 adaptation.
In many behind-the-scenes discussions we had with these leaders, a clear picture emerged. We are entering a brand new era. The story develops as follows: Privacy is now a necessity, Artificial Intelligence is seeking its place at the finance table, and global diversity has completely debunked the ‘one-size-fits-all user’ myth.
Privacy Directive: Transformation Evolving from Feature to Foundation
The most striking message rising from Buenos Aires was neither conveyed with fireworks nor with famous names. The message was whispered in cramped technical workshops and crowded hacker houses. The message was short and clear: Transparency may be a feature, but excessive transparency is a weakness.
In previous meetings in Bangkok, privacy was merely a ‘track,’ like a side room; it was more of a gathering point for cypherpunks and idealists. In Buenos Aires, it took center stage. The sector collectively realized: Without privacy, there will be no mass adoption, only mass surveillance.
Arthur Firstov, the Chief Business Development Officer at Mercuryo, succinctly summarized this paradigm shift. When evaluating the research topics that stood out at the event, he highlighted the temperature difference in the air.
Firstov used the following statements:
‘While privacy was merely an important ‘track’ in Bangkok, it took center stage in Buenos Aires.’
This observation aligned perfectly with an investor sentiment that permeated the entire conference. In common workspaces and seminar rooms, this phrase circulated and became almost the unofficial slogan of Devconnect 2025:
‘If there is no privacy in the design of a ‘wallet’, it is now considered a thing of the past.’
This is not a technological whim but a natural reaction to a world where financial data is increasingly weaponized and becoming more transparent. Firstov emphasizes that the tone of the meeting has been set at the highest level: Vitalik Buterin gradually demonstrated the personal privacy layer, from operating systems to mobile devices and private RPCs.
The real evolution is in how technology is packaged. The crux of the matter is no longer just command lines aimed at elites; the main goal is invisibility.
Firstov explains:
‘Developers focused on creating “more practical defaults” that can manage invisible addresses, smart AA [Account Abstraction] patterns, selective disclosure, and complexities that work without being felt by the user.’
This ‘invisibility’ is practically the secret of the job. The user does not want to learn zero-knowledge proofs; they only desire that their bank balance is not exposed.
Alongside these steps towards privacy, Firstov notes that a practical evolution is occurring in DeFi: ‘Pre-approvals that give an instant stablecoin payment feel’ and ‘new opportunities that offer simple, money-market-style experiences without being fully degen’ are emerging. The sector is shifting from Ponzi schemes promising 10,000% APY to boring but safe and private finance.
“Black Box” Debate: Who to Trust?
However, no revolution is without internal conflict. While there is complete consensus on the need for privacy, how to achieve this goal has sparked the week’s most heated debates. At the heart of the storm: Trusted Execution Environments (TEEs), known as hardware-based secure enclaves.
Is the future of privacy in mathematics or in silicon chips?
Firstov describes this distinction as the ‘most unexpected or controversial technical discussion’ of the event. The pragmatic wing stands on one side. Firstov says:
‘One group argued that TEEs are practically indispensable for high speed, low latency, and secure computation, especially for private settlements, derivative strategies, and agent-based transactions.’
The claim is this: If we want Wall Street speed on the blockchain, we cannot settle for just mathematics; we need hardware acceleration.
However, opposing views are quite vocal, principled, and approach with serious skepticism. Firstov conveys their warnings: ‘If the trust model is to rely on this black box server inside a data center, we have little difference from classical finance,’ he said.
When we replace a bank's server with Intel's SGX enclave, are we really achieving decentralization?
This discussion opened the door to an important question that will likely shape the research agenda for the next decade:
‘How much of the world's stablecoin and payment infrastructure operates on black box hardware would make us feel at ease… and in this context, what exactly does “enough trust” mean?’
The Rise of Artificial Intelligence: The New Architects of Finance
While cryptographers discuss hardware security, another great power silently infiltrates the ecosystem: Artificial Intelligence. Devconnect 2025 was not just about ledgers; the inevitable meeting of decentralized databases and autonomous intelligence was also on the agenda.
Vivien Lin, Chief Product Officer and leader at BingX Labs, brought impressions from the front lines of rapidly evolving centralized cryptocurrency exchanges (CEX). For her, the main theme of the event was very clear.
Lin made the following comment:
‘For me, the main theme was the integration of AI into cryptocurrency exchange infrastructures. I realized that exchanges are no longer just trading applications; they are evolving into complete financial ecosystems,’ he said.
She emphasizes that in the future, artificial intelligence will be the central nervous system of finance.
‘Developers were focused on how AI could integrate trading, custody, payment, risk management, and user intelligence into a single ‘super application’ experience,’ he said.
However, just like in the TEE discussions on privacy, the integration of artificial intelligence also brings its own security paradox. How will you entrust your life savings to an AI? Lin states, ‘There is a strong will towards secure and verifiable systems that include privacy-preserving computing and on-chain proofs without compromising user data or fund security.’
The goal is to create ‘both smart and deeply secure ecosystems’: This way, while users benefit more from automation and context, trust is not lost. According to Lin, the real tension is not in technical capacity, but in the issue of autonomy.
‘The most discussed topic was how autonomous AI agents should be in trading environments,’ Lin explains. This discussion almost led to a split in the room.
He continues:
‘Some developers argued that agents should manage liquidity, rebalance portfolios, or place orders without human oversight. Others suggested that if AI were given unrestricted access, systemic risks could arise,’ he said.
The fundamental disagreement here raises questions about the role of human will in the market: ‘Should AI be a co-pilot for traders or a fully autonomous participant in the market?’ The common view emerging in Buenos Aires seems to be that if solid security measures are established with cryptography, the autonomy of artificial intelligence could be facilitated.
Geography is Destiny: Lessons from the Global South
Perhaps the most transformative point of Devconnect 2025 was the fact that the event took place in Argentina. When the event was held here, the global developer community, so to speak, ‘put their feet on the ground.’ While developers in Silicon Valley struggled to optimize their codes for millisecond performances, residents of Buenos Aires are pondering the value of hard-earned money against inflation.
Arthur Firstov observed that this radical diversity has shifted the discussion from theoretical scaling to survival tools. ‘Devconnect brought together fundamentally opposing user priorities in the same environment,’ he says.
‘Latin American teams focused on wallets that work on low-cost smartphones and on everyday needs like rent or salary payments with stablecoins,’ says Firstov, adding:
‘In contrast, infrastructure teams in Asia and the US could not detach themselves from topics such as “derivatives, routing, MEV, and latency,” he said.
This collision created a necessity for synthesis. The focus is no longer solely on ‘Transactions Per Second’ (TPS); user experience and practical applications have come to the forefront. Firstov now lists the questions that are truly important:
‘How can ‘smart wallets’ hide complexity from the user and feel like an ordinary fintech application? How will we support both ‘high-frequency trading flows’ and monthly salary payments without compromising trust and security?’ he said.
The biggest awareness? ‘There is no single typical user in cryptocurrency.’
Vivien Lin also supports this perspective and emphasizes that the technical-level abstract discussions brought realism to the Argentine participants.
‘Developer diversity, especially strong participation from Argentina, shifted the discussion from theoretical scaling to the real adaptation issues of the field,’ he said.
Argentinian developers do not want to discuss the philosophy of money; they want to solve their problems that need urgent solutions.
Lin explains:
‘Argentinian developers highlighted the need for rapid settlement systems that work reliably in inflationary, capital-controlled, and volatile economies,’ he said.
This perspective broadened the vision of what a cryptocurrency exchange is: The goal of an ‘AI-powered ecosystem’ is no longer just to solve local barriers; it also addresses universal issues like compliance complexity, cross-border liquidity, and mobile-first user acquisition.
Infrastructure or Deception: What is Really Being Built?
We need to break free from philosophical and geographical discussions and ask: Where are developers really bringing their codes to life?
Ivan Machena, as Communications Officer of 8lends, takes a calmer approach to the landscape. The era of ‘ghost chains’ is closing: That is, the era of blockchains that lack users but stand out with high market value is coming to an end. The priority is in ecosystems where real products work.
‘Looking at mainstream industry discussions throughout Devconnect,’ says Machena, ‘the intense developer interest in many Layer 2 and application layer projects continues,’ he said.
Looking at consumers, Machena particularly points to Base. ‘Its rapid growth and seamless user acquisition infrastructure’ frequently stand out and have become a gateway for individual investors. On the DeFi side, Arbitrum continues to be the preferred platform with its ‘mature ecosystem and flexible structure.’ Polygon remains a must for teams seeking balance.
However, Machena notes that there is an increasing transition towards technically superior options.
‘Moreover, interest is growing in zk-based solutions like zkSync and StarkNet. Especially teams developing long-term or more technical products are turning to this area. The picture is clear: Discussions at Devconnect are focusing on Layer 2s that open the door to real products, not just experimental ideas,’ he said.
Arthur Firstov also includes privacy and ‘agent-focused’ topics in this adoption map. He mentions a serious interest in Aztec: ‘A privacy-focused environment that can offer default secrecy and optional transparency if necessary.’
Firstov also argues that Privacy Pools bridge the gap between the cyberpunk spirit and corporate reality. ‘It stood out as a practical privacy solution with acceptable compliance for regulators and serious capital,’ he said.
Moreover, the physical world is also being moved onto the chain. Firstov states that DePIN-style, decentralized physical infrastructure storage and computing services, which feel like traditional cloud APIs, are increasingly gaining interest.
Outlook 2026: Transition from Casino to Cathedral
As Devconnect 2025 participants spread from Buenos Aires to all corners of the world, a significant change is felt in the air. The sector is maturing. The culture of the event also reflects this transformation: instead of massive marketing shows, small, technical, and community-focused sessions are shaping the crypto narrative of 2025.
Arthur Firstov predicts a profound change in the narrative of the crypto story:
‘Expect to feel this change in the narratives in 2026: “infrastructure narrative instead of casino narrative,” “stablecoins will be the leading face of crypto,” and “privacy will become a minimum requirement,”’ she said.
Here, we are talking about a vision of a world where crypto is no longer synonymous with gambling but has transformed into the invisible and solid infrastructure of the global financial system. The focus is no longer solely on token prices. As Firstov pointed out, the growing question is: “Which Web2-Web3 integrations will truly be implemented to affect the real number of users?”
Vivien Lin agrees and believes that the future will not be surrounded by walls but will consist of interconnected structures.
‘This experience reinforced my belief that the future of cryptocurrency trading will be ecosystem-focused. This approach leads to trading ecosystems that are increasingly integrated, harmonized, and AI-supported, where liquidity, identity, transaction, and strategy automation converge as we move towards 2026,’ he said.
Buenos Aires actually served as a stress test for the spirit of crypto. The sector passed this test by choosing to ask difficult but correct questions rather than providing easy answers. Our disappointments have decreased, but we have much more robust tools at hand. The ‘Casino Narrative’ is now behind us; the era of the ‘Infrastructure Narrative’ has begun. And for the first time in a long while, it feels like we are truly building something lasting.
