The Hong Kong Consensus Conference, held on February 14, highlighted a lack of innovative crypto-native projects, with a notable absence of prediction market and AI initiatives. Despite a high level of international participation from overseas institutions and investment banks, the event's atmosphere was subdued. A hackathon sponsored by a Meme coin Launchpad on the Base chain saw low engagement, culminating in the unusual situation where winning teams did not attend to receive their awards. This reflects the cooling interest in the industry amid the ongoing bear market cycle.