Thanks to Etenboby. One Piece Chapter 1048 is titled “20 Years”.

On the Cover page, we see the ones in Chocolate Town are probably the Germa!

At the beginning of the chapter, we see Momonosuke keeps pushing Onigashima to avoid Luffy’s attack.

Momo: Get Onigashima out of the way? Luffy wait… I can’t! I…

We see a small flashback about Toki and Momonosuke.

“Toki: 20 years from now, you must rebuild the Kozuki clan.”

The scene changes to the fight between Luffy and Kaido.

Kaido: I see how it is, I’ll take this head on! Hey Strawhat …did you know that… 20 years ago! The hero of this nation, was burned to death. “Great Dragon Torch”! And since then it has been a land of outlaws. This is the “hero” they have been waiting for 20 years..!

Luffy: Ouch!

Kaido: That’s right let go, I won’t run! And you won’t be laying down that right arm of yours, because it’s going to be melted and gone! *Reference to a rakugo called “Fire Drum”*.

Luffy: Not under my watch. “Gum gum…”!

Kaido: “Rising Dragon…”

Luffy: Grandpa (Hyogoro) already taught me a way without touching you. I will send you straight to the bottom of hell. “..Bajrang Gun”! (Kanjis mean Monkey God Gun).

Kaido: “…Flaming Bagua”!

The scene changes to the interior of the castle.

Usopp: I’m sorry to have dropped you. Kinemon and Kiku! You’re still breathing right? You mustn’t die.

Samurais: Please! Strawhat guy! Take down Kaido! You have to! As long as he’s out of the way…

Kawamatsu: Huff huff…all of it won’t end without taking down Kaido.

Kawamatsu remembers what happened after Oden’s execution 20 years ago.

A flashback begins.

Kinemon: Run! Don’t look back!

Kawamatsu: Lord Oden!

Orochi: The Samurais could only be heading to one place.. To Kuri.

Kaido: …

Orochi: The heir! They’re running to protect Momonosuke.

Kaido: So he has a kid….I’ll go and settle this.

Wano citizens: Stop! Haven’t you done enough harm to the Kozuki already!!

Kaido: Get out of my way!

Orochi: You have permission to shoot whoever dares defying the Shogun. What happened to Oden’s wife?

Kaidou’s subordinates: We have confirmed her death in Bakura town, and she is the only one that managed to get out of the castle.

Orochi: With this, we are done with the Kozuki clan!

Orochi: Now, Daimyos! Choose! Are you going to help me in making our Wano country a better place, or are you going to fight?

Samurais: A foolish question…the answer is clear as day. The Kozuki is our only “Shogun”. Let us clear up Oden’s regret!

Orochi: Gufufufuhahahaha!!! Muhahaha! You guys are so weak. And you call yourselves samurais?

Samurais: Damn it..if he didn’t have Kaido backing him up, who’s scare of that fool of a lord.

Another: Shhh! Stop already! Orochi can hear everything, you want Kaido’s army after you?

Kaidou’s subordinates: Bring any young man that can work. The whole country will be devoted to weapon making.

Citizen: No please don’t take him! Don’t take my daddy!

Samurais: Don’t you take back to me!

Citizens: What’s with the color of the river? There’s no drinking water. We can’t raise crops. There’s no food either.

Beasts pirate: If you want to live another day, work! Work you trash. No help is coming your way. This is an isolated nation.

Samurais: Don’t be hasty…winter is coming…a very long one… Trust Lady Toki and her words.

Orochi: Look Kaido! Those greedy folks have laid their mouth on SMILE leftovers! Guhahaha! That’s right. You all need to follow Ebisu Town’s example. Doesn’t matter if it’s your stomach growling or you family dying. You’ll all live with a bright smile across your face. That’s what suits garbages like you. Gufuhahahaha!

Back to the present.

Orochi is still on fire. He tries to take Komurasaki with him.

Orochi: bastard! Komurasaki! Gufuhaha!! I’ll take you with me. Don’t underestimate the hatred of Kurozumi. Let us drink together in the afterlife!

Denjiro: What a bedlam..

Denjiro arrives and cuts off Orochi’s head.

At the end of the chapter, Luffy and Kaido are about to confront their attacks.