Southeast Asia's encryption ecosystem is thriving: Highlights from Devcon 2024

Thailand is gradually becoming a key player in the rapidly developing cryptocurrency and Web3 ecosystem in Southeast Asia. Thanks to government policies that encourage innovation and the growth of the digital economy, Thailand's population of over 70 million has widely embraced blockchain technology. Tax exemptions on digital token investments further solidify Thailand's position as a hotbed for blockchain investment. The application of blockchain across Southeast Asia is thriving, supported by a tech-savvy population and continuously improving infrastructure.

This momentum was particularly evident during the recent Devcon week. Several important events were held during this time, including Thailand Blockchain Week, the 2024 EVM Summit, and relevant activities related to NEAR. These gatherings highlighted Thailand's leadership in the vibrant Web3 space in Southeast Asia, laying the groundwork for further growth and innovation.

This year, Devcon held in Bangkok gathered thousands of developers, researchers, and industry leaders, showcasing Ethereum's vibrant global community. Devcon and Thailand Blockchain Week highlighted groundbreaking projects, engaging discussions, and cutting-edge trends shaping the blockchain landscape. In this lively atmosphere, themes such as artificial intelligence, decentralized science (DeSci), and real-world assets (RWA) became the focus of attention.

Key Highlights

AI

At the "Mode Devcon - DeFi x AI" event, the increasing synergy between DeFi and AI agents became the focus. Mode Network is repositioning its L2 infrastructure to support DeFi agents by focusing on distinguishing DeFi from other L2 ecosystems. This singular focus provides a clean data environment that is well-suited for training AI agents tailored for financial applications.

The activities of NEAR are also noteworthy, particularly a discussion on chain abstraction that was especially精彩. NEAR advocates for user-owned applications, empowering individuals and communities through innovative technology. The NEAR Horizon AI incubation program partners with decentralized AI projects to build infrastructure for complex applications. It is worth mentioning that NEAR has launched an AI assistant utilizing chain abstraction, enabling seamless asset exchange, fiat currency integration, and automated task coordination, such as booking flights or managing operations between AI agents.

The "Agents Unleashed Bangkok + The Humans Unleashed Party" event focuses on the intersection of AI and blockchain, with a key discussion on AIFi, decentralized AI products, and autonomous agents. Among many outstanding projects, Vana is revolutionizing the AI data landscape through its user-owned data economy. Vana's RdataDAO initiative boasts over 140,000 contributors, setting a benchmark for the transition of artificial intelligence to decentralization. By enabling individuals to maintain control over their data while unlocking its value for AI training, Vana represents the future of ethical, user-centric AI. Other promising tools, such as Almanak and Brianknows, further enrich the AI ecosystem by enhancing coordination and interaction in the field of artificial intelligence.

DeSci

The rise of decentralized science ( DeSci ) has become a key theme at this year's Devcon. A certain trading platform's DeSci Builders event showcased projects ranging from longevity extension to hair loss prevention, most of which are part of the Bio Protocol. The platform serves as a hub for DeSci innovation, connecting teams with resources and exposure, rather than solely focusing on venture capital.

It is worth noting that Vitalik Buterin and CZ also attended the conference, emphasizing the importance of DeSci. Vitalik's participation highlights his personal interest in longevity science and his commitment to the potential of DeSci to improve lives. CZ expressed a desire to support academic and scientific advancement through funding and partnerships. The role of a certain trading platform as a potential launchpad for leading DeSci projects suggests a bright future for the industry.

DeSci provides important opportunities for mainstream adoption by addressing real-world issues such as health and longevity. Collaborations with key players can facilitate a smooth transition from experimental research to market solutions. Additionally, integrating DeSci mechanisms into research funding creates new pathways for scientists and investors, making decentralized science an intriguing frontier in terms of innovation and impact.

RWA

Real-world assets ( RWA ) remain an effective solution to the long-term challenges of blockchain applications. By tokenizing tangible assets such as real estate, commodities, or receivables, RWA bridges the gap between traditional finance and decentralized systems.

During Devcon, venture capital firms have shown increasing interest in RWA, reflecting its transformative potential. These discussions highlight the potential of RWA to bring liquidity, transparency, and accessibility to previously illiquid markets. With the emergence of more robust frameworks, RWA can address issues such as asset verification, legal compliance, and scalability, thereby ushering in a new era of blockchain applications.

The importance of RWA lies in its ability to democratize access to wealth accumulation opportunities, thereby promoting greater inclusivity in the global economy. By building the infrastructure that supports RWA, we can facilitate the seamless integration of blockchain networks with the real-world economy, paving the way for a more inclusive and efficient financial ecosystem.

Event Review

At this year's Devcon, we held two side events: "Cultivating the Full Lifecycle" and "Venture Night: Crypto Edition." Additionally, we co-hosted "Mode Devcon - DeFi x AI" with our portfolio company Mode Network. These events provided a platform for discussing emerging trends and showcasing the transformative potential of blockchain technology, particularly in the fields of AI and DeFi.

I am very happy to participate in the discussion about chain abstraction & DeFi at the NEAR event! NEAR has set a high standard in user experience and AI innovation. In particular, chain abstraction is becoming a key feature, not only for NEAR but also for the wider blockchain ecosystem. It is great to see NEAR leading the way in simplifying cross-chain interactions while promoting the development of user-centric practical applications.

At the Pudgy Penguins event "The Green Room: Bangkok Edition," I gave a brief speech. Such events highlight the enormous potential of NFTs, and Pudgy Penguins exemplify this with their innovative approach to building community and realizing value. Their success demonstrates how NFTs can drive engagement, creativity, and utility within the broader blockchain ecosystem.

Mode Network's activities showcase six innovative AI projects incubated under its umbrella. Each project demonstrates a unique application of AI, highlighting Mode Network's commitment to fostering cutting-edge innovation within its DeFi L2 ecosystem.

Our investment team attended the Meet the VC Brekky event and had meaningful one-on-one meetings with promising projects. The energy and creativity in these discussions continue to inspire us to support the next wave of transformative companies.

Both of our events were a huge success! The Cultivating the Full Lifecycle event was a great opportunity to learn, connect, and explore the various stages of the Web3 ecosystem from innovation to impact. I shared my insights on AI and web3, the evolving DeFi landscape, and how investment strategies can align with these transformative trends. We also invited the winners of the Ethereum hackathon, Hanseek, Memora, and ZeroX Network, to share their experiences in addressing real-world challenges at the forefront of expanding Web3's potential.

Venture Night: Crypto Edition event, despite encountering rainy weather, still achieved great success. It was a truly unforgettable terrace night, filled with delicious food and insightful conversations. This was an excellent opportunity to connect with such a vibrant group and discuss the latest trends shaping the cryptocurrency and blockchain landscape.

Our team members served as speakers, hosts, and judges at various events at Devcon. At De.Fi World 2024, we discussed the evolving role of real-world assets in the blockchain ecosystem. We also participated in discussions about Web3 marketing and community building, as well as how to drive the growth of portfolio companies through event synergies. At the ChainOpera event, we discussed strategies for bringing "AI demand" into Web3. AI remains one of our main investment focuses.

Looking to the Future

Devcon 2024 showcased the Ethereum ecosystem's relentless pursuit of innovation, achieving significant progress in areas such as AI, DeSci, and RWA. The Ethereum ecosystem has realized robust business growth and strong revenue sources across various applications, while new innovations continue to emerge. Looking ahead to 2025, we anticipate a major bull market, and Ethereum will undoubtedly continue to shine in its ongoing evolution. We are excited to contribute to accelerating the adoption of encryption and help shape the future of the industry.