Thailand and Southeast Asia's encryption ecosystem is thriving: Devcon review and insights

Thailand is gradually becoming a key player in the rapidly growing cryptocurrency and Web3 ecosystem in Southeast Asia. With a population of over 70 million, Thailand has widely embraced blockchain technology, driven by government policies supporting innovation and the growth of the digital economy. Incentives such as tax exemptions on digital token investments further reinforce Thailand's appeal as a hub for blockchain investors. Across the Southeast Asian region, the adoption of blockchain is thriving, fueled by a tech-savvy population and continuously improving infrastructure.

This development momentum was particularly evident during the recent Devcon week. Several important events were held during this period, including Thailand Blockchain Week, the 2024 EVM Summit, and related activities of NEAR. These gatherings highlighted Thailand's leadership position in the vibrant Web3 space in Southeast Asia, laying a solid foundation for further growth and innovation in the region.

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

Key Highlights

AI

In an event focused on the synergy between DeFi and AI, the increasingly enhanced collaboration between DeFi and AI agents became the focal point. A certain 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, making it ideal for training AI agents tailored for financial applications.

NEAR has also stood out due to its innovative activities, including a discussion on chain abstraction. NEAR advocates for user-owned applications, empowering individuals and communities through innovative technologies. NEAR's AI incubation program partners with decentralized AI projects to build infrastructure for complex applications. Notably, NEAR launched an AI assistant that utilizes chain abstraction, enabling seamless asset exchanges, fiat currency integration, and automated task coordination, such as booking flights or managing operations among AI agents. These advancements demonstrate NEAR's commitment to integrating AI and Web3 in a manner that prioritizes practicality and user privacy.

Another event focused on the intersection of AI and blockchain, emphasizing discussions on AIFi, decentralized AI products, and autonomous agents. Among numerous outstanding projects, Vana is revolutionizing the AI data landscape through its user-owned data economy. Vana's RdataDAO project boasts over 140,000 contributors, serving as a model for the transition of artificial intelligence to decentralization. By allowing 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.

By combining AI and blockchain, we can create systems that empower users, protect privacy, and unleash unprecedented value, driving innovation and achieving a decentralized and user-centric future.

DeSci

The rise of decentralized science ( DeSci ) has become a key theme at this year's Devcon. A certain platform's DeSci Builders event showcased projects ranging from lifespan extension to hair loss prevention, most of which are part of the Bio Protocol. This platform serves as the hub for DeSci innovation, connecting teams with resources and exposure, rather than just 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 progress through funding and partnerships. The role of a certain trading platform as a potential launchpad for leading DeSci projects heralds a bright future for the industry. By filtering out scams and nurturing impactful initiatives, Bio Protocol can become the foundation for the sustainable development of decentralized science.

DeSci presents a significant opportunity for mainstream adoption by addressing real-world issues such as health and longevity. Collaboration with key players can facilitate a smooth transition from experimental research to market solutions. Moreover, integrating DeSci mechanisms into research funding creates new pathways for scientists and investors, making decentralized science a compelling 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 accounts receivable, 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 emphasize 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.

RWA can democratize access to wealth accumulation opportunities, thereby promoting greater inclusivity in the global economy. By building 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 hosted several side events, including "Cultivating the Full Lifecycle" and "Venture Night: Crypto Edition." These events provided a platform for discussing emerging trends and showcasing the transformative potential of blockchain technology, especially in the fields of AI and DeFi.

I am very happy to participate in the discussion on 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 driving the development of user-centric practical applications.

In another event, I gave a brief speech. Such events highlight the immense potential of NFTs, demonstrating this through their innovative approaches to building communities and realizing value. Their success showcases how NFTs drive engagement, creativity, and utility within the broader blockchain ecosystem.

The activities of a certain network showcased six innovative AI projects incubated under its umbrella. Each project demonstrated the unique applications of AI, highlighting the network's commitment to promoting cutting-edge innovation within its DeFi L2 ecosystem.

Our investment team is excited to participate in the Meet the VC Brekky event again, engaging in 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 enterprises.

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 am excited to share my insights on AI and web3, the evolving DeFi landscape, and how our investment strategies align with these transformative trends. We also invited the winning projects from the Ethereum hackathon to share their experiences in tackling real-world challenges at the forefront of expanding Web3 potential.

The "Venture Night: Crypto Edition" event was also very successful. It was a truly unforgettable night on the terrace, filled with delicious food and insightful conversations. It was a great opportunity to connect with such a vibrant group and discuss the latest trends shaping the landscape of encryption and blockchain.

Our team members actively participated in various activities at Devcon, serving as discussion guests, hosts, and judges. They shared insights on topics such as RWA, Web3 marketing, community building, and AI applications on multiple occasions.

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 streams across various applications, while new innovations continuously emerge, reinforcing our commitment to support Ethereum through active participation and investment. 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 blockchain adoption and helping shape the future of the industry.