Southeast Asia's Crypto Assets and Web3 Ecosystem Thriving: A Review of the 2024 Devcon Event

Southeast Asia is becoming an important player in the Crypto Assets and Web3 ecosystem, with Thailand being particularly prominent. Under government policies that support innovation and the growth of the digital economy, Thailand's population of over 70 million has begun to embrace blockchain technology. Tax incentives for digital token investments further enhance Thailand's attractiveness as a blockchain investment hub.

During Devcon 2024, Thailand hosted several important events, including Thailand Blockchain Week, the 2024 EVM Summit, and related activities of NEAR. These gatherings highlighted Thailand's leadership position in the rapidly growing Web3 sector in Southeast Asia, laying the foundation for future growth and innovation.

This year's Devcon held in Bangkok brought together thousands of developers, researchers, and industry leaders, showcasing the vibrant global community of Ethereum. The event highlighted groundbreaking projects, engaging discussions, and cutting-edge trends that are shaping the blockchain landscape. Among them, themes such as artificial intelligence, decentralized science ( DeSci ), and real-world assets ( RWA ) became the focus of innovation and exploration.

Key Highlights

AI

At the "Mode Devcon - DeFi x AI" event, the increasingly enhanced synergy between DeFi and AI agents became the focus. A certain network is repositioning its L2 infrastructure to support DeFi agents, distinguishing itself from other L2 ecosystems by focusing on DeFi. This singular focus provides a clean data environment, ideal for training AI agents tailored for financial applications.

NEAR has launched an AI assistant utilizing chain abstraction, enabling seamless asset exchanges, fiat currency integration, and automatic task coordination, such as booking flights or managing operations between AI agents. These advancements demonstrate NEAR's commitment to integrating AI and Web3 in a way that prioritizes practicality and user privacy.

The "Agents Unleashed Bangkok + The Humans Unleashed Party" event focuses on the intersection of AI and blockchain, with a special emphasis on AIFi, decentralized AI products, and autonomous agents. Vana's RdataDAO project boasts over 140,000 contributors and exemplifies the shift of artificial intelligence towards decentralization. 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 the center for DeSci innovation, connecting teams with resources and exposure.

It is noteworthy that some well-known industry figures also attended the meeting, emphasizing the importance of DeSci. By filtering out scams and nurturing influential initiatives, Bio Protocol can become the foundation for the sustainable development of decentralized science.

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

RWA

Real-world assets ( RWA ) are still 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.

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 seamless integration between blockchain networks and 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 companies. 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.

We participated in the chain abstraction & DeFi discussion at the NEAR event. NEAR has set a high standard in user experience and AI innovation, especially as chain abstraction is becoming a key feature, not only for NEAR but also for the broader blockchain ecosystem.

A brief speech was given at the Pudgy Penguins event The Green Room: Bangkok Edition. Such events highlight the immense potential of NFTs, and Pudgy Penguins exemplifies this with its innovative approach to building community and realizing value.

Mode Network's activities showcased six innovative AI projects incubated under its umbrella. Each project demonstrates unique applications 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 held 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.

The Cultivating the Full Lifecycle event is a great opportunity to learn, connect, and explore the various stages of the Web3 ecosystem from innovation to impact. We also invited the winning projects of the Ethereum hackathon to share their experiences in tackling real-world challenges at the forefront of expanding Web3 potential.

Venture Night: Crypto Edition is an unforgettable terrace night filled with delicious food and insightful conversations. It is a great opportunity to connect with a vibrant group and discuss the latest trends shaping the Crypto Assets and blockchain landscape.

Our team members actively participated in various activities at Devcon, serving as discussion guests, hosts, and judges. We discussed topics such as the evolving role of real-world assets in the blockchain ecosystem, community building in Web3, and how to drive the growth of portfolio companies through synergistic events.

Conclusion

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 continue to emerge. Looking ahead to 2025, we anticipate a major bull market, and Ethereum will undoubtedly continue to shine in its evolving journey. We are excited to contribute to the acceleration of blockchain adoption and help shape the future of the industry.