Southeast Asia's Encryption Ecosystem Thrives: Devcon Review and Insights

Thailand is gradually becoming an important member of the rapidly developing encryption and Web3 ecosystem in Southeast Asia. With a population of over 70 million, Thailand has widely embraced blockchain technology under government-supported policies for innovation and digital economic development. Incentives such as tax exemptions for digital token investments further strengthen Thailand's appeal as a center for blockchain investors. The entire Southeast Asia region's blockchain applications are thriving, thanks to a tech-savvy population and continually improving infrastructure.

This momentum was particularly evident during Devcon, which hosted several important events, including Thailand Blockchain Week, the 2024 EVM Summit, and a special event for NEAR. These gatherings highlighted Thailand's leadership position in the vibrant Web3 space in Southeast Asia, laying the groundwork for future development 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. Devcon and Thailand Blockchain Week highlighted pioneering projects, engaging discussions, and cutting-edge trends shaping the blockchain landscape. In this dynamic atmosphere, topics such as artificial intelligence, decentralized science ( DeSci ), and real-world assets ( RWA ) became the focus of innovation and exploration during Devcon and its related side events.

Key Highlights

AI

At the "DeFi x AI" event held on a certain network, the increasingly enhanced synergy between DeFi and AI agents became the focus. The 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 very suitable for training AI agents tailored for financial applications.

NEAR has also stood out due to its special events, including a discussion on chain abstraction. NEAR advocates for user-owned applications, empowering individuals and communities through innovative technology. NEAR's AI incubation program establishes partnerships with decentralized AI projects to build infrastructure for complex applications. Notably, NEAR has launched an AI assistant that utilizes 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 focused on the intersection of AI and blockchain, emphasizing AIFi, decentralized AI products, and autonomous agents. Among the many outstanding projects, Vana is radically transforming the AI data landscape through its user-owned data economy. Vana's RdataDAO initiative has over 140,000 contributors, exemplifying the shift of artificial intelligence towards decentralization. By allowing individuals to retain 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 lifespan extension to hair loss prevention, most of which are part of the Bio Protocol. The platform is at the center of 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 advancement through funding and partnerships. The role of a certain trading platform as a potential launch platform for leading DeSci projects signifies 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 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. Additionally, integrating DeSci mechanisms into research funding creates new avenues for scientists and investors, making decentralized science an appealing frontier for 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, thus opening a new era for 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. In addition, we co-hosted the DeFi x AI event with portfolio companies. 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.

The chain abstraction & DeFi discussions in NEAR's special events are impressive. NEAR sets a high standard in user experience and AI innovation, especially as chain abstraction is becoming a key feature, not only for NEAR but for the broader blockchain ecosystem as well.

Deliver a brief speech at the Pudgy Penguins event The Green Room: Bangkok Edition. 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.

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

The investment team participated in the Meet the VC Brekky event, engaging in meaningful one-on-one meetings with promising projects. The energy and creativity from these discussions continue to inspire us in our commitment to support the next wave of transformative companies.

The Cultivating the Full Lifecycle event is an excellent opportunity to learn, connect, and explore the various stages of the Web3 ecosystem from innovation to impact. Discussions will cover AI and web3, the evolving DeFi landscape, and how investment strategies align with these transformative trends. Winning projects from the Ethereum hackathon have also been invited to share their experiences in addressing real-world challenges at the forefront of expanding Web3's potential.

Venture Night: Crypto Edition is a truly memorable evening on the terrace, 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 landscape of encryption and blockchain.

Team members actively participated in various activities at Devcon, serving as discussion guests, hosts, and judges. They hosted the discussion "Exploring RWA on Blockchain" at De.Fi World 2024, discussing the evolving role of real-world assets in the blockchain ecosystem with industry leaders.

Also participated in a discussion about Web3 marketing, exploring community building within Web3 and how to drive the growth of portfolio companies through synergistic activities.

Participated in the discussion "Democratizing AI Applications and Agents: Building a Collaborative Economy of Shared Ownership" at the ChainOpera event, exploring strategies to bring "AI demand" into Web3. AI remains a major investment focus.

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, a major bull market is expected, and Ethereum will undoubtedly continue to shine in its ongoing development. Accelerating the adoption of blockchain and shaping the future industry remains our goal.