Southeast Asia's Crypto Assets and Web3 ecosystem are thriving, with Thailand becoming a key player.

Thailand is becoming an important member of the rapidly developing Crypto Assets and Web3 ecosystem in Southeast Asia. With a population of over 70 million, Thailand has widely embraced blockchain technology under government policies that encourage innovation and the growth of the digital economy. Preferential measures such as tax exemptions for digital token investments further enhance Thailand's appeal as a blockchain investment hub. Blockchain applications are thriving across the Southeast Asian region, thanks to the tech-savvy population and the continuously improving infrastructure.

This momentum was particularly evident during the recent Devcon week, which included important gatherings such as Thailand Blockchain Week, the 2024 EVM Summit, and special events by NEAR. These activities highlight Thailand's leadership in the vibrant Web3 space in Southeast Asia, laying the groundwork for further growth and innovation.

This year's Devcon held in Bangkok brought together thousands of developers, researchers, and industry leaders, showcasing the thriving global community of Ethereum. Devcon and Thailand Blockchain Week highlighted groundbreaking projects, engaging discussions, and cutting-edge trends shaping the landscape of blockchain. 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 events.

Key Highlights

Artificial Intelligence

At a "DeFi x AI" event held on a certain platform, the increasingly enhanced synergy between DeFi and AI agents became the focus. The platform 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's special events stand out for their innovation, including a discussion on chain abstraction. NEAR advocates for user-owned applications, empowering individuals and communities through innovative technologies. NEAR has also 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 between AI agents. These advancements showcase 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, highlighting discussions on AIFi, decentralized AI products, and autonomous agents. Among the 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 and stands 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.

Decentralized Science

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 extending lifespan to preventing hair loss, most of which are part of the Bio Protocol. The 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 an executive from a trading platform also attended the conference, emphasizing the importance of DeSci. Vitalik's involvement highlights his personal interest in longevity science and his commitment to the potential of DeSci to improve lives. The executive from the trading platform expressed a desire to support academic and scientific progress through funding and partnerships. The platform's role as a potential launchpad for leading DeSci projects indicates a bright future for the industry. By filtering out scams and fostering impactful initiatives, Bio Protocol could 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 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 for innovation and impact.

Real World Assets

Real world assets ( RWA ) are still an effective solution to long-term challenges in 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, the interest of venture capital firms in RWA is growing, 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 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 Highlights

At this year's Devcon, we held two side events: Cultivating the Full Lifecycle and Venture Night: Crypto Edition. In addition, we co-hosted a DeFi x AI themed event with a certain platform. 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 and DeFi at NEAR's special 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 broader 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. Events like this highlight the immense 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.

An activity on a certain platform showcased six innovative AI projects incubated under its umbrella. Each project demonstrated a unique application of AI, highlighting the platform's commitment to fostering 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 companies.

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

We are extremely grateful to all the guests and VCs who braved the rain to attend the Venture Night: Crypto Edition event! It was a truly unforgettable evening 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 Crypto Assets and blockchain landscape.

Our team members actively participated in various activities at Devcon, serving as discussion guests, hosts, and judges. At De.Fi World 2024, we hosted a discussion titled "Exploring RWA on the Blockchain," where we discussed the evolving role of real-world assets in the blockchain ecosystem with industry leaders.

Our market manager participated in a Web3 marketing discussion organized by TaskOn, exploring community building in Web3 and how to drive the growth of portfolio companies through event synergy.

Our research analysts participated in the ChainOpera event's discussion on "Democratizing AI Applications and Agents: Building Collaborative Economies with Shared Ownership," exploring strategies to bring "AI demand" into Web3. AI remains our main 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 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 delighted to contribute to accelerating the adoption of blockchain and help shape the future of the industry.