Southeast Asia's Crypto Assets and Web3 Ecosystem Thriving, Thailand Becomes a Key Player

Thailand is gradually becoming an important player in the rapidly developing Crypto Assets and Web3 ecosystem in Southeast Asia. With a population of over 70 million, Thailand has embraced blockchain technology under government policies that support innovation and the growth of the digital economy. Tax exemptions for digital token investments further reinforce Thailand's attractiveness as a blockchain investment hub. Across Southeast Asia, the adoption of blockchain is thriving, thanks to a tech-savvy population and an ever-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 NEAR-related events. These activities highlight Thailand's leadership position in the vibrant Web3 field of Southeast Asia, laying the groundwork for further growth and innovation.

This year's Devcon held in Bangkok gathered 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 dynamic atmosphere, themes such as artificial intelligence, decentralized science ( DeSci ), and real-world assets ( RWA ) became the focus of innovation and exploration.

Key Highlights

AI

At an event focused on DeFi and AI, the increasingly enhanced synergy between DeFi and AI agents became the centerpiece. 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, ideal for training AI agents tailored for financial applications.

NEAR has also stood out for its innovative activities, including a discussion on chain abstraction. NEAR advocates for user-owned applications, empowering individuals and communities through innovative technology. NEAR has launched an AI assistant that utilizes chain abstraction to enable seamless asset swaps, fiat currency integration, and automatic 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.

Another event focused on the intersection of AI and blockchain, emphasizing 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, exemplifying the shift of artificial intelligence towards 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 with 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. An activity by a trading platform called DeSci Builders showcased projects ranging from extending lifespan to preventing hair loss, 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 noteworthy that Vitalik Buterin and Trump 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. Trump expressed a desire to support academic and scientific advancement through funding and partnerships. A certain trading platform's role as a potential launchpad for leading DeSci projects signifies 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 stakeholders 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 appealing 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 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 highlight the potential of RWA to bring liquidity, transparency, and accessibility to previously illiquid markets. With the emergence of stronger frameworks, RWA can address issues such as asset verification, legal compliance, and scalability, thus paving the way for 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.

Review of Conference Activities

At this year's Devcon, we held several side events, including "Cultivating the Full Lifecycle" and "Venture Night: Crypto Edition". These events provided a platform to discuss emerging trends and showcase the transformative potential of blockchain technology, especially in the fields of AI and DeFi.

I am very happy to participate in the NEAR chain abstraction & DeFi discussion! I am confident about the future of NEAR because I believe it has set high standards 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.

I also gave a brief speech at the Pudgy Penguins event. These types of events 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.

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

Our investment team is thrilled 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 tremendous 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 views 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 addressing real-world challenges at the forefront of expanding Web3 potential.

We are very grateful to all the guests and VCs who braved the rain to attend the Venture Night: Crypto Edition event! It was a truly exciting night on the terrace, filled with delicious food and insightful conversations. This was a fantastic opportunity to connect with such a vibrant group and discuss the latest trends shaping the Crypto Assets and blockchain landscape.

Our team members actively participate in various activities at Devcon, serving as speakers, moderators, and judges. This includes moderating the "Exploring RWA on Blockchain" discussion at De.Fi World 2024, exploring the evolving role of real-world assets in the blockchain ecosystem; participating in a Web3 marketing discussion on community building in Web3 and how to drive growth through event synergies; and joining the "Democratizing AI Applications and Agents: Building a Collaborative Economy of Common Ownership" discussion, exploring strategies for bringing "AI demand" into Web3.

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, 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 evolving journey. We are excited to contribute to accelerating the adoption of blockchain and help shape the future of the industry.