The Booming Southeast Asian Encryption Ecosystem: Insights and Observations from the Devcon Conference

Thailand is becoming a key player in the rapidly growing encryption and Web3 ecosystem in Southeast Asia. With a population of over 70 million, Thailand has widely adopted blockchain technology under government-supported policies that encourage innovation and the growth of the digital economy. Tax incentives for digital token investments further solidify Thailand's appeal as a blockchain investment hub. Blockchain adoption across the Southeast Asia region is rapidly evolving, thanks to a tech-savvy population and continuously improving infrastructure.

This development momentum was particularly evident during the recent Devcon week, which hosted several important events including Thailand Blockchain Week, the 2024 EVM Summit, and NEAR-related activities. These gatherings highlighted Thailand's leadership position in Southeast Asia's vibrant Web3 space, laying the foundation 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 pioneering projects, engaging discussions, and cutting-edge trends shaping the blockchain landscape. 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 "Mode Devcon - DeFi x AI" event co-hosted by several organizations, the increasingly enhanced synergy between DeFi and AI agents became the focus. Mode 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's related activities are also noteworthy due to its chain abstraction theme. NEAR advocates for user-owned applications, empowering individuals and communities through innovative technology. The NEAR Horizon AI incubation program partners with decentralized AI projects to build infrastructure for complex applications. Notably, NEAR has launched an AI assistant that leverages chain abstraction to enable seamless asset exchange, 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, discussing AIFi, decentralized AI products, and autonomous agents in depth. 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 serves as a model for the transition 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 within the field of artificial intelligence.

By combining AI with blockchain, we can create systems that empower users, protect privacy, and unlock unprecedented value, driving innovation and realizing 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 trading platform's DeSci Builders event showcased projects ranging from extending lifespan to preventing hair loss, most of which are part of 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 advancements through funding and partnerships. The role of a certain trading platform as a potential launchpad for leading DeSci projects signifies a bright future for the industry. By filtering out scams and nurturing 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 major trading platforms 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 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 receivables, RWA bridges the gap between traditional finance and decentralized systems.

During Devcon, the growing interest of venture capital firms in RWA reflects 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 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 held two side events: Cultivating the Full Lifecycle and Venture Night: Crypto Edition. In addition, we co-hosted Mode Devcon - DeFi x AI with our portfolio company Mode Network. These events provided a platform to discuss emerging trends and showcase the transformative potential of blockchain technology, particularly in the fields of AI and DeFi.

I am very happy to participate in the chain abstraction & DeFi panel related to NEAR! I am confident about the future of NEAR because I believe it 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 applications.

I am very happy to give a brief speech at the Pudgy Penguins event The Green Room: Bangkok Edition. Such events highlight the tremendous 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.

Mode Network's activities showcase six innovative AI projects incubated under its umbrella. Each project demonstrates the unique applications of AI, highlighting Mode Network's commitment to fostering cutting-edge innovation within its DeFi L2 ecosystem. We are very proud to support Mode and its activities!

Our investment team is excited to participate in the Meet the VC Brekky event again and engage 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 an excellent 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 strategy aligns with these transformative trends. We also invited the winning projects from the Ethereum hackathon, Hanseek, Memora, and ZeroX Network, to share their experiences in tackling 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 unforgettable terrace night, 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 encryption and blockchain landscape.

Our team members actively participate in various activities at Devcon, serving as panel speakers, hosts, and judges. Our CMO took the stage at De.Fi World 2024 to host the panel "Exploring RWA on Blockchain," discussing the evolving role of real-world assets in the blockchain ecosystem with industry leaders.

Our market manager attended a panel on Web3 marketing organized by TaskOn, discussing community building in Web3 and how to leverage events to drive the growth of portfolio companies.

Our research analysts attended the "Democratizing AI Applications and Agents: Building Collaborative Economies of Shared Ownership" panel at the ChainOpera event, discussing strategies to bridge the gap of bringing "AI demand" into Web3. AI remains our main investment focus.

Looking Ahead

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 in both primary and secondary markets. 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 help shape the future of the industry.

![DFG's Devcon Review and Insights: The Comprehensive Development of the Encryption Ecosystem in Thailand and Southeast Asia](https://img-cdn.gateio.im/webp-social/moments-ebd9f1c04b7fa7cc87df7983575c519c.webp