Observing the Booming Southeast Asia Encryption Ecosystem from Devcon in Thailand

Thailand is gradually becoming an important participant in the rapidly developing encryption and Web3 ecosystem in Southeast Asia. With government support for innovation and digital economy development policies, Thailand's population of over 70 million has begun to embrace blockchain technology. Tax exemption measures for digital token investments further enhance Thailand's attractiveness as a blockchain investment hub. Blockchain applications are thriving throughout Southeast Asia, thanks to the region's tech-savvy population and continuously improving infrastructure.

This momentum was particularly evident during the recently held Devcon, which included several important events such as Thailand Blockchain Week, the 2024 EVM Summit, and NEAR's themed activities. These gatherings highlighted Thailand's leadership in the vibrant Web3 space in Southeast Asia, laying the groundwork 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. 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 a "DeFi x AI" themed event 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, distinguishing itself from other L2 ecosystems by focusing on DeFi. This singular focus provides a clean data environment that is ideal for training AI agents tailored for financial applications.

NEAR also stands out due to its themed activities. NEAR advocates for user-owned applications, empowering individuals and communities through innovative technology. NEAR's AI incubation program partners with decentralized AI projects to build infrastructure for complex applications. Notably, NEAR has launched an AI assistant that utilizes chain abstraction to enable seamless asset exchanges, fiat currency integration, and automated 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 manner 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 particular emphasis on AIFi, decentralized AI products, and autonomous agents. Among the many outstanding projects, Vana is revolutionizing the AI data landscape through a user-owned data economy. Vana's RdataDAO aims to have over 140,000 contributors, serving 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.

The integration of AI and blockchain is expected to 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) became a key theme at this year's Devcon. A trading platform's DeSci Builders event showcased projects ranging from life extension to hair loss prevention, most of which are part of Bio Protocol. The platform is at the center of DeSci's 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 progress through funding and partnerships. A certain trading platform's role as a potential launch platform for leading DeSci projects indicates 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 key players 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 attractive 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 accounts receivable, 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 emphasize 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.

RWAs can democratize access to wealth-building opportunities, thereby contributing to a more inclusive global economy. By building RWA-enabled infrastructure, 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, several side events were held, including "Cultivating the Full Lifecycle" and "Venture Night: Crypto Edition". 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.

NEAR's themed activities explored the development of chain abstraction and DeFi. NEAR has set high standards in user experience and AI innovation, particularly as chain abstraction is becoming a key feature, not only for NEAR but also for the broader blockchain ecosystem. NEAR is at the forefront of simplifying cross-chain interactions while promoting the development of user-centric practical applications.

The activities of Pudgy Penguins highlight the immense potential of NFTs, demonstrating 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 a unique application of AI, highlighting the network's commitment to fostering cutting-edge innovation within its DeFi L2 ecosystem.

The "Cultivating the Full Lifecycle" event provides an opportunity to learn, connect, and explore the various stages of the Web3 ecosystem, from innovation to impact. AI and web3, the evolving DeFi landscape, and how investment strategies can align with these transformative trends were explored. Ethereum hackathon winning projects were also invited to share their experiences in scaling the potential of Web3.

The "Venture Night: Crypto Edition" event brought together guests and VCs to explore the latest trends shaping the cryptocurrency and blockchain landscape.

In addition, several team members served as speakers, hosts, and judges at various events. The discussion topics covered multiple aspects including RWA on blockchain, Web3 marketing and community building, and the democratization of AI applications.

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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, the industry anticipates a major bull market, and Ethereum will undoubtedly continue to shine in its ongoing development. The adoption of blockchain technology is accelerating and will continue to shape the future of the industry.

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