DFG’s Devcon Review and Insights: Thailand and Southeast Asia’s Crypto Ecosystem in Full Swing

DFG ｜2024-11-27 15:19

Author: James Wo, Founder & CEO, DFG

Thailand is emerging as a key player in Southeast Asia’s thriving cryptocurrency and Web3 ecosystem. With a population of over 70 million, Thailand has embraced blockchain technology, supported by government policies that encourage innovation and growth in the digital economy. Incentives such as tax exemptions on digital token investments have solidified Thailand’s appeal as a hub for blockchain investors. Across Southeast Asia, blockchain adoption is booming, fueled by a tech-savvy population and growing infrastructure. This momentum was evident during Devcon week, which included standout events such as Thailand Blockchain Week hosted by Cryptomind, EVM Summit 2024 hosted by KXVC (the venture capital arm of KASIKORN Business Technology Group), and NEAR’s [REDACTED] event. These gatherings highlighted Thailand’s leadership in Southeast Asia’s vibrant Web3 sector, laying the foundation for further growth and innovation.

DFG has been a staunch advocate of the Ethereum ecosystem, driving its development and innovation in various fields. This year's Devcon in Bangkok brought together thousands of developers, researchers and industry leaders, showcasing Ethereum's vibrant global community. Devcon and Thailand Blockchain Week highlighted groundbreaking projects, fascinating discussions and cutting-edge trends shaping the blockchain landscape. In a vibrant 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

The growing synergy between DeFi and AI agents took center stage at Mode Network’s event “Mode Devcon — DeFi x AI”, co-hosted by Big Brain, DFG, and Gate Ventures. Mode Network is repositioning its L2 infrastructure to support DeFi agents, differentiating itself from the rest of the L2 ecosystem by focusing exclusively on DeFi. This singular focus provides a clean data environment ideal for training AI agents tailored for financial applications. As a co-host, DFG is proud to connect and support Mode’s AI-driven initiatives.

NEAR also stood out for its [REDACTED] event, where I attended a panel on chain abstraction. NEAR advocates for user-owned applications that empower 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 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 converging AI and Web3 in a way that prioritizes utility and user privacy.

The event “Agents Unleashed Bangkok + The Humans Unleashed Party” focused on the intersection of AI and blockchain, with discussions focusing on AIFi, decentralized AI products, and autonomous agents. Among many outstanding projects, Vana is revolutionizing the AI data landscape with its user-owned data economy. With over 140,000 contributors, Vana’s RdataDAO initiative is a prime example of the shift toward decentralization in AI. By allowing individuals to maintain control of their data while unlocking its value for AI training, Vana represents the future of ethical, user-first AI. Other promising tools, such as Almanak and Brianknows, further enrich the AI ecosystem by enhancing coordination and interaction in the AI field.

At DFG, we firmly believe in the transformative potential of AI. By combining AI with blockchain, we can create systems that empower users, protect privacy, and unlock unprecedented value, driving innovation and enabling a decentralized and user-centric future.

DeSci

The rise of decentralized science (DeSci) became a key theme at this year’s Devcon. Binance’s DeSci Builders event showcased projects ranging from life extension to hair loss prevention, most of which were part of Bio Protocol. The platform serves as a hub for DeSci innovation, connecting teams with resources and exposure, rather than just focusing on venture capital.

Notably, Vitalik Buterin and CZ also attended the event, highlighting the importance of DeSci. Vitalik’s participation highlighted his personal interest in longevity science and his commitment to DeSci’s potential to improve lives. CZ expressed his desire to support academic and scientific advancement through funding and partnerships. Binance’s role as a potential launchpad for leading DeSci projects bodes well for the industry’s future. By filtering scams and nurturing impactful initiatives, Bio Protocol can serve as a foundation for the sustainable development of decentralized science.

DeSci offers a significant opportunity for mainstream adoption by addressing real-world problems such as health and longevity. Collaboration with major players such as Binance 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 a compelling frontier for innovation and impact.

RWA

Real World Assets (RWA) remain an effective solution to long-standing challenges in 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, I saw growing interest in RWAs from venture capital firms, reflecting its transformative potential. These discussions highlighted the potential of RWAs to bring liquidity, transparency, and accessibility to previously illiquid markets. As more robust frameworks emerge, RWAs can address issues such as asset verification, legal compliance, and scalability, ushering in a new era of blockchain applications.

We focus on RWA because it can democratize access to wealth accumulation opportunities, thereby promoting greater inclusion in the global economy. By building infrastructure to support RWA, we can promote seamless integration between blockchain networks and the real-world economy, paving the way for a more inclusive and efficient financial ecosystem.

DFG activities

DFG has been a strong supporter of major Ethereum conferences, including Devcon. Over the years, we have actively participated in various roles such as panel presentations, moderators and judges to connect with innovators in the blockchain space. At this year's Devcon, we expanded our participation and held two side events: Cultivating the Full Lifecycle and Venture Night: Crypto Edition. In addition, we co-organized Mode Devcon — DeFi x AI with our portfolio company Mode Network. These events provide a platform for discussing emerging trends and showcasing the transformative potential of blockchain technology, especially in the fields of AI and DeFi.

I’m excited to be participating in the Chain Abstraction & DeFi panel at NEAR’s [REDACTED] event ! I’m excited about NEAR’s future as I believe it’s setting a high bar in terms of user experience and AI innovation. Chain abstraction, in particular, is becoming a critical feature, not only for NEAR but for the broader blockchain ecosystem. It’s great to see NEAR leading the way in simplifying cross-chain interactions while driving the development of user-centric utility applications.