Author : Joanna Liang, Co-founder & CEO at Jsquare
November 2024 marks a critical moment for the cryptocurrency and Web3 industries, with global market changes, AI, and meme coins being the focus of discussion. Most notably, Devcon 2024, hosted by the Ethereum Foundation, is taking place in Bangkok, Thailand. Jsquare is honored to have participated in this event and nearly 20 events, and hosted two of the side events. In this recap, I will share key insights from Devcon, with a special focus on Meme thinking and PayFi, as well as the importance of women's power in Web3.
Devcon 2024 Overview
Devcon is an annual gathering of developers, researchers, and industry pioneers in the Ethereum ecosystem. The 2024 conference was held in Bangkok, Thailand from November 12 to 15, and was the largest in Devcon history, attracting more than 20,000 attendees from all over the world. The conference covered a wide range of topics including scalability, AI, Desci, and Ethereum's increasingly important role in the broader blockchain and Web3 ecosystem.
This year's Devcon Week not only highlighted Ethereum's leadership, but also showcased the diverse development of the blockchain ecosystem, with various activities in other ecosystems including Solana, Sui, Polkadot, Ton, Near, Aptos, and Bitcoin also in full swing. At Devcon, the conference focused on the rapid development of Web3 technology, from AI and DePIN to cross-chain interoperability and Layer 2 solutions, showing a panoramic view of the future of the blockchain field. As these technologies develop, blockchain solutions will become more scalable, secure, and sustainable, paving the way for the widespread adoption of Web3.
Southeast Asia: A Strategic Hub for Web3 and Cryptocurrency
Southeast Asia is rapidly emerging as an important region for Web3 and cryptocurrency development, and Thailand is at the forefront. At Devcon, it was clear that the Southeast Asian crypto market is entering a period of rapid expansion. At Jsquare, we are focused on expanding our presence in Southeast Asia. The region's young and skilled professional community, increasingly clear regulatory frameworks, and governments' open attitudes toward crypto innovation have combined to make Southeast Asia a leader in Web3 adoption. We believe that active participation in this region is critical to driving the next stage of growth in the industry and shaping the future of decentralized technology.
To deepen our connection with Southeast Asia, we partnered with Cryptomind Group and ContributionDAO in Thailand, as well as K300 Venture in Vietnam and KXVC in Thailand to host two side events at Devcon. Themed “Full Lifecycle Cultivation,” the event explored the opportunities and challenges of the Southeast Asian market—a market that is quickly becoming a core hub for Web3 innovation.
Meme Thinking Paradigm: Community-First Strategy
This year, Meme coins have emerged in the Solana ecosystem and continue to dominate discussions at Devcon. The rise of $Pnut and AI Agent Meme has pushed the discussion of Meme coins to a new level. This phenomenon is not only driven by speculative investment, but also by broader cultural trends. Traditional narratives often compare meme coins with utility tokens based on their technical value or use cases, but if we focus on the core factor behind the success of meme coins-the community, we will find a deeper and more critical insight.
Meme coins are more than just digital assets, they represent vibrant, self-sustaining communities. The secret to their success is their ability to attract and maintain attention. Coins like $Doge and $Pepe have built large and passionate fan bases that drive the project through social interaction and shared identity rather than technical innovation. This community-focused model creates unique market dynamics where value is driven by the viral effect of attention. It also highlights the importance of focusing on community building from the beginning. By leveraging social media, humor, and cultural relevance, these projects create buzz that can spread quickly, propelling them forward - an element that many traditional Web3 projects overlook.
This meme thinking is very worthy of reference for projects in community building: Web3 projects establish and maintain active communities to lay the foundation for the success of the project. Whether in the East or the West, cultivating a loyal and active user base is crucial to long-term success. However, there are also significant differences in the way communities are built between Asia and the West. In comparison, Asian projects are better at using meme thinking to prioritize early community building and marketing, using social media and meme culture to quickly attract attention in the market and create an active community, although it may be challenging to maintain this enthusiasm in the long term. In contrast, Western projects tend to focus on long-term product development, progressing more slowly before investing heavily in community building, but may achieve more sustainable growth.
At Jsquare, we understand both approaches. We draw on strategies from Asia to quickly attract communities while also focusing on long-term sustainability and market expansion. Our expertise enables us to bridge the gap between Eastern and Western approaches, helping global projects scale in a balanced and effective manner.
PayFi: Opening up new user acquisition paths
PayFi became a key topic during Devcon. The previous transaction of payment giant Stripe to acquire stablecoin platform Bridge for $11 billion further deepened the attention of this topic. The payment field is developing rapidly, and leading companies such as Circle, Tether, Coinbase and Binance are driving innovation in infrastructure such as currency acceptance and stablecoin assets. As the entire payment system framework matures, we expect to see more and more new payment solutions that can connect cryptocurrencies with traditional finance and provide businesses and consumers with more flexible and secure transaction methods.
For new entrants, focusing on niche areas is a path worth exploring. With the integration of DeFi, more new application-layer financial products will emerge, such as decentralized lending, remittances, and e-commerce payments. These solutions will bypass centralized intermediaries, reduce service fees, and enable faster and more efficient cross-border transactions, further promoting the popularity of Web3.
At Jsquare, we are actively exploring opportunities in the payments space. Our strategy is to focus on companies that are innovating in the payments space, aiming to open new user acquisition channels and drive cryptocurrencies closer to mainstream adoption.
Empowering Women: The Female Power of Devcon 2024
At this year's Devcon, I had the privilege of connecting with some inspiring female entrepreneurs and engaging in meaningful discussions. I was also interviewed by Deribit and spoke with a female-powered presenter, an experience that left me even more inspired. I feel extremely lucky to be a part of an industry that offers so much freedom and inclusion, giving women more opportunities to lead and innovate.
What impressed me most were the events held specifically for female entrepreneurs—meetups, summits, and luncheons that created opportunities for networking and collaboration. It was inspiring to see women in leadership positions sharing unique and inclusive perspectives.
These experiences have reinforced my belief that Web3 is an industry where women can thrive, build strong networks, support each other, and grow together. I am very excited to see more and more women appearing in this field, and look forward to continuing on this path with these talented people.
Jsquare at Devcon2024
The Jsquare team actively participated in multiple events during Devcon2024, sharing valuable industry insights and future prospects. In addition to the conference, our team also held a team-building event on the picturesque Chao Phraya River to further enhance the team's cohesion.
Jsquare's highlights at Devcon include:
Co-hosted with Starbase and DFG, “Venture Night: Crypto Edition” brought together over 100 venture capitalists to discuss mainstream markets, make meaningful connections, and enjoy delicious food.
We co-hosted the "Cultivate the Full Lifecycle" meetup with DFG, Starbase, and ScalingX to dive into Web3 market trends, emerging narratives, and the changing Southeast Asian market, and engage with industry leaders. I gave the opening speech at the conference titled "Web3 and AI Applications in Emerging Asian Markets."
We are delighted to sponsor Pudgy Night Market - a lively evening with great games, a great atmosphere and delicious food and drinks.
Jsquare founding partner James Woo participated in a panel discussion on the theme of "How chain abstraction drives blue chip projects in this cycle" at the [REDACTED] forum hosted by the Near Foundation.
Jsquare founding partner James Woo spoke at the event "The Green Room: Bangkok Edition" hosted by Pudgy Penguins.
Jsquare partner Dinghan spoke at the NFTCON discussion panel, sharing insights on token economics trends and their impact on the NFT market. He believes that for NFT projects, finding the right market positioning and business model is the key to achieving sustainable growth.
Jsquare partner Dinghan spoke at the "Web3 Potential: The Next Big Trend from the Perspective of Venture Investors" discussion panel hosted by Gate Venture and HackQuest. He pointed out that artificial intelligence and payments will be the next important areas, predicting that stablecoin payment systems will drive a transformative shift in global transactions. He emphasized the importance of middleware and sustainable business models in driving mass adoption.
Angela Tong, CMO of Jsquare and DFG, moderated a roundtable discussion on “Exploring RWA on the Blockchain” at the DeFiWorld2024 Summit hosted by De.fi.
Team lunch with beautiful view
Conclusion: Looking forward to 2025
Devcon 2024 provided us with valuable insights into the future of the cryptocurrency and Web3 ecosystem. From Meme coins to payment solutions to the Southeast Asian market, the conference demonstrated the rapid pace of innovation and the significant opportunities that lie ahead.
At Jsquare, we are more committed than ever to supporting visionary entrepreneurs and projects that are shaping the future of Web3. As we look ahead to 2025, we are excited about what to expect in areas such as community building, decentralized payments, and artificial intelligence. With our unique position at the intersection of the Eastern and Western blockchain ecosystems, we will continue to play a key role in connecting global markets and fostering innovation.
The future of Web3 is bright, and we look forward to playing an important role in this transformative journey.
