DFG’s Devcon Recap & Insights: Thailand and SEA’s Crypto Ecosystem in Full Swing
Author: James Wo, Founder & CEO of DFG
Thailand is emerging as a key player in Southeast Asia’s thriving cryptocurrency and Web3 ecosystem. With a population exceeding 70 million, the country has embraced blockchain technology, underpinned by government policies that encourage innovation and digital economic growth. Favorable measures, such as tax exemptions for digital token investments, have solidified Thailand’s appeal as a hub for blockchain investors. Across Southeast Asia, blockchain adoption is booming, driven by tech-savvy populations and growing infrastructure. This momentum was evident during Devcon week, with standout events like Thailand Blockchain Week by Cryptomind, the EVM Summit 2024 hosted by KXVC (the venture arm of KASIKORN Business-Technology Group), and NEAR’s [REDACTED] event, among others. These gatherings underscored Thailand’s leadership in SEA’s vibrant Web3 landscape, setting the stage for further growth and innovation.
DFG has been a steadfast advocate for the Ethereum ecosystem, driving its growth and innovation across diverse sectors. This year’s Devcon, hosted in Bangkok, brought together thousands of developers, researchers, and industry leaders, showcasing Ethereum’s vibrant global community. Devcon and Thailand Blockchain Week highlighted pioneering projects, engaging discussions, and cutting-edge trends shaping the blockchain landscape. Amid the dynamic atmosphere, topics like AI, decentralized science (DeSci), and real-world assets (RWA) stood out as focal points of innovation and exploration during both Devcon and its associated side events.
Key Highlights
AI
At the Mode Network event, “Mode Devcon — DeFi x AI,” co-hosted by Big Brain, DFG, and Gate Ventures, the growing synergy between DeFi and AI agents took center stage. Mode Network is repositioning its Layer 2 infrastructure to support DeFi agents, distinguishing itself from other L2 ecosystems through a dedicated focus on DeFi. This singular focus provides a clean data environment ideal for training AI agents tailored to financial applications. As a co-host, DFG was proud to foster connections and champion Mode’s AI-driven initiatives.
NEAR Protocol also stood out with its [REDACTED] event, where I joined a panel discussion on chain abstraction. NEAR is championing user-owned applications, empowering individuals and communities through innovative technologies. The NEAR Horizon AI Incubation Program fosters partnerships with decentralized AI projects to build infrastructure for sophisticated applications. Notably, NEAR has introduced an AI assistant leveraging chain abstraction to enable seamless asset swaps, fiat integration, and automated task coordination, such as booking flights or managing actions between AI agents. These advancements showcase NEAR’s dedication to merging AI and Web3 in ways that prioritize practicality and user privacy.
The “Agents Unleashed Bangkok + The Humans Unleashed Party” event spotlighted the intersection of AI and blockchain, featuring discussions on AIFi, decentralized AI products, and autonomous agents. Among the standout projects, Vana is revolutionizing the AI data landscape with its user-owned data economies. With over 140,000 contributors in its RdataDAO initiative, Vana exemplifies a shift toward decentralization in AI. By enabling 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, like Almanak and Brianknows, further enrich the ecosystem by enhancing coordination and interaction within the AI space.
At DFG, we firmly believe in AI’s transformative potential. By integrating AI with blockchain, we can create systems that empower users, safeguard privacy, and unlock unprecedented value, driving innovation for a decentralized and user-focused future.
DeSci
The rise of decentralized science (DeSci) emerged as a key theme at this year’s Devcon. Binance’s DeSci Builders Event showcased projects spanning life extension to hair loss prevention, most of which are part of Bio Protocol. This platform serves as a hub for DeSci innovation, connecting teams with resources and exposure rather than focusing solely on venture capital funding.
Notably, Vitalik Buterin and CZ appeared, emphasizing DeSci’s importance. Vitalik’s participation highlighted his personal interest in longevity science and his commitment to DeSci’s potential to improve lives. CZ expressed a desire to support academic and scientific advancements through funding and partnerships. Binance’s role as a potential launchpad for leading DeSci projects signals a promising future for the sector. By filtering out scams and nurturing impactful initiatives, Bio Protocol could become the foundation for sustainable growth in decentralized science.
DeSci offers significant opportunities for mainstream adoption by addressing relatable, real-world issues like health and longevity. Partnerships with major players like Binance could facilitate smoother transitions from experimental research to market-ready solutions. Moreover, integrating DeSci mechanisms into research funding creates novel avenues for scientists and investors, making decentralized science a compelling frontier in both innovation and impact.
RWA
Real-World Assets (RWA) remain a compelling solution to long-term challenges in blockchain adoption. By tokenizing tangible assets such as real estate, commodities, or receivables, RWA bridges the gap between traditional finance and decentralized systems.
During Devcon, I observed an increasing interest from VCs in RWA, reflecting its transformative potential. These discussions emphasized RWA’s potential to bring liquidity, transparency, and accessibility to previously illiquid markets. As more robust frameworks emerge, RWA could address issues like asset verification, legal compliance, and scalability, unlocking a new era of blockchain applications.
Our focus on RWA is grounded in its ability to democratize access to wealth-building opportunities, fostering greater global economic inclusion. By building infrastructure to support RWA, we can facilitate seamless integration between blockchain networks and real-world economies, paving the way for a more inclusive and efficient financial ecosystem.
DFG’s Events
DFG has been a consistent supporter of major Ethereum conferences, including Devcon. Over the years, we have actively engaged in various roles such as panelists, moderators, and judges, fostering connections with innovators across the blockchain space. At this year’s Devcon, we expanded our involvement by hosting two side events: Cultivating the Full Lifecycle and Venture Night: Crypto Edition. Additionally, we co-hosted Mode Devcon — DeFi x AI alongside our portfolio company, Mode Network. These events provided a platform for discussing emerging trends and showcasing the transformative potential of blockchain technology, particularly in the realms of AI and DeFi.
I enjoyed participating in the panel on Chain Abstraction & DeFi at [REDACTED]! I’m optimistic about NEAR Protocol’s future, as I believe it sets a high standard in user experience and innovation within AI. Chain abstraction, in particular, is shaping up to be a pivotal feature, not only for NEAR but for the broader blockchain ecosystem. It’s exciting to see NEAR leading in simplifying interactions across chains while driving forward practical, user-centric applications.
I was delighted to give a short speech at Pudgy Penguins’ event, The Green Room: Bangkok Edition. Events like these highlight the vibrant potential of NFTs, and Pudgy Penguins exemplifies this with their innovative approach to building community and delivering value. Their success showcases how NFTs can drive engagement, creativity, and utility within the broader blockchain ecosystem.
Mode Network’s event showcased six innovative AI projects that were incubated under its umbrella. Each project demonstrated unique applications of AI, underscoring Mode Network’s commitment to fostering cutting-edge innovation within its DeFi L2 ecosystem. We are very proud to support Mode and their event!
Our investment team was thrilled to participate in the Meet the VC Brekky event once again, engaging in meaningful 1:1 meetings with promising projects. The energy and creativity in these discussions continue to inspire our commitment to supporting the next wave of transformative ventures.
Both of our events were a resounding success! The “Cultivating the Full Lifecycle” event was an incredible opportunity to learn, connect, and explore the Web3 ecosystem in all its stages from innovation to impact. I was happy to share my take on AI & web3, the evolving DeFi landscape, and how DFG’s investment strategies align with these transformative trends. We also invited Ethereum hackathon-winning projects Hanseek, Memora, and ZeroX Network to share their experiences in addressing real-world challenges at the forefront of expanding Web3’s potential.
We are incredibly thankful to all the guests and VCs who braved the rain to join us for the “Venture Night: Crypto Edition” event! It was a truly memorable evening on the terrace, filled with delightful food and insightful conversations. It was a great opportunity to connect with such a dynamic group of individuals and discuss the latest trends shaping the crypto and blockchain landscape.
DFG’s team members actively participated in various events at Devcon as panelists, moderators, and judges. Angela Tong, CMO of DFG and Jsquare, took the stage at De.Fi World 2024 to moderate the panel “Navigating RWA on the Blockchain” to explore the evolving role of real-world assets in the blockchain ecosystem with industry leaders.
Kexin Ye, Marketing Manager at DFG, joined the Web3 Marketing panel organized by TaskOn to discuss community building in Web3 and how event synergies can drive growth across DFG’s portfolio.
Geng Kai, Research Analyst at DFG, joined the panel “Democratizing AI Apps and Agents: Building a Collaborative Economy for Co-Ownership” at ChainOpera’s event, where he discussed strategies for bridging the gap in bringing “AI demand” to Web3. AI remains a key investment focus for DFG.
See you next time, Devcon!
Devcon 2024 showcased the Ethereum ecosystem’s relentless drive for innovation, with significant advancements in AI, DeSci, and RWA, among others. The Ethereum ecosystem has seen solid business growth and strong revenue streams across various applications, while new innovations continue to emerge, reinforcing our commitment to supporting Ethereum through active engagement and investments in both primary and secondary markets. Looking ahead to 2025, we anticipate a major bull run, and Ethereum will undoubtedly continue to shine as it evolves. We’re excited to contribute to the acceleration of blockchain adoption and help shape the industries of tomorrow.
About DFG
Digital Finance Group (DFG) is a leading global Web3 investment and venture firm, established in 2015. With assets under management exceeding $1 billion, DFG’s investments span across diverse sectors within the blockchain ecosystem. Our portfolio boasts investments in pioneering projects such as Circle, Ledger, Coinlist, Near, Solana, Render Network, ZetaChain, and over 100 others.
At DFG, we are committed to generating value for our portfolio companies through market research, strategic consult, and sharing of our vast resources globally. We are actively working with the most transformative and promising blockchain and Web 3.0 projects poised to revolutionize the industry.
DFG Website: https://dfg.group
DFG Twitter: @DFG__Official
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