Author: Joanna Liang, Co-founder & CEO at Jsquare
November 2024 marked a pivotal moment for the cryptocurrency and Web3 space, driven by the ongoing shifts in global markets and the rising prominence of meme narratives. Most notably, the Ethereum Foundation’s Devcon 2024 served as a cornerstone event. Jsquare was honored to participate in nearly 20 events during this landmark gathering, including hosting two of our own side events. In this recap, I’ll share key takeaways from Devcon, with a focus on two major narratives that dominated the discussions: Meme Coins and Payments.
Overview of Devcon 2024
Devcon is the premier annual gathering for Ethereum ecosystem developers, researchers, and industry pioneers. Held from November 12–15 in Bangkok, Thailand, the 2024 edition was the largest in Devcon’s history, attracting over 20,000 attendees from across the globe. The conference covered a broad spectrum of critical topics, such as scalability, decentralization, and Ethereum’s growing role in the broader blockchain and Web3 ecosystems.
This year’s Devcon week not only highlighted Ethereum’s leadership but also the growing diversity of blockchain ecosystems, including Solana, Sui, Polkadot, Ton, Near, Aptos, and Bitcoin. The conference spotlighted the rapid evolution of Web3 technologies, from AI and DePIN to Interoperability and Layer 2 solutions, providing a glimpse into the future landscape of the blockchain space. The development of these technologies will allow for more scalable, secure, and sustainable blockchain solutions, a crucial step toward broader Web3 adoption.
SEA: A Strategic Hub for Web3 and Crypto Adoption
Southeast Asia is rapidly emerging as a pivotal region for the growth of Web3 and cryptocurrency, with Thailand at the forefront. At Devcon, it was clear that SEA’s crypto landscape is on the brink of significant expansion.
At Jsquare, we are strategically focused on expanding our presence in SEA. With a young, tech-savvy population, increasing regulatory clarity, and governments open to crypto innovation, Southeast Asia is positioned to lead the charge in Web3 adoption. We believe that active engagement here is crucial for driving the next phase of industry growth and shaping the future of decentralized technologies.
As part of our commitment to deepening ties in SEA, we hosted two side events at Devcon in collaboration with leading local organizations, including Cryptomind Group and ContributionDAO from Thailand, as well as KXVC from Thailand and K300 Venture from Vietnam. These events, centered on the theme “Cultivating the Full Lifecycle,” explored both the opportunities and challenges within the SEA market — one that is quickly becoming a central hub for Web3 innovation.
The Paradigm Shift in Meme Coins: A Community-First Approach
Meme coins, which gained traction in the Solana ecosystem earlier this year, continued to dominate discussions at Devcon, with the rise of $Pnut and AI Agent Meme taking the meme conversation to new heights. Driven not only by speculative investment but also by broader cultural trends. While traditional narratives often compare meme coins to utility tokens based on their technological value or use case, a deeper and more critical insight emerges when we shift the focus to the underlying factor behind their success: community.
Meme coins are more than just digital assets — they represent vibrant, self-sustaining communities. The secret to their success lies in their ability to capture and maintain attention. Coins like $Doge and $Pepe have built large, passionate followings, driven by social engagement and shared identity rather than technological innovation. This community-first model creates a unique market dynamic, where value is fueled by the viral, network effect of attention. It underscores the importance of community-building from the outset. By leveraging social media, humor, and cultural relevance, these projects create viral moments that propel them forward — something many traditional Web3 projects often miss.
There is also a distinct contrast between community-building approaches in Asia and the West. Asian projects typically prioritize early community engagement and marketing, using social media and meme culture to build momentum before product development is complete. This approach helps quickly capture attention and create active, vibrant communities, although sustaining this enthusiasm long-term can be challenging. In contrast, Western projects tend to focus on long-term product development before heavily investing in community building, leading to slower but potentially more sustainable growth over time.
At Jsquare, we understand both approaches. We leverage Asia’s community-building strategies for rapid engagement while also emphasizing long-term sustainability and market expansion. Our expertise allows us to bridge the gap between Eastern and Western methodologies, helping global projects scale in a balanced, effective way.
For investors, the key lesson is clear: the success of Web3 projects will be determined by their ability to build and sustain engaged communities. Whether in the East or West, fostering a loyal, active user base is essential for long-term success.
Payments: Unlocking New Paths to User Acquisition
At Devcon, crypto payments emerged as a key topic, underscored by Stripe’s $11 billion acquisition of the stablecoin platform Bridge. The payments sector is rapidly evolving, with companies like Circle, Tether, Coinbase, and Binance driving innovation in cross-border payments and stablecoin infrastructure. As the ecosystem matures, we anticipate the emergence of new payment solutions that bridge crypto and traditional finance, providing businesses and consumers with more flexible and secure transaction methods.
For new entrants, focusing on niche areas within the broader payments framework is a promising approach. With the integration of DeFi, we expect new financial products, such as decentralized lending, remittances and e-commerce payments. These solutions will bypass centralized intermediaries, reduce service fees, and enable faster, more efficient cross-border transactions, further driving Web3 adoption.
At Jsquare, we are actively exploring opportunities in the payments space. Our strategy targets companies that are innovating in this area, aiming to unlock new user acquisition channels and bring crypto closer to mainstream use.
Empowering Women at Devcon 2024
During this year’s Devcon, I had the privilege of connecting with inspiring female entrepreneurs and engaging in meaningful discussions. I was also interviewed by Deribit and had the pleasure of speaking with a host who is a strong advocate for female empowerment — an experience that further inspired me. I’m grateful to be part of an industry that offers such freedom and inclusivity, where women have more opportunities to lead and innovate.
What stood out most were the dedicated events for female entrepreneurs — networking meetings, summits, and lunches that created spaces for connection and collaboration. It was empowering to see women in leadership roles, sharing sharp, inclusive perspectives.
These experiences reinforced my belief that Web3 is an industry where women can thrive, build strong networks, and support each other’s growth. It’s exciting to witness the increasing presence of women in this space, and I look forward to continuing this journey alongside such talented individuals.
Jsquare team at Devcon2024
The Jsquare team had an active presence at Devcon, engaging in multiple events where we shared valuable industry insights and future outlooks. Beyond the conference, our team also enjoyed a team-building activity by the scenic riverside, further strengthening team cohesion.
Key moments from Jsquare’s participation at Devcon included:
- Hosting the “Venture Night: Crypto Edition” with Starbase and DFG, where over 100 VCs gathered to discuss primary markets, build meaningful connections, and enjoy great food.
- Hosting the “Cultivating the Full Lifecycle” meetup with DFG, Starbase and ScalingX. Explored Web3 market trends, emerging narratives, and SEA’s evolving landscape alongside industry leaders. I delivered the opening speech titled “Web3 & AI Adoption in Emerging Asia Market.”
- Sponsoring the Pudgy Night Market — a vibrant evening filled with gaming, good vibes, and fantastic food and drinks.
- James Woo, founding partner at Jsquare, speaking on the panel “How Chain Abstraction Will Power This Cycle’s Blue Chips” at [REDACTED], hosted by Near foundation.
- James Woo, founding partner at Jsquare, speaking at Pudgy Penguins’ event, The Green Room: Bangkok Edition.
- Dinghan, Partner at Jsquare, speaking on the panel at NFTCON, sharing insights on tokenomics trends and their impact on the NFT landscape. He believes for NFT projects, finding the right market positioning and business model is key to achieving sustainable growth.
- Dinghan, Partner at Jsquare, speaking on the panel “Web3 Potential: A VC’s View on the Next Big Wave”, hosted by Gate Venture and HackQuest. Identified AI and payments as the next big verticals, predicting a transformative shift in global transactions driven by stablecoin payment systems. He stressed the importance of middleware and sustainable business models to drive mass adoption.
- Angela Tong, CMO at Jsquare and DFG, taking the spotlight as moderator for the panel discussion “Navigating RWA on the Blockchain” hosted by De.fi at DeFiWorld2024.
- Team lunch in beautiful Bangkok!
Conclusion: Looking Ahead to 2025
Devcon 2024 provided invaluable insights into the future of the crypto and Web3 ecosystems. From meme coins to payments and Southeast Asia, the conference showcased 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 toward 2025, we are excited about the possibilities that lie ahead in the areas of community building, decentralized payments, and AI. With our unique position at the intersection of Eastern and Western blockchain ecosystems, we are poised to continue playing a pivotal role in connecting global markets and fostering innovation.
The future of Web3 is bright, and we look forward to being a part of this transformative journey.
About Jsquare
Jsquare is a research and technology-driven investment firm that is dedicated to facilitating the mass adoption of blockchain technology. Founded in 2021, Jsquare self-funded its operations and currently manages an AUM of over $150 million dollars.
With a focus on identifying top-tier teams with growth potential, Jsquare has strategically invested in approximately 70 projects across various sectors. These sectors include CeFi (Coinlist, 3iQ, FV Bank, etc.), NFT/GameFi/Metaverse (Pudgy Penguins, BigTime, Apeiron, etc.), Layer 1 (Linera, Shardeum, Zetachain, Oasys, etc.), and Infrastructure (Gensyn, ChainSafe, Chainbase, Cookie3, etc.), among others.
Jsquare’s investment approach has recently been informed by a geographical philosophy. By employing dynamic strategies, Jsquare aims to secure investments that align with its forward-thinking vision. Jsquare closely monitors the macro-environment and navigates the digital asset and emerging technology landscape for long-term prosperity.
Jsquare Website: https://www.jsquare.co/
Jsquare X account: https://x.com/JSquare_co
Jsquare LinkedIn: https://www.linkedin.com/company/jsquare-co/
