KBW2024: Chain Abstraction, Modularity, AI and Alt Layer 1s Reign Prominent

Korea Blockchain Week (KBW2024), held between September 1-7 in Seoul, drew in attendees from all over the world, making it one of the premier blockchain and Web3 conferences in Asia.

Organized by FACTBLOCK and co-hosted by venture capital firm Hashed, the event showcased developments in blockchain, decentralized finance (DeFi), non-fungible tokens (NFTs), and Web3.

Discussions and side events centred around the growing intersection between blockchain and traditional finance, with topics like asset tokenization, crypto exchange-traded funds (ETFs) and stablecoins taking centre stage. Here is a rundown of what people were discussing during the week-long event.

Focus Is on Infrastructure

Speaking to attendees on the ground at KBW2024 in Seoul there were a few interesting themes which seemed to dominate discussions and meet-ups.

“Chain abstraction, modularity, alt Layer 1s reign prominent,” Burnt Banksy, XION core contributor told Cryptonews, explaining that a lot of the focus at the event is mainly on infrastructure due to the market being down.

For those unfamiliar, modularity in blockchain is the ability to separate different components of a blockchain system into individual, customizable parts. The chain abstraction process separates the application layer from the underlying blockchain infrastructure. However, one VC had a different opinion on Layers 1s dominating.

“We observed a contrast in the infrastructure sector. New Layer 1 or Layer 2 and middleware initiatives were less prominent, suggesting a potential saturation point in this area,” said Kenzi Wang, the co-founder of Symbolic Capital, told Cryptonews.

Hot Topics: AI, DePIN

So another couple of hot new areas causing a stir amongst the crypto crowd are artificial intelligence (AI) and DePIN — Decentralized Physical Infrastructure Networks.

DePin refers to blockchain-powered networks that aim to decentralize ownership and management of real-world physical infrastructure, such as telecommunications, storage, or transportation.

Instead of relying on a single centralized entity, DePIN projects incentivize individuals or organizations to contribute resources, such as bandwidth, storage, or energy, in exchange for tokens or other rewards.

Wang from Symbolic Capital, who works closely with Sandeep Nailwal, the founder of Polygon said new and emerging categories such as AI and DePIN are attracting a huge amount of interest at KBW2024, with these events drawing good attendance.

“This suggests growing curiosity and potential opportunities in these newer blockchain applications,” said Wang.

VCs out in Full Force

Venture capital firms were out in full force at the KBW event, actively seeking new investment opportunities and engaging with emerging startups in the financial technology and crypto sectors.

“The conference saw a higher proportion of venture capitalists and business development representatives from established projects compared to previous years. At the same time, there was a relatively smaller presence of new projects and individual developers,” said Wang.

TON the Talk of the Town

The TON team held the best party at KBW, and it was undeniably the place to be, drawing in top industry leaders and influencers for an unforgettable night.

“Notably, the TON ecosystem events experienced a significant uptick in attendance, particularly from newcomers. This surge in interest is reminiscent of Ethereum’s momentum in 2020 or Solana’s in 2021, signalling potential growth in this space,” said Wang.

Hochan Chung, head of marketing at Gomble Games (the former CryptoQuant head of marketing), emphasized the growing importance of digital assets, stating, “The daily relevance and penetration of digital assets and tokens seem more important than ever these days. The multiple successes of projects initiated in TON (NOT coin, DOGS) show that the everyday use of Telegram has a definite impact on grabbing the attention of crypto investors.”

Chung also attended KBW and noted that this trend extends beyond tokens, adding, “The same logic can apply to other sectors such as stablecoin. It’s a logical progression for PayPal to initiate PYUSD, with multiple stablecoins being launched.”

Attempted Revival: NFTs Are Not Dead!

It’s no secret that NFTs have been facing significant challenges recently, with declining sales and reduced interest from both investors and collectors. Market saturation, fluctuating demand, and concerns over long-term value have made it harder for NFTs to gain traction.

“NFTs have long been ridiculed by overpriced JPEGs for a long time, and the hype never recovered since 2021. However, the NFT communities have built resilience over time despite the never-ending bear market,” Chung told Cryptonews.

Chung went on to highlight there are two real strengths of the NFT projects. Firstly, the communities and secondly, the power of IP and digital asset rights that both the holders and the communities have established together which means if one of the communities finds a successful formula to expand for NFT projects beyond the closed community, there’s a massive opportunity.

“I believe that right now NFT projects are comparable to Marvel or DC comics in the 90s with the great fan base and trials of multi-platform applications. Eventually, it’ll be mainstream like how Marvel made it in the 2010s,” said Chung.

Seoul Solidifies Position as ‘Prominent Asian Crypto Hub’

Alongside the technical sessions, KBW2024 also embraced cultural and artistic elements, curating events that combined blockchain with music, art, and tech culture.

Overall, KBW2024 solidified Seoul’s position as a global hub for blockchain innovation, with key industry leaders exploring the transformative potential of decentralized technologies.

From discussions on AI integration to DeFi’s resurgence, the event set the stage for the future of blockchain in both the East and the West.

The highlight of the week was the flagship IMPACT conference, featuring industry giants such as Vitalik Buterin, Arthur Hayes, Richard Teng and Brad Garlinghouse.

“Korea has become such a prominent Asian crypto hub that this year, one is able to only attend side events all week and still have a full schedule of interesting meetups and activities,” said Elias Tazartes. co-founder and co-CEO of Kakarot.

Cool Swag, Good Vibes

Now the fun part. The orange burrito bag giveaway at the KBW conference was a massive hit, with attendees eagerly waiting in line for hours just to get their hands on it.

The vibrant, quirky design quickly became the most sought-after swag of the event, creating a buzz among conference-goers. Hands down, this was the best swag at KBW, standing out as an iconic piece that everyone wanted to carry. The bag wasn’t just a giveaway—it became a statement piece that symbolized the energy and creativity of the event.

Attendee at KBW with the sought after Burrito bag.

Korean ladies wearing the hanbok at KBW.

Justin Sun from TRON making his presence felt at KBW.

Itai Elitzur co-founder of Market Across reassured me with a smile, that there’s always a backup career to consider if crypto enters another bear market.

Breaking news from the event included Brad Garlinghouse, CEO of Ripple, addressing the company’s legal victory against the United States Securities and Exchange Commission (SEC), stating there is no credible path for the regulator to challenge the core ruling.

Other announcements included Mark Karpelès, the former CEO of the infamous cryptocurrency exchange Mt. Gox, to launch a new European exchange called EllipX, headquartered in Poland.

In an announcement during KBW2024, Karpelès said the exchange is scheduled for launch later this month. Karpelès is intent on making a return to the cryptocurrency industry after a turbulent past.

After KBW2024: Next Stop – Token2049 Singapore

After the excitement of KBW2024 in South Korea, attendees are now setting their sights on Token2049, which promises to be even bigger and faster-paced, taking place in the vibrant tech hub of Singapore.

With a stellar lineup of speakers, projects, and networking opportunities, the event is expected to draw even more attention from the global crypto community. One of the highlights will be catching Jai Pratap from Cryptonews, who will be covering the event.