Title: “20 Million Users, Leading Players Unveil ‘Scrolls’, Ensuring Web3 Thrives in Vietnam?”
While strolling through the streets of Ho Chi Minh City in Vietnam, the humid air, bustling motorbikes, and vibrant DJ shows in the squares all exude a sense of youth and energy. Here, the Web3 industry is rapidly expanding.
In 1986, Vietnam began its “Renovation and Openness” policy, propelling it into a period of rapid economic growth. Over the past thirty years, the GDP has grown by an average of 7% annually, surpassing all ASEAN countries and ranking among the fastest-growing economies globally. With its strategic position in the global manufacturing industry and a population of over 100 million, Vietnam has become a hotspot for the new generation of crypto enthusiasts.
Triple-A’s report reveals that over 20 million people in Vietnam have interacted with digital assets, making it a hotspot for Crypto adoption. Leading exchanges like Binance, BingX, and MEXC have seen Vietnam rank among the top five countries in trading volume. By December 2022, Vietnam had birthed over 200 blockchain projects, with Coin 98 and Coin 68 (Kyros Ventures) leading the way.
Kyros Ventures CEO Zane’s panoramic view of Vietnam’s crypto industry showcases the thriving Web3 ecosystem in the country. As one of Vietnam’s largest blockchain events, GM Vietnam 2024 is only in its second year, with over 2500 attendees in 2023 and an exponential increase to over 100 surrounding events by 2024. The streets of Ho Chi Minh City are buzzing with activities from various Web3 projects and exchanges like OKX, BingX, CoinEx, and HTX.
Beyond Gamefi, Web3 games in Vietnam explore diverse development directions, inspired by the success of Axie Infinity. Local games like MATR1X FIRE are leading the way in localized Web3 game development. The esports scene at Vikings Esports Stadium in Ho Chi Minh City hosts tournaments, showcasing the evolution of gaming culture in Vietnam.
In the midst of the bustling on-chain transactions, Vietnamese investors are actively moving towards on-chain activities. With 39% of assets held on-chain, the crypto scene in Vietnam is evolving rapidly, with meme coins and localized projects like TRAU gaining attention.
Despite regulatory uncertainties, Vietnam’s crypto community remains resilient and optimistic, eagerly embracing the opportunities and challenges of Web3. The Web3 Summer in Vietnam is a vibrant and dynamic scene, where individuals from all walks of life come together to explore the endless possibilities of decentralized technology.
As the sun rises over Ho Chi Minh City, the Web3 enthusiasts greet each other not with “Good Morning” but with a knowing smile, recognizing the endless potential and excitement that the future holds for Vietnam’s thriving Web3 ecosystem.