At DuneCon 2024, Daniel Kim of Tiger Research delivered a compelling presentation exploring whether on-chain data signals a growing shift toward Asia's dominance in the Web3 and blockchain space.

Key Takeaways:

• Why Asia Matters:
  • Population & Growth:
    • 60% of the global population resides in Asia, with a young median age of 33.3 years.
    • Asia drives 34% of global GDP with a 3.4% annual growth rate, outpacing North America (1.7%) and Europe (1.3%).
  • Crypto Leadership:
    • 58% of global crypto users are in Asia.
    • Countries like Japan and Korea rank second and fourth in crypto trading volumes by fiat currency.
    • Asia is home to 51% of global GitHub developers.
• Consumer-Centric Digital Culture:
  • Asian markets lead in consumer applications like payment, healthcare, and super apps, with examples including WeChat, KakaoTalk, and LINE.
  • Super apps provide seamless integration of daily activities, making them ideal platforms for Web3 adoption.
• On-Chain Data Insights:
  • Regulatory Impact:
    • The 2022 amendment to Japan's Payment Services Act caused a spike in Japanese Yen stablecoin activity, though the interest has since waned.
  • Stablecoins:
    • Significant growth in local currency-denominated stablecoins across Asia, particularly in Singapore (XSGD) and Indonesia (XIDR).
  • Smart Contracts:
    • Asia now matches other regions in Ethereum mainnet smart contract deployment, highlighting increased developer activity.
• Behavioral Shifts in DeFi:
  • Asian activity on Uniswap has grown steadily, with a noticeable shift from shark investors (2020) to retail investors (2024).
  • This indicates increased adoption by everyday users moving from centralized to decentralized exchanges.
• Web3 Social Trends:
  • Asian languages like Thai, Vietnamese, and Korean are increasingly dominant on platforms like Forecaster.
  • Engagement rates and post volumes from Asian users have surpassed those of North America and Europe since March 2023.

Recommendations for Builders and Investors:

1. Leverage Asia’s Momentum:
   Asia is driving Web3's growth with its unique blend of young demographics, digital adoption, and economic expansion.
2. Adapt Strategies Locally:
   • Asia’s diversity demands tailored approaches for each market.
   • Work with local partners to navigate cultural nuances and regulatory landscapes.
3. Dive Into On-Chain Data:
   • Use tools like Dune Analytics to uncover patterns and behaviors of Asian users.
   • Understand how regional differences shape adoption and engagement.

👉 Watch this session now to uncover actionable insights and strategies for tapping into Asia’s thriving Web3 ecosystem! 🚀

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