Bernd Lapp, CEO of Aqua Patina - November 2024
Last week, I had the privilege of attending Devcon in Bangkok, an event that felt like a high school reunion—only exponentially larger, with over 12,500 attendees. For context, my first Devcon was in 2016 at Devcon 2, with a humble 800 attendees. The growth of this event mirrors the evolution of Ethereum itself: from niche curiosity to global movement. Bangkok, with its vibrant culture, futuristic architecture, and deeply rooted traditions, was the perfect setting to explore the future of Ethereum and decentralized technology.
Thailand proved to be more than just a host—it became a part of the narrative. The Thai community welcomed the blockchain ecosystem with open arms, and the event seamlessly integrated the country's rich cultural backdrop.
Aya Miyaguchi, the Executive Director of the Ethereum Foundation, described Ethereum as an "infinite garden," an analogy that resonates deeply with Thai culture. In Thailand, gardens and natural spaces are often seen as places of balance, growth, and renewal—concepts that align beautifully with the ethos of Ethereum as a decentralized and continuously evolving network.
Yet, Bangkok also represents modernity and innovation, with its stunning skyline and cutting-edge infrastructure. This duality—a harmonious blend of tradition and futurism—perfectly encapsulated the themes discussed at Devcon. It reminded me that Ethereum, like Thailand, thrives on balance: between technology and humanity, centralization and decentralization, and local and global perspectives.
ZK proofs are evolving quickly, and it was incredible to see so many projects integrating this game-changing technology. Preserving privacy while verifying data is no small feat, and the applications for identity, in particular, are huge. My good friend Jordi Baylina and his project Privado stood out for their innovative use of ZK in creating privacy-preserving solutions.
The concept of restaking was front and center, particularly at AVS Day, which was packed with projects eager to secure their systems without building their own proof-of-stake mechanisms. It was clear that restaking is a game-changer for the ecosystem, but the Ethereum community remains cautious. The risks are real: mismanagement of delegated stake could lead to slashing, and poorly designed systems could ripple across the network, causing unintended damage.
For Aqua Patina, this is both a challenge and an opportunity. Our Swiss mindset—cautious and precise by nature—perfectly positions us to address these risks while maximizing the potential of restaking. We don’t just jump in; we analyze, plan, and ensure every step is designed for long-term sustainability.
A recurring theme at Devcon was usability. Account abstraction emerged as a key enabler for making Web3 onboarding as seamless as Web2 experiences. The idea is to eliminate the friction that currently prevents mass adoption. Users shouldn’t need to know the technical intricacies of blockchain to benefit from its advantages. This aligns perfectly with Aqua Patina’s mission of making decentralized savings accessible and user-friendly for everyone.
An unexpected but exciting trend was Defensive Acceleration (D/ACC), bridging blockchain with AI, privacy, and longevity. One day was entirely devoted to these topics, with Vitalik Buterin actively participating in discussions. It’s clear that Ethereum’s role extends far beyond finance; it’s becoming a cornerstone for many other industries.
Ethereum researcher Justin Drake introduced the concept of the Beam Chain, grouping major upgrades like native zero-knowledge proof support and fast finality into a single Ethereum upgrade expected by 2029. Another critical update involves allowing validators to stake arbitrary amounts of ETH. This will be a game-changer for Aqua Patina, as it enables compounding rewards, letting validators reinvest earnings directly instead of waiting to hit the current 32 ETH threshold.
The highlight of the week for me was AVS Day, where projects showcased their solutions for restaking and security. The energy in the room was electric—nearly 100 AVS projects pitched their ideas, underscoring the enormous demand for restaking solutions. It was clear that Aqua Patina and AVADO AG, our parent company, are uniquely positioned to meet this demand.
Our vision is ambitious but achievable: a fully decentralized restaking ecosystem. Aqua Patina provides the financial infrastructure for staking and restaking, while AVADO’s home-staking hardware secures the network at a physical level. This creates a virtuous cycle where Aqua Patina generates the Total Value Locked (TVL) needed to secure AVS products, and AVADO hardware processes, stores, and validates these transactions directly from users’ homes.
What sets us apart? Unlike competitors who offer partial solutions, Aqua Patina and AVADO deliver the full package—a one-stop shop for decentralized restaking. This isn’t just about technology; it’s about trust, transparency, and user empowerment.
The conversations we had at AVS Day confirmed that the market is hungry for what we’re building. Projects want to decentralize their staking and restaking operations but often lack the tools or expertise to do so effectively. Aqua Patina, backed by AVADO hardware, fills that gap seamlessly.
Beyond the conference rooms and keynote stages, Thailand’s culture played a pivotal role in the week’s experience. Whether it was the warmth of the local community, the intricate temples, or the bustling energy of Bangkok’s streets, the setting reinforced the values of connection, diversity, and resilience.
The metaphor of Ethereum as an "infinite garden" felt particularly poignant here. Thailand’s emphasis on harmony and sustainability reflects the Ethereum community’s broader goals. Yet, Bangkok’s futuristic architecture and cypherpunk undertones also reminded us of the urgency to innovate and push boundaries.
While the week was full of inspiration, it also reinforced the challenges Aqua Patina faces—chief among them, building TVL. Without sufficient ETH staked, we cannot provide the security that AVS projects need. However, the alignment between Aqua Patina and AVADO offers a compelling solution. By combining financial innovation with physical infrastructure, we are uniquely positioned to lead in the restaking space.
The biggest lesson from Devcon is that decentralization is not just a technical goal; it’s a cultural shift. It’s about building systems that empower individuals while fostering collective growth. Aqua Patina’s commitment to this vision is unwavering, and the conversations, connections, and insights from Bangkok will guide us as we continue to grow.
The future is bright for Aqua Patina and the broader Ethereum ecosystem. Over the coming months, we will focus on:
Devcon Bangkok was more than just an event—it was a reminder of why we do what we do. It reinforced our belief in the power of decentralization to create a fairer, more resilient financial system. And it showed us that, with the right tools and vision, the future of finance is within reach.
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A heartfelt thank you to Vitalik Buterin, Jordi Baylina, Lefteris Karapetsas, Griff Green, Stefaan Ponnet, and the entire Ethereum and Thai blockchain community for their inspiration and dedication. Together, we are building a future that is decentralized, secure, and inclusive.
Leaving Bangkok, I feel more energized than ever to continue Aqua Patina’s mission.
Devcon was a powerful reminder of why we’re here: to build a better, decentralized future. It’s not just about technology; it’s about creating systems that are fairer, more transparent, and more resilient.
The journey is just beginning, but I’m confident we’re on the right path. Together, we’re not just participating in Web3’s evolution—we’re shaping its future.
The week left me optimistic. With Web3 becoming more intuitive and decentralized, even your grandma will soon be able to participate. Devcon isn’t just a look back at what we’ve built—it’s a vision for what’s ahead. For Aqua Patina, that future is one of resilience, decentralization, and financial empowerment for all. Aqua Patina’s focus remains on empowering users—whether they’re staking a small amount or securing entire networks with AVADO hardware.
Here’s to building the infinite garden, one plant at a time.
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