In late July, Vietnam Blockchain Week in Hanoi brought together key stakeholders in the global crypto industry. Alongside the main conference — GM Vietnam — a number of side events took place, focusing on decentralized finance (DeFi) and the challenges it currently faces.
One central question asked to industry leaders was:
“What do you see as the next scalable retail use case for DeFi?”
Below is a structured overview of the responses from key participants, outlining the most promising areas for adoption and development.
1. Tokenization of Real-World Assets and P2P Microtransactions
Vugar Usi Zade, COO at Bitget, highlighted real-world asset (RWA) tokenization as a frontrunner for mass adoption.
Key ideas:
- Tokenized micro-leasing: For example, monetizing unused daytime parking spaces with automated $1/day blockchain-based rental contracts, embedded in a DePIN (Decentralized Physical Infrastructure Network) ecosystem.
- On-chain lending: Small-scale loans using idle assets (e.g., lending $200 of spare salary or collateralizing 1 BTC) enabled by lending protocols.
- Spendability over profitability: The question is not how to earn more, but how to spend crypto more effectively. Major financial institutions generate the bulk of profits from transaction processing (e.g., 1.5–3% fees on every Visa/Mastercard payment).
- The future lies in seamless crypto payments, where stablecoins or even volatile assets (like BTC or meme coins) can be spent at market rates — instantly and without user-side conversions.
Bitget’s recently launched Bitget Pay and Bitget Card are designed to address exactly this need. Users can spend crypto like a traditional currency. The product is already available globally, including in Ukraine.
2. Tokenization of Equities and Global Access to Investment
Kenny Li, Co-founder of Manta Network, emphasized the role of DeFi in democratizing equity markets.
Key insights:
- Tokenized shares break down geographical and institutional barriers — a user in Vietnam should be able to invest in Nvidia without private banking access.
- Future outlook: Within 3–5 years, we could see a global, blockchain-native stock exchange with 24/7 access and real-time price discovery.
- Current limitations: Most tokenized stocks are wrappers. Fully on-chain share issuance is not yet viable due to limited institutional access and regulatory hurdles.
- Transition period: Wrapped assets will act as a bridge until regulators and traditional players are ready for blockchain-native IPOs.
3. Yield Products as an Entry Point in Inflationary or Low-Yield Markets
Kenneth Shek, Project Lead at Moca Network, pointed to yield generation as an intuitive use case, particularly in volatile or stagnant economies.
Observations:
- In countries with either high inflation (e.g., Turkey) or near-zero interest rates (e.g., Japan), DeFi offers a compelling alternative for capital preservation and growth.
- Challenge: Regulatory control. Capital restrictions are growing — countries like Ukraine, South Korea, and China enforce currency controls and restrict crypto off-ramping.
- Prediction: Governments may require centralized on/off-ramps and force crypto trading to happen via licensed local exchanges.
- Outcome: A semi-centralized financial system on blockchain rails, where KYC and compliance become mandatory.
To bridge compliance and privacy, Moca is building ZKP-based digital identity infrastructure, allowing users to prove attributes (e.g., over 18, accredited investor) without disclosing personal data.
4. Credit Scoring and DeFi Lending Evolution
Moca Network is also working on on-chain credit infrastructure, allowing:
- Decentralized credit scoring
- Dynamic loan conditions based on verifiable user data (including optional tax records)
- KYC/AML with privacy guarantees
This system lays the groundwork for "Buy Now, Pay Later" DeFi products — a practical alternative to current overcollateralized lending models, which are ineffective for retail use cases (e.g., small consumer loans).
5. DomainFi: Web3 Identity and Digital Asset Marketplaces
Fred Xu, Co-founder of D3, introduced DomainFi — an intersection of decentralized domains and finance.
Key points:
- Domains like
fred.solare more than wallet addresses — they represent digital real estate. - Use cases include:
- Web3 site hosting
- Wallet routing
- Email servers
- Asset trading on-chain
- Unlike traditional domain trading (centralized, fiat-only, high fees), DomainFi enables publicly listed, composable, tokenized domain assets.
- Potential for significant market growth as domains gain utility and liquidity.
Final Thoughts
The future of DeFi lies not in speculative gains, but in infrastructure that enables spending, lending, investing, and identification — all in a regulatory-compatible, user-friendly format. Payments, tokenization, and on-chain scoring are no longer just ideas — they are foundational components of the next billion-user applications in crypto.