Echobit Labs | Vietnam Blockchain Ecosystem Landscape
2026.07.28
Introduction
If South Korea represents a trading-driven cryptocurrency market, then Vietnam is increasingly recognized as a builder-driven Web3 ecosystem. While both countries rank among Asia's leading digital asset markets, their competitive advantages have evolved in different directions. South Korea is characterized by deep liquidity, active retail participation, and a mature exchange ecosystem, whereas Vietnam has distinguished itself through its rapidly expanding developer community and vibrant blockchain startup landscape.
Over the past five years, Vietnam has consistently ranked among the world's leading countries for cryptocurrency adoption while simultaneously producing a number of globally influential Web3 companies, including Sky Mavis, Ninety Eight (Coin98), Kyber Network, Ancient8, Oraichain, and Viction. Together, these projects have helped establish an increasingly complete blockchain ecosystem that spans public blockchains, infrastructure, wallets, GameFi, artificial intelligence, payment solutions, and developer communities.
For global cryptocurrency exchanges, Vietnam represents far more than a rapidly growing user market. It has become one of Southeast Asia's most valuable ecosystems for strategic partnerships, project incubation, developer engagement, and long-term ecosystem expansion.
Chapter 1. Vietnam Web3 Ecosystem
1.1 Why Has Vietnam Become a Web3 Builder Nation?
Compared with most Southeast Asian countries, Vietnam has developed one of the region's most comprehensive Web3 entrepreneurial ecosystems. Several structural advantages have contributed to this transformation.
(1) A Rapidly Growing Developer Community
According to GitHub Octoverse, Vietnam has become one of the fastest-growing developer communities worldwide, supported by a large pool of software engineering talent. In recent years, an increasing number of software developers have shifted their focus toward blockchain, artificial intelligence, GameFi, and decentralized infrastructure, providing a strong talent foundation for the country's expanding Web3 industry.
(2) A Strong Gaming Industry
Vietnam has long been recognized as an important hub for mobile game development. As traditional game studios gradually embraced blockchain technology, GameFi emerged as one of the country's strongest competitive advantages. The global success of Axie Infinity is widely regarded as a direct result of this mature gaming ecosystem and its ability to integrate blockchain innovation with game development expertise.
(3) A Young and Digitally Native Population
Vietnam's median age is approximately 33 years, creating a demographic profile that is highly receptive to emerging technologies. Younger consumers not only adopt digital services more rapidly but also demonstrate relatively high participation in digital finance and cryptocurrency investment compared with many neighboring markets.
(4) Continuous International Capital Investment
Vietnam's Web3 ecosystem has also benefited from sustained investment by leading global venture capital firms. Investors including:
- Hashed
- Animoca Brands
- Binance Labs
- Pantera Capital
- Paradigm
- have all invested in Vietnamese blockchain projects, helping local startups accelerate product development, expand internationally, and strengthen the country's overall blockchain innovation ecosystem.
1.2 Representative Web3 Projects in Vietnam
| Project | Category | Global Positioning |
| Sky Mavis | Blockchain Gaming | Creator of Axie Infinity and Ronin |
| Ninety Eight (Coin98) | Wallet & DeFi Infrastructure | Southeast Asia's leading Web3 ecosystem |
| Kyber Network | DeFi Infrastructure | Global DEX Aggregator |
| Viction (formerly TomoChain) | Layer 1 Blockchain | Vietnam's flagship public blockchain |
| Ancient8 | Gaming Infrastructure | Web3 Gaming Ecosystem |
| Oraichain | AI Blockchain | AI Layer 1 & Oracle Network Among these projects, Sky Mavis is widely regarded as one of the world's most successful blockchain gaming companies. It created both Axie Infinity and the Ronin Chain, with Axie Infinity attracting millions of daily active users during its peak and becoming one of the defining projects of the GameFi industry. Ninety Eight (formerly Coin98) has evolved into one of Vietnam's largest Web3 infrastructure companies. Its ecosystem includes Coin98 Wallet, SpaceGate, Launchpad, and DeFi Gateway, providing cross-chain services across more than 170 blockchain networks. Founded in 2017, Kyber Network remains one of the leading decentralized exchange aggregators in the global DeFi ecosystem. The protocol supports multiple blockchain ecosystems, including Ethereum, Base, Arbitrum, and Optimism, enabling efficient liquidity aggregation across decentralized exchanges. Formerly known as TomoChain, Viction rebranded in 2023 and has positioned itself as Vietnam's representative Layer 1 blockchain. Its development strategy focuses primarily on consumer blockchain applications, GameFi, and payment infrastructure. Meanwhile, Oraichain has emerged as one of the world's earliest AI-focused Layer 1 blockchains, concentrating on the development of AI Oracles, AI Marketplaces, and AI Agents, positioning itself at the intersection of artificial intelligence and decentralized infrastructure. |
Data Sources
GitHub Octoverse 2024 (Developer Growth)
Electric Capital Developer Report
https://www.developerreport.com/
Vietnam's 2025 Web3 Market Insights
https://www.scribd.com/document/976482263/GM-Vietnam-Report-Final-Version-Eng-docx
Echobit Labs View
Vietnam's greatest competitive advantage lies not in the size of its crypto user base, but in its rapidly expanding community of builders. For global cryptocurrency exchanges, Vietnam should increasingly be viewed as a user acquisition hub, project partnership center, and developer ecosystem hub. Over the next three years, ecosystem collaboration is likely to become even more strategically important than traditional marketing activities.
Chapter 2. Public Chain Adoption
Vietnam's blockchain activity is distributed across multiple public blockchain ecosystems rather than concentrated within a single network. Different chains serve different user groups and application scenarios.
Ethereum
Ethereum remains the leading blockchain for DeFi applications, institutional assets, and high-value NFT activity.
BNB Chain
BNB Chain is currently one of the most widely used blockchains among Vietnamese users due to its relatively low transaction fees, Binance's extensive regional user base, and its mature GameFi ecosystem.
Solana
Since 2025, Solana has experienced some of the fastest ecosystem growth, driven primarily by Memecoins, AI Agents, and consumer-oriented crypto applications.
Base
Supported by Coinbase, Base has attracted an increasing number of developers and emerging decentralized applications.
TON
Telegram enjoys widespread adoption in Vietnam, contributing to the rapid expansion of the TON ecosystem and Telegram Mini Apps.
TRON
TRON remains the preferred blockchain for USDT transfers and is widely used for OTC settlement and cross-border remittance.
Sui
Sui has gained popularity among GameFi users, supported by Mysten Labs' continued investment in expanding its presence across Asia.
Estimated Distribution of User Assets Across Public Chains
Based on stablecoin liquidity and estimated on-chain user activity, blockchain adoption in Vietnam can be broadly ranked as follows:
BNB Chain > Ethereum > TRON > Solana > TON > Base > Sui
Data Sources
Artemis Chain Activity
https://www.artemis.ai/analyst
DefiLlama Chains
Electric Capital Developer Report
https://www.developerreport.com/
Echobit Labs View
Vietnam is unlikely to evolve into a single-chain ecosystem. Instead, its future development will be characterized by a multi-chain environment, making comprehensive blockchain support increasingly important for cryptocurrency exchanges. Particular attention should be given to BNB Chain, Ethereum, Solana, TON, and TRON, which currently represent the country's most influential blockchain ecosystems.
Chapter 3. Stablecoin Ecosystem
Stablecoins have become one of the most important components of Vietnam's digital asset infrastructure and now serve a wide range of practical financial applications beyond cryptocurrency trading.
USDT
USDT remains the dominant stablecoin in Vietnam and is extensively used for:
- OTC trading
- Cross-border remittances
- Centralized exchange settlement
USDC
USDC is more commonly adopted for:
- DeFi applications
- Enterprise payments
- Real-World Asset (RWA) transactions
FDUSD
FDUSD has experienced relatively rapid growth within the Binance ecosystem.
Major Use Cases
- Cross-border Payments
- International Remittances
- OTC Settlement
Data Sources
Chainalysis Geography of Crypto Report
https://www.chainalysis.com/reports/2025-geo-crypto-report/
Fireblocks Stablecoin Report
https://www.fireblocks.com/report/state-of-stablecoins/
Echobit Labs View
Future stablecoin adoption in Vietnam is expected to be driven increasingly by payments and remittances, rather than by speculative cryptocurrency trading alone.
Chapter 4. Wallet Ecosystem
The most widely used cryptocurrency wallets among Vietnamese users include:
| Wallet | Primary Positioning |
| MetaMask | Leading EVM Wallet |
| Coin98 Wallet | Vietnam's Leading Web3 Wallet |
| OKX Wallet | Multi-chain Wallet |
| Trust Wallet | Binance Ecosystem Wallet |
| Phantom | Solana Ecosystem Wallet |
| Telegram Wallet | TON Ecosystem Wallet Among these wallets, Coin98 Wallet enjoys particularly strong brand recognition within Vietnam and has become one of the country's most influential Web3 infrastructure products. |
Data Sources
Coin98 Wallet
MetaMask Documentation
Phantom
Echobit Labs View
The role of crypto wallets is evolving rapidly. Rather than serving solely as asset management tools, wallets are increasingly becoming integrated platforms combining identity, AI services, social interaction, and digital asset management. As this evolution continues, wallets are expected to become one of the most important user acquisition channels for cryptocurrency exchanges.
Chapter 5. On-chain Trends
Looking ahead, Echobit Labs believes five major sectors are likely to shape Vietnam's on-chain ecosystem over the next two years.
GameFi
Vietnam continues to maintain a global leadership position in blockchain gaming.
DePIN
Decentralized Physical Infrastructure Networks (DePIN), including IoT and decentralized computing infrastructure, are expanding rapidly.
Artificial Intelligence
AI Agents and AI infrastructure are emerging as one of the fastest-growing segments of Vietnam's blockchain ecosystem.
Real-World Assets (RWA)
The tokenization of real-world assets is gradually entering the Vietnamese blockchain market.
Prediction Markets
Prediction markets covering sports events, political developments, and AI-powered forecasting are attracting increasing attention.
SocialFi
Web3 social applications, particularly those built around Telegram, Farcaster, and decentralized social networks, continue to experience notable growth.
Data Sources
Messari — State of Crypto
https://messari.io/copilot/share/the-state-of-crypto-669de37e-3c66-44e9-a4ff-2d89a84811df
a16z — State of Crypto 2025
https://a16zcrypto.com/posts/article/state-of-crypto-report-2025/
CoinGecko Crypto Industry Report
https://www.coingecko.com/en/publications/reports
Echobit Labs View
Vietnam's Web3 ecosystem is entering a new stage of development in which growth will increasingly shift beyond GameFi toward a more diversified landscape centered on AI, consumer crypto applications, and payment infrastructure. Emerging sectors including AI Agents, stablecoin payments, Telegram Mini Apps, RWA, and on-chain social networks are expected to become some of the most significant growth opportunities over the next three to five years. For global cryptocurrency exchanges, focusing solely on trading volume is no longer sufficient to capture Vietnam's long-term market potential. Sustainable competitive advantages will increasingly depend on active participation in the country's developer ecosystem, public blockchain partnerships, wallet integrations, and next-generation Web3 applications.