6 Questions for Simon Davis of Mighty Bear Games
Simon Davis is the co-founder and CEO of Mighty Bear Games, a multiplatform game developer in Southeast Asia creating accessible multiplayer experiences in Web3.
Davis has spent almost two decades working in the gaming industry, but he never planned to actually work in this field.
Before crypto, he was a professional guitarist who made ends meet by playing in metal bands and cover bands and by teaching guitar. But after his money dried up one summer, he scored a six-week gig as a professional game tester — and he’s never looked back.
During his time in the gaming industry, Davis has held management and product lead positions at gaming companies including King Digital Entertainment, Ubisoft, Bigpoint, AKQA, Empire Interactive, and Laughing Jackal.
In 2017, Davis teamed up with some friends and fellow industry veterans to launch Mighty Bear Games in Singapore, where they intended to focus on creating traditional games — before pivoting to blockchain in 2022. And in 2023, the firm launched an open beta for Mighty Action Heroes, its first Web3 gaming title.
Davis, who also goes by “Papa Bear,” said every Mighty Bear employee receives a “bear title.” Some of Papa Bear’s employees include “Arty Bear,” “Bear-Abel,” “Excel Bear,” and “Bear McNumbers.”
Why the pivot to blockchain gaming?
I was lucky enough to kind of get into Bitcoin by accident in 2015, so I’ve been in the space for a few years. In 2021, I started playing with NFTs, and I’m lucky enough to be also based in Southeast Asia, so I could see firsthand what was happening with Axie [Infinity]. I think, for me, as someone who lived through the transition to free-to-play, it felt very much like a moment, kind of like when Farmville came out on Facebook.
I think that for live service titles [games like Fortnite, League of Legends and Apex Legends], a dominant business model is going to emerge to revolve around player-owned and operated economies. Because I don’t believe you can have virtual worlds without digital property rights, essentially.
And I think that does enable a lot of new things that we’re really starting to scratch the surface on. So, I think that really was the pull factor.
What format do you think serves as the best way to attract users to blockchain gaming?
I think mobile gaming is going to be the dominant platform because of geography. You see this if you look at the charts for the countries that have a great slope of interest in crypto or Web3. They tend to be countries where existing payment rails are not super developed.
People are largely unbanked in places like Indonesia and Brazil. These markets are mobile-first. Like, people in the Philippines and India are not necessarily using high-end PCs.
So, you need to go where the users are. And this is a bit of a spicy take, but this is why I’m very bearish on people making super HD high-end Web3 games because it’s just not where the markets are today. So, you see a lot of these teams raising, like, mega bucks to make console-quality titles, but if no one can play them, then they aren’t going to do very much.
What do you think the current hurdles are for large-scale blockchain gaming adoption?
A lot of people talk about it in terms of silver bullets, right? Like, “Oh, we need one good game,” or like, “We need to solve the wallet problem.” I don’t think it’s any one of those things. I actually think it is just a lot of lead bullets, a lot of small things that need to happen.
What I’ve experienced today is still pretty terrible, and scary, like social recovery. And it’s starting to become a thing, but that needs to become a lot easier.
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I just think, in general, it needs to be as easy and as brainless to use as a Web2 experience. And so I think there is an inherent conflict today with how people think about Web3, you know. They say things like, “Oh, you need to educate the users,” or, “Train people to hold their private keys.”
But you know, my mom doesn’t want to hold her own private keys. She does all her trading on Crypto.com. We need to make it essentially idiot-proof so anyone can do it.
I think we’re still quite a long way away, but I am seeing meaningful improvements, actually. I’m seeing products that are going to go to market next year which are going to help a lot.
I don’t know how old you are, but I’ve just turned 40 this year. I remember in the 90s setting up a home internet connection on dial-up. It took me two days of calling technical support and someone telling me like configs. I was having to go in and change manually and stuff. And now, you know, we solved that, right? And then, the internet became a mass market, and then people could just put a CD in their computer, and it just worked. I think we need to get to that stage.
Do you think the bad rap blockchain/NFT gaming gets is a big issue?
It’s funny because gaming got a pretty bad rap in the 90s. You know, everyone was talking about how games were making children violent. There was a big moral panic, just like there was in music a few years before.
But I think that when you start to get these things in people’s hands and experience them, perceptions change. I do think a lot of the reputation that we have in crypto and Web3 is deserved. There are a lot of bad actors exploiting the lack of regulation, but the things that excite me: I’ve seen some games, for example, that allow players to earn small amounts of Bitcoin, And this sort of thing’s retention numbers are very strong, like the initial metrics are very promising. And I think that’s a really nice use case.
Reddit is also a great example, right? They put NFTs in the hands of huge numbers of people. A lot of people didn’t even realize they were interacting with NFTs. So then they had their first taste, and yeah — there are some stats that have come up, and not a huge amount of them have transacted on-chain.
But I actually don’t think that’s such a bad thing. If people are not dumping the assets on day one, I don’t see that as a negative. So, I think onboarding through stealth is pretty good.
What kind of adoption metrics are you looking for with your games?
So, people talk about installs and sign-ups — it’s just a vanity metric. For me, I’m interested in how many people are coming in every day, how regularly they’re coming back, and what the growth curve of that looks like initially.
And then once we do the mobile launch [of Mighty Action Heroes], which will be around August/September, how well are we doing on attracting non-crypto-native people into the game as well? That will be very interesting, and to see how they play together. It’s a different angle, but it’s one that I’m pretty bullish on.
What are some ideas or tech upgrades that could help blockchain gaming?
ERC-6551 tokens.
Essentially, they give a smart contract account or a smart contract wallet to a 721 [token]. So, you know, a traditional NFT would be a JPG with some metadata attached. But essentially, the JPG or the asset, whatever that is, is then bound to a smart contract.
And this is pretty cool because it means that assets can communicate directly with each other. So NFT to NFT, without using MetaMask. And it could also be compatible with other smart contract wallets.
I think the really cool thing is that, essentially, your asset becomes a wallet and can have its own logic as well. So you could have a base character in a game as the 6551 token, and then all the clothes or the items or everything that that character has, the kind of sub-assets, can change within, each with its own logic.
As a game developer, you start thinking of how your characters could evolve and how you can attach new assets without updating the core.
Then as a dev, I think it’s really good for reputation management as well. Like, if you did a soulbound version, you could have achievements, proof-of-work, proof-of-play, social identity. I think it’s pretty cool. […] It’s more secure because it’s not just an asset within a wallet like it is on smart contracts with its own private key.
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In one of his first appearances as the recently sworn-in chair of the US Securities and Exchange Commission, Paul Atkins delivered remarks to the agency’s third roundtable discussion of crypto regulation.
In the “Know Your Custodian” roundtable event on April 25, Atkins said he expected “huge benefits” from blockchain technology through efficiency, risk mitigation, transparency, and cutting costs. He reiterated that among his goals at the SEC would be to facilitate “clear regulatory rules of the road” for digital assets, hinting that the agency under former chair Gary Gensler had contributed to market and regulatory uncertainty.
“I look forward to engaging with market participants and working with colleagues in President Trump’s administration and Congress to establish a rational fit-for-purpose framework for crypto assets,” said Atkins.
Some critics of US President Donald Trump see Atkins’ nomination to lead the SEC as a nod to the crypto industry, acting on campaign promises to remove Gensler — the former chair resigned the day Trump took office — and cut back on regulation. Democratic lawmakers on the Senate Banking Committee questioned Atkins on his ties to the industry, potentially presenting conflicts of interest in his role regulating crypto.
Related: Atkins SEC era sparks massive industry optimism, crypto execs speak out
The direction of the SEC under new leadership
“We’ve noticed that we don’t have to be as concerned […] about being accused of things that we’re not doing, like being broker-dealers for securities,” Exodus chief legal officer Veronica McGregor, who participated in the roundtable, told Cointelegraph on April 24.”It’s just a less scary regulatory environment in general. It is, however, still unclear what the ultimate regs are going to look like for crypto.”
The SEC crypto task force is scheduled to hold two more roundtables in May and June to discuss tokenization and decentralized finance, respectively. Commissioner Hester Peirce, who leads the task force, told Cointelegraph in March that she welcomed the opportunity to work with Atkins to “reorient the agency,” hinting at an SEC with regulations more favorable to the crypto industry.
In addition to the roundtables, the crypto task force has reported several meetings with digital asset firms to discuss various policies and considerations in developing a regulatory framework.
Magazine: SEC’s U-turn on crypto leaves key questions unanswered
Nasdaq has urged the US Securities and Exchange Commission (SEC) to hold digital assets to the same regulatory standards as securities if they constitute “stocks by any other name,” according to an April 25 comment letter.
The exchange said the US financial regulator needs to establish a clearer taxonomy for cryptocurrencies, including categorizing a portion of digital assets as “financial securities.” Those tokens, Nasdaq argued, should continue to be regulated “as they are regulated today regardless of tokenized form.”
“Whether it takes the form of a paper share, a digital share, or a token, an instrument’s underlying nature remains the same and it should be traded and regulated in the same ways,” the letter said.
It also proposed categorizing a portion of cryptocurrencies as “digital asset investment contracts,” to be subject to “light touch regulation” but still overseen by the SEC.
Related: Certain stablecoins aren’t securities, SEC says in new guidance
Regulatory U-turn
The SEC has dramatically pivoted its stance on cryptocurrency oversight since US President Donald Trump took office in January.
Under the leadership of former Chair Gary Gensler, the SEC took the position that practically all cryptocurrencies, with the exception of Bitcoin (BTC), represent investment contracts and therefore qualify as securities.
This stance led the agency to bring upwards of 100 lawsuits against crypto firms for alleged securities law violations.
However, under Trump nominee Paul Atkins, who was sworn in as chair on April 21 after a lengthy Senate confirmation, the SEC has claimed jurisdiction over a narrower segment of cryptocurrencies.
In February, the agency issued guidance stating that memecoins — if clearly identified as purely speculative assets with no intrinsic value — do not qualify as investment contracts pursuant to US law.
In April, the SEC said that stablecoins — digital tokens pegged to the US dollar — similarly do not qualify as securities if they are marketed solely as a means of making payments.
Integrating crypto into TradFi
In its April 21 letter, Nasdaq said existing financial infrastructure “can readily absorb digital assets by establishing the proper taxonomy and calibrating certain rules to reflect what is truly new and novel about digital assets.”
The Depository Trust & Clearing Corporation (DTCC) — a private US securities clearinghouse closely overseen by the SEC — has been laying the foundation for integrating blockchain technology into regulated financial markets.
In March, the DTCC committed to promoting Ethereum’s ERC-3643 standard for permissioned securities tokens.
Magazine: Ethereum is destroying the competition in the $16.1T TradFi tokenization race
Cryptocurrency firms and centralized exchanges are launching more traditional investment offerings, bridging the divide between traditional financial and digital assets.
With investors seeking more flexible product offerings under one platform, the “line is blurring” between traditional finance (TradFi) and the cryptocurrency space, as the two financial paradigms signal a “growing synergy,” according to Gracy Chen, CEO of Bitget, the world’s sixth-largest crypto exchange.
In the wider crypto space, Securitize partnered with Mantle protocol to launch an institutional fund that will generate yield on a basket of diverse cryptocurrencies, similar to how traditional index funds track a mix of stocks.
The developments come after crypto investor sentiment staged a significant recovery, moving from “fear” to “neutral” for the first time since January 2025.
Investor sentiment was bolstered after US President Donald Trump said that import tariffs on Chinese goods will “come down substantially,” adopting a softer tone in negotiations for the first time since the reciprocal tariff announcement.
Crypto firms moving into Wall Street territory
Cryptocurrency firms and exchanges are increasingly moving into Wall Street territory, launching more traditional investment offerings and showcasing the increasing connection between crypto and traditional finance (TradFi).
“There’s a growing synergy between traditional financial investments and the emerging crypto space,” according to Gracy Chen, the CEO of Bitget, the world’s sixth-largest crypto exchange.
“Crypto players are now checking out traditional finance as they see the opportunity to bridge it,” Chen told Cointelegraph.
“The lines are blurring. Investors want flexibility, and products that can straddle both worlds are naturally attractive,” Chen said. “Some players see TradFi as a safety net; others, like Bitget, see it as a launchpad for broader adoption.” She added:
“In a volatile market, integration is smarter than isolation.”
Securitize, Mantle launch institutional crypto fund
Tokenization platform Securitize partnered with decentralized finance (DeFi) protocol Mantle to launch an institutional fund designed to earn yield on a diverse basket of cryptocurrencies, the companies said.
Similar to how a traditional index fund tracks a mix of stocks, the Mantle Index Four (MI4) Fund aims to offer investors exposure to cryptocurrencies, including Bitcoin (BTC), Ether (ETH), and Solana (SOL), as well as stablecoins tracking the US dollar, Securitize said in an April 24 announcement.
The fund also integrates liquid staking tokens — including Mantle’s mETH, Bybit’s bbSOL, and Ethena’s USDe — in a bid to enhance returns with onchain yield, according to the announcement.
The launch comes as retail and institutions alike increase exposure to cryptocurrencies, particularly Bitcoin, as a hedge amid escalating macroeconomic uncertainty.
Mantra says CEO has begun the process of burning his 150 million OM tokens
Mantra founder and CEO John Patrick Mullin has started unstaking 150 million of his Mantra (OM) tokens in preparation for sending them to a burn address in an attempt to restore the token’s value by tightening supply.
Mantra announced on April 21 that the unstaking process had begun, and would be completed by April 29, at which point Mullin’s Mantra (OM) tokens will be sent to the burn address and permanently removed from circulating supply.
Mullin said it was a “first step in rebuilding trust with the community, but far from the last.”
Mantra said it was also in talks with “key ecosystem partners” about burning a further 150 million OM to bring the total burn amount to 300 million.
With 150 million fewer OM, Mantra’s total supply will decline to 1.67 billion, and its number of staked tokens will drop by over 26% to 421.8 million OM from 571.8 million OM.
Symbiotic raises $29 million for staking-based universal coordination layer
Cryptocurrency staking protocol Symbiotic closed a $29 million Series A funding round led by Web3-focused investment firms, including Pantera Capital and Coinbase Ventures, to support the launch of a new economic coordination layer for blockchain security.
The round included more than 100 angel investors, with participation by major industry players Aave, Polygon and StarkWare, the company said in an April 23 announcement shared with Cointelegraph.
The closing of the funding round also marks the launch of Symbiotic’s Universal Staking Framework, which aims to be an economic coordination layer that bolsters blockchain security via staking.
The new staking layer enables the use of any combination of cryptocurrencies to secure networks, including monolithic and modular layer-1 and layer-2 blockchains, the announcement said.
“We’ve created a modular framework that lets protocols evolve security models over time while efficiently coordinating risk,” Misha Putiatin, co-founder of Symbiotic, told Cointelegraph. “This empowers protocols at every stage of their lifecycle to evolve their security models seamlessly without rebuilding infrastructure.”
SEC delays decision on Polkadot ETF
The US Securities and Exchange Commission (SEC) delayed a decision on whether to approve a proposed exchange-traded fund (ETF) holding Polkadot’s native token, regulatory filings show.
According to an April 24 filing, the regulator has extended its deadline for a final ruling until June 11, nearly four months after the Nasdaq sought permission to list Grayscale Polkadot Trust on Feb. 24.
Grayscale’s ETF filing adds to a roster of about 70 proposed ETFs awaiting SEC approval, including funds holding altcoins, memecoins and crypto-related financial derivatives, according to Bloomberg Intelligence.
Asset managers are pitching ETFs for “[e]verything from XRP, Litecoin and Solana to Penguins, Doge and 2x Melania and everything in between,” Bloomberg analyst Eric Balchunas said in an April 21 post on the X platform. Asset manager 21Shares is also awaiting permission to list its own Polkadot ETF.
DeFi market overview
According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the green.
The Official Trump (TRUMP) token rose over 73% as the week’s biggest gainer, after the president announced an exclusive in-person dinner for the top tokenholders. The Sui (SUI) token rose over 69% as the week’s second-best performing token.
Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.
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