As of September 9, the statistics of BTC, ETH, and TON on the TrendX platform are as follows:
BTC had 11.51K discussions last week, up 14.35% from the previous week. The price on Sunday last week was $54,273, down 15.2% from $64,050 the previous Sunday.
ETH had 3.74K discussions last week, up 11.72% from the previous week. Its price was $2,290 on Sunday last week, down 16.3% from $2,737 on the previous Sunday.
TON had 1.33K discussions last week, down 24.03% from the previous week. Its price was $4.63 on Sunday last week, down 12.8% from $5.31 the previous Sunday.
Since the birth of Bitcoin (BTC) in 2009, the Web3 field has been striving to achieve the goal of mass adoption. However, this goal has always been a major challenge for the industry. Although various new technologies and projects continue to emerge in the market, most of them tend to only focus on short-term wealth effects, while ignoring the sustainability of the project and the key elements required to promote Mass Adoption.
The Current Status and Bottlenecks of Web3
In the crypto market, there are only a handful of products that have truly achieved Mass Adoption. One of the most successful examples is centralized exchanges (CEX), such as Binance. With more than 200 million users, Binance has become the first benchmark in the Web3 field to achieve large-scale popularization. However, apart from such successful cases, there is still a lack of applications in the cryptocurrency field that can widely penetrate the traditional Web2 field.
To understand the obstacles that Web3 faces in achieving Mass Adoption, we must first clarify the current status and challenges of the industry. Although the crypto market is developing rapidly and the user base and market size are gradually expanding, there is still a significant gap between Web3 products and traditional Web2 products, which has become the main factor hindering its further popularization.
According to the analysis of A16Z in the report Big Ideas in Tech 2024, simplifying the user experience is one of the basic conditions for achieving large-scale popularization of Web3. This conclusion shows that although Web3 technology has great potential, its complex user experience and high threshold cost of use have greatly limited the acceptance and use of a wider range of people.
Binances Road to One Billion On-chain Users report also pointed out that there are two core requirements for achieving Mass Adoption: first, on-chain applications must meet the actual needs of users; second, these applications must be easy to understand and use. This shows that Web3 products must not only have market demand matching (PMF), but also lower the threshold for use by simplifying the user experience, thereby attracting a wider user base.
PMF and Web3: From Market Matching to Widespread Popularization
Product Market Fit (PMF) is the basic condition for achieving Mass Adoption. Only when a product can truly meet market demand and continuously provide the value required by users can it gain widespread recognition and adoption. In the Web3 field, there are still few products that achieve PMF, which is one of the reasons why it is difficult for the entire industry to achieve large-scale popularization.
In the early days of the crypto industry, many projects focused too much on short-term profits and ignored the long-term value of the product itself and user needs. However, products that can successfully cross market cycles and achieve PMF usually have two key characteristics: first, these products actually solve the real problems of users; second, they can stand out in a highly competitive market and have a large enough market space.
Mark Suster, managing partner of Upfront Ventures, once pointed out that building a Mass Adoption product requires not only achieving PMF, but also ensuring that the product has sustained profitability and a large enough target market. This shows that in order to achieve Mass Adoption, it is necessary not only to meet current market demand, but also to lay a solid foundation for future growth and expansion.
The rise of consumer applications: from leisure consumption to widespread use
The next important phase of the crypto industry in achieving Mass Adoption will focus on consumer applications, especially user-oriented businesses around non-essential or leisure consumption. Such applications will play a pioneering role in driving Web3 to achieve mass adoption because they are more likely to spread virally and can more effectively solve problems that Web2 applications cannot solve.
The initial stage of consumer crypto applications will revolve around users’ leisure time. Applications that can attract users’ leisure time usually have stronger spread and higher user stickiness. By building these applications on the blockchain, developers can use decentralized technology to solve the pain points in Web2 applications and further improve the user experience.
The rapid rise of GameFi (blockchain games) and NFT (non-fungible token) markets is a typical example of this trend. Products in these markets not only attract a large number of users, but also provide users with greater autonomy and value returns through a decentralized model. For example, users can truly own digital assets by holding and trading NFTs, and obtain real-world economic rewards by participating in blockchain games.
Simplifying the user experience: The evolution of Web3 infrastructure
Although consumer-level crypto applications have great potential, they still face multiple challenges in achieving large-scale popularization. First, Web3s infrastructure and tools are not yet mature enough to support the growth of large-scale users. Second, the publics understanding and acceptance of the concept of digital ownership is still in its infancy.
In order to solve these challenges, the Web3 industry must establish a sound infrastructure and tool system so that the concept of digital ownership can be widely understood and accepted by the global community. This requires not only improving the performance and security of blockchain technology, but also developing a series of easy-to-use platforms and tools to help users better manage and utilize their digital assets.
Simplifying the user experience is one of the key factors for Web3 to achieve large-scale popularization. Lowering the threshold for users to enter Web3, simplifying on-chain operations, and providing a more intuitive and easy-to-understand user interface are all areas that developers need to focus on. Currently, the operating procedures of many Web3 wallets and trading platforms are still complicated and not user-friendly enough for ordinary users. In order to overcome this obstacle, developers must optimize product design from the users perspective and improve the overall experience.
AI empowers Web3: the key force driving Mass Adoption
As Web3 technology continues to evolve, AI is gradually becoming an important force in promoting consumer applications and large-scale popularization. AI not only simplifies the application of blockchain technology, but also improves the usability and user experience of Web3 products.
By introducing AI, Web3 products can achieve smarter automated processes and personalized services, greatly reducing the entry barrier for users. For example, AI can provide users with personalized asset management advice, automatically detect risks, and simplify operational processes, thereby increasing user trust and participation in Web3 products.
In addition, AI will also drive innovation in the next generation of Web3 applications in the future. Especially in the consumer market, AI-driven smart contract execution and personalized experience optimization will make Web3 products more attractive and promote their popularity in the mainstream market.
TrendX, the closest to successful Web3 Mass Adoption
TrendX is a one-stop platform that helps users find investment opportunities through AI and big data technologies. Since its establishment in 2022, TrendX has processed more than 20 TB of on-chain and off-chain data, and has captured investment opportunities through real-time analysis of tens of billions of data dynamics. Adhering to the concept of change is opportunity, it provides investment advice to users through intuitive interactive methods. It is the worlds most cutting-edge Web3+AI application ecosystem.
TrendX brings together more than 60,000 KOLs in the Web3 industry. These opinion leaders share industry trends and the latest news in real time, providing users with a reliable source of information. Based on the aggregation of massive KOL information, TrendX has screened these data in multiple dimensions such as track, project, KOL category, and language. This not only enriches the content of the platform, but also helps users make more accurate judgments in a complex market environment. It is also very friendly to Web2 users, allowing new users to quickly enter the circle, find corresponding KOLs, and understand the most native information.
In addition, through the introduction of AI technology, TrendXs intelligent investment tools enable users to extract valuable data from complex market information and transform it into effective investment decisions. This technology-driven investment method has greatly improved users investment efficiency, reduced investment risks, and also earned TrendX a good reputation in the market.
Since May 2022, TrendX has attracted more than 270,000 Web3 users to bind their wallets. This growth rate reflects that the platform provides users with the tools and services they actually need. The scale of TrendXs database is also constantly expanding, now reaching more than 1 billion, covering multiple dimensions such as on-chain transactions, tweet data capture and analysis. The continuous accumulation and optimization of these data give TrendX a unique advantage in market analysis and user services. It also makes TrendX the closest to successful Web3 Mass Adoption.
Future Outlook
In general, achieving large-scale popularization of Web3 is not easy, but it is not out of reach. To achieve this goal, Web3 products must meet the following conditions:
Properly meet user needs (PMF): Only products that truly solve user pain points can be widely recognized.
The target market is large enough: Products with billions of users or a market worth tens of billions of dollars are likely to be popularized globally.
Simplify the user experience: Lowering the barrier to entry for users and making the product easy to use is key to attracting a wide range of users.
Mature infrastructure support: A sound upstream and downstream supply chain and infrastructure are important guarantees to support large-scale popularization.
Effective user acquisition strategy: In a highly competitive market, how to acquire users accurately and on a large scale is the key to achieving Mass Adoption.
Sustainable business model: The long-term value and sustainability of a product are important factors for its long-term development in the market.
Although the current Web3 industry faces many challenges, with the advancement of technology and the gradual improvement of infrastructure, we are expected to see more Web3 products achieve Mass Adoption in the next few years. The rise of consumer-grade encryption applications indicates that the Web3 industry is gradually moving from the professional field to the mass market. To achieve this goal, Web3 products must be deeply optimized and improved in terms of user experience, market positioning, infrastructure construction, etc. In the future, Web3s Mass Adoption will become a reality, not just an ideal.
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