What It Takes to Grow the Web3 Ecosystem to Reach the Next Billion Users

Published: August 28, 2024 at 5:46 am Updated: August 28, 2024 at 5:46 am

Edited and fact-checked:
August 28, 2024 at 5:46 am

In Brief

Web3 challenges crypto newbies, but simpler, user-friendly systems and innovative technologies like Layer-2 and cross-chain bridges are making blockchain more cost-effective and accessible.

Accessibility is still a key challenge as the Web3 space can be complex and daunting for crypto newbies. The key to alleviating this is to develop simpler and more user-friendly systems. In addition, high costs and scalability can be a challenge but it also opens the door for innovation. For example Layer-2 technologies, cross-chain bridges, and better consensus mechanisms are making blockchain more user-friendly and cost-effective.

To onboard the next billion users, there are several core strategies that address these challenges and leverage emerging technologies:

Gaming: GameFi has been a major driver for the massive adoption of the native Web3 space, and BSC has played a significant role. In 2021, the GameFi project Crypto Blades had over 1 million daily active addresses. In November 2021, BSC became the first EVM to surpass 15 million daily transactions, largely due to GameFi. The GameFi trend has since evolved, with developers now focusing on creating genuinely enjoyable games rather than just DeFi ponzi with a GameFi label.

Real-World Assets (RWA), Stablecoins, and Payments: RWAs provide tangible value to users, and stablecoins play a critical role in facilitating transactions on the blockchain. Different chains enable real-world use cases for payments, including on-chain transactions, depositing, and withdrawing from major CEX platforms and wallets globally.

Building Infrastructure: In the latter half of 2024, BNB Chain is focused on continuing to build and operate a robust infrastructure. There’s also BSC as a DeFi hub, opBNB for quick and low-cost transactions with gas fees as low as $0.0001, and Greenfield for on-chain storage and data availability (DA).

Supporting Builders: It’s important to ensure that builders and their projects receive comprehensive support from the ideation phase through development and beyond. Initiatives like Hackathons and other programs help early-stage projects, while grants and kickstart programs provide essential resources like cloud and audit services, often at a discounted rate or for free.

Open-Mindedness: For instance, the University of Zurich Blockchain Center’s summer program, “Deep Dive into Blockchain,” for the third year. This program is hosted at one of the top blockchain universities and is a key part of our strategy to promote Web3 education.

There’s also a focus on several key areas, including enhancing user experience on Launchpads and decentralized exchanges (DEXs) and improving staking and payment systems. In addition, it’s important to focus on improving scalability and interoperability further through cross-chain bridges. Companies should cooperate with high-growth industries like artificial intelligence (AI), mini-games, and paid content platforms and provide resources to help projects in these verticals achieve sustainable success.

Another focus for BNB Chain in H2 2024 is enhancing the utility of Bitcoin through BTCB, a tokenized version of Bitcoin that allows holders to access the BNB Chain ecosystem without selling their BTC. BTCB is created through a “wrapping” process that maintains a 1:1 peg with Bitcoin, enabling participation in BNB Chain’s DeFi services, such as lending, borrowing, and trading, while benefiting from fast transactions and low fees.

Disclaimer

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About The Author

Gala Wen, Director of Ecosystem Development at BNB Chain, has a diverse background, including experience as a best-selling author, NBA commentator, PwC auditor, and was named a top travel influencer on Forbes’ 30 Under 30 list in 2019. She describes her engagement with the blockchain industry as akin to Columbus’s discovery of the New World, reflecting the vast opportunities for exploration and innovation.