The market involving the crypto-currencies is rapidly growing, and people are turning to the digital assets market. However, what is the reason behind such interest in the mainstream public? Industry experts point to a critical factor: Due to the growth of the easy-to-use Web3 wallets.
Simplifying the Crypto Journey
Old-generation crypto wallets were commonly associated with high complexity and difficult learning processes for the users. They might be difficult to use due to the intricate design and the application of technical terms. However, it is crucial to look at the new generation of Web3 wallets that are focusing on the consumer experience. These improved applications proved to be relatively convenient as it becomes more convenient to purchase, store, and trade in cryptocurrencies.
‘We are gauging the Web3 wallets as more and more vital instruments for the general populace, regarding the crypto realm’, remarks Luis Ocegueda, the Head of Engineering at Trust Wallet. The nature of these wallets is evolving to fit the users’ expectations, which eases the process of engaging with cryptocurrencies.
**Clearly, the steps mentioned above would unlock a surge in the number of users.
While there is this predilection for user-friendliness, it is paying off in actual measures of growth. An analysis by DappRadar, a blockchain business data firm indicated Web3 applications’ record high in users for Q2 of 2024. The monthly unique user count was recorded to be at 55 million, an increase from the previous 48 million in the last quarter while the dUAW was at 10 million, the highest they have ever been and an increase of 40% from the previous quarter.
Beyond Basic Transactions
Web3 wallets are not limited to the basic usage of transacting in cryptocurrencies as explained below. Most now have an embedded buy/sell platform for NFTs, staking services to earn interest on the cryptos and easy access to the dApps that run Web3.
Crypto Access in the Future
With improved Web3 wallets and improving users’ experience specialists consider it as the primary tool for mass adoption of cryptos. Since smartphones can be considered a cognizable tool for entering into this world of crypto, more and more people will be able to embrace the potential of this revolutionary technology.