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What’s the point of all of this? If web3 ends up becoming a big thing with a lot of users and new, valuable business models, so what?
On Thursday, I wrote about the web3 use cases that exist today to set a baseline:
NFTs: $31.3 billion of volume in the past year on OpenSea alone
Decentralized Exchanges: the leading DEX, Uniswap, has handled over $1T in volume
DeFi Protocols: Compound, Maker, Aave, and other DeFi lending protocols have held up well during the sell-off while centralized DeFi lenders have struggled
Real-World Lending: Goldfinch and Jia help close the credit gap in developing countries.
User-Owned Marketplaces: Braintrust has doubled Gross Service Volume to $74 million in the past five months while keeping its take rate at an industry-low 10%.
Connected Device Networks: Helium and DIMO facilitate networks built by users and ecosystems of applications built on top of user-owned data.
Stablecoins: USDC, DAI, and other fully/overcollateralized stablecoins facilitate payments, especially internationally. There are $155 billion of stablecoins in circulation.
Evan Conrad Use Cases: In a blog post, Evan Conrad highlighted non-government money, cheap loans, Filecoin, Lab DAO, Radicle, Helium, Toucan, and Golden.
Today, real people are spending real money to use real products, even if some seem silly or circular.
But the real question isn’t whether there are any use cases, but whether there will be use cases that, collectively, are worth the hype.
What’s the point of all of this? If web3 ends up becoming a big thing with a lot of users and new, valuable business models, so what?
On Thursday, I wrote about the web3 use cases that exist today to set a baseline:
NFTs: $31.3 billion of volume in the past year on OpenSea alone
Decentralized Exchanges: the leading DEX, Uniswap, has handled over $1T in volume
DeFi Protocols: Compound, Maker, Aave, and other DeFi lending protocols have held up well during the sell-off while centralized DeFi lenders have struggled
Real-World Lending: Goldfinch and Jia help close the credit gap in developing countries.
User-Owned Marketplaces: Braintrust has doubled Gross Service Volume to $74 million in the past five months while keeping its take rate at an industry-low 10%.
Connected Device Networks: Helium and DIMO facilitate networks built by users and ecosystems of applications built on top of user-owned data.
Stablecoins: USDC, DAI, and other fully/overcollateralized stablecoins facilitate payments, especially internationally. There are $155 billion of stablecoins in circulation.
Evan Conrad Use Cases: In a blog post, Evan Conrad highlighted non-government money, cheap loans, Filecoin, Lab DAO, Radicle, Helium, Toucan, and Golden.
Today, real people are spending real money to use real products, even if some seem silly or circular.
But the real question isn’t whether there are any use cases, but whether there will be use cases that, collectively, are worth the hype.
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