Messari: The latest progress of Web3 wallets, is it the unsung hero of this bull market?

Author: RJ Fulton, Messari Intelligence Expert; Compiler: 0xjs@黄金财经

Every cryptocurrency bull run brings new use cases that drive adoption and innovation.

• In 2017, DeFi led the trend, while the last bull run saw the rise of NFTs.

• This time, prediction markets, DePINs, and RWAs (real world assets) seem to be the most prominent catalysts.

• But a quieter but potentially more influential revolution is underway: simplifying the on-chain login process.

The initial Web3 experience can be daunting - compared to Web2, the learning curve for dealing with mnemonics, private keys, browsing dApps, and managing multiple wallets is high. However, recent innovations are making the on-chain journey more user-friendly. Notable examples include:

• In June, Coinbase launched Smart Wallet, which allows instant wallet setup without the need for extensions or apps. To further enhance the user experience, the company also launched the Coinbase Wallet web app, which consolidates multiple wallets into a single interface.

• In July, Circle launched social login and one-time password email verification for its programmable wallet.

• Most recently, MetaMask launched the Delegation Toolkit, which eliminates the need for cumbersome browser extensions or mnemonics.

Source: House of Chimera

Despite similarities to the early days of the internet, cryptocurrencies have yet to experience the transformative mainstream breakthrough that broadband, user-friendly browsers, and smartphones did.

• While cryptocurrency adoption is currently ahead of the early days of the internet, initial complexity has been a barrier to widespread acceptance. However, recent developments suggest that a major shift is on the horizon.

As the technology matures, on-chain interactions become increasingly user-friendly, potentially laying the foundation for a new era in which blockchain participation is as seamless as navigating the web today.

Only time will tell, but the true legacy of this cycle will likely be remembered as a quiet revolution in user experience that finally brought the vision of a decentralized future into the mainstream.