This is, no doubt, in part due to the effects that COVID-19 has had on the economy, with many looking for new ways to diversify their finances and a move to working from home giving people the free time to research new interests.
As conversations began to move on from Bitcoin to other larger crypto projects like Ethereum network upgrades and central bank digital currencies, or CBDCs, news coverage would suggest that the mainstream adoption of crypto is already well underway.
We’ve already seen examples of this within the crypto and DeFi spaces such as the MakerDAO project, which seeks to build an unbiased global financial system run by the community.
While it may seem like Web3 and DeFi protocols are separate projects , these protocols are laying the groundwork for Web3 and its adoption.
2021, there were around 4.66 billion active internet users around the world, and if Web3 became the default, every one of those users would end up using blockchain and crypto technology on a daily basis, even if they weren’t aware of it.
While it’s possible that waiting for the implementation of Web3 could be the reason, government regulation could be another factor to help drive crypto into the mainstream.
Previously, crypto hasn’t been seen as easily accessible to the mass market due to its complexity and perception of volatility.
Arguably, crypto is already “mainstream” in countries with comprehensive regulation such as Singapore or countries with governments strongly in favor of cryptocurrencies, such as El Salvador and, most recently, Tonga.
With Web3 the emphasis is on decentralization, moving data away from central powers and using AI power to make the internet completely accessible to all without having to rely on big businesses.
In contrast, if more governments decide to establish frameworks and regulations for crypto, it is likely there would be more of an emphasis on centralization.
While this would allow even more people to have easy access to the benefits of crypto such as faster transaction speeds and lower costs , it would move the emphasis of crypto away from sovereignty and decentralization.