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What should Web 3.0 developers focus on to emerge stronger from the bear market?

All markets are cyclical and Web 3.0 is no exception. Here’s what the community needs to work on for the next bull market to boost.
As highlighted in a16z’s recent 2022 State of Crypto Report, crypto has historically followed what the authors call the “price-innovation cycle.” A wave of rising prices attracts new builders who develop novel solutions to long-standing problems even as prices fall.

These new applications are renewing interest in Web 3.0 bringing waves of users into the space, causing cryptocurrency values ​​to surge again. Although there are ups and downs, the overall trajectory is one of growth.

The silver lining is that with less hype and euphoria about rising prices, builders can focus more attention on developing truly innovative protocols. Remember the major advances that led to the ICO craze, the DeFi-Summer and the NFT-boom led.

Every big rally was preceded by a period when imaginative people rolled up their sleeves and got to work. We are in such a phase right now. Here are four key areas builders should invest their time and talent in if they want to ride the next bull market.

Web 3.0 user experience (UX) needs to be improved

The peak of Web 3.0 is populated by early adopters who are generally more tech-savvy and more willing to experiment with the unknown. However, the capabilities and features that attract early adopters often intimidate less advanced users. This creates barriers to entry that stifle Web 3.0 adoption.

The biggest barrier to entry is often overcoming the technical hurdles required to participate in Web 3.0. Users need a wallet to interact with logs. Addresses used to send and receive transactions consist of a long string of numbers and letters a far cry from Web 2.0 usernames and passwords.

In addition, taking on the burden that has historically been the responsibility of the banks is an enormous responsibility custody of one’s own assets. If a user loses their private key and seed phrases, there is no customer support hotline to call. These funds are not accessible.

The next wave of successful projects will find ways to ease the transition of new users into the space by simplifying these technical hurdles and unfamiliar processes associated with getting started with Web 3.0.

Web 3.0 must extend financial services

Basic lending and borrowing are core pillars of the traditional financial system, which are replicated in DeFi. By migrating consumer finance offerings Mortgages, car loans, business loans DeFi creates opportunities for lenders to use their crypto assets to generate interest on liquidity.

Additionally, borrowers who may not have a traditional bank account will have access to credit that would otherwise not be available to them all based on their crypto collateral or credential.

However, bringing TradFi to DeFi is not enough. To become the world’s default financial system, DeFi must expand on the core financial services already ubiquitous in TradFi to draw people and institutions into the new realm of decentralized finance.

This is where education on why decentralization matters comes into play. People need to understand the benefits of owning and controlling their own financial destiny rather than putting their money in the hands of banks.

The 2008 financial crisis shows what can happen when power and control are in the hands of a few acting in their own interests rather than the interests of the majority. The core value of cryptocurrency is to put power in the hands of people, not corporations, to own and control their own worth.

Builders should focus on enabling Web 3.0 e-commerce

Web 3.0 threatens to break the retail giants’ stranglehold on e-commerce and give consumers greater decision-making power. Again, a key element in facilitating this transition is implementing a frictionless user experience that offers the benefits of Web 3.0 with the look, feel, and convenience that users already expect from Web 2.0.

For example, new financing options such as “buy now, pay later” services that are an integral part of Web 2.0 e-commerce will continue to drive the adoption of Web 3.0 e-commerce. Research shows that offering a “buy now, pay later” option at checkout increases conversion rates by 7 percent compared to traditional card transactions.

Another way to capture the attention of buyers is through engagement through Decentralized Autonomous Organizations (DAOs). We’re increasingly seeing brands and influencers adopt DAOs to turn customers into community members, giving them decision-making power over contests, new product features, and sometimes revenue streams from shared investments.

Looking for capital? build infrastructure

When 300,000 people raced across the country to get rich during the California Gold Rush, it was Samuel Brannan, a trader supplying miners with equipment, who made the most money of all. While Web 3.0 one bear market going through, pickier VCs are taking a page out of Brannan’s book and focusing their investments on infrastructure.

Infrastructure projects are projects that others can build on and a recent Messari report suggested that such projects showed strong signs of growing profitability. It shouldn’t come as a surprise. Some fascinating things are happening in infrastructure.

New infrastructure is enabling persistent file storage, low-cost on-demand and streaming video, and even decentralized wireless networks to power the Internet of Things. Who knows what’s next when you have so many new tools to build with?

Time to roll up your sleeves

Bear markets are not new phenomena, which means that history has lessons for us. This also includes the history of the Internet itself. When the tech bubble burst in 2000 after the euphoria of the late 1990s, that was not the end of the Internet. Rather, by filtering out the noise and nonsense of projects with poor foundations, a new generation of stronger projects emerged.

The new wave featured improved e-commerce, expanded financial services offerings, upgraded infrastructure, and enhanced UX. That means this is an exciting moment. History is rife with bull and bear trades, and the bulls that emerge from this period can influence daily life for decades to come.

Ryan Berkun is the founder and CEO of Teller, DeFi’s unsecured lending protocol. Ryan is a16z Crypto Startup School alumni, business angel and mentor at CELO, a mobile-firstBlockchain, which is optimized for peer-to-peer payments. Previously, Ryan focused on Web 3.0 infrastructure for projects like Tezos, 0x and live peer.

Featured image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia

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