• Uniswap’s Hayden urged developers to vampire attack Web2 applications using crypto superpowers instead of marginal improvement on existing web3 products.
• The GamiFi industry has been identified as a sector with immense potential to onboard millions of users overnight.

The current cryptocurrency bear market has largely been compared with the dot-com bubble burst at the beginning of the 21st century by most experts. Having been born out of the necessity to fight global inflation and financial crises like recessions, the cryptocurrency market has undeniably proved its long-term success.

Moreover, a recent survey conducted by Triple-A concluded that the cryptocurrency market has already surpassed 420 million people globally who are directly invested. However, the figure is still dismal compared to the global population, which is estimated to have clocked at 8 billion.

The Catalyst for Web3 Adoption

According to EOS Foundation Chief Executive Officer, Yves La Rose, mass adoption of Web3 products will be triggered by onboarding a billion users from Web2 projects. He further argued that the cryptocurrency industry needs applications that bring new users into the space instead of internal competition in regard to existing users.

Notably, Yves La Rose, responding to a recent idea by Uniswap founder Hayden, noted that Web3 developers need to vampire-attack Web2 platforms to ensure future growth prospects.

As a result, Yves La Rose highlighted that the EOS Foundation has more than welcomed Web3 developers with scalable and secure blockchain technology. Furthermore, the EOS network offers developers financial and non-financial support in a bid to attract more users to the blockchain ecosystem.

Notably, Yves La Rose identified the GamiFi industry as a potential recipe for onboarding millions of new users into the Web3 sector. Moreover, Yves La Rose believes that the GamiFi industry can easily onboard users even without them realizing they are using blockchain technology.

Currently, most jurisdictions around the world have increased the discussions around Web3 regulations. The European Union earlier this year passed the MiCA crypto regulations. Hong Kong, the United Kingdom, and partially the United States have signaled positive adoption of Web3 development in order to update the current financial system and significantly fight money laundering and terrorism funding.

Institutional investors have significantly increased the Web3 funding as shown by Meta which changed its name from Facebook, Twitter which just transformed into X everything app, and BlackRock which recently filed for a Bitcoin ETF.

Market Outlook 

The cryptocurrency market is expected to significantly grow, mostly fueled by global inflation as the demand intensifies. Currently, the cryptocurrency market capitalization has hovered around $1.22 billion with the total value locked in the DeFi industry at about $43 billion. Notably, Uniswap protocol ranks fourth largest with about $3.7 billion in TVL, whereby the leading DeFis are Lido DAO, AAVE, and MakerDAO.

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