There is crypto infrastructure in place, but no apps yet.
Even if you construct it, they might not show up for some time.
Decentralized applications (dapps) are apps that operate on decentralized networks, and crypto has established a plethora of infrastructure rails for app construction, giving developers hundreds of software combinations to choose from.
However, it appears that very few teams are utilizing the available technologies.
Just four of the most popular blockchain apps on DappRadar have more than 100,000 active wallets every single day. Some potential consumer crypto applications are trying to get users to accept them by requesting minimal behavioral changes from them.
Oleg Fomenko, co-founder of Sweat Economy and the consumer-facing Sweatcoin app, argued that the usage of total value locked (TVL) as a metric of an app’s performance is contributing to the consumer dapp delay. According to Fomenko, developers focus on the incorrect things because of TVL, which is a problem for many in the crypto community.
Fomenko stated that active users are a more useful aim and that recruiting a small number of whales is the easiest method to acquire TVL. He went on to say that building for whales will result in a totally different user experience compared to building for the next billion people.
Using crypto rails, two of the top three decentralized applications (dapps) created by unique active wallets created apps that offer incentives for commonplace actions.
The Kai-Ching stablecoin, hosted on the NEAR protocol, is used to reward users for interacting with material on their phone’s lock screen. Cosmose AI develops this software. According to DappRadar, Kai-Ching interacts with more than 600,000 distinct wallets daily.
The similarly mundane Sweat Economy uses its “Sweatcoin” app to award users with tokens depending on their step counts. Users can use SWEAT tokens, which are based on NEAR and can be used in the Sweat Wallet app, to buy and sell steps.
According to Fomenko, the program’s complex user interfaces discourage the “crypto-curious” from using the step-counting app.
Cryptocurrency is not something that individuals find off-putting, according to our study. Fomenko clarified that the term is not always negative but rather linked to a very difficult user experience.
The “Health and Fitness” list in the App Store presently ranks Sweatcoin at #9. According to Fomenko, Sweat Economy’s internal data reveals that most of its users are inexperienced with crypto and Web3, which contributes to the app’s worth. For a fee, crypto-native businesses may team up with Sweatcoin to advertise to those who are supposedly unfamiliar with cryptocurrencies.
Yet another decentralized application (dapp) with broad behavior modification as its goal is to bring it into the Web3 era is TinyTap. Teachers may earn cryptocurrency for their educational games that they upload on the platform for mobile devices.
Developers’ reluctance to work on Web3 mobile apps due to fear of Apple, Google, or regulation is one obstacle, according to Fomenko. You won’t find most of the top ten decentralized applications (dapps) based on unique active wallets in the main app stores.