Web3 Making Major Inroads in 2024

As we are about to step into the third quarter of the year, the Web3 ecosystem continues to make significant strides, building upon the progress of the previous years. This new era of the internet, which relies on blockchain technology, is built on decentralization, enhanced security, efficiency and transparency. Thanks to its critical milestones, Web3 promises to redefine various industries.

This year has witnessed significant advancements in blockchain technologies, leading to various industries adopting Web3 to keep up with the new trends. The advancements have led to new frameworks that are already enhancing scalability and reducing business energy consumption, thus making blockchain more viable for mainstream applications.

One of the areas that is making major changes in the Web3 world is decentralized finance (DeFi). DeFi platforms are growing quickly, offering users great alternatives to conventional financial services such as borrowing and trading. Since these platforms operate without intermediaries, they reduce costs and increase accessibility. With almost  $100 billion in total value locked (TLV) in DeFi protocols, the sector is demonstrating the potential of Web3 to democratize finance.

Moreover, decentralized applications (dApps) have seen significant growth as the technology evolves. With the adoption of blockchain technology and decentralized systems increasing, it has resulted in increased development and deployment of dApps, which now operate on peer-to-peer networks.

Another trend shaping the Web3 landscape is the mainstream adoption of web gaming. Some major gaming studies are already releasing titles on blockchain platforms, thanks to this technology’s enhanced player security, which ensures a player’s account information is stored safely. Others are ensuring players have unique gameplay experiences. For instance, Ubisoft, a French video game publisher, launched Rabbids Token on the Ethereum blockchain to allow players to collect and trade unique Rabbid characters.

This year also promises to bring a new era of transparency through regulatory clarity to the Web3 industry. Many governments, relevant officials and bodies call for clearer guidelines to ensure the Web3 landscape can navigate the complex legal landscape. Governments are putting licensing frameworks in place such as Markets in Crypto Assets Regulation (MICA), to develop regulatory frameworks for the future.

There is also a need for more infrastructure and services development, which is essential to the backbone of Web3. This development is crucial in ensuring that the right support is given to meet the increasing adoption and scalability of decentralized apps. Proper infrastructure in marketplaces, payment networks and loan platforms will ensure a seamless user experience and robust security. This is already being seen in the Web3-supported products of enterprises like Horizon Fintex, and more such integrations will take these technologies mainstream.

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