According to PANews, the topics of mass adoption and simplified user experience were central during the EthCC event in Brussels. The discussion focused on the current pace of Web3 adoption, challenges, and user preferences, raising questions about how far we are from widespread acceptance, even among older generations.

Since Bitcoin's launch in 2009, the number of global cryptocurrency holders has surged to approximately 560 million, a growth rate that surpasses that of the largest traditional payment networks over the past five years. Despite this, only 6.8% of the global population holds cryptocurrency. Research by Triple A indicates that the number of cryptocurrency holders grew by 33% in 2023, reaching 420 million, with 34% of these holders aged between 24 and 35.

Asia has been a significant driver of this growth, with the number of holders increasing from 268.2 million to 326.8 million, a 21.8% rise. This underscores Asia's crucial role in shaping the cryptocurrency landscape. However, the figure of 560 million includes users holding assets in centralized exchanges (CEX) or other digital asset custodians. On-chain metrics reveal that as of 2024, the total number of monthly active addresses on the top 20 Layer1s just surpassed 75 million.

Even when including the most popular Layer2s, with slightly under 20 million monthly active addresses, the total number of users on mainstream chains is around 100 million, potentially inflated by duplicate addresses. The growth rate of new Bitcoin addresses has slowed to 2018 levels, indicating a decline in on-chain activity and network fundamentals.

The primary driver of the surge in crypto users this year may be the approval of Bitcoin ETFs. Among non-crypto users, 21% stated that this approval positively influenced their investment decisions. Despite the increasing acceptance of crypto this year, 44% of non-crypto users still say they will never purchase cryptocurrency, citing value instability and lack of government protection as the main reasons.

Speculation remains a significant aspect of Web3 and crypto, but new Web3 users who entered after 2021 often see their investment portfolios underperform. Interestingly, a 2023 study by Buy Bitcoin Worldwide found that the third most popular cryptocurrency among investors is $DOGE, excluding stablecoins like USDC and USDT.

While recent U.S. government friendliness towards cryptocurrency might boost user numbers, stories of massive gains, such as $DOGE's thousand-fold increase, are more likely to attract interest from outside the crypto community. The debate continues on whether market capitalization should surge first or user adoption should lead the way, akin to the 'chicken or egg' dilemma. What is certain is that Web3 is still in its early developmental stages as we head into 2024.