Improved Web3 wallets drive cryptocurrency adoption, experts say.
Web 3.0 wallets are becoming increasingly important tools for widespread adoption in the crypto scene.
Experts such as Luis Ocegueda, Head of Engineering at Trust Wallet, and Alvin Kan, COO of Bitget Wallet, highlight that Web 3.0 wallets are adapting to meet user expectations.
How Web3 Wallets Simplify Using Crypto
Crypto adoption and the Web 3.0 ecosystem have seen a notable increase. DappRadar reports record Web 3.0 application users in Q2. Daily unique active wallets (dUAW) reached 10 million, marking a 40% increase from the first quarter and the highest number to date.
Despite this growth, the complexity of blockchain technology remains a significant barrier for newcomers. An April report from Preply revealed that 35% of crypto investors did not feel confident in their crypto knowledge, and even 3 in 5 respondents did not know what blockchain is.
Read more: Learn about the 5 best Web3 wallets
This is especially due to a lack of familiarity with new and complex technology. New users often have difficulty with some functionalities, such as cross-chain transfers, seed phrases, gas fees, and decentralized applications (dApps). Alvin Kan acknowledged this challenge in a recent interview with BeInCrypto.
“There really is some education required to exchange or transfer tokens between chains. Why is this USDT on Ethereum different from USDT on Polygon? and other things like that. So, I think multiple chains do increase complexity,” he explained.
