This past weekend, Binance achieved a significant milestone, surpassing 200 million registered users. This explosive growth mirrors the accelerating adoption of digital assets and blockchain technology.

Learning from History:
- The growth trajectory of blockchain and Web3 resembles past cycles of technological disruption.
- Previous technological innovations such as electricity and the internet took longer to gain widespread adoption compared to the rapid proliferation of blockchain and digital assets.

Historical Context of Technological Disruption

Throughout history, new technologies have disrupted established industries and economies, pitting incumbents (established players) against insurgents (innovative newcomers). Typically, incumbents initially dismiss the new technology but are eventually forced to adopt it or risk obsolescence. This pattern is being observed today with the rise of blockchain and Web3.

The Pace of Technological Disruption

Acceleration Over Time:
- Early technologies such as the steam engine and electricity took decades to transform industries.
- The internet (Web1) achieved mass adoption much faster, revolutionizing communication, commerce, and entertainment by the early 1990s.

Blockchain and Web3:
- Introduced with Bitcoin in 2009, blockchain technology has achieved mainstream attention within a decade.
- Millions now use digital assets for various activities, from transferring value to engaging in decentralized finance (DeFi).

Real-World Utility and Adoption

Despite skepticism, blockchain and digital assets have demonstrated real-life utility and consumer value more swiftly than past technologies. The rapid growth in Binance's user base is a testament to this:

User Growth:
 - Achieved 50 million users by May 2021 (four years post-launch).
 - Reached 150 million users by June 2023.
 - Surpassed 200 million users in less than a year thereafter.

Diffusion of Blockchain Innovation

Everett Rogers’ Diffusion of Innovation Theory:
- Innovations spread over time among participants in a social system, categorized into stages: knowledge, persuasion, decision, implementation, and confirmation.
- Rogers identifies five adopter categories: innovators (2.5%), early adopters (13.5%), early majority (34%), late majority (34%), and laggards (16%).

Even if only Binance's users are considered, representing more than 2.5% of the global population, it indicates that blockchain adoption is progressing towards the early majority phase, potentially leading to mass, self-sustained adoption.

Cooptation or Obsolescence

Historical Examples:
- Telegraph companies initially dismissed the telephone. The value of instant voice communication soon led to its widespread adoption.
- Personal computers were initially seen as toys until they became essential for business and personal use.

Modern Parallels:
- Blockchain technology faced initial skepticism from traditional financial institutions.
- Now, many incumbents, such as BlackRock and Fidelity, are embracing blockchain innovations like spot bitcoin ETFs.
- Companies like JP Morgan and IBM are integrating blockchain into their operations to enhance efficiency and security.

Future Outlook

As blockchain and Web3 technologies continue to evolve, established players must either co-opt these innovations or risk obsolescence. The rapid growth of the Binance community suggests that this future is imminent, with blockchain poised to reshape not only the financial landscape but numerous other industries as well.