Even if you build it, it may still take some time to complete.
Crypto has built a number of infrastructure rails for app creation, giving developers access to hundreds of software combinations that can be used to build decentralized apps (dapps) and apps that run on decentralized networks. became.
But so far, despite the technology on offer, few teams seem to be taking advantage of it.
Among DappRadar’s top blockchain-based applications, only four have more than 100,000 unique active wallets each day. Some promising consumer crypto apps seek adoption by asking participants to minimize behavioral changes.
Consumer dapp delays are partially due to cryptocurrencies using Total Value Lock (TVL) as a measure of app success, according to the Sweat Economy and Consumer Sweatcoin said Oleg Fomenko, co-founder of the app. In Fomenko’s view, for many in the cryptocurrency industry, TVL is a bug that causes developers to target the wrong targets.
read more: Is it time to retire TVL as a DeFi indicator?
“The easiest way to get TVL is to attract a few whales. And when you build for whales, the user experience is much different than what you need to build for the next billion people. “Active users are a more useful target,” Fomenko said.
Two of the top three dapps by unique active wallets used crypto rails to build apps that reward daily activities.
Cosmose AI’s KAIKAINOW app allows users to earn rewards paid in KAI-CHING stablecoin hosted on the NEAR protocol when they access content on their phone’s lock screen. According to DappRadar, KAI-CHING works with over 600,000 unique wallets per day.
Similarly, the everyday sweat economy uses the “Sweatcoin” app to pay users token rewards based on their steps. The step will likewise be converted into SWEAT tokens built on NEAR, which users can stake, convert into other coins, or spend on products.
read more: Sweat economy begins operating in the US following XRP court ruling
Fomenko said the pedometer app is aimed at appealing to “cryptocurrency enthusiasts” who are put off by the app’s complex interface.
“[Our] “Studies have not shown that cryptocurrencies are unpleasant for people…not in a bad way, but they are associated with a horribly complicated user experience,” Fomenko said.
Sweatcoin currently sits at number 9 on the App Store’s “Health & Fitness” chart. Fomenko said Sweat Economy’s internal data shows that the majority of its users are new to cryptocurrencies and Web3, which is part of the app’s value. Cryptocurrency-native companies can pay to partner with Sweatcoin to reach an audience ostensibly new to cryptocurrencies.
TinyTap is another dapp that tries to make the popular behavior a little more similar to Web3. The mobile-enabled platform allows educators to publish learning games for students as NFTs and receive cryptocurrency payments for their content.
read more: Apple allows NFT sales on the App Store – but there’s a catch
One hurdle, Fomenko said, is that developers are reluctant to develop Web3 mobile apps for fear of Apple, Google or regulation. Most of his top 10 dapps by unique active wallets are not listed on major app stores.
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