Coinbase is out of the circle again, and consumer crypto applications may lead the next decade

author:Nick Tomaino

Compiled by: Xiaobai Navigation coderworld

Introduction

Yesterday, Coinbase announced the launch of an app designed to make it easier for users to manage their on-chainwalletFor Coinbase, the new app is another step in its goal of becoming a “super app” similar to China’s WeChat.

Crypto applications have been trying to break out of the niche market and enter the mainstream. But for encrypted consumer applications, how can they successfully break out of the circle? This article will explore this issue and share some key experiences and insights.

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I firmly believe that over the next decade, crypto adoption will permeate every aspect of culture.

The past decade has been dominated by deep tech and finance, but the next decade will see the convergence of crypto consumer apps with news, politics, sports, health/fitness, music, live video, podcasts, etc. These apps will become the most useful and valuable ever.

This runs counter to the view of many capital allocators, who continue to pour large amounts of money into uninspired zero-sum products.

While the market is hyping up the 69th scalable L1 and yield-generating stablecoins, developers are quietly building products that will spark new consumer behaviors that will help us reach over 1 billion users as quickly as possible and benefit the world.

Through early involvement in many successful consumer applications that bridge crypto and culture, such as @coinbase,@opensea,@Polymarket,@dYdX), I learned a lot.

If you’re thinking about the next generation of cutting-edge consumer encryption applications, here are four lessons that may be useful to you:

1. Success doesn't come overnight, so focus on what you truly believe in, not justmake money, and persisted for many years.

   Polymarket It was thought to be unsuccessful many times, but the founder @shayne_coplan The team always believed that the prediction market could bring more truth. They encountered many obstacles that might make most people give up, but the deep belief in transcending money helped them persevere.

   Polymarket’s trading volume in 2024 exceeded $423 million and played an important role in the 2024 U.S. presidential election. Belief and persistence will eventually pay off.

2. The intersection of purists and tourists is key.

   Coinbase Having spent the last decade or so deftly walking the fine line between purists and tourists. If the product is too purist, it will remain niche and difficult to break through. While there will be a small number of people who love it for its historical knowledge and nuances, a product built for purists will limit the size of the market.

   If the product is too tourist-oriented, people will like it for a while, but then leave. Easy come, easy go.@brian_armstrong Made to provide hostingwalletAn early design decision for the service, due to his belief that non-custodial wallets were not conducive to mass market growth, led Coinbase to become a publicly traded company with a market cap of over $50 billion.

3. Gain in-depth understanding of users and market culture.

   when Opensea Although other NFT marketplaces have raised more money and attracted more high-profile investors when they launched in 2018,Xiaobai Navigation, Opensea still stands out.

   This is because @dfinzer and @xanderatallah They don’t care about false reputations or making up imaginary company stories, they just focus on building a useful product. They communicate with every NFT creator, attend every NFT event, and understand the culture more deeply than their competitors. Don’t be fooled by the surface narrative, dig deep, you will outlast those who play the surface.

4. Block out the existing tribe noise and create your own tribe.

   Truly useful apps don’t need to cater to any existing groups, but can create their own.DX We have set an example in this regard.@AntonioMJuliano He and his team started in the Ethereum ecosystem and later launched Starkex-backed L2, and then to the dYdX chain powered by the Cosmos SDK, this practice may become more and more common in the future.

   Once you’ve proven the utility of your application, you can launch your own chain with full autonomy, rather than ceding a lot of control and value to an existing chain.

The past decade of consumer crypto adoption has been incredibly interesting, but I believe the next decade will be a hundred times more fun.

The article comes from the Internet:Coinbase is out of the circle again, and consumer crypto applications may lead the next decade

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