Will Asia lead web3 in 2024? A look at web3 in 2024 and view of DeFi Summer ✨ Are we prepared for a potential bull-run? India's growing crypto landscape with Delhi taking the charge!
2023 was the year of major breakthroughs in Web3, AI and Fintech. But it came with its challenges! Wondering what web3 will bring in 2024? We discuss about potential web3 milestones we’re yet to cover in this year’s last edition of TWIW3. Let’s get into it!
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The past year has been a striking example of the resilience of the blockchain space. Emerging from the depths of the "crypto winter," the market cap of the crypto space soared by 90% to an impressive $1.69 trillion.
As we step into 2024, the crypto industry is buzzing with optimism. Here's a glimpse into what we can expect:
Bitcoin's Resurgence and the Anticipated "DeFi Summer 2.0"
Bitcoin's dominance in the crypto market cap has surged, hinting at a promising year ahead.
Key drivers for this resurgence include the anticipated Bitcoin halving, approval of Bitcoin spot ETFs, and enhanced programmability features.
The Bitcoin ecosystem is likely to see an expansion in Layer 2 solutions and smart contract capabilities, potentially leading to a robust "DeFi Summer 2.0" on Bitcoin.
Tokenized Social Experiences: Moving from finance to social, Web3 is set to revolutionize social interactions. Platforms like Friend.tech have already begun this transformation by tokenizing social experiences, a trend expected to grow in 2024.
Bridging Traditional Finance and DeFi: The legal landscape in 2023 paved the way for increased institutional interest in crypto. 2024 is set to witness a surge in institutional adoption, with a focus on tokenized real-world assets and mirrored TradFi products.
The Convergence of Modular Blockchains and Zero Knowledge Proofs: The integration of modular blockchains with Zero Knowledge Proofs is anticipated to create a new era of smart contract composability, enhancing both developer flexibility and consumer privacy.
On-Chain Computational Intensity: AI and DePIN: With improved scalability, we expect to see more computationally intensive applications moving on-chain, such as AI systems and Decentralized Physical Infrastructure Networks (DePIN).
Consolidation of Blockchain Ecosystems: The blockchain landscape is likely to see a consolidation, with a focus on specific verticals. This "Hub-and-Spoke" model will see smaller ecosystems specializing in niches like social, gaming, and DeFi.
🌏 The Global Stage: Asia's Rising Influence
The enthusiasm for crypto in Asia is undeniable. With vibrant developer communities and supportive government policies, Asia is poised to play a pivotal role in the next bull market. This contrasts with the more cautious approach in the U.S., where regulatory uncertainties are still a hurdle.
As we navigate through 2024, the global Web3 ecosystem is set to become more diverse and dynamic.
With Asia leading the charge, we're on the cusp of a new era in blockchain and crypto, marked by groundbreaking innovations and a shift towards a more interconnected and inclusive digital world.
What are you looking forward to in 2024 for the web3 space?
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In 2023, Delhi solidified its position as India's leader in crypto adoption, per CoinSwitch's "India's Crypto Portfolio 2023" report. The capital city led in investment value, with Bangalore and Mumbai close behind. Notably, Dogecoin (DOGE) emerged as the favourite among retail investors, while Solana (SOL) saw an impressive 633% growth over the year. The report reveals a year of resilience for the crypto market, with Bitcoin and other cryptocurrencies ending the year positively, bolstering India's crypto landscape.
Minecraft, known for its strict stance against cryptocurrency and NFT integrations, surprisingly allows Worldcoin's Minecraft integration. Worldcoin's "Orb" technology, which scans retinas to create unique IrisCodes for blockchain-based World IDs, facilitates this unique partnership. The integration doesn't involve direct use of cryptocurrencies or tokens in the game but instead uses World IDs for player verification. This approach combats bots and enhances online gaming safety, aligning with Minecraft's EULA guidelines. While Minecraft bans play-to-earn features and NFTs, creating exclusivity, Worldcoin's focus on authentication, separate from its WLD token, complies with these rules, making this partnership an exception in Minecraft's blockchain policy.
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Let’s get into Posty’s fresh pecks from the world of web3!
🚨 ZachXBT's account deactivation leads to a surge of impersonators, warns Wallet Guard's Michael Khekoian; users advised to beware of scams.
🤔 Coinbase's Faryar Shirzad counters Senator Warren’s allegations, affirming commitment to responsible crypto regulation and denying misuse of government connections.
⛏ Increasing regulatory scrutiny on Bitcoin miners risks protocol-level censorship, with miners possibly filtering transactions linked to sanctioned addresses.
🎌 Japan's Cabinet proposes eliminating corporate tax on unrealized crypto gains, a move aimed at fostering the Web3 industry and correcting current tax discrepancies.
💰 Ikigai Asset Management sells its $65M claim in FTX bankruptcy, with potential returns up to 73 cents on the dollar, prioritizing immediate fund recovery.
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Disclaimer: The content in this newsletter is for informational and educational purposes only and is not intended as financial advice. We do not offer personalized investment advice. The crypto and web3 sectors are highly volatile and risky, so please do your own research and consult a financial professional before making any investment decisions.
