All over the web3 companies, protocols and projects alike are aiming to get a billion users on board – what they see as the tipping point for cryptocurrency use to grow exponentially. But that number is – of course – only possible through greater acceptance.
That means major players in the space need to make improvements in terms of convenience and accessibility for the non-crypto natives who want to use crypto. Uniswap Labs, a company building on the decentralized protocol Uniswap, aims to do just that.
While it may seem like “web3” is just a buzzword, people in space believe there is a deeper meaning to it.
“Web3 is revolutionizing financial technology and financial infrastructure in one,” Mary-Catherine Lader, COO of Uniswap Labs, told MovieUpdates. “With Web3, any app, any website, can invent value in a digital economy without asking permission or paying for that service.”
Today, crypto users don’t have to go to the bank or work with a payment company every time they want to make a transaction online as they can link and pay their crypto wallets through a decentralized protocol without authorization like Uniswap. “This has never been possible before,” Lader said.
Uniswap is an open source protocol without permission that developers can use and embed in their platforms so that crypto users can exchange tokens while Uniswap Labs is a company that builds products on top of the protocol.
Earlier this week, Uniswap Labs launched Swap Widget, which allows users on the NFT marketplace OpenSea and other web3-based applications to exchange or “swap” cryptocurrency on the platform without leaving the site.
Widgets like these have already been implemented in Web 2.0 sites like Amazon where you can easily pay for items when you check out, but given the nascent stage of web3, a task as simple as making a payment is more complex and requires a number of steps to successfully use crypto products and services.
“There are too many steps today [to use crypto]Ladder said. “You should be able to join a DAO with just one click. You should be able to support your favorite NFT artists with one click.”
There is a sizeable – and growing – market for one-click web3 use. In December 2021, there were 295 million crypto users worldwide, a 178% increase from 106 million at the start of the year, according to a January 2022 report from the cryptocurrency exchange app Crypto.com. The company reported that it expects the number of global crypto owners to reach 1 billion users by the end of this year.