CoinEx Smart Chain | CSC Embraces Web3
2022 was a rough ride for crypto investors. During the past year, the crypto market turned bearish, with negative events breaking out in many categories. Despite the global economic recession, the Web3 category presented new market opportunities. In the first six months of 2022, Web3 projects raised more than $1 billion, double the 2021 figure. With the appearance of new blockchain-based applications, the Web3 market is expected to keep growing in the coming decade. As 2023 kicked off, Web3 has now become a heated topic in the crypto space.
Web3 on the advance
Web3 keywords first became trending in 2020. Back in 2021, along with the crypto boom, the concept and theory of Web3 were rapidly popularized. Last year, Web3 even launched challenges against many leading Web2 players. In 2022, big-shot VC firms frequently invested in Web3, and Internet giants also ventured into the category, which is indicative of Web3’s fast growth. According to statistics on Web3’s development, Web3 developers, users, and the number and type of DApps were all on the rise.
The Web3 industry has recorded rapid growth, especially in 2022. Meanwhile, despite the crypto bear, the number of Web3 developers has continued to grow. According to Alchemy’s research report for Q3 2022, the number of active Web3 developers last year exceeded the figure in 2021 and previous years. At the same time, a16z also released a report predicting that the number of Web3 users will reach 1 billion by 2031.
Challenges facing Web3
Based on the Web3 trends in 2022, we can tell that the category will face a number of challenges this year.
First of all, regulatory policies are a major challenge. In 2022, regulators worldwide engaged in discussions on the regulatory policies of Web3. As more specific policies get rolled out around the world, the trend might continue. A growing number of countries might follow suit and establish a policy agency focusing solely on Web3 to discuss and formulate clear regulatory policies.
Secondly, decentralized social media is also a challenge. The emergence of Web3 has had a certain impact on Web2 SNS platforms. Thanks to its decentralized core technologies, Web3 boasts many advantages. For instance, it allows users to regain ownership of their data, protects user data, and is open to all, which fully captures the demands of today’s SNS users. This also indicates that Web3 SNS platforms will become increasingly popular in 2023.
Public chains: the path to Web3
CoinEx Smart Chain (CSC) has focused on empowering Web3 applications since last year. As a key Web3 infrastructure, public chains play a major role in the Web3 world. CSC, a new public chain compatible with EVM, uses PoS, and offers high TPS and low fees. Such ecosystem advantages created an enabling environment for Web3 developers. Moreover, the chain has also funded outstanding projects. To expand its ecosystem, CSC has embraced the Web3 category and hosted the MetaFi global hackathon to attract more promising Web3 projects and build a sustainable Web3 ecosystem. The chain also strives to empower CSC projects. For instance, CSC has set up the Five-Million USD Special Funding Support for Metaverse Ecology and Weekly Promotion to help Web3 applications grow and evolve.
Over the years, CSC has worked to evolve into an all-encompassing public chain with a prosperous Web3 ecosystem to reach out to more crypto users. As the chain’s infrastructure facilities mature, CSC will support more crypto categories and applications with various features. CSC intends to genuinely prioritize and improve the development environment and bring more easy-to-use DApps to users, thereby catalyzing the progress of Web3.