Web3 faces many challenges, but they’re fixable, said Redeem co-founder, Toby Rush. In an exclusive interview with BeInCrypto, Rush shared his thoughts on the need for a better user experience, how NFTs made a poor first impression, and why we really do need clarity from regulators.
If 2021 was the year of all-time highs, and 2022 was the year of the great crypto crash, 2023’s defining characteristic has not yet emerged. While one obvious choice might be the explosion of regulation, another is the industry’s general flatlining.
Web3 Needs a Better User Experience
Judged by many metrics, crypto, Web3, and DeFi have failed to change the narrative in the wake of last year’s market collapse. According to DefiLlama, the total value locked (TVL) in all DeFi protocols has failed to recover from the sharp downturn.
TVL is actually 5.5% lower than the day FTX filed for bankruptcy on November 11. Non-fungible tokens (NFTs) have collapsed. And although the crypto markets in general have fared a little better, there is a sense that the pool of people partaking in Web3 has barely grown.
In Rush’s view, a huge reason for this is the poor UX, but frontend UIs in particu
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Author: Josh Adams
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