Even if you’ve never heard of Web3, you at least have probably gotten familiar with some elements of the system, such as cryptocurrency. Web3 is the decentralized aspect of the web, then evolves peer-to-peer uncentralized Internet activity. In other words, it gives users more direct control over their assets, apps, and other activities within this extensive network. Here are trending topics you should keep your eyes on within this part of the web.
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Crypto Social
Crypto is no longer just a digital currency, it’s also a social media platform. An example of the crypto social world is Friend Tech, a decentralized social network that connects like-minded people online. These online friends earn rewards for contributions they make and have the freedom to create their very own digital identities. This, along with other platforms, allows users to enjoy many levels of creation, sharing, and monetizing of content with NFTs and cryptocurrency. Their NFTs are integrated into profile pictures, badges, and other online collectible elements.
DeFi Yield Farming
With DeFi yield farming, users can earn passive income by borrowing, lending, or staking cryptocurrencies on smart contracts that run on blockchain networks. These yield farms can be very lucrative, as they allow users to earn interest or rewards. While this type of investment can have attractive investing outcomes, it can also be volatile. The risk may be equal to the gains. So, users involved with yield farming should research, get expert advice, and take the necessary precautions to spread their investments out.
Growing Onchain Activity
The interactions taking place on blockchain networks are referred to as onchain activity, such as cryptocurrency onchain purchases. Experts note the increasing activity relating to trading on decentralized exchanges compared to centralized ones. The centralized exchanges are also known as DEXs. With a DEX network, users can directly trade their cryptocurrency coins with one another. They don’t have to use a third-party intermediary to do so, unlike traditional trading.
According to Dune Analytics, in August 2021, the monthly volume of DEXs surpassed $100 billion for the first time. This shows more than anything else what many web3 advocates have been saying: “onchain” will become the next “online”.
Bitcoin Ordinals
Bitcoin can come in different units, and the smallest ones are referred to as ordinals. They’re given such a name since they’re based on the ordinal numbers known as first, second, third, and so on. One satoshi is the first Bitcoin ordinal and is the smallest unit of it, while 10 Sukoshis are known as the second Bitcoin ordinal. These Bitcoin ordinals were created to make the system more intuitive and accessible for everyone. They’re easier to use for smaller payments such as tipping.
As of 2023, these are some of the most popular trending topics that evolved in the Web3 world. However, as the days, weeks, and months go by, these topics can easily be replaced by new ones since the network is ever-expanding. So whether you’re interested in buying or trading cryptocurrency, utilizing crypto social networks, or finding out more about yield farming, the sky is the limit when it comes to enjoying the decentralized web.
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