Notes on Consumer Crypto | May 18, 2024

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Reading https://paragraph.xyz/@joshcrnls.eth/may-18

TLDR :cherry_blossom:

This article discusses the current state of crypto user experience, the rise of emotional and social aspects in crypto, the emergence of memecoin-centric games, and the ongoing Ethereum vs Solana narrative.

Key Points :dizzy:

  • Crypto onboarding is still challenging for mainstream users, and elegant product experiences are needed to attract new waves of people.
  • Emotional and social contexts are crucial for mainstream crypto adoption, beyond just financial games.
  • Memecoin-centric games like WorldPvP are experimenting with new ways of building consensus and community.
  • The Ethereum vs Solana narrative is heating up, with concerns about Ethereum’s “coolness” factor and the importance of attracting new builders.

In-depth Summary :hibiscus:

The article starts by discussing the work of 0xDesigner and his “Design Everydays” project, which explores the intricacies of crypto user experience. It highlights the need for elegant and understandable product experiences to onboard new users, as the current crypto landscape can still be daunting for the mainstream.

The author then delves into the importance of emotional and social contexts in crypto, beyond just financial games. They argue that collecting on-chain media and the adoption of memecoins will require stronger social and emotional connections for users.

The article then explores two recent memecoin-centric games - Rug.fun and WorldPvP. While Rug.fun has struggled with consensus building, WorldPvP has generated over $700k in fees so far, with its long-running game mechanics, increased social surface area, and pre-existing memecoin communities.

Finally, the article discusses the ongoing Ethereum vs Solana narrative, with Solana briefly generating more economic value than Ethereum in a single day. The author expresses concerns about Ethereum’s “coolness” factor and the importance of attracting new builders, which could be a challenge for the Ethereum ecosystem.

ELI5 :lollipop:

This article talks about how crypto is still hard for most people to use, and how we need to make it more fun and social to get more people interested. It also talks about some new games that use meme coins, which are silly internet coins, to try and get people to work together and have fun. Finally, it talks about how the two biggest crypto networks, Ethereum and Solana, are competing to be the “cool” place for people to build new things.

Writer’s Main Point :cherry_blossom:

The primary point the author is trying to make is that the future growth of crypto will depend on creating elegant and emotionally engaging product experiences, rather than just focusing on the financial aspects. Memecoin-centric games and the competition between Ethereum and Solana are important experiments in this direction.

Relevant Links :link: