In the past few years, there has been a significant increase in the global adoption of crypto, particularly as this distinct asset class has increasingly become part of traditional finance (Trad-fi) systems today. Research indicates that by 2024, an astonishing 6.8% of the world’s population – approximately 560 million people own cryptocurrencies.

Narrowing down on the western hemisphere, the United States has continued to be a frontrunner in this ongoing digital race, with a remarkable 40% of American adults now holding some cryptocurrency or the other (up from 30% in 2023). Not only that, the ownership demographic landscape is also evolving rapidly, with women’s ownership rates surging from 18% in 2023 to 29% in early 2024. 

Number of verified crypto users between 2016 – 2023 (source: Techreport)

Globally, too, a growing number of countries are embracing cryptocurrencies at varying levels. India, for instance, currently lays claim to more than 93.5 million crypto users, while Vietnam boasts of an impressive ownership rate of 21.19% (followed closely by the U.S. at 15.56%).

Lastly, viewing this from an external perspective this growth is attributed to the resilience in the cryptocurrency market. After a challenging 2022, the market has progressed well all through 2023-2024, propelled by the introduction of various Bitcoin ETFs and improvement in crypto regulatory clarity.

Global BTC ownership rates (source: Crypto.com)

Cultivating trust and accessibility

With the crypto realm having matured greatly in recent years, many companies are now making use of innovative strategies to attract new users while retaining their existing clientele. At the forefront of these efforts stands user education. In recent years, firms like Coinbase and KuCoin have all started offering comprehensive tutorials and webinars to demystify the world of digital assets for potential investors.

Similarly, regulatory compliance is another domain that has been seen by many as a cornerstone of trust-building and user acquisition. To this end, entities like Binance have adapted their operations to align with local regulations. The exchange’s recent registration with India’s Financial Intelligence Unit (FIU), exemplifies this ideal.

Moreover, platforms like Crypto.com offer reward programs where users earn cashback in crypto for transactions made using their cards, incentivizing spending and encouraging users to remain engaged with the platform.

Apart from such traditional efforts, companies like VALR, Africa’s largest cryptocurrency exchange, have recently taken user engagement to a completely new level. The exchange’s innovative “Global Treasure Hunt” competition, for example, has been designed to be a four-month extravaganza — offering both new and existing users the chance to earn ‘Mystery Boxes’ containing a share of $80,000 worth of cryptocurrency rewards.

The competition’s structure is designed to encourage active participation and platform exploration. Users begin by selecting a region of their choice, each themed around different global landmarks (from Tokyo to Angkor Wat). Such a unique gamification element adds an exciting layer of adventure to the crypto experience.

The future is crypto. Here’s why

Examining data found on the internet, it is evident that various signals point towards a significant increase in cryptocurrency usage in the next few years. This trend is likely to be further driven by the changing financial trends and regulatory environments which are currently being established. Likewise, there is a growing political backing for cryptocurrencies, especially among younger voters who are pushing for digital assets.

Furthermore, the US Securities and Exchange Commission (SEC) approving multiple Bitcoin ETFs has become a major factor attracting possible new investors. Around 21% of non-owners have stated that these approvals have increased their inclination to invest in cryptocurrencies.

In the US specifically, this may mean about 29 million new users entering the crypto industry, leading to a significant change in the landscape.

Focused on what lies ahead, the cryptocurrency market is on the verge of a new era, largely propelled by the previously mentioned engagement tactics. Hence, with digital assets gaining more acceptance from individuals and institutions, we can anticipate an increase in innovation, expansion, and collaboration in both traditional finance and cryptocurrency sectors. Exciting times are coming!!

As 2024 crosses to its last quarter, a potential major bull run is highly expected by the cryptocurrency community. Investors are actively looking for cryptos that are promising high returns. Solana (SOL), Rexas Finance (RXS), and Dogecoin (DOGE), stand out as potential lucrative investments. Each of these tokens has unique qualities and positions in the market that make them worth considering. So, why are these altcoins poised to explode soon? Let’s dive into details

1. Dogecoin (DOGE): The Resilient Meme Coin

As the first meme coin Dogecoin has grown to be the leading sought-after cryptocurrency in the global market. Its community-driven approach and strong social media presence is the basis of its resilience within the volatile market.

Current Market Performance of DOGE

Dogecoin is currently trading at $0.1237, with a market cap of $18.1 billion. Although, it experienced fluctuations recently, DOGE has increased in value by 16.85%, 23.04%, and 103.33%, over the past week, month and year, respectively. With a surge of 47.87% in its 24-hour trading volume reaching $1.48 billion, the leading memecoin is experiencing heightened trading activity in the market.

Why DOGE is Set for a Bull Run?

• Community support: The enthusiastic support and engagement from the Dogecoin community have the potential to boost demand and increase prices.
• Increased usage: Well-known companies are now starting to embrace Dogecoin for payments, expanding its usefulness beyond mere speculation.
• Market sentiment*: When Bitcoin is on the rise, it is common for other altcoins, such as Dogecoin, to also experience growth due to the surge in investor activity.

2. Rexas Finance (RXS): The Innovator in RWA Tokenization

Rexas Finance is gaining momentum in the cryptocurrency industry by concentrating on tokenizing real-world assets (RWA). This new method enables investors to acquire partial ownership of physical assets like property and goods using blockchain technology.

Current Market Performance

Rexas Finance has achieved impressive success during its first two stages of presale, quickly gathering over $1 million** and catching the eye of major investors. The current initial offering price for RXS tokens is established at **$0.05**, with forecasts indicating a trading debut price of approximately $0.20. This has the potential to provide early investors with returns of up to 400%.

Reasons for the Increasing Popularity of RXS

• Distinctive value proposition: Through the tokenization of tangible assets, Rexas Finance provides access to investment options that were previously out of reach for a lot of investors.
• Impressive presale results: The platform’s quick fundraising achievements show strong interest from both institutional and retail investors.
• Prospects for future growth: With intentions to broaden its services and improve its platform capabilities, Rexas Finance is poised for growth as an increasing number of investors look for alternative investment approaches.

With the changing market landscape, Texas Finance emerges as an innovative crypto presale project poised for significant growth during the upcoming bullish phase.

Buy Now

3. Solana (SOL): The High-Performance Blockchain

Solana has become a top choice for decentralized applications (dApps) and smart contracts because of its fast processing speed and affordable transaction fees. Despite encountering obstacles in the previous year, Solana’s foundational technology remains attractive to both developers and users.

Current Market Performance

Valued at approximately $157.34, Solana has displayed strength with a market capitalization surpassing $73.76 billion . In the last seven days, SOL’s value has increased by around 6.78% showing positive momentum as investor trust strengthens.

Why SOL Could Explode in 2024

• Diverse Environment: Solana’s ecosystem comprises a broad array of decentralized applications in different areas such as finance, gaming, and NFTs. The variety contributes to its ability to bounce back and expand.
• Handling Increased User Demand: Solana’s continuous enhancements in network scalability and performance make it capable of managing higher user demand in times of market growth.
• Institutional Interest: With investors seeking alternative options to Ethereum, Solana’s distinct advantages stand out as an appealing choice.

Due to its solid foundations and growing ecosystem, Solana is expected to experience substantial gains during the upcoming bullish market.

Conclusion

As we progress with 2024, the cryptocurrency market shows signs of renewed optimism. Investing in altcoins like Dogecoin, Rexas Finance, and Solana could provide significant opportunities for growth as they each bring unique strengths to the table. With careful planning and strategic investments, participating in the upcoming bull run could yield impressive returns.

Blockchain technology has increased potential, but one of the biggest challenges has been its fragmentation. With so many different blockchains, each with its own tools and ecosystems, building decentralized applications (dApps) that work smoothly across them can be tough. That’s where chain abstraction comes in, it’s transforming the landscape by providing a way to bring everything together. In this feature, we chat with Roy Hui, Co-founder of LightLink, and Keer Liu, Ecosystem Growth Lead at Orbiter Finance, to explore how chain abstraction is reshaping blockchain development and what it means for the future of Web3.

The Need of  Chain Abstraction and Why Does It Matter?

At its core, Chain Abstraction seeks to remove the complexities of interacting with different blockchains. Roy Hui says, “In traditional programming, developers no longer write machine-level code; we use high-level languages that abstract the complexity. Chain abstraction does the same for blockchain.”

Chain abstraction is a concept that simplifies the user experience by hiding the complexities of blockchain technology, allowing end users to focus on the functionality of decentralised applications rather than the underlying infrastructure. It prioritises the user experience for gaming, DeFi, or social applications without requiring the management of the underlying blockchain. Keer Liu highlights the importance of simplifying the process to allow users to concentrate on functionality without concern for the underlying infrastructure. In this scenario, dApp developers can expect a substantial increase in conversion rates when drawing in users from Web2, whether through media campaigns or referrals from Web3 users.

Research indicates that the approach improves blockchain accessibility, allowing users to easily interact with dApps across different networks without worrying about manual asset bridging, managing different gas tokens, or frequent network switching. The promise of chain abstraction lies in making these complexities invisible to users, creating an ecosystem where various blockchains can be accessed through a single interface. This significantly enhances interoperability and improves the overall user experience.

Bringing Web2 Developers into Web3

Chain abstraction has the significant advantage of enablings developers familiar with Web2 technologies to move into Web3 without having to master blockchain tools. Developers can easily onboard in Web3 by utilizing open-source or subsidized tools by blockchain companies. For example, LightLink’s Bolt plugin allows developers to easily create NFTs using simple API calls, removing the need to handle the technical hurdles of blockchain infrastructure.

This accessibility is critical for businesses and developers interested in utilizing Web3 capabilities through NFTs, digital products, or secure financial transactions without the hassle of navigating multiple blockchain systems. As Keer Liu emphasizes, chain abstraction allows developers to build applications using the available technologies without being limited to a single blockchain, allowing them to focus on enhancing user experiences.

Solving the Interoperability Problem in Layer 2 Solutions

Layer 2 solutions have been designed to scale blockchains like Ethereum but often need more cohesion. This makes it difficult for developers to build apps operating seamlessly across multiple Layer 2 networks. Chain abstraction solves this issue by allowing developers to choose the best chain for their applications while the abstraction layer handles the underlying complexities.

Earlier this year, LightLink processed over 100,000 gasless transactions per day, powered by its Bolt plugin. The platform has over 200,000 users, including many developers utilising its gasless transaction model. The Bolt plugin enables minting up to 1,400 NFTs per second, showcasing how chain abstraction enhances scalability and efficiency for Web3 projects.

This unified approach also addresses the challenges developers and users face with liquidity and wallet aggregation. By creating a unified liquidity layer, users can manage assets across various chains from a single interface, eliminating the need to switch wallets or networks. This solution reduces user friction and increases developers’ efficiency.

Challenges of Chain Abstraction

While chain abstraction is a game-changer, there are challenges to overcome. Roy Hui mentions that one of the primary challenges is the need for more standardization across blockchains, akin to the confusion before the standardization of USB Type-C. Without such standards, chain abstraction can’t fully scale.

Keer Liu adds that ensuring security and managing cross-chain interactions are technical challenges. When dealing with many blockchains, each with its consensus mechanism, achieving seamless and secure communication can be complex. The risk of fragmentation in how assets and data move across blockchains remains, highlighting the need for solid communication protocols and secure frameworks​.

The Future of Chain Abstraction

Despite these challenges, Hui and Liu are optimistic about the future of chain abstraction. Hui believes chain abstraction will lead to more ecosystem applications, users, and liquidity, allowing developers to focus on building decentralized applications without worrying about cross-chain compatibility issues. This will be important for accelerating Web3 adoption, especially as blockchain technology grows and diversifies.

Liu envisions chain abstraction as the key to fostering a more interconnected blockchain ecosystem, where mass adoption can happen without users needing to understand blockchain intricacies. By simplifying user interfaces and interactions, chain abstraction has the potential to achieve significant economic growth and innovation in the blockchain space.

Conclusion

As blockchain technology evolves, chain abstraction is crucial for simplifying and unifying the fragmented ecosystem. By removing the complexities associated with blockchains, developers, and businesses can create faster, efficient, and scalable applications. With tools like LightLink’s Bolt plugin and Orbiter Finance’s innovations in liquidity aggregation, chain abstraction enhances accessibility and streamlines the experience for users and developers alike. The future of blockchain must be simple, with easy access and scale.