Crypto Expert Calls for Consumer Apps to Drive Mass Adoption
1min read Simon Dedic, a partner at Moonrock Capital, has emphasized the need for more consumer applications in the cryptocurrency space. Over the past year, there has been a significant influx of investments in infrastructure projects, but Dedic argues that consumer apps should evolve in parallel with infrastructure to drive broader adoption. He believes that this approach would mirror the development of the internet, where infrastructure and consumer applications grew simultaneously, leading to widespread use.
Dedic acknowledges that venture capitalists (VCs) are currently more inclined to invest in infrastructure projects due to their familiarity and ease of pitching. However, he argues that this focus delays the adoption of consumer apps that could capitalize on the existing infrastructure. He suggests that VCs have a responsibility to not only fund infrastructure projects but also to ensure that users are effectively onboarded into the cryptocurrency space. This dual focus would help in creating a more user-friendly environment, fostering greater adoption.
Dedic is particularly optimistic about the potential of SocialFi, a sector that combines social media and finance. He notes that current projects in this space often focus too much on speculation and financialization rather than utility for users. He believes that the focus should be on creating useful applications that cater to users' needs, rather than just financializing everything. Projects like Farcaster, for example, are seen as too idealistic and too close to existing platforms like X, which may not appeal to a broader audience.
Dedic is bullish on projects that offer new social experiences on cryptocurrency platforms. He emphasizes the need to make the entry barrier as low as possible to onboard the masses. By creating applications that are easy to use and provide real utility, the cryptocurrency space can attract a wider audience and drive broader adoption. This approach would not only benefit users but also the overall growth of the cryptocurrency ecosystem.
