Want Crypto Adoption? Give Consumers What They Really Want

The first step to solving a problem is admitting you have one. In crypto, our problem is the profound gap between what people say they want, and what they actually want. This phenomenon, called the “value action gap,” helps clarify why belief doesn’t always turn into action. In crypto, the mismatch is huge: despite strong theoretical sentiment for crypto’s underlying principles, adoption remains shy. But if Web3 is to reach even a fraction of its potential, we can’t ignore this gap any longer.

Mags Kala is the founder and managing partner of Double Down, a Web3 fund.

Crypto’s values are grounded in two powerful ideals.

First, there is the movement toward radical self-sovereignty: you own your money, you own your keys.

Second, there is the dream of a decentralized internet, where we share in the profits companies generate from our activity, and retain increasingly more control over our online identities. The problem? Most of us can’t be bothered to set a strong password — let alone take on the responsibility that this level of control requires.

In the decade since Vitalik’s Ethereum white paper, we’ve seen an explosion of projects that tap into these desires for self-sovereignty and decentralization, from NFTs and DApps to blockchain games. But after three crypto winters, and a landscape littered with smart contracts, broken DeFi platforms, and PFPs, what do we actually have to show for it from the mainstream consumer adoption perspective? Not enough beyond the boom-and-bust cycles of a 24/7 casino.

People might care about crypto’s underlying values… but not enough to onboard solely because of them. Instead, what they want is far simpler: money, status, and unique functionality that actually solves a real problem (shocker!). If we hope to truly catalyze the crypto space — as founders, builders, or investors — we must acknowledge this reality and embrace users for who they are, rather than who we want them to be.

What’s Really Driving Adoption

In a Consensys survey published in June, respondents overwhelmingly said they want more control over their online identities and data. But is that really what’s driven adoption in Web3 so far? The evidence points elsewhere: namely, speculation. It’s everywhere in crypto, thanks to our inherent bias toward immediate…