Cryptocurrency exchanges are on a mission to onboard new users onto the blockchain, and they are doing so by integrating onchain services with lifestyle elements. This trend is not surprising, considering that going onchain often leads to exponential growth.
For instance, Dogecoin recently experienced a 400% increase in active user addresses, indicating a growing number of users leveraging the network despite price fluctuations. This surge in engagement highlights the importance of onchain interactions in driving adoption and development within the crypto space.
Leading exchanges like Gemini and Coinbase are actively pursuing onchain growth initiatives to attract and retain users. Gemini recently hired a “head of onchain” to facilitate user onboarding and promote engagement within the Web3 ecosystem. The platform enables users to transact stablecoins and native tokens across multiple blockchain networks, providing access to a wide range of services and opportunities.
Similarly, Coinbase has been leveraging onchain activations to connect with users in unique ways. The platform partnered with the Golden State Warriors last October to introduce fans to the world of crypto through sports-related activities. These partnerships and activations not only make crypto more accessible but also drive user engagement and adoption among diverse audiences.
Onchain growth is not just about acquiring users; it’s also about creating a seamless and valuable experience that keeps users coming back. Erin Grasmick, a senior infrastructure engineer at Parity Technologies, emphasizes the importance of building user-friendly onchain experiences that add value and foster long-lasting engagement.
Businesses like Mythos are leveraging onchain interactions to drive user engagement through strategic partnerships and activities. Mythical Games, the blockchain gaming studio behind Mythos, collaborated with Polkadot to launch FIFA Rivals, a soccer game that is powered by the blockchain network. These partnerships demonstrate the potential for onchain experiences to enhance user engagement and support revenue-generating activities.
As the crypto industry continues to evolve, more exchanges are exploring onchain opportunities to drive growth and engagement. By tapping into diverse sectors like sports, entertainment, and gaming, exchanges can attract new users and make blockchain technology more accessible to mainstream audiences. Despite challenges like liquidity fragmentation and interface complexity, exchanges are committed to delivering seamless onchain experiences that empower users to explore the full potential of digital finance.
In conclusion, the evolution of onchain services within cryptocurrency exchanges reflects a broader shift towards integrating blockchain technology with everyday activities. By bridging the gap between traditional finance and digital assets, exchanges are paving the way for mainstream adoption and revolutionizing the way users engage with blockchain technology. The future of crypto exchanges lies in their ability to create meaningful onchain experiences that resonate with users and drive growth in the digital economy.
