- Cryptocurrencies are experiencing a surge in adoption, with experts predicting significant growth in the coming year.
- Chris Burniske, a veteran of Ark Invest, forecasts that crypto apps may see growth similar to that of ChatGPT.
- Burniske highlights the potential for hundreds of millions of users and the challenges blockchain infrastructures may face.
Discover the potential explosive growth of crypto apps and the challenges they may encounter in handling massive user adoption.
Can Crypto Apps Mimic ChatGPT Growth?
One of the standout features of OpenAI’s ChatGPT, the world’s most used Large Language Model (LLM) application, is its user-friendly design. Within weeks of its launch, ChatGPT attracted over 100 million users, setting a record for the fastest-growing consumer application at the time.
Potential for Massive User Adoption
Over the past year, ChatGPT has maintained its popularity through continuous innovation, including the introduction of Dall.E, Sora, and voice features. Despite competition from Google’s Gemini and others, OpenAI’s LLM remains the dominant AI chatbot. Drawing parallels, Chris Burniske predicts that crypto apps could onboard tens to hundreds of millions of users in the coming year. He states, “We’ll go from asking, ‘Where is the adoption?’ to running around with our hair on fire with too much adoption. Dissemination will happen through viral Web2 distribution.”
Burniske justifies this projection by noting that the Web3 ecosystem is the only financialized infrastructure that is “directly intertwined with the social media phenomenon.”
Challenges for Blockchain Infrastructure
Despite the optimistic outlook, the capability of blockchain systems to handle such massive growth remains a critical concern. Ethereum, the oldest and largest smart contract network, has struggled with processing large transactions without encountering issues. Other blockchain networks like Solana (SOL) have faced similar congestion problems, although Solana has implemented a major fix on its mainnet to address these issues. However, the ability to handle millions of user transactions simultaneously remains uncertain.
Conclusion
Chris Burniske’s prediction of ChatGPT-like growth for crypto apps underscores the potential for significant user adoption in the coming year. However, the ability of blockchain infrastructures to manage this growth will be a crucial factor. As the industry continues to innovate and evolve, the true capacity of these systems will become evident. For now, the crypto community remains optimistic yet cautious about the future.
