I think even crypto cryptic should take some time to actually try out on-chain applications. It's really hard to convey just how much more frictionless it is than the normal financial system.
For example the other week I wanted to buy some Series I savings bonds. This involved first freeing up some capital by selling some index funds. I put the order in Friday night and had to wait until Monday morning for the trade to be executed. Then I had to wait until Wednesday for the cash to become available in the brokerage account. I transfer the cash to my checking account, and the ACH doesn't clear until Friday morning. I finally go to make the purchase on Treasury Direct, and it tells me the order won't go through until the next business day (Tuesday because Monday is a holiday). All told it took me 11 days and countless time fumbling around the outdated and laggy web applications of three different financial institutions.
In contrast the other day I unstaked some USDC I had earning yield in Curve, bridged it from Ethereum to the Polygon, converted it to MATIC tokens using Uniswap, then staked those tokens to earn yield in Lido. The entire chain of transactions took no more than 5 minutes. Didn't have to create an account or login into any of those platforms. Everything went through Metamask connected to an ultra secure hardware wallet.
I'd draw the analogy of how a lot of people from the older generation missed the explosion of mobile convenience apps tens years ago. I can recall my parents asking "why do you need an app to make a restaurant reservation, what's the big deal with just calling the restaurant." And I think the point is that consumers often treat frictions as a given until they actually have an experience where those frictions are removed. Then they have a really hard time going back to the old way.
For example the other week I wanted to buy some Series I savings bonds. This involved first freeing up some capital by selling some index funds. I put the order in Friday night and had to wait until Monday morning for the trade to be executed. Then I had to wait until Wednesday for the cash to become available in the brokerage account. I transfer the cash to my checking account, and the ACH doesn't clear until Friday morning. I finally go to make the purchase on Treasury Direct, and it tells me the order won't go through until the next business day (Tuesday because Monday is a holiday). All told it took me 11 days and countless time fumbling around the outdated and laggy web applications of three different financial institutions.
In contrast the other day I unstaked some USDC I had earning yield in Curve, bridged it from Ethereum to the Polygon, converted it to MATIC tokens using Uniswap, then staked those tokens to earn yield in Lido. The entire chain of transactions took no more than 5 minutes. Didn't have to create an account or login into any of those platforms. Everything went through Metamask connected to an ultra secure hardware wallet.
I'd draw the analogy of how a lot of people from the older generation missed the explosion of mobile convenience apps tens years ago. I can recall my parents asking "why do you need an app to make a restaurant reservation, what's the big deal with just calling the restaurant." And I think the point is that consumers often treat frictions as a given until they actually have an experience where those frictions are removed. Then they have a really hard time going back to the old way.