Across East Africa, mobile money has become a ubiquitous part of daily life. Services like M-Pesa, Airtel Money, and Tigo Pesa allow people to store and transfer funds easily via their mobile phones. But now, mobile money is colliding with a new technological revolution - Web3.
Earlier this month, the decentralized finance (DeFi) protocol Curve was exploited for nearly $600 million worth of stablecoins. This incident highlighted the ongoing risks and vulnerabilities in the fast-moving world of DeFi.
The narrative around crypto education in Africa can be summed up in one statement: "Go ye into Nairobi and make them disciples of Vitalik, Satoshi, and degens." While this strategy sounds energetic, the idea of making every young African a Crypto or Bitcoin maxi is a bull market-only strategy and not sustainable if we are serious about onboarding 500 million Africans to Web3.
The current buzz surrounding Africa's Web3 movement is often summarized in one enticing phrase: 'Africa is the next big thing.' While this statement appears optimistic, it overlooks the intricate realities of the continent's digital landscape and inadvertently undermines the tireless efforts of the communities and individuals shaping Africa's Web3 future.