4.2. Web3 Savings/Passive Income Markets

Considering the launch of the Bitcoin blockchain network in 2009 and the increasing adoption of blockchain, crypto and Web3 after 2017, Web3 is still at a very early stage. It is observed that individual savings applications and applications similar to traditional savings applications in general have not yet made sufficient development and progress on the Web3 side. The lack of savings applications like Nexspecto in the Web3 area and the gap in this area offer significant opportunities for Nexspecto to realize its potential. Furthermore, when we consider both the potential of the savings market and the potential of Web3, the size of the economy that will be created by the combination of these two concepts will be better understood.

Although the number of applications similar to traditional savings applications on the Web2 side is very few, the statistics of "passive income"-based decentralized finance (DeFi) applications provide important data on the future of the Web3 savings market.

According to DeFiLlama data, which provides on-chain data on numerous Web3 applications such as decentralized finance (DeFi) protocols, Blockchain Games (P2E - GameFi) and NFTs (Non-Fungible Tokens), over $44 billion in TVL (Total Value Locked) are held in DeFi protocols as of the time of writing this whitepaper. According to DeFiLlama data, the total value locked in DeFi protocols reached over $175 billion in November 2021, breaking a record. This amount consists of assets locked into decentralized finance (DeFi) protocols (DEXs-decentralized exchanges, lending-borrowing protocols, staking protocols etc.) by users who want to earn passive income like savings.

Business models more similar to Web2 savings accounts with DeFi protocols are provided by centralized crypto exchanges (Binance, Crypto.com, Coinbase, Gemini) and other centralized crypto asset service providers (Nexo). These platforms have paid billions of dollars in returns to millions of users so far with their savings products and services. Nexo platform, one of the most common applications among these platforms, has paid more than 6 million users with a total of 35 cryptos and more than 200 million dollars.

Currently, decentralized and centralized savings applications have provided billions of dollars of returns to their users with billions of dollars of locked, staked crypto assets. By combining the potential of Web2 and Web3, Nexspecto aims to lead this huge market by revolutionizing the savings ecosystem.