Since the inception of the crypto asset class, entering the space has been complicated and lengthy, involving multiple parties and many different steps. The entry barrier was prohibitive. Explaining how tokens, wallets, exchanges, and swaps work to novices would make their heads spin. On-ramp platforms are essential in terms of transferring value between the fiat and crypto spaces because this enables the expansion of Web3 to the fiat economy.
On-ramps encourage Web3 community growth by connecting legacy financial systems to the decentralized, next-generation internet. If Web3 and crypto are to realize their full economic potential, the space needs tools like crypto to fiat ramps. A crypto on-ramp involves a series of simple steps to swap fiat for crypto and vice versa.
After reaching the second spot on Apple's US app store, non-custodial crypto wallet Phantom integrated leading Web3 payments infrastructure platform Transak as its on-ramp partner. The partnership, made possible by the global on- and off-ramp platform Meld, marks an important step forward in the accessibility and intuitiveness of the digital asset class. The integration, now fully operational, began as a beta in August 2024. Its impact is reflected in the fact that SOL purchases on Phantom surged to record highs, passing all other integrated on-ramps.
The intersection of crypto ramps and mini dApps
Crypto ramps are a bridge between the Web3 realm and the old world, where monetary value still flows through a closed, limiting financial system. Mini dApps similarly connect the old and the new, providing lightweight, user-friendly interfaces for decentralized services and making blockchain utilities more accessible to non-technical users familiar solely with legacy systems. DApps are small-scale or lightweight apps typically running within a larger ecosystem or platform.
On-ramp platforms prioritize quick transactions and integration with traditional banking systems to minimize friction, while mini dApps aim to streamline functionality for specific tasks. Both tools aim to provide simple, intuitive user experiences that lower the barrier to entry into Web3.
On-ramps use scalable payment processing systems to handle large volumes of fiat-to-crypto transactions efficiently. Likewise, mini dApps leverage lightweight infrastructure to minimize computational and storage demands, enabling fast and efficient interactions. Both are designed with efficiency in mind to accommodate growing user bases.
On that note, LINE, a messaging app used by over 70% of the Asian population as of 2023, is rolling out mini dApps in the first quarter of 2025. The apps will run on the Kaia blockchain and include games, socials, and some DeFi tools, all integrated into the LINE platform. They are being launched via LINE NEXT Inc., LINE's Web3 venture, which migrated its L1 blockchain with Klaytn to create Kaia. Analogically to TON, Kaia can attract hundreds of millions of users, building on LINE's impressive user base. LINE NEXT chose 30 of 800 mini dApp projects via the Kaia Wave program to support Web3 developers and bring their dApps to LINE.