[mlsu]

I think what gets me is that nobody ends up actually doing this.

The biggest and most productive entities on web3 that have the most users are the ones that everyone has heard of: crypto exchanges, or in other words, permissioned, centralized databases. Everything else seems to be a sideshow as far as actual usage is concerned. How do proponents of web3 square this?

[splix]

I'm not aware of a centralized exchanges "on web3". Can you point to? Companies like Coinbase, Kraken, Binance are not "on web3", if that's what you mean.

There are few crypto exchanges that are "on web3", like Uniswap, Curve, Balancer, etc. And they don't rely on a centralized database.