Uber and Lyft were recently ordered to pay $328 million to settle wage theft allegations in New York State. An investigation found that the companies were improperly deducting taxes and fees from driver payments. This highlights the poor treatment of rideshare drivers and the unsustainability of the rideshare business model, which loses money acquiring new drivers to replace high turnover.
However, the global rideshare market continues to expand rapidly, expected to reach $90 billion by 2030. This presents an opportunity for disruption from decentralized blockchain projects like Trip Protocol on Solana. Trip Protocol facilitates peer-to-peer ridesharing and lets drivers earn 90% of fees. By rewarding early adopters who recruit others, Trip Protocol aims to virally attract drivers and riders.
During the pandemic stimulus debates, Senator Elizabeth Warren called for better treatment of gig economy workers. Ironically, the solution for fair pay and basic rights protections may come from the decentralized blockchain ecosystem Warren has criticized. If Trip Protocol can scale while maintaining decentralization, it could flip the rideshare model in drivers’ favor.
Trip Protocol is currently in limited beta but has bold ambitions to decentralize the massive rideshare market. If Solana can continue recovering from its 80% crash and power projects like Trip Protocol, Solana could see significant adoption and real-world usage from disgruntled rideshare drivers. The potential is there, but execution remains key in these early stages.
This episode is sponsored by LuxAlgo | #1 provider of trading indicators worldwide.
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