Some Thoughts on the Current Web3 Industry
At this stage of Web3, it's still a mix of "fools, scammers, and paranoid individuals". If the industry wants to progress to the second half, it ultimately cannot do without regulation to solidify the foundation again.
How to categorize altcoin projects? It's simple—two types: useful and useless.
Most belong to the second type: just set up a website, hype a narrative, issue a coin, and then disappear. They account for more than half, and that's not an exaggeration.
Even among the useful ones, there are many pitfalls. For example, star projects like AR, ARKM, and Kaito have decent products, but what exactly is the purpose of their coins? The official response will tell you: they can be used for payments. The question arises—stablecoins can also be used for payments. This means these tokens are essentially limited-quantity vouchers. If vouchers could uphold value, cloud service companies would have stockpiled them long ago; would they still need sales to call clients every day?
Dogecoin $DOGE follows a similar logic. If you really want the coin to rise, use a hard binding like "only Dogecoin can buy Tesla"; $1 wouldn't be a pipe dream.
Now let's talk about governance rights. Governance, in most cases, is just about letting you vote on inconsequential parameter adjustments. No matter how many coins you buy, you cannot change the fate of the project; at most, you count as a big client. Even relatively successful ones like $BNB only place you at the mining reward level; you can't touch the real core power.
Instead, the cleanest and most transparent is still public chains like $ETH , where Gas=ETH, no gimmicks, tying the system and tokens together tightly. This model at least makes sense: the longer the system lives, the steadier the demand for ETH.
In a nutshell: anything that cannot strongly bind "tokens" and "systems" cannot escape the voucher attribute. In the real world, no one would consider a pile of SaaS platform vouchers as assets; only in Web3 can these things be packaged as "value coins".
The regulatory framework will become clearer over the next three years, and the industry will be restructured. Projects that can truly survive will be much more reliable than now.
