Ki Young Ju, the founder and CEO of CryptoQuant, has highlighted the major threats that could cripple the Web3 ecosystem. Young Ju’s recent comment demonstrates his concern for continuous innovation and sustainability in the crypto space.
Ki Young Ju is a well-known figure in the Web3 community, and his opinions are typically taken seriously.
The Ki Young Ju Position on Major Web3 Threat
Ki Young Ju posted on the X platform earlier today titled “Crypto Industry is in Crisis.” The Analyst started the post by providing an overview of the crypto industry’s past.
According to him, the industry was previously viewed as a game. He says,
“A game abstracts the human pleasure pathways, providing an experience similar to real-life happiness by triggering dopamine release.”
He identified two dopamine triggers that enticed people to continue exploring the crypto market. The first trigger is making money from unpredictable gambling, while the second is creating new technologies in uncharted territories.
He explained that the first is the experience of traders, and the second is that of builders. However, he noted that the nature of traders and builders has evolved. The CryptoQuant founder pointed out that many investors were drawn to the crypto ideology in the early days.
He cited Bitcoiners as an example. That era transitioned to the dominance of futures traders six years ago, and now, more conservative investors have taken control.
The Threat of Crypto Gamblers Over Builders
Ki Young Ju highlighted major threats that could stifle the crypto industry. He says various talents from different industries, like finance, gaming, and content, are currently participating in the building. However, Young Ju believes they are not in harmony with individuals who enjoy the game-oriented trading mindset.
He noted that the essence of this industry, called “crypto,” was the collaboration between traders and builders. To him, traders’ enthusiasm was fueled by the intriguing creations of builders. However, he claims current builders have engaged in an entirely different game. The CryptoQuant founder says their crypto products no longer provide dopamine to traders.
Ki Young Ju claims most builders have disappeared from the Web3 space, suppressed by financial regulations, imprisonment, or other circumstances. He says the crypto industry is gradually turning into a gambling den in the absence of initial builders.
The founder raises concerns about the remaining builders in the ecosystem. He accused them of either developing new gambling products such as memecoins or non-innovative products found in the traditional financial sector.
He questioned the fate of initial builders who explored new technologies, even tagging Ethereum’s co-founder Vitalik Buterin in the post.
What the Future Holds
In his concluding remarks, Ki Young Ju said the crypto industry is in crisis because it fails to provide any dopamine to builders and traders.
“Humans repeat activities that stimulate dopamine. Life goals, jobs, and hobbies are all filled with things that give dopamine. An industry that does not promote dopamine will decline,” Young Ju remarked.
According to the founder, the way forward is the emergence of a new game for traders. He noted that this is where money can flow into the market, and the industry can grow.
