The Development History of Web3: From Concept-Driven to Structural Sedimentation

The development of Web3 has striking similarities to the internet industry. From concept-driven initiatives and capital influx, to user competition and business validation, followed by platform maturation, Web3 is repeating the path once taken by the internet.

Concept-Driven Stage: Token Issuance Drives Stories and Capital

The emergence of Ethereum has provided a unified interface for asset issuance, making "token issuance" a fundamental capability that developers can easily call upon. The characteristics of this stage are:

• Technical narrative + contract deployment + token incentives become the standard template for entrepreneurship
• Complete the closed loop from idea to financing without the need for a full product, white paper, and token model.
• The ICO market has exploded, with project valuations soaring to hundreds of millions of dollars.
• Value is defined by narrative, exit relies on emotion-driven

Cash Burning Expansion Stage: Projects Cluster Together, User Acquisition War Begins

The airdrop of Uniswap has opened a new era, where airdrops have become a standard feature instead of an option.

• Projects are increasingly using tokens to purchase user behavior.
• Points system, interactive tasks, and snapshot become mandatory options
• On-chain data surges, but lacks real value support.
• User activity rapidly declined after TGE

Business Validation Phase: Focus on Real Scenarios and Needs

The project starts to return to its commercial essence, shifting the focus to:

• Clearly define the use cases and user needs
• Build a sustainable product structure
• Forming a positive cycle through vertical scenarios
• The advantages of high-frequency demand products in exchanges are evident.

Structural Precipitation Period: Platform Shaping, Variable Contraction

The industry is gradually shifting from project experimentation to structural sedimentation:

• Top projects form a complete ecosystem
• New projects need to "fill in" structurally or "reconstruct" in terms of models.
• AI may become the next breakthrough.
• Truly promising projects will restructure usage pathways and lower collaboration thresholds.

The future development of Web3 will focus on the post-blockchain era, reconstructing usage paths and lowering collaboration thresholds, giving rise to truly sustainable products and systems.