Web3 is replaying the old path of internet development

The development process of Web3 is strikingly similar to that of the internet industry. From concept-driven to cash-burning expansion, and then to business validation and structural sedimentation, Web3 is almost retracing the old path of the internet step by step.

In the early stages, Web3 projects relied on token issuance and narratives to attract capital. The emergence of smart contracts and token standards allowed anyone to easily issue assets, leading to a wave of ICO fever. Project teams only needed a white paper and a smart contract to quickly complete the closed loop from concept to financing.

Then entered the money-burning expansion phase. The Uniswap airdrop initiated a user competition, with many projects exchanging token incentives for users. However, this growth is often superficial prosperity. Once the incentives end, users quickly churn.

The industry is now gradually returning to rationality, focusing on real scenarios and business closed loops. Projects that can build products around actual needs and form a positive cycle are standing out. Exchange-type products are typical, transforming high-frequency demand into structural traffic.

The future of Web3 will enter a structural sedimentation period. Leading platforms will consolidate their positions by improving their ecosystem, but there will still be opportunities for disruptive innovation. Just like ByteDance in the Web2 era, there may be projects in the future that achieve breakthroughs by leveraging new technologies such as AI.

The development trajectory of Web3 is clear - from concept hype to rational return, and then to the formation of an industrial ecosystem. This is very similar to the internet industry, just with a different form of expression. The key to the future lies in who can build a truly sustainable business model and ecosystem.