Azeem Khan, a CoinDesk Columnist, is a co-founder of Morph, an Ethereum layer 2, and consultant to the UNICEF Crypto Fund.
The Web3 industry is currently stagnating when it comes to delivering products that people will actually use, rather than just another gambling tool. This is a point of agreement among many in the space. For months, the conversation has revolved around when funding will arrive for consumer applications. However, there’s no consensus on who is to blame.
Let’s assume that as a founder, you’ve successfully navigated all the steps above and found a blockchain that offers incentives like grants to support your project. Perhaps the grant is $50,000, or in rare cases, it might be as high as $150,000. Is this amount enough to build, launch, and successfully scale your application? Absolutely not. What do you do next?
The problem with this is that, if enough builders repeat this pattern over time and across ecosystems, we end up in the period of purgatory we’re in now. Everyone is upset, almost no one is making money, and nothing valuable is being produced. Finally, you need successful token launches, ideally with centralized exchanges, to create a positive flywheel of success where everyone involved comes out a winner.
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