CryptoQuant founder: The crypto industry is in crisis because it can』t provide any dopamine

BlockBeats news, on September 16, CryptoQuant founder and CEO Ki Young Ju posted on social media that "the crypto industry is in crisis."

In the past, the crypto industry itself was like a game. Games provide experiences similar to real-life happiness by abstracting human pleasure pathways, and are achieved by triggering dopamine release. This includes the joy of overcoming adversity, the excitement of winning competitions, and the satisfaction of being spiritually connected with others.

In the crypto industry, the following factors have served as these dopamine triggers:

1. Profit from unpredictable gambling.

2. Create new technologies in unknown areas.

Those who have noticed will know that the first experience is that of a trader, while the second is that of a builder.

The nature of traders and builders has changed over time. In the early days, many investors were attracted by philosophy, such as Bitcoiners, while six years ago, futures traders dominated the market. Today, more conservative investors are leading the industry.

If the original builders were the cryptographers of the cypherpunks, then six years ago, the growth of the trading industry brought a wave of exchange founders and token issuers. Now, talents from various industries including finance, games, and content are involved in building. However, they do not blend well with those who enjoy game-oriented trading thinking because they are playing a completely different game. What they create no longer provides dopamine stimulation for traders.

The synergy between traders and builders used to be the essence of the industry we call "crypto". The fascinating creations of builders inspired the enthusiasm of traders. However, over time, most of the builders who made things that traders love have disappeared. They were suppressed by financial regulation, imprisoned, or lost their hunger after making a lot of money and indulged in partying. In their absence, the crypto industry has gradually turned into a gambling playground. The remaining builders are now either creating gambling products similar to meme coins or making boring, time-consuming products in traditional financial institutions. Their works no longer provide fresh stimulation for traders. Some are even building ecosystems that are so different from the crypto industry that they are classified as other industries. Where are the builders who once inspired us and explored new technologies? Why did they leave? I don't know. I want to ask Vitalik Buterin.

People will repeat activities that stimulate dopamine. Life goals, work, and hobbies are full of things that bring dopamine. An industry that cannot promote dopamine is doomed to decline. The crypto industry we once knew cannot provide any dopamine for builders and traders now, which is why it is in crisis. New games must appear to stimulate traders' dopamine. Only in this way can funds flow into the market and the industry can grow. Altcoins in 2024 performed dismally. Funds are not flowing into this industry. If we don』t create a new game to stimulate traders』 dopamine, the crypto industry as we know it will face a long period of stagnation. I』m really worried. 」