Tangent Lianchuang: The crypto industry is stagnant and lacks innovation. Web3 needs to undergo a thorough adjustment before it can recover.

Tangent co-founder Jason Choi expressed on social media that the entire Web3 space has stagnated. He noted that compared to the experimental spirit of the ICO era or DeFi summer, the market is now more inclined to chase narratives than products. For example, the valuation of AI-related cryptocurrencies is based more on narrative than on technological development. The market rewards this behavior, leading to a surge in projects lacking substance and further exacerbating the hollowing out of the industry. As the industry experiences further failures and shakeouts, Web3 may see a recovery, but before that, the market needs to undergo a thorough adjustment.