The ecosystem of copycat coins in the crypto world can actually be divided into just a few factions upon closer inspection.

One type truly has core value—public chains and infrastructure projects like $ETH and $LINK. Their products are clear and tangible, and during bull markets, they often move in tandem with the overall market. Investing in these coins at least provides some peace of mind.

Another type is more straightforward—they have no intention of long-term operation. Just a white paper, list on an exchange, then start looking for a sucker to take over. Once the project team has made a quick profit, they disappear without a trace. This kind of pump-and-dump scheme is all too common and should be watched out for.

But the most troublesome are actually the third type—and they are the largest group. If we call them scams, there is indeed something operating behind the scenes; if we say they are legitimate, they are fundamentally on a different wavelength from users. The project teams imagine that users will actively use the products and contribute data, but in reality, users just want the price to go up.

This creates a deadlock: the price needs to rise, and the products need users, but both sides are waiting for the other to act first. The project teams think retail investors can support an ecosystem, while retail investors believe the project teams will do their best to market. In the end, the projects don’t make much money, and they get self-congratulatory; retail investors end up losing everything.

The current Web3 ecosystem cannot rely on these ambiguous projects and unclear fund flows to go far. What is truly needed? It’s the arrival of those who understand products and know how to build businesses from Web2. As internet dividends fade, they are pondering new possibilities within Web3.

When this group brings in capital and AI technology together, perhaps only then can a truly logical and effective growth cycle be triggered. Only then will this market become truly interesting.