Original Article Title: Crypto's Waning Ambition
Original Article Author: Ignas | DeFi, Co-founder of @PinkBrains_io DeFi Creator Studio
Original Article Translation: Ashley, BlockBeats

Editor's Note: After experiencing multiple innovation cycles, the crypto industry is now entering a period of booming prices. However, behind the seemingly glossy surface lies a hidden concern — the innovation engine is gradually slowing down, and risk aversion is diminishing ambition and adventurous spirit. From DeFi, NFTs to Decentralized Science (DeSci), past radical ideas are gradually being replaced by more prudent business models. This article profoundly analyzes this phenomenon and discusses the opportunities and risks that perhaps the last "bubble-like innovation" may bring. Faced with a maturing industry, can the crypto world regain the bold ambition of its early days?

Below is the original content (slightly reorganized for better readability):

Glossy Surface, Fatigued Core

At first glance, the crypto industry seems to be flourishing: after years of rejection, spot ETFs have finally launched, with record inflows into Bitcoin and Ethereum ETFs; Trump's election as president opened the door to the crypto industry approaching mainstream American society, and with increased lobbying power, Gensler and other opponents face greater pressure; today, the crypto industry has been recognized as an independent industry, with Bitcoin even being viewed by some countries as a reserve asset.

Price-wise, I am still optimistic about the crypto market, with the main upward momentum coming from external macro factors. However, I believe that the innovation engine within the crypto industry is gradually slowing down.

As the industry matures, the speed of innovation naturally slows down; however, prices may continue to rise even in the face of innovation deceleration.

The Real Issue: Fading Ambition

But I dare say that the slowdown in innovation is not the root cause of the problem but a symptom. The real issue is that our ambition is fading, and the industry's aversion to risk is increasing.

The crypto industry once rose due to its world-shaking radical ideas but now seems content with pursuing regulatory approval and institutional adoption.

Don't just take it from me, see how Vitalik wrote about "Bringing Ethereum Back to Its Cypherpunk Roots" in a 2023 blog post:

"Our purpose is not just to develop isolated tools and games, but to holistically push for a freer, more open society and economy where different parts of technology, society, and the economy can meld together."

Think about it: What innovations have we seen this cycle?

AI×Crypto is one.

But AI is an external innovation; without it, this cycle might still be all about meme coins.

Personally, I am not a fan of meme coins because their sole true goal is quick riches, not real-world change. These projects exist solely to make you wealthy enough to stop caring about the outside world's issues.

Do you remember that line we used a lot last cycle?

"[Project Name] is the most egalitarian thing we have seen, ambitious and, if successful, will truly change the fabric of society."

However, in contrast, the last cycle saw various radical innovations:

DeFi

NFTs

DeFi Yield Farming

Play-to-Earn games like Axie Infinity

Metaverse

During 2020-2021, there was a peak in tokenomic innovation, such as:

Rebasing tokens (Ampleforth)

ve Tokenomics model

(3,3) model

Liquidity Mining

Using SNX as collateral for sUSD

Various algorithmic stablecoins

Projects and VC supporters now lean towards time-tested simple tokenomic models, favoring sustainable operations because they usually have only one shot at a TGE.

$EIGEN (Subjective Objectivity Token) is a rare exception in the tokenomics field.

The ICO frenzy of 2017 could be considered the peak of ambition, where bold ideas tried to decentralize everything. It was an imaginative bubble, many ideas were too wild to materialize, most projects failed, and the surviving ones had to water down their visions.

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