It’s Time to Build a Sustainable Blockchain Ecosystem

For years, the industry has created and lost value without establishing real business models. It’s time to demonstrate that we’re on the path to turning blockchains and the applications built on them into real businesses

For years, the blockchain industry has created and lost value without establishing real business models. However, as we enter the next phase — where blockchain is taken seriously by regulators and major businesses worldwide — it’s crucial to demonstrate that we’re on the path to turning blockchains and the applications built on them into real, sustainable businesses. By doing so, builders, users, and investors can finally reap rewards in a way that fosters a healthy and lasting blockchain ecosystem.

Even in the midst of what many consider a bull run — Bitcoin up 126% and Ethereum up 53% year-over-year — retail investors are feeling a sense of stagnation in the token markets. Earlier in the year, memecoins stole the spotlight, but as the dust settles, it's clear that only a small fraction of investors actually profited. Now, with even the most hyped infrastructure projects showing declining charts, the question looms: where should retail investors put their money next?

The answer lies in identifying blockchain ecosystems that offer builders the tools to build, launch, and scale real companies with sustainable valuations — opportunities with genuine long-term potential, rather than just another meme-driven gamble. One that will start to resemble an actual stock market of sorts.

In the current Web3 landscape, the consensus is clear: people are growing weary of yet another infrastructure company raising funds; instead, they're eagerly awaiting the next big consumer application. While defining what a "consumer application" entails could be an article in itself, it's crucial first to understand why venture capitalists (VCs) continue to pour money into infrastructure. The reality is that venture capital is driven by the pursuit of a 100x return — like finding the next Solana. Many large VCs hedge their bets by diversifying their portfolios, hoping that one big win will offset the losses from those that didn't pan out. However, even among VCs, there's a growing recognition that infrastructure investments won't yield returns if there's no surge in applications building on them.

A common criticism of venture capitalists is that they aren't willing to invest in consumer applications, but that’s not entirely accurate. If we look back to 2021, after Axie Infinity’s success, nearly every VC funneled billions into the GameFi industry, hoping to replicate that success. While it’s likely that little of that money will ever be returned to investors as profits, it's clear those investments were aimed at consumer applications — or at least, attempts at them. Even if most of these GameFi projects were essentially DeFi applications disguised as games with Ponzi-style tokenomics, they were still consumer-facing efforts.

VCs will invest in consumer applications once they spot a winner. For instance, we've seen 40 replicas of Polymarket (my estimate) since its recent success. The main takeaway here is that, despite the expectation that VCs should have contrarian views to generate returns for their investors, they often resort to being copycat investors, playing a financial version of "follow the leader.” Who those leaders are tends to coincide with who has the most money.

This brings us to the concept of actual applications being built on a robust blockchain infrastructure within a healthy ecosystem of apps and users. While some envision a future with a billion users, others argue that the technology isn’t ready to scale, and skeptics dismiss the entire space as a bubble waiting to burst. Rather than getting caught up in speculation, it’s more productive to consider what a truly thriving community of blockchain applications might look like. The specific blockchain isn’t the key factor here — no single chain has emerged as the clear leader. Much like how telecom companies have found regional success worldwide, we’ll likely see multiple blockchains thriving in parallel.

So, assuming the ideal blockchain infrastructure is in place, what would it mean for tens or even hundreds of millions of users to seamlessly interact on-chain in the future? And, crucially, how does this scenario create opportunities for retail investors and even VCs to achieve returns on their investments?

このような市場では、世界中のビルダーは、特定のニーズとブロックチェーンが提供するリソースに基づいて、好みのブロックチェーンを自由に選択することができます。そこから、これらのビルダーは立ち上げたい企業を構想し、構築を開始し、最終的に製品を市場に投入します。理想的には、軌道に乗ると事業を拡大するためにベンチャーキャピタルを調達することになります。モデルを証明した後、取引所でトークンを立ち上げて財務を拡大し、その資金を使用してトークンノミクスに従ってさらなる成長を促進する可能性があります。

重要なのは、これらの企業は、持続可能な収益モデルを備えた本物のビジネスを構築していることを証明する必要があるため、より現実的な評価額で資金を調達する可能性が高いことです。このモデルでは、ブロックチェーンはこれらの製品で使用されるブロックスペースから収益を生み出し、ビルダーは所有するトークンの価値が増加することで利益を得ることができ、ベンチャーキャピタリストはトークンのロック解除を通じて収益を得ることができ、集中化されます

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