PANews reported on August 22nd that Tangent co-founder Jason Choi stated on social media that despite recent progress in public acceptance of Bitcoin and Ethereum and a favorable regulatory environment in the United States, the entire Web3 field has stagnated. He pointed out that many people who actively built and invested from 2018 to 2020 are now disappointed, believing that the industry lacks exciting innovation.

Compared to the experimental spirit of the ICO era or the DeFi summer, the market today is 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.

He believes that the current crypto ecosystem is experiencing a kind of "nihilism," with many investors even viewing "income" as a narrative rather than a business necessity. Jason predicts that as the industry experiences more failures and reshuffles, Web3 may see a recovery, but before that, the market needs to undergo a thorough adjustment.

According to previous news, Tangent Lianchuang: BTC is now more affected by external factors such as ETFs and macroeconomics, and we cannot blindly follow market sentiment .