On January 28, 2026, Cointime hosted an AMA titled “From Explosive Narratives to Long-Termism — The Next Phase of Web3 Will Be Harder, but Healthier” Guests from the Nivex exchange platform, along with builders from infrastructure, public blockchains, and ecosystem development, discussed topics including whether long-termism is replacing narratives, the real challenges of Web3’s next phase, and how users and investors can participate more healthily. From the perspectives of builders and practitioners, the discussion systematically outlined the structural transformation Web3 is undergoing.
Participants broadly agreed that Web3 is transitioning from an early phase driven by narratives and speculation into a stage that is more constrained by real-world conditions yet more sustainable overall. Key takeaways include:
- Long-termism does not mean the end of narratives, but a return to real value. Narratives remain an important coordination mechanism among users, capital, and builders. However, future narratives should move beyond empty promises or short-term hype and instead focus on real progress, verifiable outcomes, and long-term goals—shifting from “what might happen” to “what is already working.”
- The core reason the next phase is harder is the full arrival of real-world constraints. As capital tightens, regulation advances, and users become more sophisticated, Web3 projects are no longer rewarded simply for being early. They will be judged more rigorously on technical stability, business models, and long-term viability.
- The technical bar is shifting from concept-driven storytelling to stable performance under real demand. Users are no longer willing to pay for visions alone. If products fail under high concurrency or real usage scenarios, users will leave immediately, making technology and user experience baseline requirements rather than differentiators.
- Compliance is evolving from an optional choice into a core design constraint—especially in payments, stablecoins, and RWA. Compliance has become an unavoidable reality. Whether projects address it at the design stage will directly determine their ability to survive long term.
- Business models face hard constraints: token issuance and subsidies are no longer sufficient. Investors and markets are increasingly focused on revenue sources, cost structures, and survivability after incentives normalize. Sustainable cash flow is becoming a key benchmark.
- Healthy participation means de-“casino-izing” behavior—shifting from chasing narratives to understanding systems. Users should prioritize security practices and stay within their understanding limits, while investors should move from short-term price action to assessing durability. Long-termism often implies longer return cycles and lower short-term certainty, but it helps reduce single-point failure risk.
- The core judgment for the next three years: survive first, then grow. Only systems that continue to function after incentives fade and markets cool are truly qualified to scale. Real utility, sound incentives, and credible governance will determine which projects can endure across cycles.
In conclusion, participants noted that Web3’s next phase may be slower, harder, and quieter—but it is precisely in this phase that the industry will move from narrative-driven growth to value-driven development, laying the foundation for truly sustainable infrastructure and products.
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