The Evolution of Web3: The Collision of Ideals and Reality

In the digital world, we have witnessed the rise of two distinctly different realms: Web2 and Web3. Web3, as an emerging digital space, was initially founded by a group of pioneers pursuing decentralization, freedom, and autonomy. In its early stages, it was an undeveloped virgin territory, without rulers, only builders.

As time goes by, the boundaries between Web2 and Web3 are gradually blurring. Initially, only a few investors from Web2 were attracted by the potential of this new world. They patiently observed, analyzed the terrain, understood the rules, and identified the most valuable areas.

Bitcoin has become the first major foothold in the Web3 space. It is a scarce digital land, with clear ownership, and power belongs to those who deeply understand its principles. However, as early participants consolidated their positions, they began to look towards broader horizons. They quickly realized that Web3 is far more than just Bitcoin, with a wealth of untapped opportunities waiting to be explored. Thus, they began to expand into new realms like Ethereum, Solana, and Polkadot.

As more blockchain projects emerge, competition becomes increasingly fierce. Initially, block space was a scarce resource, with each transaction needing to occupy limited space. This scarcity gave block space tremendous value. However, innovation has followed. Layer 2 solutions, Rollup technology, and emerging public blockchains have continuously emerged, bringing a large amount of new "digital land" to the Web3 world. Resources that were once scarce have become relatively abundant.

Builders no longer fight over limited resources, but create endless new spaces to meet the growing demand. However, the flooding of block space has also brought unexpected consequences. Once precious things have become cheap. Transaction costs have dropped significantly, which should have attracted a large number of Web2 users to migrate, but the reality is not as satisfactory.

Web2 users are cautious about entering Web3. They have heard stories of some adventurers suffering losses in the Web3 world. Nevertheless, some are attracted by the legends of getting rich and decide to give it a try. They buy various tokens, hoping to get a share in the new economy. However, they do not realize that the rules of the game in Web3 have long been dominated by early participants and capital giants.

As more Web2 users flood in, they unknowingly fall into a trap. The complexity of Web3 is daunting. New projects emerge endlessly, rules change constantly, and scams lurk disguised as opportunities. Big players control the flow of information, manipulate the market, inflate values, and pull the rug out from under unsuspecting newcomers.

Web3 has gradually evolved into a playground for those who know how to profit from beginners. Even though the cost of block space is cheaper than ever, the adoption of Web3 is still slow. The dream of a mass migration from Web2 to Web3 seems to be fading.

New blockchain projects promise to provide a seamless user experience, but they always fail to reach the convenience level of Web2. The additional temptation of quick profits is not enough to attract the masses—too many have witnessed their peers suffer losses in Web3. They see the entire ecosystem rise and fall overnight, with fortunes changing in an instant. Ordinary users are hesitant, struggling to see through this chaos.

However, amidst this turmoil, a thriving trading market quietly takes shape. The "real estate" of Web3—various tokens—has become the lifeblood of its economy. Everything is tradable. Each project has its own assets and promises of future value. The trading venue operates 24/7, driven by speculation, manipulation, and greed.

Some projects thrive temporarily and then fade as attention shifts. New tokens are minted daily, sold to the highest bidder, and then profited from through short-term speculation. This cycle seems endless. Meanwhile, while ordinary users struggle, the real beneficiaries of Web3 are thriving.

Exchanges have become gatekeepers, controlling the flow of assets between Web2 and Web3. They profit from every cross-border transaction. Market makers—the behind-the-scenes forces managing liquidity—ensure that commissions are extracted from every trade. Developers continue to build, but the goal is often not innovation, but rather the creation of more tradable assets. Marketers weave stories, crafting narratives to sell dreams to the next wave of hopeful new users.

The dark side of Web3 lies in its departure from the original ideals of decentralization. The early vision of a free and open digital frontier has been replaced by the harsh reality of capital. The rules of the game have been redefined.

The forces that dominated Web2 have also permeated Web3. They have not only settled in but have also reshaped this ecosystem to meet their own needs. As a result, Web3 continues to expand, becoming a digital frontier filled with speculation and fleeting opportunities.

The dream of true decentralization still exists, but for most people, it remains out of reach. New users continually flock in, hoping to get rich overnight, but in the end, most leave with more losses than gains. Meanwhile, those who understand the rules continue to profit, build, and control, ensuring that this ecosystem remains dominated by them.

Despite this, the future of Web3 is not bleak. With advancements in technology and improvements in regulation, we may be able to rebalance power and create a fairer, more transparent digital world. This requires the collective effort of the community, a re-examination of the original intention of Web3, and relentless striving for it.