The CEO of analytics firm CryptoQuant says he’s concerned about the direction that the digital asset industry is heading.
Posting to the social media platform X, Ki Young Ju says that the builders who used to create things that traders loved have disappeared, largely due to overzealous regulations, being imprisoned, or making too much money and withdrawing from the scene.
Without those builders, Ju says that crypto has essentially turned into “a gambling den.”
“The remaining builders are now creating either gambling products like meme coins or dull, time-consuming products seen in traditional financial institutions. Their works no longer offer fresh stimuli to traders.
Some are even building ecosystems so different that they are categorized as belonging to industries other than crypto. Where have all those builders gone who inspired us and explored new technologies? Why did they leave? I don’t know.”
The CEO says that the crypto industry must figure out how to “stimulate dopamine” for builders and traders. Otherwise, the “dismal” performance of most altcoins is likely to continue, says Ju.
“An industry that does not promote dopamine is destined to decline. The crypto industry we once knew is now failing to provide any dopamine to both builders and traders. That is why it is in crisis. A new game for traders must emerge. Only then can money flow into the market, and the industry can grow. The 2024 altcoin performance is dismal. Money is not flowing into the industry. If we do not create a new game to stimulate traders’ dopamine, the crypto industry we know will face a prolonged period of stagnation. I am genuinely concerned.”
Generated Image: Midjourney