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Are there any new directions for the development of Web3?
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I have been vocal about how L2 is a waste of time and energy. The resources and money being poured into it is part of the misalignment problem I mentioned earlier - we vote with our money. When only forks of known applications get funded, that's all we see. Now, L2 is sucking up capital, but they are becoming more centralized while claiming to be aligned with Ethereum.
True decentralization means no websites, no third-party browsers—just downloading node software, running a local node, and submitting transactions through a command line interface (CLI) to interact with immutable smart contracts. This requires deep technical knowledge—syncing software, encoding transactions with base64 hashes, not just calling JSON RPCs. There are probably only 10,000 people in the world who can do this, or even less. On the other hand, a great user experience means that users don’t need private keys or gas fees. Look at the successful Solana app: you download a mobile app, log in with Google or Face ID, and click a button. This is far from decentralization and is a completely different thing.
Hyperliquid is great, but once you deposit funds, it is no longer decentralized. Your funds are held in a wallet they control, and the private keys are held on their servers. It’s a great user experience, but it’s centralized.
Liquidity mining, the NFT craze, and now Meme coins have lowered the barrier to entry. You no longer need to be tech-savvy — just install a wallet, click a few times, or log into an app with your fingerprint. I think 90% of the people in the market today don’t buy into the idea of technology. They’re in it for token appreciation or revenue, not for the idea.
The market has shifted from building immutable and composable primitives to building companies focused on revenue or token value. This is a snowball effect: the more projects prioritize revenue, the less immutable infrastructure there is to build, so more projects follow this trend.
