Author: Jocy, founder of IOSG Ventures
I just happened to read the story of Tian Xingjian recently, and the Hundred Days Reform is still fresh in my mind. It is hard to imagine that in a dynasty like the Qing Dynasty, there were still some young people who were willing to risk their heads to follow the Guangxu Emperor, and respected within the dynasty those who were hundreds of years ahead of them. New laws, learn from the barbarians and learn skills to control the barbarians, regardless of personal safety, advocate learning from Western reform laws. Although the final result failed, their spirit and actions left a lasting mark. Such young people and pioneers have become role models for future generations to admire.
The spirit of these young people is equally important in today’s crypto world. Currently, many practitioners are raising their arms and shouting that they have been suffering from the "Western powers" for a long time, but in fact, they are mining with their left hand Restaking nesting dolls, jumping on the right liquidity pool, and constantly posting memes/native dogs on Twitter. Everyone knows the crux, but they all compromise their immediate interests. Both the Eastern and Western crypto communities are currently in a frenzied state of hyping memes. Meme is like opium, an import of Western opium. The memes currently in the BN head are all from the West. Entrepreneurs and community builders can get lost in the noise, and the Eastern crypto community is mired in meme hype. After seeing the success of memes, many entrepreneurs will begin to doubt their entrepreneurial direction and original intention of striving again. I think entrepreneurs should resist memes, and should not turn their entrepreneurial direction to memes, and use assembly line operations to hype memes!
We need young people who are both down-to-earth and looking up to the stars, especially entrepreneurs who can shoulder the Eastern crypto ideals. Such young people should not only do trading-related things in this bull market or the last bull market, but should focus on the construction of infra and protocols to create a better community atmosphere. Instead of letting developers and young people who are aspiring to start a business be immersed in various memes and stories of getting rich every day.
To reiterate my position, I have nothing against traders who promote meme supremacy in this market. I personally have received dogecoin from the community since 2013 and have always liked this community in the past. However, I do not want meme traders to become the most mainstream in the Chinese community. One faction. Since the adoption of ETF, I clearly feel that entrepreneurs in the United States and Europe have emerged rapidly. They have received abundant capital support from American funds. At the same time, some big-name American funds have internally stated that they will not invest in Chinese Web3 entrepreneurs. In the encryption era, it seems that there are huge differences and differences between the East and the West in terms of technology and community. While Western technologies continue to emerge, the Eastern encryption community has fallen into the craze of meme hype. This is obviously not a healthy development trend.
Meme hype has a certain lottery effect, and the probability of winning for latecomers will continue to decrease. At the same time, the opium-like meme will make early beneficiaries form path dependence, and more people will endorse the meme in the community (similar to comprador), and the community It is easy to continuously strengthen such a money-making path, but this does not make our technical protocol and community more unique and powerful. Early participants may be able to profit from it, but this short-sighted behavior, this gambling game, and the legend of sudden wealth will eventually make this bubble burst and become a disaster for the Eastern encryption market, repeating the story of NFT in the previous bull market cycle. I always believe that most first-line Eastern entrepreneurs will stick to starting a business on the front line, find their own building block in the Lego of infra or applications, and keep pace with the mainstream Western protocols or even lead the way.
Perhaps the encryption market should not be divided into east and west. This is a world that operates decentralized. In the past few cycles, we have seen the emergence of Eastern and Western entrepreneurs: There is a reason for the success of Western entrepreneurs. Rune Christensen, the founder of MakerDAO, has been entrepreneurship in Web3 for many years and has successfully improved significantly in the environment of high macro interest rates and cryptocurrency bear markets in the United States. In terms of its protocol income, in March this year it launched the Endgame plan and a variety of SubDAOs, including Spark SubDAO, which focuses on lending protocols; the founder of EigenLayer’s daily meeting schedule during ETHDenver was overloaded. In order to communicate with partners in person, Streamline each meeting into 15/30 minute chunks. It can be seen that in this global competitive market, many entrepreneurs are sprinting on the front line; the founder of Uniswap was a hardware engineer. He taught himself solidity and created fifty lines of streamlined code, leading the industry's Dex AMM innovation wave. They have been focusing on product design and protocol understanding, pursuing leadership in the industry.
Eastern entrepreneurs are the most resilient and powerful group. We have also seen many leaders, but they still need more support and positive feedback from the community. The Eastern community should be more united and stronger, and spend time discussing how to learn from others and learn from others. Yi, facing up to how to support a stronger Eastern Mystical Community, when the community and entrepreneurs build consensus, the agreement will bring more positive feedback.
As a fund of Asian origin, IOSG will invest in and support more Chinese entrepreneurs in this cycle to help them better enter the Western market and become mainstream. You can’t imagine that three or five years from now, the mainstream of this industry will still be memes. When we are in the wave of the encryption era, everyone will inevitably become a trend-setter, and everyone is also very small at the foot of the times, but don’t ignore the negative energy that everyone is shouting that they should invest in meme to bring to the Chinese community.
Summary: We should be more united to face the challenges of the future together. The community needs higher ideals and vision, and some people need to stand up for the future of the Eastern community. Crypto is not just memes, there are many infrastructure and application opportunities waiting to be discovered and explored. These are the real industry alphas. IOSG will promote the long-term development of the industry and community by investing and supporting young people who are at the forefront, and help Eastern entrepreneurs stand out in the global market.
Note: The accompanying picture comes from the dogecoin community
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