The birth of a new track will go through a phase of conceptual hype, practical implementation, and stable development with a price-to-earnings ratio stage. Currently, DeSci is still in the first stage of hyping concepts, and due to the direction of the track, there will be three relatively fatal issues:

Firstly, the threshold for scientific research is relatively high, making it difficult for ordinary people to understand the mentioned academic concepts, let alone identify or participate in them. This will inevitably make the entire track a breeding ground for fraudsters and criminals. Similar incidents have happened many times before; back then, Silicon Valley genius Elizabeth Holmes dined with Jack Ma and chatted with the president, creating a biotech company valued at billions with just a drop of blood, which ultimately proved to be a fraud.

Secondly, there are regulatory issues. Some research topics themselves involve ethical, legal, and intellectual property issues, and the decentralized nature of DeSci makes regulation even more difficult. For example, the Sci-hub website itself faces copyright dispute issues, so whether the $SciHub token is also in a gray area is questionable. If such issues are not resolved, it may face severe crackdowns from regulatory agencies.

Finally, and most importantly, there is a funding issue. The DeSci field is a veritable money-sucking beast that requires continuous external funding support. However, to date, there has been no large-scale financing in the primary market, and there are no leading projects with a market value exceeding 1 billion in this sector. Mainstream exchanges have not listed related tokens. This somewhat represents the immense potential of the track, but in reality, when funds are exhausted and no breakout narrative has emerged, how will the research directions of various sectors continue? This raises a question mark.