A game based on the rise of dopamine
Ki Young Ju describes the early days of the crypto industry as an exciting game – a game that triggers human pleasure pathways and releases dopamine, bringing an experience of joy, excitement and connection. Traders make money and feel pleasure through unpredictable market fluctuations; while developers find satisfaction in creating new technologies in unknown territories. These experiences resemble the joy of overcoming adversity, winning games, and connecting with like-minded people.
Trader and developer types have changed
He believes that initially, the crypto market was driven primarily by two groups: traders and developers. Traders are risk takers who are excited by unpredictable profits; developers are the visionaries who build new technologies and ecosystems. Over time, the nature of these roles changed. In the early days, traders tended to be ideologically driven, aligned with the philosophy of cryptocurrencies like Bitcoin. About six years ago, futures traders became dominant in the market, employing high-risk, high-reward strategies. Today, there are more institutional investors and cautious market participants in the market.
Likewise, the role of developers is changing. Initially, they tend to be cyberpunk cryptographers focused on privacy and decentralization. With the rise of trading comes a new wave of developers — exchange founders and token issuers — who are keen to profit from the booming market. Today, developers from multiple industries including finance, gaming, and content creation are joining. However, these new entrants often conflict with the trader community because they engage in product development that does not fit in with the traditional crypto market’s mindset of pursuing excitement and quick profits.
Diminished synergies: Why traders and developers can no longer connect?
He said that the unique attraction of the crypto industry mainly comes from the synergy between traders and developers.
Developers create innovative products to excite traders, and this excitement in turn drives market activity. However, this delicate balance has been disrupted. Many developers who originally attracted traders have disappeared because of strict financial regulations, legal disputes, or lost interest after gaining great wealth.
As a result, gambling products such as meme coins or traditional financial instruments gradually dominate the market, and the spirit of innovation is replaced by bland or even purely speculative products, making it difficult for traders to find new and exciting things. Some developers are now working on projects that are even considered outside of the crypto industry, leaving the community wondering where those pioneering developers have gone.
Lack of dopamine, sowing the root of crisis
Ki Young Ju says humans are wired to seek pleasure from activities that stimulate dopamine—whether that's in work, hobbies, or life goals. Industries that fail to provide these dopamine hits are doomed to decline. The current crypto market fails to incentivize traders and developers, leading to stagnation and a sense of crisis.
The performance of altcoins in 2024 reflects this problem. Money is no longer flowing into the market as it once was, and traders have lost the adrenaline rush that attracted them to the crypto world in the first place. Without new and exciting games to reignite traders' enthusiasm, the industry risks long-term stagnation.
Appeal to the crypto industry
Ki Young Ju’s call states that the crypto industry desperately needs to rekindle the synergies that once made it thrive.
The emergence of innovative products that satisfy traders' desire for risk and developers' desire to create is crucial to the growth of the industry. The community can’t help but ask: Where have those pioneer developers gone? How can we bring them back?
Ki Young Ju, founder of CryptoQuant, pointed out that only by rekindling dopamine-driven experiences can the crypto industry overcome the current crisis. Going forward, creating a new game — one that inspires traders and attracts new capital to the market — is more important than ever. If an industry fails to adapt to change, it risks being gradually forgotten, leaving behind only memories of a once passionate and revolutionary space.
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
This article is reprinted with permission from: "Chain News"
