“The crypto industry as we once knew it is now unable to “provide the dopamine” to either developers or traders, and is therefore in crisis. This was the conclusion reached by CEO of CryptoQuant, Ki Yoon-ju. Crypto Industry is in Crisis. In the past, the crypto industry itself was like a game. A game abstracts the human pleasure pathways, providing an experience similar to real-life happiness by triggering […]”, — write: businessua.com.ua
The crypto industry as we once knew it is now unable to “provide the dopamine” to either developers or traders, and is therefore in crisis. The CEO came to this conclusion CryptoQuant Ki Yoon Joo.
Crypto Industry is in Crisis.
In the past, the crypto industry itself was like a game. A game abstracts the human pleasure pathways, providing an experience similar to real-life happiness by triggering dopamine release. This includes the joy of overcoming adversity, the thrill…
— Ki Young Ju (@ki_young_ju) September 16, 2024
According to the expert, in the past the industry could be compared to a game. The experience of the participants is with happiness in real life in the form of a release of dopamine. Such a hormone causes the joy of overcoming difficulties, the thrill of winning a competition, and the satisfaction of emotional connection with other people, he explained.
In the crypto industry, such catalysts are:
According to Ki Yoon Joo, the nature of traders and developers has changed over time. In the early days, many investors were fascinated by the philosophy, but now the bulk is represented by more conservative participants.
The initial developers were cryptographers. The main trading activity arose thanks to the efforts of the founders of exchanges and coin issuers.
They are now joined by talent from a variety of industries, including finance, gaming projects and content. However, the new wave of professionals does not mesh well with those who like the way traders think. What they create no longer brings dopamine.
The synergy between market participants and developers reflected the essence of the industry. The mysterious creations of the teams fueled the enthusiasm of investors. Subsequently, most of the creators of “exciting” projects “disappeared”. They were “suppressed” by financial regulations, criminal prosecution. Or they simply lost their appetite after making too much money and drowning themselves in partying.
In the absence of such developers, the crypto industry is gradually turning into a “gambling den”. The remaining teams create either gambling products like meme tokens or boring, time-consuming tools typical of TradFi.
Such projects do not give traders fresh incentives. Some even create such different ecosystems that they are not classified as cryptocurrencies, but as other industries.
“Where did all those developers who inspired us and explored new technologies go? Why did they leave? I don’t know. I want to ask [співзасновника Ethereum] Vitalik Buterin,” wrote the CEO of CryptoQuant.
According to Ki Yoon-ju, it is natural for people to repeat actions that stimulate the production of dopamine. Life goals, work and hobbies are all filled with this hormone.
“An industry that does not stimulate dopamine is doomed to decline. The crypto industry as we once knew it is no longer able to provide it for either developers or traders. That is why it is in crisis. A new game should appear. Only then will money pour into the market, and the industry will be able to develop. Altcoins in 2024 are depressing. Money does not flow into the industry. […]. I’m really worried,” the expert concluded.
We will remind you that in August, the number of unique wallets that daily interact with gaming blockchain applications reached a record 4.2 million.
Earlier, the Notcoin team announced the launch of a new clicker in Telegram called Lost Dogs.
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