Market sluggish, narratives fading—where's the crypto spiritual pillar?
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Market sluggish, narratives fading—where's the crypto spiritual pillar?
It's hard to predict the specific narrative of crypto's future development, but looking back at crypto's essence and starting point is actually simple.
Navigating Web3 tides with focused insightsBy: Blockchain Knight
Ever since BTC dropped below $80,000 a week ago, the entire crypto market has plunged into a slump. This downturn isn't just due to poor market performance—it also stems from a growing sense that the industry has fallen into an endless "void." After the fading out of Agent and DeSci early this year, the market seems to have run out of new narratives. For nearly three months, nothing exciting or trending has emerged—except for altcoins in a relentless downtrend.
Over the weekend, another piece of news surfaced: a former director of the Avalanche Foundation announced on X that all three board members have collectively resigned, leaving the board in a state of limbo, searching for a path forward. It's hard to imagine this happening to a project still valued at over $8 billion and ranked among the top 20—appearing more like a "headless chicken."
So, with the market so bleak and no new narratives emerging or promising sectors reigniting hope, where does the spiritual pillar of the now decade-old crypto industry truly lie?
Some might say it's faith in BTC, or the four-year cycle of profitability (though that's already showing signs of breakdown), or perhaps the resilient "cockroach spirit" that refuses to die. After much reflection, the author shares these thoughts for collective encouragement.
Elon Musk tends to approach problems by returning to first principles—examining things at their fundamental level. Let's follow his lead and explore the origins of crypto.
On November 1, 2008, Satoshi Nakamoto released the Bitcoin whitepaper, outlining a new vision for electronic cash. On January 3, 2009, he mined Bitcoin’s genesis block, launching the grand crypto narrative. From this whitepaper, people extracted the concepts of “Block” and “Chain,” forming what later became the widely recognized term “blockchain.”
From there, exploration along the trajectory of blockchain technology began: Vitalik Buterin introduced smart contracts to create Ethereum; BM applied early public chain logic to build EOS. As more professionals entered the field, we saw the emergence of NFTs, DeFi, followed by GameFi, DePIN, and more.
All of these innovations appear to stem from Bitcoin, yet they are ultimately driven by the evolution of blockchain technology itself. Blockchain newcomers learn three foundational pillars upfront: decentralization, immutability, and transparency—principles that have defined blockchain development for decades.
We wanted decentralized exchanges, so Uniswap and other DEXs emerged. We desired transparent and authentic copyright transactions, leading to NFTs. We sought financial inclusion and equality, giving rise to DeFi. Tired of monopolistic giants dominating industries, we created DePIN.
More recently, fearing that AI could become a "收割 tool" in the hands of centralized institutions, we developed DeAI (including DeFAI/DePAI). Because brilliant scientists grew weary of being overlooked by traditional institutions, DeSci was born. Even the rise of MEMEs reflects public frustration with VC dominance.
These new terms popping up every few months may seem random, but in reality, they all reflect the earliest characteristics of blockchain—simply repackaged in new forms. Perhaps this is the true origin of crypto. After all, Satoshi himself was disillusioned with the centralized, unchecked issuance of traditional money—that frustration gave birth to Bitcoin, the original expression of these values.
Therefore, in times like these—when markets are down and narratives feel hopeless—the real spiritual pillar of crypto should be found by returning to blockchain technology itself. We must reconsider why this technology was created and which industries or fields it can truly transform.
BTC remains strong and enduring precisely because, from a monetary standpoint, it perfectly embodies the core tenets of blockchain technology. Many projects fail because they stray from this foundation, losing their grounding. Once prices collapse, they lose direction—and community confidence—because even they don’t understand why they need blockchain. After all, if efficiency alone were the goal, wouldn’t the internet be faster?
From an individual investment perspective, now is the time to seek out teams that are genuinely delivering value through blockchain technology. Don’t just listen to what they say—watch what they do. These builders represent crypto’s future amid current struggles, and embody the初心 (original aspiration) that keeps us veterans committed through all the ups and downs.
To conclude, perhaps a recent quote from industry OG and Binance founder CZ sums it up best: “Predicting the crypto landscape 10 years from now is easy. Predicting tomorrow’s price is hard.”
Likewise, forecasting the specific next narrative in crypto is difficult—but remembering crypto’s essence and starting point is actually simple. Because it stands right there in the town square, neither humble nor arrogant, unwavering and unshaken.
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