On September 16th, Ki Young Ju, the founder and CEO of CryptoQuant, posted on social media saying, "The crypto industry is in crisis."

He explained that in the past, crypto was like a game. It provided an experience similar to real-life happiness through abstract, human-pleasing ways, by triggering dopamine release. This included the joy of overcoming adversity, the thrill of winning competitions, and the satisfaction of mental connection with others.

In the crypto industry, these dopamine triggers were fueled by:

1. Profiting from unpredictable gambling.
2. Creating new technology in uncharted territories.

He noted that the first experience was that of traders, while the second was that of builders.

Over time, the nature of both traders and builders changed. Early on, many investors were drawn by philosophy, like Bitcoin enthusiasts. Six years ago, futures traders dominated the market. Now, more conservative investors are leading the industry.

If the early builders were cypherpunk cryptographers, six years ago, the growth of the trading industry brought about a wave of exchange founders and token issuers. Now, talents from various sectors, including finance, gaming, and content, are participating in the building process. However, they don't blend well with those who enjoy the game-oriented trading mindset because they are playing a completely different game. What they create no longer provides dopamine stimulation for traders.

The synergy between traders and builders was once the essence of what we call "crypto." The captivating creations of builders fueled the enthusiasm of traders. However, over time, most builders who created things traders loved have disappeared. They were suppressed by financial regulations, imprisoned, or lost their hunger after making a lot of money, getting lost in parties. In their absence, the crypto industry gradually transformed into a gambling den. The remaining builders are now either creating gambling products like meme coins or producing boring, time-consuming products found within traditional financial institutions. Their work no longer offers fresh stimulation for traders. Some have even established ecosystems entirely different from the crypto industry, to the point of being categorized under other sectors. Where have the builders who once motivated us and explored new technologies gone? Why did they leave? I don't know. I'd like to ask Vitalik Buterin.

People repeat activities that stimulate dopamine. Life goals, work, and hobbies are filled with things that bring dopamine. An industry that doesn't promote dopamine is destined to decline. The crypto industry we once knew now fails to provide any dopamine for builders and traders, which is why it's in crisis. New games must emerge to stimulate traders' dopamine. Only then will funds flow into the market, and the industry can grow. The altcoin performance in 2024 has been dismal. Funds are not flowing into the industry. If we don't create a new game to stimulate traders' dopamine, the crypto industry as we know it will face a long period of stagnation. I'm really worried."