Below is a guest post from Tim Delhaes, CEO and co-founder of Grindery.
The mood of the code has changed.
For some, it’s a real nihilism. Web3 has become a decorative casino, an insider game where people with the right connections print wealth at the expense of everyone else. The Libra scandal exposed the fact that many people can prove suspected. These days, the Bibit hacks only reinforce the sense of disillusionment. Security obstacles, insider games, and extractive behavior seem to define space more than innovation.
For others, this is the wake-up call we need. The illusion is shattered, but the mission remains. With the mechanisms of these schemes being published, we have a choice. We go the same path, reward short-term speculations, or look closely at the systems we are building, and we are in better demand.
Danger is not just a regulation – it is a centralized gatekeeper return
While many focus on potential regulatory changes, they focus on a clear regulatory outlook for looser enforcement and industry-specific regulations in the US, and another Bull Run dream, the real threat is already here.
I’ll take a telegram. It has long been considered one of Web3’s most important platforms, but it has implemented exclusive restrictions on blockchain development and has quietly pivoted to suit US regulators and major high-tech players. This is the familiar playbook: It’s Apple’s App Store 2.0, but for encryption. Control access, determine which chains gain visibility, and rebuild the ecosystem on that condition.
I’ve seen this before. Web2 was supposed to be open. A handful of businesses built integrated electricity, walled gardens, transforming the internet into a rent-seeking empire. Still, instead of pushing back, much of Web3 remains distracted by the next fleeting hype cycle: memokine, steam engine projects, and hamster-themed casino tokens.
The origin of Bitcoin was not about convenience, but about resistance. Web3 was not meant to replicate traditional finance. That was supposed Please replace it with something better. However, decentralization is difficult and without a clear commitment to that principle, we see the industry return to the hands of concentrated players.
Regulations will not save us, and it was never supposed to be
Some argue that regulatory measures could curb this trend, just as the EU forces Apple to open payment systems. But relying on regulators to protect Web3 is a fool’s errand. Governments act for their own interests, and the dominant narrative of codes Consequencesit’s not hard to see why policymakers view it as an industry worthy of containment, rather than fostering it.
The real question is not whether regulators will step in. That’s whether Web3 can prove that it still has For purposes other than gambling.
The Way to Begin: Stop Rewarding Sky Hype
The solution is not abstract, it is actually structural. If exclusive control is not checked, you know how this will end. Platforms with centralized gatekeepers have been found to always prioritize profits over principles. It has been found that “security” and “user protection” are often PR-friendly e-music representations for control.
Yet, instead of funding and building up real alternatives, we have passed liquidity to the spotlight and the same scheme that makes Web3 look like a playground for Ponzi rather than a real technological movement.
This is not just ideology. It’s about survival. Censorship resistance, interoperability, and distributed control are more than just moral stances. They are the only real competitive advantage of Web3. The moment you start mimicking Web2’s exclusive model, you lose everything Crypto is worth fighting for.
The forward path is clear. A ruthless resistance to open systems, cross-chain accessibility and centralized control. If Web3 continues to prioritizes rapid flipping of hype and long-term innovation over infrastructure, material, then no one blames the downfall other than ourselves.
It is mentioned in this article
