85% of web 3 products have unique issues.
A lot of people have no clue how crypto projects works outside of Hive. They assume that everything is always smooth and easy. Yes, we have had success with projects like Uniswap, Arbitrum, and Hyperliquid, among others, but 85% of crypto projects have failed spectacularly and struggled to retain their users.
In 2023, Islamic coins raised one billion dollars from top investors, and they are still a nonfunctioning project today. You must have thought, "Wow, one billion dollars, surely, no way they are dead," but newsflash, they are; there are many like them, with 200 million to 400 million raised from TOP VC and now it is over.
Magic Newton recently raised 80 million dollars, and airdopped content creators on Twitter millions of dollars, but as of today, no one plays their ethereal game anymore. These top VC funds only attract attention. Hyperliquid has never raised funds, but it is one of, if not the largest, DEXs with massive daily volumes.
Hype is just a part of it
People usually believe that money and hype are everything.
I was reading a post where someone was listing the thing hive needs to be a killer place, maybe a Facebook killer or something,and it's funny because they've practically not been active here enough,and certainly don't know the Blockchain enough,and it's funny because people have this idea that you need to be mainstream to be successful .
I don't completely agree, all you need to stay afloat is a working product, usability and some decent level of entry, you don't need to be a "BTC or Ethereum".
As massive as BTC is, it is difficult to build a product on it in the same way that Ethereum is, but because it is a basic store of value, this is largely ignored because it has become institutionalized over time, has a limited supply, and appears to be the new digital gold.
Hive is a functional infra on its own, and it has survived where other top VC-backed projects have failed. This does not mean it is perfect, but not every idea of "it can be a Facebook" killer deserves to be sentimentally purchased.
The chain has been around for a long time; if you believe that longevity is not a quality that any web3 outlet should value, you must be kidding.
When I see posts like "let us build an influencer's hub, that brings hype", I just shake my head because people sometimes associate hype with value. Fine, hype does a lot, and I understand that, in fact, hype brings new eyes, but 80% of web3 tech is struggling; the ones with the longest longevity will survive the most.
This is not a bull post; I simply believe that some people have no idea how things should be, and that is fine. Critically thinking, I do not believe Hive should fund some of the projects it is currently funding.
I will not name names, but whatever comes to mind first is the correct answer. This is because some of these project funding does nothing for the chain; unfortunately, the largest stakeholders get to decide what gets funded, which is why we are wondering if DPOS is the better consensus mechanism for the Blockchain; maybe, maybe not.
DPOS
Perhaps we need new faces in the top 20, but DPOS gets to make that decision again. However, it is not all doom and gloom, which brings me to my point: will things improve? I am not sure; I just think that sometimes people fail to give Hive the credit it deserves.
Interested in some more of my posts
Why Is the grind getting harder?
Monopoly Is the Death of Civilization
Survival: Choas and Scarcity
Crypto: Gut & meaningful Connections
What is the primary barrier to entry in Web3?
What Are Some Things You Should not Do During A Bull Market Year?
Hive is better than the other projects, but I agree about the DHF funding. I think there are too many things funded, and some of them are being paid way too much. Then again, it might just be me though as I don't use some of them.
The better part of the Blockchain does not use most of these stuffs that are over funded, and so I think a lot of people feel this way as well.
hive is still here after so many years and without even being hyped around... i remember a project i was following, league of ancients, it was EXTREMELY hyped, the play to earn league of legends, it gathered tons of money and then puff all vanished... gladly i didnt enter it
Yeah, imagine a project raising a lot of VC money and then vanishing after a while. Hive is certainly not shiny, and it's decentralized nature will most likely not let it take VC money and all that. It happened with Justin Sun on steemit and it honestly failed woefully.
You are very right brother, people failed to give hive the credit it deserve because they overlook the platform, they don't see the potential hive is carrying and they not seing the future, though the coin might not really giving expected value, but trust me, Crypto traders know and see the future of hive! And we can't still blame people because not everybody belief that crypto is the future. But I belief sooner or later everything will clear, maybe by then, there regret will be, if I had known, u should have take Web3 serious, if I had known I should have take hive serious. And to people taking it serious now. We will be able to appreciated God Almighty for the opportunity.
It's not really because of "overlooking" I'm talking about people who do not appreciate the longevity of the chain, simply because of Price actions or even some other shinier newer tech out there.
Hmnnnn! I get you better now. People who do not appreciate a system that has been in existence for 7years plus now and still standing still, but rather concern about the price, expecting the price to be like $3 per 1hive and de've forgotten that a home is not build in a day, it takes time and process.
Hive is far from perfect but it has survived while many others have failed. I too agree some projects shouldn't be funded but it only takes a few of the largest stakeholders to fund a project. Let's just hope that Hive continues to survive and beats the odds that those with billions failed to achieve!
Yeah, honestly it's just sad that some things continues to stay funded even though a larger population of people do not want them to be, but I think it all boils down to dPOS and all that. However, I still give the chain its credit: it has stood the test of time where many has failed
I believe the success or failure of any web3 project is greatly affected by its underlying infrastructural relationship with web2. The general internet population ain't ready for web3 yet.. The tech is too raw. Keys, blockchain, addresses, network, delicate bits and peices with many moving parts.. To this day, your funds would be lost if you make a mistake pasting the wrong address.. That's scary. Web3 scares users.. It's not the idea, it's the execution that needs work.
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