Crypto Has Reinvented and Replatformed the Middle Man

VeChain co-founder Sunny Lu argues that the current crypto environment is dangerous, marked by a severe lack of new smart contract audits because builders are leaving or waiting for conditions to improve. Investor focus has shifted entirely to short-term profit schemes like memecoins and opaque DeFi, neglecting harder-to-build utility applications. This profit-chasing is perpetuated by industry leaders who platform a new, dangerous breed of middlemen. These middlemen introduce harmful complexity, leading to greed and theft, effectively reinstituting the financial oligopolies that cryptocurrency was meant to eliminate. Lu urges the community to call out this selfish behavior and refocus on building real utility and applications to fulfill Web3's transformative potential.

(Source：CoinDesk)