I see these as surface symptoms rather than the real cause. Running FD Labs has made one conclusion impossible to ignore. The repeated failures in Web3 do not come from the technology. They come from the structure these projects are built on.

In the real world, governments, central banks, companies, and investors each carry their own responsibilities. The system is designed for checks and balance.

A Web3 project takes on every one of these roles the moment it launches. It issues a token like a country, shapes distribution and monetary policy like a central bank, builds a product and proves revenue like a company, and even manages a community that resembles a political and social system.

All of this sits on top of a state of role overload. On top of that, token funding often arrives long before the value of the product is verified, which creates a distortion in timing. In an environment like this, malfunction feels more natural than success.

When I look at Web3 today, it feels like the ecosystem is splitting in two directions. One is a fast moving financial structure often described as a casino layer. The other is a maturing economic structure where real activity is beginning to take hold.

The first runs on speed and volatility. The second relies on stability, trust, and a structure that can last.

For Web3 to grow along that second path, we need to let go of the old belief that every project must behave like a small country. A project should focus on users and products, while a trusted common layer handles monetary policy, distribution, and risk management.

This is where FD Labs places its attention. We are not building another project. We are designing an on chain economic foundation that many projects can rely on with confidence.

Value should be proven first, and funding should follow. We are working to make this simple but difficult principle the standard again in Web3.

I will share more about the structural changes we are building here. I look forward to real conversations with depth.