2025-12-07 11:23:04

Recently, people in the community like to compare the crypto market with traditional finance—today looking at the balance sheet of a major bank, tomorrow focusing on user activity—yet they consistently avoid a fatal question: how does this industry actually make money?

Many primary projects fail, not because the track is too narrow. The real reason? They never figured out the business logic from the very beginning.

Against this backdrop, the approach of some emerging infrastructure layers appears particularly pragmatic:

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JustAnotherWallet

· 15h ago

In the end, it still comes down to not having a sustainable business model. No matter how much hype there is, it always comes back to this issue. These days, it's much easier to tell a story to raise funds than to talk about the numbers, but every story has an end. The infrastructure layer does feel more solid than the application layer; maybe that's where the real money should be made. Thinking about all those failed projects, most of them died in their own PowerPoint presentations.

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APY追逐者

· 12-07 11:53

If you want to understand the logic of making money, just look at those who have survived. Hyping up concepts is no match for focusing on cash flow. To be honest, most project teams only think about fundraising and hype. Business model? Yeah, right. The infrastructure side is definitely more solid—unlike the flashy stuff at the application layer. The funniest thing about dead projects is that they raised a ton of money but never thought about how to survive. This is what Web3 really needs to reflect on. Stop always trying to benchmark against traditional finance—they figured things out long ago.

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ETHReserveBank

· 12-07 11:50

To put it plainly, there’s no sustainable profit model—they’re just surviving on funding. Even the project teams themselves don’t know where the money will come from, yet they still have the nerve to talk about their ecosystem. The infrastructure side is indeed more clear-headed than the application layer; at least they know what they’re selling. Looking at it this way, most primary projects really deserve to fail—they have no business sense at all.

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retroactive_airdrop

· 12-07 11:47

To put it simply, it's just a bunch of PPT projects. Once they raise funds, they start telling stories without ever thinking about how to survive. If you haven't even figured out your business model but still dare to raise an A round, who can you blame? The infrastructure layer is indeed a bit more reliable—at least they know what they're doing. Most projects are just hyping concepts, and once the hype is over, they'll die off naturally. The ones that truly survive all have a clear revenue model; the rest are just hot air.

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TheMemefather

· 12-07 11:37

Well said. A bunch of project teams only know how to brag about their fundraising rounds, never thinking about how to actually survive and make money. There are so many tracks, but they all die from the same cause—a rotten business logic. The infrastructure players are indeed tough; at least they know what they're doing. Another batch is about to die this round—natural selection, I suppose. What’s the point of impressive fundraising if you don’t have the ability to generate revenue? Sooner or later, you’ll crash. Instead of hyping up concepts, I have more faith in those who quietly focus on building infrastructure.

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