Reflection and Reconstruction of the Crypto Market Narrative

In the previous text, we explored the potential demand-side growth brought about by the clearing wave and attempted to find the true encryption narrative. The crypto world originated from a utopian idea, a collective creation driven by belief. We need to discover infinite belief in the fractures.

The Narrative Dilemma of the Crypto Market

After the liquidation wave, the crypto market resembles a leaking wooden barrel. We have witnessed the charm of donation governance, but we also see the treasury reduced to a private vault, and incubation plans turned into a capital assembly line. We strive to expand our user base, yet we face countless Ponzi schemes and zero-return projects. We value contract security, but incidents of asset theft and project exits continue to emerge. We pursue improving product retention rates, yet we often find ourselves trapped in nested structures and forced lock-up situations. We shout the slogan of the metaverse, and the market explodes in response, with everyone claiming to be in the metaverse.

The project team is no longer focused on actual development, but is keen on packaging concepts. This field is bleeding profusely, and insiders prefer to call it the "dark forest". The new order seems to declare: "To pass, you must pay the price." The encryption world is fully financialized, showcasing the power of the free market to the world. This power allows things to quickly self-heal and evolve, possessing anti-fragility. However, there are also many projects and entrepreneurs that rapidly perish in fierce competition and fast iteration.

In this "crypto community", I feel both excited and a bit confused.

Reflection on "Grand Narratives"

Jean-François Lyotard introduced the concept of "grand narratives" in "The Postmodern Condition." It attempts to explain everything and points to the future of all social issues. In short, Lyotard criticized the legitimacy and rationality of science in narratives.

Lyotard's theory has made me rethink the narrative of the crypto market. He points out that in a capital-dominated society, knowledge gradually becomes a form of capital. In this context, the authenticity of knowledge itself is greatly discounted. When knowledge is no longer trustworthy, the "narratives" in people's social interactions also lose credibility.

This criticism is not aimed at subverting the old order, but rather attempts to uncover cracks, helping individuals restore authenticity, ensuring that Web3 builders remain clear-headed, while also ensuring that the narrative of the crypto market stems from genuine endogenous demand.

Re-examining Encryption Knowledge

Just like Satoshi Nakamoto published the Bitcoin white paper in 2008, we need to clarify what "knowledge" is and its position in today's society.

To this day, encryption technology has entered the mainstream global stage. With more and more capital pouring in, we should remain clear-headed and calm, reflecting on what our "knowledge" really is.

Vitalik's blog reflects his ever-changing state of mind. We should always keep in mind what our "knowledge" is and where it stands in society now.

Narrative Above Narrative

Lyotard divides knowledge into scientific knowledge and narrative knowledge. The crypto market is filled with both types of knowledge, which combine to form a "grand narrative" that becomes the so-called "consensus."

We should question which narratives are built upon narratives? Which are the true "scientific knowledge"? With an attitude of "change and information", "critique and skepticism", we explore the boundaries of "grand narratives".

The Importance of the Education Market

Gavin Wood pointed out in the interview that the implementation of Web3 requires a lot of foundational education. This world must be rebuilt around a new way of doing things.

One of our investment criteria is whether the project and team have the ability to educate the market. Educating the market through products is essentially an insight into the 'grand narrative.' We focus on discovering whether there really exist those backgrounds in the market, rather than simply listing comparison tables.

Discovering Breaks, Reconstructing Order

Taleb writes in "The Black Swan": "Change is information." It is these changes that give the market anti-fragility. But this does not mean that volatility is reasonable. Information provides us with a boundary that allows individuals to accommodate marginalized ways of thinking.

In this new order, we need to remain vigilant against the "grand narrative" in order to better leverage the "anti-fragility" and "change as information" characteristics of the crypto market, and truly build a new order.

Fear cannot change the world; the core of Web3 is not just a technical issue, but also an educational one.

We should try to deconstruct everything, identify the problems and shortcomings of the old order, and reconstruct a new order with marginalized ways of thinking.

What we can do is give a "name" to those silent phenomena, breaking the collective illusion, rather than falling into the ultimate indication brought by a certain discourse structure.

To truly gain acceptance from the public, we must discover fractures as much as possible, rather than tokenizing everything, for Web3 and the crypto market.

We need to maintain a skeptical attitude towards all current "grand narratives." Because in the crypto market, we can discuss finance, history, politics, art, and even the grand fate of humanity. All of this constitutes what we call "consensus."

But not all consensus represents truth; people assume that a statement of truth necessarily brings consensus. We need to continually reflect on and reconstruct these narratives to promote the real development of the crypto world.