ABCDE’s unusual decision to stop making new investments and stop their fundraising in their $400 million Web3 fund may sound like bad news. Headlines are shouting danger, doom and gloom predictions for the future of Web3 rise to the top of the feed. What if this pause is not a period, but a comma? A much-needed reset that gives us the opportunity to reconsider, reevaluate, and reprioritize what Web3 should actually be focused on?
Needs Over Hype, Always and Forever
Quite honestly, the Web3 space has been flooded with potential. We’ve witnessed many of these "innovations" pursuing the almighty dollar and quick returns on speculative investments that too often put profit ahead of people and places. Du Jun, one of ABCDE’s co-founders, provides a stinging denunciation of the primary market. He rightly points out its fixation on short-term market value. We’ve been so engrossed in staring at the price of that painting, we’ve lost sight of how to look at the artwork.
This pause is a chance to refocus. An opportunity to change the story from “how many dollars can we generate?” to “how much positive impact can we create? This is a great opportunity to refocus. So, rather than continue dreaming up aerial skyways for the one percent, we should be laying down concrete overpasses to opportunity for the 99.
Think about it. Financial inclusion for the unbanked. Decentralized identity solutions for refugees. Integrated, transparent, and efficient supply chains for farmers in developing countries. These are not simply Web3 buzzwords. They are real-world issues that Web3 technology is best suited to solve.
We need to ask ourselves: are we building tools that empower marginalized communities, or are we simply creating new ways for the privileged to accumulate more wealth? All ideas have some merit, but the real question is are we creating true innovation, or merely refreshing existing concepts with new blockchain branding.
Forgotten Voices, A Global Web3
The Web3 landscape today does sometimes feel like an echo chamber. It highlights prevailing narratives pushed by powerful forces based in Silicon Valley and other so-called innovation hubs. Where is Africa, Asia and Latin America’s voice in all this? What of the communities that stand to benefit the most from decentralized technologies? From autism to cerebral palsy, developmental disabilities have long been absent from the national discourse.
This timely pause provides a unique opportunity for us to raise up those affected voices. It opens up the opportunity for us to create a global and inclusive Web3. This new Web3 will be truly representative of the wide ranging and complex needs and perspectives of all its users.
Now imagine a global, decentralized microfinance platform that directly empowers women entrepreneurs in rural India. Or a blockchain-based land registry that secures the property rights of indigenous communities in the Amazon. These book are not simply pipe dreams. With the proper attention and resources, we can make them real opportunities!
We must do the opposite – seek out, highlight and seriously fund the projects aiming to solve today’s pressing issues for our most marginalized communities. We need to ensure that Web3 doesn’t end up being a playground just for the tech elite. Let’s use it as a tool to create social equity and economic opportunity universally. This is not just a moral imperative, nor is it about charity, it’s about unlocking the economic potential of billions of people around the globe.
Tokenomics That Truly Empower
This is where Charles Hoskinson’s recent call for collaborative tokenomics in fourth-generation cryptocurrency projects comes in handy. That kind of “zero-sum” game, where one person’s increase is another’s decrease, is simply not viable. It promotes cutthroat competition and mistrust, preventing the industry from creating a real collaborative and equitable ecosystem.
It’s time to shift the paradigm away from short-term profit-driven tokenomics to those that align longer term value creation with community participation. Tokenomics incentivizes all the players in the project. Investors, developers, users, taxpayers—everyone benefits from their specific contributions to its continued success.
Think of it like a well-designed cooperative. In this model, everyone shares in the success of the collective, and everyone has a say in how their future is defined.
Here are some examples of how the Web3 community can work together to improve the world:
| Web3 Focus Areas | Benefits |
|---|---|
| Financial Inclusion | Access to credit, savings, and investment opportunities for the unbanked. |
| Decentralized Identity | Secure and portable digital identities for refugees and marginalized groups. |
| Supply Chain Transparency | Traceability and accountability in global supply chains. |
| Sustainable Agriculture | Improved efficiency and sustainability in agricultural practices. |
This isn’t innovation just for the sake of innovation, or even necessarily an improved mousetrap—it’s world-building.
ABCDE’s pause, though at first worrisome, opens a new door of possibility. A unique chance to create an inclusive, innovative Web3. We stand at a truly unique crossroads of progress. Not just profitable, but purposeful. Not just exclusive, but inclusive.
So, let’s not squander this opportunity and instead create a Web3 that works for the best of humanity. Let's make it a Web3 for good. What do you think?
