From technology to value closed-loop, Web3's true competition has just begun.

The industry no longer lacks technology—it lacks a “structure that can make money.”

In the past few years, what the Web3 industry has lacked the least is technological narratives. Layer1, Layer2, cross-chain, modular architectures—each cycle brings new concepts, and they have indeed helped move the industry forward. But one issue is becoming increasingly clear: while the technology is advancing, there aren’t many projects that can actually create sustained value. The reason is simple: most projects focus on “can we build it?” rather than “does it have value after we build it?” After many protocols go live, they rely on incentive-driven user acquisition in the short term, but in the long term they lack real demand. In the end, they fall into a cycle of “once liquidity leaves, the ecosystem hits zero.” The market has already gone through several such cycles, and now it’s becoming more practical: it’s not just whether there’s technology, but whether there’s sustained cash flow and use cases.

Web3 is entering the “application-driven” phase

From the perspective of industry evolution, one trend is becoming clearer and clearer: Web3 is moving from “technology-driven” to “application-driven.”

In the early stage, the focus is on building infrastructure; in the mid stage, the focus shifts to financial applications (DeFi); and the next phase’s core competition will land in a broader set of real-world scenarios. These include, but are not limited to: cross-border payments, digital asset management, enterprise-grade data exchange, on-chain identity and social, and content and consumer use cases.

These scenarios share one common characteristic: they’re not about “doing it on-chain just because it’s on-chain,” but about solving real problems. Only whoever can truly make these scenarios work has the right to enter the next round.

IDN’s path: from underlying capabilities to an application closed loop

At this stage, simply emphasizing “advanced technology” is no longer enough. The key is whether you can form a complete value closed loop. The structure of IDN Network is, in essence, built around this.

It’s not a single public chain, but a system composed of multiple layers of capabilities: a Layer2 network, wallets, cross-chain bridges, decentralized exchanges, and enterprise-grade application interfaces. None of these modules look new on their own, but when combined, they point to a clearer goal—making assets, data, and applications flow within the same system.

Especially at the wallet layer, IDN doesn’t only handle asset management—it also connects multiple scenarios such as payments, trading, and application entry points, enabling users to complete various actions within a unified interface. This means it’s not just providing infrastructure; it’s trying to shorten the “user—application—value” path.

The real key: whether it has the ability for self-sustaining circulation

Whether a project can exist long term doesn’t primarily depend on how advanced its technology is, but on whether it has the ability to sustain itself through a self-circulating loop.

Put simply, it’s whether three things can form a loop: users enter, they generate usage, and they create value.

If every step depends on external incentives, then the system will be unstable. But once application scenarios can continuously generate demand, asset flow can bring real returns, and data and users can keep accumulating, then the whole ecosystem will shift from being “pushed” to “self-driven.” This is also why the market is starting to place more and more emphasis on “real usage rate” rather than “short-term growth.”

Conclusion: the next round of winners won’t be only the ones with the “strongest technology”

The industry is moving from “telling stories” to “doing the math.”

In the past, people focused on whether the narrative was grand enough; now they focus on whether the structure can hold up long term. Technology is still important, but it’s no longer the only standard.

The current path of IDN Network, in essence, is an attempt to connect the full chain—from underlying capabilities to application scenarios, and then to value accumulation. This path is not easy, and it won’t be fully understood by the market in a short time. But once it’s working, its competitive moat will be higher than that of a single technology alone.

The winners of the next cycle may not be the projects with the flashiest technology, but more likely the systems that truly establish a value closed loop.