In the Web3 social track, the concept of DeBOX is completely different from the grand narrative Web3 infrastructure projects such as Farcaster and Lens Protocol. DeBOX focuses on product maximalism, emphasizing user experience and business data growth, while Farcaster and Lens Protocol prioritize narrative maximalism, aiming to rebuild a new decentralized social stack using Web3 technology primitives.

However, in reality, the current formula for infrastructure construction = accumulating users + high financing + using Fi to buy user data + obtaining cash flow from anti-user data to maintain operations + opportune TGE exit. Unfortunately, due to the fact that the lifetime value (LTV) of social users is much lower than users of applications with financial attributes such as DeFi, NFT, and GameFi, and Web3 infrastructure cannot obtain a continuous and substantial interaction tax like Rollup, these two factors have prevented Web3 infrastructure from building a positive flywheel of user scale growth, protocol revenue growth, and even larger user scale growth.

For example, despite continuous endorsements from Vitalik and the entire Silicon Valley Gang, as of today, Farcaster's total protocol revenue is only a meager $2.31M, with independent posting daily active users (DAU) of 49,619 and independent interacting DAU of 46,292. As for Lens Protocol backed by AAVE, the current data is even more dismal.

In contrast, DeBOX's data is thriving, with approximately 3.23 million SBT addresses (approx. independent users), 658,000 DAU, and a community of 271,000.

Since the second half of the year, the valuation system of the crypto market has undergone a certain degree of restructuring. The market is increasingly skeptical of the new narratives woven by VCs and the obscure Web3 technology primitives, and is now more focused on product data and revenue, no longer caring as much about whether a project is Web3 Native. For example, the mini-games on a certain popular TG mini-program.

This regression from Web3 to Web2.5 is becoming an industry trend, perhaps representing a return stage in the spiral development process of the crypto industry. However, this is not necessarily a bad thing. It could be the beginning of Web3 truly moving towards widespread adoption, breaking free from the crypto metaphysical doctrine with Vitalik as the pope, and raising the banner of crypto pragmatism.

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