Ghost Chains to Goldmines: How to Create Web3 Products That People Want

Azeem Khan argues that the Web3 incentive structure works against building useful products, and that blockchains, not builders, bear primary responsibility for the stagnation. He says a typical grant of $50,000, or occasionally $150,000, is not enough to build and scale an application, while VCs favor infrastructure investments that can yield token-launch returns. As a result, builders often become "grant mercenaries" who build copy-paste applications across chains. Khan proposes aligning blockchains, builders, VCs and centralized exchanges so that chains attract useful applications, builders secure venture funding, and tokens launch successfully.