Original text by rosie

Compiled by Odaily Planet Daily Golem ( @web3_golem )

Most of the crypto founders I know are now on their third transformation. This group developed NFT platforms in 2021, moved to DeFi yields in 2022, and then to AI agents in 2023/24. Now they’re chasing this quarter’s hottest trend (maybe prediction markets).

Their transformation wasn’t wrong; in fact, in many ways, their strategy was correct. The problem is that this model itself makes it difficult to build any products that can thrive in the long term.

18-month product cycle

New concept emerges → Capital flows in → Everyone transforms → Continues to develop for 6-9 months → New concept disappears → Transformation again.

A crypto cycle used to last 3-4…