Are Web3 projects truly innovative? Take a look at those products claiming to be the "next generation of finance."

Question

【BlockBeats】Recently, many projects have been touting themselves as the “next-generation internet finance” to attract investors, but Backpack’s founder recently bluntly pointed out a phenomenon: many of these projects are actually worse than traditional products in terms of user experience.

Carefully examining the design of these projects, there are indeed many issues. Some tokens, nominally claimed to be new assets, actually offer no dividends, no voting rights, and no investor protection—just taking your money without giving anything in return. Other projects promote themselves as “decentralized banks,” but lack basic functionalities—no support for deposits, no check issuance, no payroll processing, and transfer restrictions are heavy.

The fees are even more outrageous. Layer upon layer of charges are added, investors bear the risks but receive no protection. The most exaggerated part is that your personal data must be made public worldwide. This isn’t innovation in finance; it’s simply stripping away the convenience of traditional finance and shifting the costs onto users.

ChainChef · Accepted Answer

ngl this whole "defi bank" recipe is half-baked at best... they're literally serving us raw alpha wrapped in buzzwords lol

SchrodingersPaper · Answer

Hey, I can't believe it... Is it the same old story? Charging money but not providing anything, and still have the nerve to call it innovation?

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Bro, that’s so heartbreaking. I was scammed like this—tokens dropped 80% in a month.

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Decentralized bank? Ha, it doesn’t even have basic functions, just pure IQ tax.

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Data still needs to be 공개ed across the entire network. No privacy left, and now they want to peel back another layer—this isn’t finance, it’s a scam.

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The founder of Backpack was brutally honest this time, finally someone dares to tell the truth.

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After reading the white paper of the project, wow, fees layer upon layer, if they can’t make money, they’ll be eaten up and go bankrupt first.

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Once thought Web3 was the future... now it’s just a harvesting machine. Time to change careers, everyone.

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No protection, no returns, no functions... then what’s the point of this token?

BankruptcyArtist · Answer

It's really just a shell for air coins.

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Honestly, it's just a new way to cut leeks.

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Layer upon layer of fees, I just laugh. How is this different from traditional banks?

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Data transparency? I might as well use a bank.

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Decentralized banking haha. All functions are there but all are traps.

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No investor protection, who dares to touch this stuff?

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It's just a misleading name. The experience is terrible and they charge fees.

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Innovation? What new thing? Just trying every way to take your money.

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No dividend voting rights at all. What are you buying?

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Most Web3 projects, in my opinion, are just old wine in new bottles.

CryptoGoldmine · Answer

After looking around at these projects, the TH/s isn't comparable, but the fees have increased several times, which is interesting.

Tokens have no dividends and no voting rights, so it's better to just hold BTC for stable ROI.

Decentralized banks don't even allow deposits, how can they compete with traditional banks? It's ridiculous.

Data is made public worldwide, and the security level is even lower than mining pools. The mining revenue is barely visible.

The problem isn't with the blockchain itself but with the design logic that wasn't thought through before rushing to launch.

This wave is really just hype. I'll focus on my own strategic opportunities.

gas_fee_trauma · Answer

It's the same old "revolutionary finance" trick, but the actual experience is a complete disaster.

Might as well just say it's a scam to collect IQ taxes.

Those so-called decentralized banks don't even have the most basic functions, they just charge fees.

Data has to be publicly available for the whole world to see—where's the innovation in that?

Fees layer upon layer, investors suffer huge losses.

Promised to be the new generation, but it's just a skin change to cut the leeks.

That guy from Backpack is so right—these projects are just blatant reverse innovation.

No protection, no rights, useless, and you still have to pay.

Even more pathetic than traditional finance with Bitcoin.

TrustlessMaximalist · Answer

It's just ridiculous, harvesting under the banner of Web3.

It's not like we don't know, it's all just hype.

The data transparency part is really impressive; without privacy, you still have to pay fees.

I'll just not use it and stick to self-custody wallets.

Backpack is right; most of it is just a facade.

Anon32942 · Answer

Basically, it's just a rebrand and scam, nothing new.

Isn't this just a rug pull under the banner of Web3...

Handshake, a bunch of project teams just want to harvest the leek, never considering user experience.

Another "revolutionary product," used it for two days and found it's even worse than CeFi, hilarious.

Fee stacking, data exposed openly, all the risks are ours, all the profits are theirs.

So now investing in Web3 projects is just gambling on luck? No thanks.

Constantly shouting innovation, but not a single feature, pure concept hype.

BrokenDAO · Answer

Charging fees without providing rights, layers of costs piling up, data exposed... With this combination, the game equilibrium has directly collapsed. In simple terms, the incentives are twisted to the extreme, investors are all at risk, and the profit weight is zero.

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Decentralized banks? They lack even basic functions. Isn't this just a centralized trap in disguise? Governance inertia is truly frightening.

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The layer upon layer of fees hits a nerve. The seemingly sophisticated mechanism design actually just infinitely raises trust costs. The question is, who will balance it?

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No voting rights, no protection, and still bearing risks... Where does this logic of rights balancing come from? Just copying the pitfalls of traditional finance.

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The most heartbreaking part is data transparency. Who calculates the privacy costs? The flaws in this mechanism are very clear.

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Blown out of proportion, but the experience is actually worse... Someone should have said this long ago. The token has no dividends and no voting rights, just a pure money-grabbing device.

RegenRestorer · Answer

Exactly right, these projects are just air coins disguised with a Web3 facade.

Taking money without giving rights, isn't that a scam? And they dare to call it innovation.

Layer upon layer of fees + zero protection, where is my money? Why should I be the leek for you?

Decentralized banks are hilarious, they don't even have basic functions yet boast about it, might as well use Alipay.

Data is fully public online, this security level is indeed outrageous.

Are Web3 projects truly innovative? Take a look at those products claiming to be the "next generation of finance."

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