[Tangent Co-Founder: The Crypto Industry is Stagnant and Lacks Innovation; Web3 Needs a Thorough Reset Before Recovery] Tangent co-founder Jason Choi stated on social media that despite recent progress in public acceptance of Bitcoin and Ethereum, as well as favorable developments in the U.S. regulatory environment, the entire Web3 sector has fallen into a state of stagnation. He noted that many individuals who were actively building and investing between 2018 and 2020 are now feeling disillusioned, believing the industry lacks exciting innovation. Compared to the experimental spirit of the ICO era or the DeFi summer, the current market is more inclined to chase narratives rather than focus on the products themselves. For instance, the valuation of AI-related cryptocurrencies is often driven more by narratives than by actual technological development. This behavior is rewarded by the market, leading to the emergence of numerous projects lacking substantive content, further exacerbating the industry's hollowing out. He believes the current crypto ecosystem is experiencing a form of "nihilism," where many investors even view "revenue" as a narrative rather than a business necessity. Jason predicts that as the industry undergoes more failures and shakeouts, Web3 may eventually see a recovery, but not before the market goes through a thorough reset. Earlier reports noted that Tangent's co-founder stated that BTC is now more influenced by external factors such as ETFs and macroeconomic conditions, and investors should not blindly follow market sentiment.