By Philippe Martin
We’re entering a critical moment for Web3. Just like the early internet had too many search engines before giants like Google emerged, blockchain is facing the same phase: too many chains, too much speculation, and too many projects extracting value instead of creating it.
The reality is simple: most blockchains won’t survive. The future isn’t about more L1s—it’s about interoperability, sovereignty, and real economic activity. It’s time to move forward. It’s time for Web4.
History Repeats Itself
If you remember the early 2000s, you know how chaotic the internet was. Yahoo, Lycos, AltaVista, AOL… all fighting for dominance. But as the industry matured, only the most efficient and adaptable platforms remained.
That’s exactly what’s happening in Web3 today—too many chains, too many promises, and not enough real adoption.
The hard truth? Web3, as it stands, is not sustainable. We’re flooded with new L1s and L2s trying to be the next Ethereum, but most lack the network effect, developer base, or adoption to survive.
For an ecosystem to last, it can’t rely on hype cycles and token pumps. It needs real economic activity—something that businesses, users, and developers actually need.
The Industry’s Biggest Problem Isn’t Regulation. It’s Credibility.
One of the biggest issues right now is value extraction. Instead of building long-term infrastructure, too many projects are focused on:
Launching memecoins for quick pumps
Draining liquidity with rug pulls
Setting up token models that only work if new buyers enter
The result? A small group gets rich while the majority gets burned. And when people keep losing money, they stop believing in the tech.
This is the biggest risk to Web3—not regulation, not competition, but the industry eroding its own credibility.
Web4: A System Built for the Real World
Web4 isn’t just a buzzword—it’s the next logical step. It’s the shift away from speculation and toward a system that is:
Interoperable – Chains that connect instead of compete (Polkadot, Cosmos, MultiversX, Celestia)
Sovereign – Dedicated, independent chains running their own economies (MultiversX, Sei Network, Avalanche)
Enterprise-ready – Companies adopting blockchain without relying on public L1s
Instead of every project launching its own L1, they’ll build on sovereign chains, modular architectures, and hybrid private-public networks.
The winners in Web4 won’t be the chains that scream the loudest. They’ll be the ones that focus on real utility, scalability, and interoperability.
Businesses won’t rely on public chains for sensitive data. Instead, they’ll run private, on-premises chains for security and control while still being able to interoperate with public networks when needed.
Sovereign chains, like MultiversX, allow projects to launch their own blockchain without reinventing the wheel. Cosmos and Polkadot follow a similar logic with app chains and parachains. Ethereum is evolving with rollups and modular execution layers.
This is the hybrid future—where public and private chains work together instead of competing.
How to Build for Web4
This shift won’t happen on its own.
As a developer, stop chasing hype. Build for scalability and real-world use cases instead of trying to cash in on trends.
As a founder, rethink your strategy. Tokenomics alone won’t save your project if there’s no real demand.
As an investor, stop funding quick-flip narratives and start supporting projects solving real problems.
As a community member, demand better. Stop supporting projects that only exist to extract liquidity.
If we don’t actively move toward Web4, Web3 will collapse under its own weight.
The Web4 Migration Is Already Happening
Here’s the shift that needs to happen:
Fragmentation → Interoperability
Hype-driven tokens → Real-world utility
Memecoins & eug pulls → Sustainable economies
Short-term speculation → Long-term adoption
Isolated L1s → Sovereign, hybrid chains
Web3 is evolving. The hype phase is ending, and what comes next will be built on real value, interoperability, and sustainable ecosystems.
Over the next few years, we’ll see fewer chains, more collaboration, and the rise of hybrid networks where public and private blockchains work together. The migration to Web4 is already happening.
The only question is: are you building for the future, or holding onto the past?
The original article was published by Philippe Martin via X on February 18, 2025.