"GateLive Roundtable Discussion" 2026 - Issue 4: The "Renaissance" Moment in the Crypto Industry: Talking About Your Perspective on Long-Termism

“Gate Live Roundtable Discussion” is a Chinese-language crypto roundtable interview program created by Gate Live. It airs promptly every Tuesday at 20:00, focusing on the most discussed industry topics of the moment. The program periodically invites core practitioners and frontline observers from fields such as blockchain, Web3, DeFi, Ethereum ecosystem, stablecoins, as well as compliance and policy, to join in in-depth exchanges in the live broadcast room.

The roundtable mainly features a relaxed, open, and authentic dialogue atmosphere, exploring market trends, industry disagreements, and key variables from multiple perspectives, helping viewers form clearer and more rational judgments amid complex market narratives and fluctuations.

This episode’s theme: The “Renaissance” Moment in the Crypto Industry: Talking About Your View of Long-Termism

Guests this episode: well-known KOL in the Chinese crypto community — Crypto Da Sima, Niu Mo Wang, Chloe

The content of this program is for information exchange and opinion discussion only and does not constitute any investment advice.

(This content is compiled from the live replay, with text assisted and appropriately edited by AI. For the full content, please copy the link: https://www.gate.com/zh/live/video/bfccb46faec843f5423f76227eab5cd4)

Host Jesse:

Hello everyone, good evening. Welcome to the GateLive roundtable discussion. I am your host Jesse.

Every Tuesday at 8 PM, we gather here to focus on hot topics in the crypto market.

Recently, it seems a wave of reflection on the crypto industry has risen on Twitter. From the start of 2026 until now, we have indeed seen traditional finance gaining more capital favor, and AI’s spotlight overshadowing crypto. We feel a complex emotion swinging between enormous technological potential and intense market volatility.

There is a representative article on Twitter titled “Don’t Let the Casino Devour the Cathedral,” which precisely captures this collective feeling. The article compares the crypto ecosystem to a “cathedral” we are building together, aiming to change the economic paradigm, with a noisy, stimulating “casino” beside it. When the short-term wealth game overshadows the bells of long-term value building, are we deviating from our original course? When the narrative of “changing the world” fades, what can we rely on to retain those true builders with ideals?

Tonight’s roundtable focuses on long-termism. We hope to cut through market noise and return to some essential reflections: Why are we still here? What is true building? Where will the next wave of value surge?

We are honored to invite three guests who have long-term deep roots in the industry and possess unique insights: Crypto Da Sima, Niu Mo Wang, and Chloe. Welcome, everyone!

Before diving into the topic, as usual, please briefly introduce yourselves. Following the order on the poster, let’s invite Da Sima first.

Crypto Da Sima:

Good evening, I am Crypto Da Sima. Please follow my Twitter for more updates. I have nearly 8 years of experience in the crypto industry, from public chains, project teams, mining farms, to investment institutions in the crypto space, including exchanges. I consider myself an intermediate research and investment expert, so please pay attention. I also have been leading trades on Gate Exchange, and my returns are quite good. Gate is very user-friendly. Welcome everyone to follow me. Let’s have a good, open chat tonight.

Niu Mo Wang:

Hello everyone, I’ve participated in Gate’s AMAs a few times before, glad to join this event. I mainly do Tier 1 and Tier 2 research, with some understanding of various tracks. I’m happy to discuss with you all today. Under the crypto wave, the topic of long-termism is very relevant, and I look forward to some insightful exchanges with other teachers later.

Chloe:

Good evening, everyone. I’ve actually been in the crypto space for a while. I started early 2024, initially working in a Web3 company doing security audits, mainly writing papers, doing research on AI and Web3 integration. Later, I joined a fund as a research analyst. I’ve also worked at an exchange doing marketing. I personally like memes a lot, and I do secondary trading as a “P Little General.” Glad to be here with everyone, hope to bring useful information. Thank you.

Host Jesse:

First question, about “初心与现状” (original intention and current situation).

In industry ups and downs, some leave, some stay. I’d like to ask each guest: what are your reasons for continuing to stay in crypto? Looking back over the past few years, do you think the current industry development trajectory matches your initial expectations? We want to hear your most honest thoughts.

Crypto Da Sima:

Alright, no problem, everyone small bosses. I’m Crypto Da Sima. First, I have to complain a bit: in the past two years, I feel the crypto industry hasn’t fully met my expectations. I entered in 2018, back then there were still some hype cycles. That was when I first learned about Bitcoin, Ethereum, and decentralized public chains.

I joined their communities, participated in early airdrops and subsequent funding rounds, and it was quite good.

But then I reflected: VC projects, you can’t hold long-term positions in them. Since the 2022 bear market bottom, many projects—whether VC-backed or others—have basically followed the same pattern.

The industry, until recent years and even now, has very few truly revolutionary applications capable of changing the world. Most rely on continuous hype, token launches, and coin issuance. The scene lacks long-termism. People often ask me: Mr. Ma, why have stocks, gold, silver, and commodities been rising in the past half year, but Bitcoin has been falling? Bitcoin has hovered around over $80,000 for three or four months.

So I think, if more people in the industry don’t shift towards long-termism, the industry might face some decline.

Why do I still stay here? First, because it’s profitable. I lead trades on Gate, and my followers also earn. I have my own Twitter account, where I post content. I stay because I have experience, and I believe there are many opportunities to deploy that are far better than traditional industries.

Niu Mo Wang:

Listening to Da Sima’s words, I also feel deeply. I first entered Web3 with a simple purpose: to see what it’s about, since I was still studying and not under much financial pressure. What attracted me was the technical aspect, and the feeling that decentralization was a very cool form compared to traditional finance. Later, I learned that they could use code or decentralized methods to solve problems, which opened up new possibilities for me in the industry.

Why have I stayed for so many years? Many factors can shake us. Projects cycle through different phases, narratives swing between hot and cold, and many bubbles burst. But observing each bull-bear cycle, I see the market improving—foundations are becoming more solid. The industry is moving towards more open-source, diversified development. Overall, I think one thing exceeded expectations.

I believe crypto offers many opportunities worth joining and patiently waiting for.

Chloe:

I entered crypto in early 2024 because of work, and there was a small bull run. But I was busy with work and missed a lot. Still, I paid my tuition—learning the pitfalls and paying the IQ tax—and kept following market dynamics, which brought gains. I caught the wave of Trump’s coin issuance, Solana’s MEME craze, and now the BSC “Second Holy Land” hot spots.

But as the article said, now many resources and users focus on MEME. I didn’t expect that. Because I’ve worked at a fund, seen many diligent developers and founders. VC coins are being criticized and contradictions amplified in front of MEME. This isn’t intentional by founders or VCs, but a normal evolution of human nature and market. Narratives become more虚无 (虚无—meaning虚幻,虚空,虚无缥缈), users more疲惫, and some projects deliberately harvest. Trust is lost, making it hard for genuine builders to persist.

I once thought the crypto world was a utopia compared to traditional industries, but now it seems to be heading to two extremes: one is extreme草台班子 (grassroots, makeshift teams) and “fear,” the other is extreme“精英化” (elitism). Some use market residual warmth and information gaps to craft narratives and harvest, while others push for crypto-friendly, compliant paths led by the US. It’s quite fragmented, and I feel disappointed and confused.

Host Jesse:

Second question, focusing on “行动与理念” (action and philosophy).

“Build” is one of the most frequent words in crypto, but everyone seems to have a different definition. In your view, what is truly valuable “Build”? And how do you see long-termism?

Crypto Da Sima:

The word “build” in crypto stems from grassroots spirit. Recall in 2009, when Satoshi Nakamoto published the Bitcoin white paper, no one called it “build,” but that was pure build: creating a decentralized monetary system to solve trust issues during the financial crisis.

Fast forward to 2026, “build” has become a catchphrase, but its meaning has twisted. What is real build? Not issuing tokens, doing airdrops, pumping prices, but creating lasting value: developing protocols, enhancing security, fostering governance.

Long-term builders understand ten truths. First, cycles are normal—bear markets are the best time to build because noise is low. Second, trust is core—unlike casinos, build requires transparent incentives. Third, fair distribution—avoid low market cap scams. Fourth, prioritize security—quantum threats are coming, build must be prepared. Fifth, sustainable governance—DAO is not a toy, but a decision engine. Sixth, ignore hype—when热度 (hotness) fades, keep delivering products. Seventh, systemic thinking—from narratives to feedback loops. Eighth, protect users—don’t let speculation ruin the ecosystem. Ninth, optimize for the long run—not quarterly, but five-year plans. Tenth, resilience is king—weather volatility, winners take all.

Build is like dating—short-term甜蜜 (sweetness, euphoria in bull markets), but true love is long-term磨合 (getting along through bear markets). Many break up at bear markets, missing the chance to reunite and get the villa!

Historical cycles show crypto never shifts from uncertainty to consensus adoption. The 2010s were an experimental phase: Bitcoin was mocked as a “niche toy.” The early 2020s were a hype phase: DeFi, NFTs exploded, mostly speculative. By 2026, we enter deployment phase: Gartner’s hype cycle shows we’ve passed the“disillusionment trough” and entered the “enlightenment slope.” M&A records are high: why build from zero when you can buy ready-made? This accelerates real adoption, like stablecoins growing to trillions.

Why is it hard to build long-term in crypto? Structural issues! Rapid narratives cause teams to shift in 18 months, chasing quick profits. Incentives misalign—users chase high APY, jump between protocols. Talent leaves—by 2026, AI has吸走 (吸走—吸走,吸走) 30% of crypto engineers. This creates a vicious cycle: no product-market fit → talent loss → more speculation. Posts on X show founders agree: short-term profits are easy, long-term build is hard, but only the latter is sustainable.

Long-termism isn’t empty talk; it’s a mindset shift—from zero-sum to infinite possibilities. Philosophically, it draws from Buffett: investing is like rolling snowballs—need wet snow and a long slope. Crypto’s “long slope” is technological revolution: from speculation to real-world adoption, like RWA tokenized real estate. If the industry doesn’t embrace long-termism, it risks becoming a “desert where gold is dug but no water well”—short-term gains, but ecological exhaustion.

Niu Mo Wang:

I think long-termism means we can stay rooted in a project for a long time, accepting the entire process. From this perspective, I am selectively persistent. We need to consider whether the project is sincere, valuable, and capable of long-term survival. It’s not about opposing a sector, industry, or the world, but aligning with traditional institutions and real-world scenarios. That’s truly valuable.

It doesn’t have to take 5 or 10 years to see results. True long-term participants are relatively pragmatic optimists. I believe this direction is correct. No illusions about shortcuts. Accept the cycle rotations, real user corrections, and failures in such an environment. I think persistence, continuously doing what I believe is right, and ongoing投入 (investment, effort) are key. Focus on doing meaningful and powerful things, and persistently work on projects or endeavors. Maybe one day, it will be your ultimate winning move.

Chloe:

Indeed, we often see the word “build” in the industry, mostly from project teams and exchanges saying “Keep building.” But given the current market state, “builder” isn’t just for project teams; each of us is a builder. Everyone has their own expertise in the crypto space.

Some excel at content creation, some at project research, some at providing emotional value. I think as long as more people understand crypto, make the industry more accessible, and let the world know what we’re doing—that’s building. Because the responsibility of building isn’t only on project teams. We are all in this industry, and market fluctuations, new narratives, and regulatory policies affect us all. So everyone should be a builder.

In the early days, OGs were very passionate—they spontaneously spread Bitcoin and Ethereum in various cities. From skepticism to holding, then being震撼 (震撼—shocked) by Bitcoin’s incredible rise, behind it all was grassroots persistence. Now, BTC and ETH are recognized by big institutions and the world, thanks to every builder.

So I believe long-termism is about continuously learning in this industry, spreading the message, feeling the ups and downs of K-line charts, bravely paying tuition, gradually finding what you’re best at, and maybe turning it into a side hustle—perhaps one day, it becomes your ultimate ace.

Host Jesse:

Third question, looking ahead to “未来与机遇” (future and opportunities).

Reflection is for better progress. In your view, where is the next real explosion of value in crypto most likely to occur? Which sectors or tracks? For ordinary retail participants, how should we rationally identify and seize such opportunities, rather than becoming short-term casino chips? Please share your insights.

Crypto Da Sima:

The next crypto explosion? Not meme coins’ frenzy, but structural change led by institutions! According to Silicon Valley Bank’s outlook, five major trends in 2026: institutional capital verticalization, M&A records, stablecoin growth, RWA mainstreaming, and AI reshaping. To be blunt, the industry is finally graduating from “casino” to “cathedral”—in casinos, everyone bets luck; in cathedrals, build eternal value.

By 2026, crypto faces a mid-life crisis. In youth, hype; now, it’s time to settle down and support families!

First, talk about RWA tokenization: my top prediction. In 2025, the market starts at 19 billion, surging to trillions in 2026. Why? SEC approves DTCC to provide services, with 3.5 trillion securities on-chain. Deep analysis: RWA solves liquidity issues, enabling fragmented trading of real estate and bonds. For example, BlackRock and JPMorgan have built infrastructure; by 2026, institutional investment exceeds 500 billion. But complexity lies in lagging regulation, which may cause volatility—evidence shows that after the CLARITY Act passes, it truly takes off. Discussions on X show RWA is the “next big narrative,” with Chainlink and other oracle projects benefiting.

Stablecoin infrastructure: from 300 billion to over 2 trillion. By 2026, Tether’s assets reach 187 billion, with payment volume surpassing Visa. If not well built, crypto remains a marginal toy. Stablecoins are like wives—appear stable, but hide surprises—yet quantum threats require upgrades in encryption!

Niu Mo Wang:

I believe the next value explosion won’t be in a brand-new or unfamiliar sector, but in the integration of crypto financial technology into external thinking and traditional finance. For example, infrastructure development will become more mature, not just creating new things. We see many scalable projects, like cross-chain or privacy solutions, that can address what users and funds the industry can handle. If we develop maturely, no longer being a bottleneck, many applications will explode. That’s what I think could happen.

I believe the focus should be on users, not tokens. The next truly viable products might not even make us realize we’re using blockchain technology. They will be so seamless that using them is like using Alipay. Such invisible technology is the real value of our industry.

For retail investors, it’s important to rationally identify projects with genuine users or real热度 (hotness). The industry’s爆发 (explosion) isn’t something that happens in a second, an hour, a month, or two. It usually occurs after the market cycle ends, when people no longer expect the target, and the market gradually calms. Rational participants shouldn’t predict the next frenzy but should focus on projects with solid fundamentals that can truly grow. That’s my advice.

Chloe:

Talking about value, I think the prerequisite is practical utility and consensus. Only with recognition from the public does it become truly valuable. Is a diamond valuable? Besides industrial uses, it’s been increasingly discredited in recent years—people no longer buy diamonds for marriage or hardware. Gold and silver have surged recently—are they valuable? They have practical value, and in the era of rapid AI development, they can serve as infrastructure elements and decorative items, driven by markets like婚嫁 (marriage) and institutional操盘 (manipulation).

We see gold and silver, but many people see them at high prices—so they are “服人” (服人—impress people) with gains.

Back to crypto, the next value explosion must also have practical utility and consensus to trigger it. For example, Polymarket’s rise is due to frequent hot topics like political elections, which attract attention. Now, it’s visible in major Web2 media.

For ordinary retail investors, the key is to stay long-term, observe market changes, buy when nobody cares, and sell when everyone is talking. Information spreads too fast now. When you see big KOLs start talking about new narratives, it’s already late to buy. Future profits will increasingly depend on cognition and information gaps. So, it’s crucial to improve your understanding and sensitivity to information.

Follow some hidden gem bloggers and research-focused creators. Don’t leave the scene. When noise is loudest, stay calm. The next opportunity, in a bear market, is the easiest time to generate alpha.

Host Jesse:

Thank you very much to all three teachers for your candid and profound sharing tonight. From reasons for坚持 (perseverance), to redefining “Build,” to calm analysis of future opportunities, we have collectively examined the soul of the industry.

The future of the industry depends on each participant—developers, investors, and disseminators—to become its loyal “moat,” supporting those who truly create long-term value with our choices. Hope tonight’s discussion inspires everyone.

Finally, thank you all for participating! If you have your own ideas and insights, feel free to leave comments. See you next time!