The first wave of Web3 was loud. It came with tokens, headlines, promises of decentralization, and a lot of market energy. But like every early boom, it created noise before it created stability.
Now we are entering the second wave. The quiet wave. The one where infrastructure is finally catching up to narrative.
This new cycle is not about speculation. It is about durability. And the companies leading it are not the loudest. They are the ones building things that work with or without attention.
In 2022, we started to see more movement into real custody infrastructure. On chain identity that can survive regulation. Cross-chain tooling that does not rely on hype to stay solvent. Legal engineering that holds in multiple jurisdictions.
This is not glamorous work. But it is the only kind of work that lasts.
As an early-stage investor, I care less about short-term token performance and more about protocol design. Governance architecture. Data clarity. The projects that will still be relevant when the spotlight moves on.
The Web3 companies worth backing now are not pitching a revolution. They are fixing the plumbing. They are stabilizing risk. They are making it easier for real users to enter and institutions to engage.
We are finally seeing real standards emerge. Not just for performance, but for credibility. And in a space where trust was badly eroded, credibility is the new currency.
The first wave made people pay attention. The second wave is where real value is created. That is the one I am here for.