After 500 rejections and three project failures, the true essence of "Web3 entrepreneurship" has become clear on Solana

Once, I was caught up in the misconception that “complexity = superior technology.” Account abstraction, rollup scaling, ZK proofs—although I entered numerous infrastructure projects that were trending in the industry at the time, all of them ended in failure. I confidently presented applications like zkML, zk identity, and zk voting in front of VCs, but even now, these are barely used. I had mistaken complex technology for useful products.

Why did the author, who faced rejection of over 500 funding pitches in two years, finally arrive at the truth within the Solana ecosystem?

The moment of liberation from obsession with complexity

I was told by VCs that infrastructure building is the only path to success in the crypto industry, and I believed it. However, after about two years, I realized I was not suited for this field. On the other hand, entering the Solana ecosystem revealed a completely different landscape.

The people here care not about “the beauty of technology” but about “actual use cases.” Even meme coins prioritize revenue. Speed, circulation, practicality—these environments emphasize rapid implementation over complex theories.

The essence of Web3 entrepreneurship is “user-centric”

1. Optimizing for young users hungry for novelty

Users aged 13–21, especially those who can trade on the “front lines,” are highly open to experimenting with new features and changing habits. According to the Consumer Technology Association’s 2024 survey, 86% of Generation Z (ages 11–26) consider technology a core part of their lives. This percentage is higher than any previous generation.

Users over 25 are unlikely to learn new procedures unless strongly motivated. Products optimized for the peak social activity age of around 20–21 naturally possess viral potential.

2. Designing “diffusibility” to minimize marketing budgets

Without huge advertising budgets, the product itself must become a traffic channel. In the crypto industry, KOL marketing is expensive and trustworthiness is very low. Everyone expects rewards.

Instead, embed reasons within the product that make users want to voluntarily share with friends and communities. This is difficult but worth optimizing from day one.

3. Don’t prioritize bugs over priorities

If a user requests a feature and it can be implemented in 2–3 days, respond immediately. Before receiving a message like “I’m switching to another product because your app lacks this feature.”

Once users migrate to competitors and habits form, it becomes extremely difficult to regain them. Fixes should ideally be done within 2–5 hours. For feature additions based on multiple user feedback, communicate this and consider rewards. This way, users start feeling “this product belongs to us,” and that sense of ownership can become a surprisingly powerful asset in the early stages.

4. Names dominate memory

The previous product name “Encifher” was hard to remember, and even VCs misspelled it. Changing it to “encrypt.trade” made it concise, memorable, and stylish.

Application names must have high recognition and ease of oral transmission.

5. The essence of the difficult but essential “Cold DM”

Finding and engaging users is extremely difficult, especially if you’re not riding the current “hot topics.” During the era when I was working on privacy features, I sent about 1,000 cold messages. The response rate was around 10%, with only 3–4 genuinely willing to cooperate.

If there’s even slight interest, it’s worth talking to anyone. The goal at this stage is not 1,000 users but to find 10–20 early adopters who genuinely care about the problem and give honest feedback.

Effective Cold DM elements:

• Start with a warm greeting
• Highlight funding status or transaction volume at the beginning
• Explain where you found that person
• Include a friendly call to action
• Always follow up

There is no perfect template. You need to test and find approaches that work for your target audience. However, response rates are generally low—due to widespread scams in the crypto community, few people respond to DMs.

Early users will become your support system. New products often have many bugs, and those who can help you get through this phase are invaluable.

6. The ability to iterate quickly in response to industry changes

The crypto industry is constantly changing, and attention spans are extremely short. You need to study not only what users say but also their behaviors.

• What are they repeatedly doing?
• What compromises are they making?
• What are they already willing to pay for?

Many ideas sound attractive, but if users aren’t willing to pay, they won’t survive.

7. Commitment to “simple enough for anyone to operate”

Even if a product looks “obvious” to developers who have spent hundreds of hours with it, it’s completely unknown to newcomers. Avoid introducing new jargon or complex processes.

Minimize clicks and present the core value within 5 seconds of app launch.

The true essence of Web3 entrepreneurship

The biggest lesson learned from failure is that speed of iteration, user-centric thinking, and implementation ability are far more important than perfect technology. This is a completely different world from B2B businesses.

Through building consumer apps in the Solana ecosystem over seven months, I realized that the core of Web3 entrepreneurship is not about pursuing complexity but about quickly shaping what is truly needed, listening to user feedback, and running together until habits are formed—that’s all.