Dragonfly's partner refutes a16z's partner: The core application of crypto is in financial use cases, and strong regulation does not help with scaling.

Dragonfly Managing Partner Haseeb published an article on the X platform refuting a16z Partner Chris Dixon's claims. He stated that the failure of most non-financial crypto use cases to pass market demand validation is not due to regulatory or industry scandals. If regulation and fraud were the factors hindering the large-scale development of the crypto industry, then financial crypto use cases, subject to stronger regulatory pressure and more frequent fraud, should have failed as well. However, the opposite is true. Currently, almost all crypto applications that have achieved large-scale deployment possess financial attributes, including Bitcoin, stablecoins, programmable money, DeFi, prediction markets, NFTs, and RWA. In the past, a large amount of capital and talent have explored Web3 consumer scenarios, but market demand has not yet materialized. In reality, the crypto industry does not need to rely on narratives such as "it will definitely disrupt games and media in the future"; the innovation potential in the financial field alone is sufficient to support the industry's long-term growth.