Crypto Industry Urged to Focus on Ethics, Long-Term Value

Crypto was born from a vision to decentralize power, democratize finance and build systems where equity prevails over exploitation. However, as speculation surged, the movement lost its moral compass and purpose dwindled. To return crypto to its decentralized roots, the industry should focus on long-term value, inclusivity, and ethics rather than cyclical, speculative gains.

Inspiration can be drawn from emerging regions where ethical financial investing can help repair some of the ways the industry has often fallen short. The rise of layer 2 solutions, which promise scalability and efficiency, are too often motivated by speculative gains rather than lasting value creation. The industry must ask itself if it is innovating just because it can, or if it is creating real-world utility that improves the lives of fellow humans.

In emerging markets, where people grapple with inflation, high remittance fees, and limited access to financial services, Web3 offers a unique opportunity to address these problems by creating decentralized financial systems that bypass the inefficiencies and inequities of traditional banking. For Web3 to truly make a difference in these regions, it must be designed with a focus on ethics, accessibility, and long-term utility.

Ethical finance, particularly Islamic finance, offers valuable lessons for Web3. Dating back to the 1960s and 70s in the Middle East and North Africa, this sector is built on risk-sharing, ethical investment, and a focus on tangible assets. Islamic finance has endured for centuries because it rejects speculation in favor of real, meaningful value. This model can guide Web3 as it moves beyond hype-driven growth.

As the industry looks toward the next few years, it must redefine what success and innovation genuinely look like. The answer to this won’t be the same for everyone, but the industry must find a common ground of shared values that extends beyond technical achievements, market capitalization, total value locked, or followers. The industry must strive to innovate something more significant than any layer 2 or token.

When launching something new, the industry must ask itself if the product will improve people’s lives and if it is true to the ethos of creating decentralized systems that are transparent, fair, and built for the benefit of all. If the industry cannot answer that, perhaps it should step back and ask why, then get back to work.