When price volatility becomes the sole frame of reference, the growth of Web3 has fallen into a vicious cycle of “surging in bull markets and collapsing to zero in bear markets”. The key to breaking this cycle lies in rebuilding the cornerstone of growth, rather than designing more complex incentive models. Who exactly are we incentivizing? This paper examines the structural flaws in Web3 growth, and analyzes how ME Network, through its “identity-first” logic, has built a new growth path that...