Blockchain technology has evolved far beyond its origins as a niche digital currency experiment. Today, it stands at the forefront of a global technological revolution—reshaping finance, governance, supply chains, and more. But behind the scenes of this decentralized promise lies a complex web of influence, capital, and control. In a world that champions transparency and democratization, who are the real power brokers? Who pulls the strings in what some call the "Wild West" of tech innovation?
The Myth and Reality of the "Crypto Kingmaker"
A recent viral exposé titled “The Kingmaker Du Jun” ignited fierce debate across blockchain communities, painting Huobi co-founder Du Jun as a “super whale” controlling multiple facets of the ecosystem—from media (via Jinse Finance) to capital (Node Capital) and exchange platforms. Critics likened his role to that of a stock market manipulator: acting simultaneously as underwriter, market maker, and media influencer.
Du Jun denied these claims on social media, emphasizing the fragmented nature of the blockchain space:
“There are two circles—the technical builders and the capital players. Many media outlets sit awkwardly between them, failing to bridge understanding.”
His co-founder Li Lin added clarity: while Huobi is an investor in Node Capital, most of its ICO-backed projects never listed on HuobiPro. Moreover, Huobi’s investments in dozens of blockchain ventures don’t equate to operational control over any single entity, including Jinse Finance.
Still, questions linger: In an industry built on decentralization, how much centralization actually exists behind the curtain?
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Gatekeepers of Access: When Listing Feels Like Paying a Toll
One practice raising eyebrows is HuobiPro’s HADAX voting mechanism. Launched in mid-February, it allows users to vote for new tokens using HT (Huobi Token), with each vote costing 0.1 HT. Votes are unlimited—and so is the spending.
The numbers speak volumes:
- Top-ranked token EGCC received 31.95 million votes from 6,367 users.
- At current prices, that translates into over 44 million RMB (~$6.3M USD) in total voting costs.
Effectively, this turns token listing into a pay-to-play auction, bypassing traditional vetting processes. While Huobi defends it as a way to democratize listings and speed up innovation—citing slow review times and narrow coverage in centralized models—critics argue it creates a new kind of gatekeeping: influence bought not by merit, but by marketing budget.
This blurs the line between community-driven governance and financial coercion—a tension echoing throughout the crypto world.
Layers of Power: Where Real Influence Resides
To understand who holds real power in blockchain, we must look beyond exchanges and influencers to the technical backbone of the ecosystem.
Ruby Shen, head of international blockchain investment firm China Venture Platform, breaks down the industry into three tiers:
- Top Tier – Protocol Builders: Companies like Ethereum and Ripple that create foundational blockchains. These require deep expertise in cryptography, consensus algorithms, and network security.
- Middle Tier – Application Developers: Firms building decentralized apps (dApps) for payments, identity verification, social networks, or supply chain tracking—mostly running on existing chains like Ethereum.
- Bottom Tier – Mining & Exchanges: The most visible layer to the public, involving mining hardware and trading platforms. Despite high visibility, this tier demands less technical innovation than upstream layers.
Interestingly, a Taiwanese semiconductor firm—originally an AMD distributor—has emerged as a key player in mining chip production. Its stock surged数十倍 (tens of times) over the past year. Now attending events like Vietnam Blockchain Week, it plans to reinvest profits into core blockchain R&D—aiming to climb from infrastructure to protocol-level innovation.
This shift reflects a broader trend: true long-term influence flows not from hype or trading volume, but from technological mastery.
The Floodgates Open: Venture Capital Meets Blockchain
Since early 2025, venture capital and private equity firms have poured into blockchain at an accelerating pace. Many newcomers lack deep technical knowledge, drawn instead by memories of Bitcoin’s 2017 surge and dreams of exponential returns.
Yet early adopters warn against short-term thinking.
Binance founder Changpeng Zhao (CZ) recently stated on LinkedIn:
“Cryptocurrency and blockchain adoption becoming mainstream is inevitable. Countries that embrace this tech early will lead in capital formation, job creation, taxation, and global influence.”
He urges governments to act swiftly—not out of fear, but opportunity.
The "3 AM Blockchain Group" and the Hype Cycle
On Lunar New Year’s Eve, the infamous WeChat group “3 AM No Sleep Blockchain” exploded into public view. Led by figures like Xue Manzi, Xu Xiaoping, and Cai Wensheng, it became a symbol of traditional investors rushing into crypto.
Opinions varied widely:
Xue Manzi believes blockchain will overhaul finance and bureaucracy—from birth certificates to property deeds. But he cautions:
“This is a marathon, not a sprint. Most startups will fail. Expecting 1000% annual returns is unsustainable.”
- Cai Wensheng, chairman of Meitu (BeautyCam), champions blockchain’s potential to reshape organizational models and ownership structures.
However, his association with Beautychain (BEC) drew scrutiny when the token surged 4000% on OKEx and Lbank within hours of launch—briefly hitting a $63 billion market cap (larger than Tesla at the time). Though BEC claimed ties to Meitu’s BeautyPlus app overseas, Cai clarified that Meitu had no operational or financial involvement.
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Skepticism from the Old Guard
Not all investors are bullish.
Zhu Xiaohu, partner at GSR Ventures (Jinshajiang Capital), openly criticized Ripple and other ICO darlings:
“Many top ICO projects deliver little real-world impact. VC funding scales gradually because sudden wealth kills motivation. Models that test human nature rarely succeed.”
His skepticism highlights a core issue: without accountability and phased development, massive fundraising via ICOs may do more harm than good.
Frequently Asked Questions (FAQ)
Q: What defines a “whale” or “kingmaker” in blockchain?
A: A whale typically refers to someone holding large amounts of cryptocurrency. A kingmaker goes further—exerting influence through exchanges, media outlets, venture funds, or token listings.
Q: Is decentralized finance truly decentralized if a few entities control listings?
A: Not entirely. While protocols may be open-source and permissionless, access points like exchanges remain centralized gatekeepers—creating a paradox at the heart of DeFi.
Q: Can retail investors compete with well-funded insiders?
A: Yes—but with caveats. Education, due diligence, and use of transparent platforms level the playing field. However, information asymmetry still favors those inside major networks.
Q: Why do some tokens surge immediately after listing?
A: Price spikes often result from coordinated marketing campaigns, limited supply during launch, or speculative frenzies fueled by influencer endorsements—not fundamental value.
Q: Are ICOs still relevant after regulatory crackdowns?
A: Traditional ICOs are largely defunct in regulated markets. But their spirit lives on through IEOs (Initial Exchange Offerings), IDOs (Initial DEX Offerings), and token farming—albeit under stricter oversight.
Q: How can I spot genuine blockchain innovation vs. hype?
A: Look for working products, transparent teams, verifiable partnerships, peer-reviewed tech papers, and sustainable tokenomics—not just celebrity endorsements or whitepaper promises.
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Conclusion: Power Behind the Code
The real "kingmakers" in blockchain aren’t just those with money or media reach—they’re the engineers building scalable protocols, the researchers advancing zero-knowledge proofs, and the entrepreneurs solving real-world problems.
While exchanges and influencers shape short-term narratives, lasting power resides in technological depth. As the ecosystem matures, value will increasingly shift from speculation to utility—from price charts to code commits.
For investors and builders alike, the lesson is clear: focus on substance over spectacle. Because in the end, the strongest chains aren’t made of tokens—but trust.