From "Burning Money" to Industrial Ecology: Web3 is following the old path of the internet. The article reviews the development stages of the internet industry, from narrative-driven, money-burning expansion, refined operations to ecological stabilization, pointing out that Web3 is replicating a similar path. Web3 has gone through four stages: concept-driven (token issuance, capital influx), money-burning expansion (projects clustering, user competition), business validation (real scenarios, narrative validation), and structural sedimentation (platform stabilization, variable contraction). The article emphasizes that the true potential of Web3 lies in the post-blockchain era, reconstructing usage paths through technology, lowering collaboration thresholds, and giving rise to sustainable products and systems. In the future, an AI-driven new cycle may become the key to Web3 breakthroughs, promoting industrial development and user experience innovation.