This is a taxpayer content of Ariel AsafovIncubation Director at Chaingpt Laboratories.
In 2021, Crypto was in full apogee. Token’s valuations rose, the rounds of seeds closed in days and, sometimes, a convincing narrative exceeded the need for a product that works. The market rewarded speed, speculation and great ideas at the expense of long -term value.
Now, it is 2025. The rhythm of innovation has not slowed down, but the weather has changed. Capital is more selective, users are more cautious and noise has calmed down. And yet, many new initial stage cryptography companies are still functioning as if it were 2021, raising large early rounds, launching the pre -product of the chips and assuming that the community bomb will fill the gaps. It is not that ambition is the problem; The play book needs an update.
Why the old play book no longer works
There is a fundraising pattern that refuses to die: build a deck, create a convincing narrative, raise $ 5-10 million, launch a file and expect network effects. It made sense during the bull cycle, when the impulse could carry a project forward. But those conditions have changed.
Today, traction matters more than potential. Investors are asking more challenging questions. Communities are skeptical. And significant increases without significant use often send the incorrect signal: that exaggeration is overcoming progress.
Early financing can be a double -edged sword. Scalar equipment and operations before a product market adjustment has been validated is a risk. That can lead to swollen burns and pressure rates to grow prematurely, which often results in projects that struggle to meet inflated expectations.
The form does not replace the function
A common trap is to treat tokenomics as a strategy substitute. While tokens can play a decisive role in the alignment of incentives and feed ecosystems, they are not a replacement for a product that people want.
If your Go-to market is built around a Token, not a solution, it could be time to visit its road map again. In the current market, users and investors seek real utility, not only well -designed emission lists. The projects that gain traction are those in which the Token admits a valuable experience, not where he tries to manufacture one. A good product can succeed without a token. But a card without a product? That is a much more difficult story to sell.
Be smarter with capital
Raising less and being more intentional is not a restriction; It is a strategic advantage. The smallest rounds can boost the most clear approach, the most deliberate hiring and the fastest iteration. The teams read often move faster, adapt better and reach the adjustment of the market without losing control of their address.
In Chaingpt LaboratoriesWe work in close collaboration with the founders to rethink their financing approach. Instead of breaching great preproducts increases, we help new companies to focus on the strategy of going to the market and intelligent automation. That could mean using AI agents to reduce DEV overload, simulate user behavior before sending features or try tokens models in safe environments before they are edited.
We encourage the founders to remain curiosity, not compromise too early, and see capital as one of many tools, not as the goal itself. Execution is now the true differentiator, not the size of the increase.
Rethink how success looks
The web3 space is not in decline; It is evolving, and the fundamental fundraising culture must evolve with it. That does not mean playing small or thinking conservatively. It means aligning capital with the stage, objectives and results so that the equipment can grow to the right pace and base.
In Chaingpt laboratories, we are optimistic about what comes next. We believe that the outstanding projects of this cycle will not be those pursued by the owners, but those that build in silence, deliberately and with a deep clarity about who they are serving and why.
The market may not be as noisy as it was, but maybe that is the opportunity. Less noise means more space to concentrate, experiment and build something lasting.
(The author is the incubation director at Chaingpt Labs)
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