2 weeks ago by Kristel
The next wave of crypto is coming and most teams won't be a part of it.
I've spent years in this industry watching teams build products no one uses, raise money for problems no one has, and celebrate metrics that don't matter.
According to CoinGecko, 53% of all tokens launched since 2021 are now dead.
Over 11.6 million cryptocurrency projects failed in 2025 alone.
For context:
2021: 2,584 failures
2022: 213,075 failures
2023: 245,049 failures
2024: 1.38 million failures
2025: 11.6 million failures
The fourth quarter of 2025 was apocalyptic: 7.7 million tokens went dark in Q4, roughly 83,700 failures per day.
Most were dead on arrival, no utility, no users, no reason to exist beyond speculation.
In 2024, crypto raised $13.6 billion. In 2025, projections hit $18 billion. Billions in capital, and yet 45% of VC-backed projects between 2023 and 2024 suspended operations entirely. The failure rate for blockchain startups sits at 95%.
We didn't build for users. We built for CT engagement, for airdrop farmers, for the next token launch. The bill is coming due.
I've worked with dozens of crypto projects and the pattern is consistent: teams that thrived in the last cycle are completely unprepared for the next one.
What got you here:
Being early
Knowing the right people on CT
Understanding token mechanics
Farming, flipping, timing narratives
What gets you to the next wave:
Distribution (how do you reach people who aren't already on CT?)
Regulation (how do you build something that can exist in the real world?)
Product-market fit (are you solving a problem anyone actually has?)
Go-to-market strategy (can you acquire and retain users, not just farmers?)
Most crypto native teams have the first set of skills. Almost none have the second.
Founders can explain their protocol's technical architecture in excruciating detail but can't answer: "Who is this for, and why should they care?"
They've never had to answer that question because the last cycle didn't require it. Hype was enough.
That era is over.
There's a narrative that institutions are "finally getting it," that tradfi is "waking up to crypto."
They were never asleep. They were waiting for the regulatory landscape to clarify, for the infrastructure to mature, for the cowboys to shoot each other so they could build on the graves.
Now they're here, and they're building for people who don't know what a seed phrase is. They have distribution channels you don't, regulatory relationships you don't, capital that doesn't evaporate when the market dips 20%.
That's what's coming. The renaissance will be exclusionary, and the question is whether you're ready to compete.
The teams that survive will share common traits:
Brutal honesty about product-market fit. Actual usage metrics, retention, revenue. Are real users, not speculators, finding value?
Regulatory pragmatism. The projects that scale will figure out how to exist within regulatory frameworks while they evolve, rather than pretending regulation doesn't apply to them.
Distribution beyond CT. The next wave requires reaching people who've never heard of your protocol and don't care about your token. That means accountability and willingness to educate an audience unfamiliar with crypto, blockchain, even basic finance.
Teams with operator experience. The best crypto teams have at least one person who's built a successful product outside of crypto. More importantly, the best founders know when to step aside, when to hire an experienced CEO, CMO, or operator to lead functions they're not equipped to lead. Ego is the most expensive liability in a startup.
**Marketing as strategy, not afterthought. **This is my bias, but it's also true: the projects that treat marketing as hype only, substance maybe are the ones filling the graveyard. Narrative, positioning, and distribution aren't nice-to-haves, they're foundational. Above all else, you still need a good product that solves a real problem.
Let me be direct: if you're building in crypto right now, the odds are against you.
The next wave is coming, and most projects won't make it. Tradfi is here doing what we should have done, capturing the users we ignored while we built for each other.
For those willing to adapt, the opportunity hasn't disappeared. It's just no longer waiting for you to figure out the basics.
Reactions and replies to this article.
Justin⚡
@justinbizdev
One trait you didn't mention is knowing whether your market maker is actually working for you. Most teams assume they are, and most are wrong. MM transparency is one of the most underrated operator skills going into the next wave
Justin⚡
@justinbizdev
One thing that kills marketing before it even starts is a broken market maker. You can nail narrative, distribution, positioning and still watch your token chart look manipulated on day one. No amount of good marketing survives bad liquidity optics.
Memecoin Prediction Markets
@mcpm_base_eth
A lot of teams are still optimised for being noticed by CT. The next winners will be optimised for being used repeatedly by actual people.
TokenopolyLabs
@tokenopolylabs
The next wave likely favors products tied to real markets and real demand. RWAs are a natural fit for that shift.
Promo
@doubtfulorigin
i wouldn't call a pump fun or meme coin (yes i'm looking at all the scam coins here as well) as a crypto start up
smick | torque.so
@0xsmick
the next wave requires founders to build growth loops intrinsic to the product
Sasha Barrie
@kapuster
Distribution beyond CT and marketing as a core function - are non-negotiables. Adapt or die.
CCACC
@ccacc_hub
great article, do you have any list of projects that fulfills the survival lists right now?
Ian LeViness 🇹🇷 🇺🇦 🇨🇿
@expatcrypto3
Well-written and I also believe many of the teams that will be long-term successful haven't arrived yet.
Serg Guti | D2++ DeFi Maxi
@lessg089
The next wave has to reach the majority of people #essentialservices by connecting the layer of human capital in our society to a fair decentralized #supportsystem that captures our value and compounds it for our future needs #lesstask https://t.co/XcBGGsqOsY
H0piummm
@h0piummm
"They were waiting for the regulatory landscape to clarify, for the infrastructure to mature, for the cowboys to shoot each other so they could build on the graves." Spot on!