To clarify “the token is the product” is stupid. The token is a layer on top of the product, not a substitute for one.
If the underlying product doesn’t work, no amount of tokenomics will save it. Launching a token before there’s anything real is either a fast track to getting wrecked, or a clear signal that you’re just here to extract.
We’ve seen it cycle after cycle: pre-product tokens lead to fake traction, inflated metrics, and short-term games. None of it lasts.
The only real exception I can think of is @aave and that is a rare case. @StaniKulechov built through the bear, shipped like crazy, and turned an ICO into actual utility. But that’s the exception, not the rule.
No good product starts with a token. The token comes after you’ve built something people want.
We used to have petty scammers, but this cycle they became a well oiled and institutionalized machine.
They run VC funds, say stupid shit like “the token is the product”, and run 'market makers' that sell pump and dumps.
The worst part is that they’re loved on CT.
But there's hope! I’m bullish on two seemingly opposite forces fighting back
🌑 The Dark Side: led by @0xCircusLover, the Milady version of zackXBT. Calling out puppet CEOs, shady VCs, and grift companies. Also, fire memes and takes
“GTA 6 will come out before Celestia makes 7 figures in revenue.”
🌕 The Light Side — led by @ivangbi_, the Lobster leader of legit builders in the space, those who are trying to solve real problems.
In a recent post (Below) he says the industry has split. Narrative-driven grift machines, vs teams quietly building actual products and real businesses.
The old model of pump token and juice metrics is done, users have had enough. The market will reward this new concept for crypto: fundamentals.
“Build something useful first. Token later."
Bullish
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