This article is compiled from the keynote speech given by Dashan, founder of Waterdrip Capital, at the Wanwu Island Sharing Session.
The macro environment is deteriorating - the crisis is forming a new order
1.1 Finance begins to enter an era of chaos
Since Trump returned to the White House, a series of unexpected economic and political measures have continued to turmoil global markets. Among them, one of the measures that caused the biggest shock was the escalation of tariff policies : from April 5, 2025, the United States will impose a unified 10% base tariff on all imported goods, and impose higher reciprocal tariffs on 60 countries including China and Vietnam (the tariff on China was once raised to 125%). In the short term, Trumps tariff stick caused huge fluctuations in global markets: U.S. bonds suffered a sell-off, and the 10-year U.S. Treasury yield soared to more than 4.5%, the largest single-week increase in 20 years; U.S. stocks fluctuated violently, once approaching a circuit breaker; the U.S. dollar index continued to fall and hit the largest daily decline in several years. Although the United States subsequently announced that it would suspend the imposition of new tariffs on some allied countries in exchange for a respite, investors are still full of worries about future uncertainties, and the global financial system seems to have entered a chaotic era.
The old international economic system centered on the United States established after World War II (such as the Bretton Woods system and the WTO framework) is facing the risk of collapse: the rise of emerging economies has weakened the relative advantages of the United States, the huge debts and fiscal deficits accumulated by the United States over a long period of time have continuously eroded the credibility of the US dollar, and the proportion of the US dollar in global foreign exchange reserves has declined. In particular, Chinas rapid development since joining the WTO has gradually approached or even surpassed the United States in many scientific and technological fields, causing deep anxiety among the American elite. The breakthroughs made by Chinese companies such as Huawei in key technologies such as 5G chip design and communication base stations are a signal that alerts the United States: the once high-tech generation gap has been rapidly narrowed, and the traditional advantages of the United States in the manufacturing field are in jeopardy, while the younger generation of Americans are more engaged in finance and art and are no longer willing to engage in manufacturing. This series of changes means that the old order on which the United States relies for hegemony is loosening.
Against this backdrop, U.S. decision-makers have begun to plan to build a new trade and financial order to maintain its global dominance. The Trump administration’s strategic goal is not only to negotiate better terms in trade negotiations, but also to try to “start anew” – to re-establish the central position of the United States by formulating a new rules system. This has two intentions: one is to strike major competitors and weaken the momentum of China and other countries to rise rapidly by taking advantage of the existing globalization dividends; the other is to seek new value anchors to provide new support for the shaken U.S. dollar credit and global trade. Under this idea, the traditional U.S. dollar credit needs to introduce stronger endorsements , and the United States has begun to turn its attention to assets such as gold and Bitcoin , hoping to rebuild the trust foundation of the global financial system.
It is worth noting that since Trump took office, the US governments attitude towards the field of cryptocurrency has undergone a major change . Soon after taking office, Trump publicly expressed his concern about the development of virtual currencies, reversing his previous critical stance on Bitcoin. Some forces within the Republican Party and some state governments have also gradually embraced Bitcoin in recent years, viewing it as digital gold to hedge against the risk of the US dollar. It can be said that the United States is making pre-planning for a potential new financial order and incorporating Bitcoin into the national strategic vision.
1.2 Bitcoin and Gold: The New “Dual Anchors” of the US Dollar
As global trade and financial rules face reconstruction, the United States attempts to create a new credit foundation for the dollar through dual asset anchoring: including both traditional gold reserves and emerging Bitcoin reserves. This strategy intends to consolidate the credibility of the dollar in the new order through a combination of physical assets + digital assets.
Gold, as a means of storing value, has long been widely held by central banks of various countries. The gold reserves of the U.S. Treasury (stored in the famous Fort Knox) are an important trump card of the U.S. dollar hegemony. Today, Bitcoin is being given a similar strategic position-regarded as the digital gold of the new era. By the end of 2024, the total market value of Bitcoin is about 2 trillion U.S. dollars, which is only about one-tenth of the market value of gold (about 20 trillion U.S. dollars). From the perspective of long-term potential, if the market value of Bitcoin can one day be comparable to that of gold, then its price still has room for growth of several times or more. Precisely because of this optimistic growth potential, coupled with the unique advantages of Bitcoins decentralization, limited issuance (21 million pieces), and high liquidity, the United States has begun to seriously consider incorporating it into the national reserve system.
In March 2025, the US government launched a series of major initiatives in the field of encryption: On March 6, President Trump signed an executive order announcing the establishment of a strategic Bitcoin reserve and a US digital asset reserve. The next day, the White House held a high-profile encryption summit, inviting industry giants such as Coinbase and MicroStrategy, as well as members of Congress and officials to participate. At the meeting, Trump publicly expressed his support for the development of the encryption industry and promised to push Congress to pass legislation on the regulatory framework for stablecoins and digital assets as soon as possible to provide a clear legal environment. Even more striking is that Trump said at the summit: Establishing a Bitcoin reserve is to establish a virtual Fort Knox - that is, the United States intends to regard Bitcoin reserves as treasury gold in the digital age. This statement marks that Bitcoin has officially entered the US national strategic level and has been given a status similar to gold.
The above picture shows the Bitcoin wallet address that was confiscated by the US government. Compared with the gold reserve treasury, the BTC network is more transparent and decentralized.
This series of actions shows that the United States wants to use Bitcoin and gold as anchor assets for the new financial system . In practice, the US government already holds a considerable amount of Bitcoin reserves (mainly from law enforcement and confiscation channels), and plans to further increase its holdings. The market rumored goal is to cumulatively control about 1 million Bitcoins ( 5% of the total supply ), which is close to the proportion of the US official gold reserves in the worlds gold. Although this goal has not yet been fully fulfilled, the trend has emerged: some US state governments have even taken the lead in approving the purchase of Bitcoin for reserves with fiscal funds; the federal level has passed executive orders and legislative proposals to rectify the name of Bitcoin. If the US dollar can partially anchor physical gold and digital gold (Bitcoin) in the future, and then use blockchain technology to establish a new international clearing system, then the United States is expected to seize the initiative in the future global financial game and continue the vitality of the US dollar system.
Of course, the inclusion of Bitcoin will also help the United States solve its own problems. For example, the huge national debt carried by the US government is becoming increasingly heavy, triggering a credit crisis. If the United States controls enough Bitcoin reserves and pushes up its price in the future, it may fill the debt black hole by selling part of its reserves, thereby cleverly resolving debt risks. This idea of diluting debt with crypto assets has become a new imagination of the US financial strategy. At the same time, the United States is also working hard on digital currency regulation: a recent bill proposes to bring stablecoins with a circulation of more than $10 billion under the supervision of the Federal Reserve, indicating that the United States hopes to control the issuance and rule-making rights of the crypto dollar (US dollar stablecoin) to consolidate the dollars dominance in the crypto world. US dollar stablecoin + gold + Bitcoin, the three together outline the prototype of the new order of the US dollar - both maintaining the legal status of the US dollar and supporting it with physical and digital assets to improve risk resistance.
Market environment correction and what to do in the second half
Over the past year or so, the global crypto market has experienced a dramatic change from enthusiasm to calm. The total market value of crypto assets has fallen from a historical peak of about 3.71 trillion US dollars to about 3.04 trillion US dollars (data source: CoinMarketCap, data time: 2025.04.23), and the market has entered a stage of deep correction and clearing. Macroeconomic turmoil (such as higher inflation and rising interest rates) coupled with stricter supervision has caused a large number of projects that lack real value support to disappear in this round of adjustments. However, for entrepreneurs who firmly believe in the long-term value of blockchain, this is the best time to build a bottom and accumulate strength to breed new opportunities. The bubble of the previous cycle has receded, and it is a good opportunity to quietly polish products and stand out.
In such a second half environment, entrepreneurs should think about: what is suitable for the second half? The simple traffic strategy is no longer sustainable, and it is replaced by the entrepreneurial logic centered on hard-core value. In the current market environment, the following directions contain new opportunities:
Bitcoin (BTC) ecosystem: financial innovation around the Bitcoin network (“BTC Fi”), infrastructure upgrades, and reconstruction of real-world assets and payment networks based on BTC.
Other public chain ecosystems: Return to the essence of efficiency and profitability innovation on public chains such as Ethereum, get rid of the simple volume traffic, and create sustainable decentralized finance (DeFi) and other applications with a product-oriented approach.
Real World Assets (RWA) and Payment Finance (PayFi): Combine on-chain technology with real assets and payment scenarios to develop a new model supported by stable cash flow.
Crypto concept stocks: Pay attention to the rising wave of blockchain concept stocks in the traditional capital market, and the new path for Web3 startups to go public.
Next, we will analyze the above ideas and explore specific entrepreneurial opportunities that are worthy of attention during the macro correction period.
2.1 Entrepreneurial opportunities around BTC: BTC Fi, BTC Infra, BTC RWA PayFi
Although Bitcoin has long been regarded as digital gold and its main network functions are relatively simple, a series of recent technological and application advances are injecting new vitality into the Bitcoin ecosystem. We see three major entrepreneurial opportunities around the BTC network:
BTC Fi (Bitcoin Finance): Creating new financial assets on the Bitcoin network. Bitcoin is no longer just a static store of value, but is evolving into an underlying platform for issuing various financial assets. The recent rise of protocols such as BRC-20 and Runes has set off a wave of issuing token assets on the BTC mainnet; the Taproot Assets protocol (TA protocol) launched by Lightning Labs makes it possible to issue financial assets such as stablecoins and bonds in the Bitcoin ecosystem. This means that the Bitcoin mainnet is expected to assume more value-bearing functions in the next cycle, upgrading from digital gold to a value storage network that supports a variety of assets. Representative projects such as Bedrock and Solv focus on building decentralized financial services such as lending, trading, and derivatives on the Bitcoin network, promoting the leap in BTCs financing and asset issuance capabilities.
BTC Infra (Bitcoin Infrastructure): Reshaping the intelligent infrastructure on Bitcoin. To make up for the lack of BTCs native functions, the industry is trying to create a smart contract layer similar to Ethereum for Bitcoin. One path is to develop EVM-compatible Bitcoin sidechains or Layer 2 (such as BTC L2 with Ethereum smart contract capabilities) to expand the DApp development space of the BTC network. The other is solutions native to the Bitcoin protocol family, such as Bitcoin native second-layer technologies such as the RGB protocol and the Lightning Network. They are more focused on improving privacy, scalability and payment efficiency, and building a lightweight and economical on-chain execution layer for the BTC mainnet. Representative projects such as Unisat, Merlin, B², etc. focus on building Bitcoins Layer 2, middleware tools, etc., to enhance Bitcoins development ecology and scalability.
BTC-Powered RWA PayFi: Unleashing the potential of Bitcoin in real-world assets and payments. RWA based on the Bitcoin network is gradually emerging, such as tokenizing U.S. Treasury bonds and physical assets. Bitcoin provides a globally verifiable clearing mechanism as a settlement layer, giving such assets a highly credible value anchor. At the same time, the PayFi model that has emerged based on payment infrastructure such as the Lightning Network has brought Bitcoin back to the payment stage - for example, combining artificial intelligence agents (AI Agents) with Bitcoin micropayments to make real-time small payments between machines and machines, and between people and machines possible, providing efficient payment solutions for scenarios such as SaaS services and data exchange. Representative projects such as LNFi focus on improving the actual application efficiency and user experience of Bitcoin in RWA and payment scenarios, empowering the payment and circulation of BTC.
In general, the Bitcoin ecosystem is reviving from the underlying protocol to the application layer. Whether issuing assets on the BTC mainnet, building a smart contract layer, or using BTC for clearing real assets and instant payments, Bitcoin has the potential to become a hotbed for innovation and entrepreneurship in the next phase. For entrepreneurs, re-examining the possibilities of the Bitcoin network may reveal underestimated golden opportunities.
2.2 Entrepreneurial opportunities around other public chains: efficiency-driven and product-based entrepreneurial logic
In addition to Bitcoin, other public chains (such as Ethereum, BSC, Solana, etc.) also breed new entrepreneurial logic and opportunities. After experiencing the DeFi boom and the public chain war, the industry began to return to rationality, and two major trends emerged:
Return to the underlying logic of being able to make money: Whether it is on-chain lending, trading, market making or derivatives, as long as it revolves around capital circulation, we will definitely find a way to verify the business model and profit path. In the past few years, a large number of DeFi projects have attracted funds through incentives such as liquidity mining, but after the market cooling, those models that cannot generate sustained fees and profits are gradually being eliminated. On the contrary, similar to traditional finance, on-chain businesses with clear sources of income (such as transaction fees, lending interest, derivatives rates, etc.) have proven their value. This reminds entrepreneurs to re-examine the underlying logic of the project: Is there a real profit model? In the current environment, only businesses that can make money have the confidence to cross the cycle.
The public chain ecosystem has shifted from volume traffic to volume efficiency, and product-based entrepreneurship has risen: In order to compete for users and funds, early public chains and protocols were keen on piling up high incentives and packaging stories to volume traffic, but this kind of growth driven by narrative alone is difficult to last. Now capital prefers practical projects that improve efficiency and user experience - that is, the entrepreneurial logic of winning with products and technology. Whether it is a new decentralized trading platform, a more profitable market-making mechanism, a low-risk lending agreement, or a safe and efficient on-chain asset issuance platform, data service tools, etc., as long as it can solve real needs and run a business model, it is more likely to be favored. In other words, public chain entrepreneurship is shifting from competing for subsidies and concepts to competing for product strength and efficiency. For entrepreneurs, this means that it is more important to polish products, optimize performance and user experience than to blindly pursue illusory narratives.
In other public chain ecosystems, a new competitive landscape is taking shape: efficiency-driven has become the main theme, and product-based entrepreneurship is becoming the mainstream. This change is a wake-up call for the entire crypto startup community: only by allowing applications to truly create value and generate revenue can they survive the capital winter and usher in the next spring.
2.3 Sustainable Entrepreneurship Model: Path Selection Driven by Cash Flow
Whether in the Bitcoin ecosystem or other public chains, creating sustainable cash flow has become a watershed for whether a startup project can go far. The traditional capital market is beginning to examine crypto startups with the standards of mature companies, and cash flow and profitability have become the key to evaluation. It can be said that traditional investors are redefining the connotation of crypto companies, which has opened a window for Web3 entrepreneurs to move towards mainstream capital.
Currently, some crypto projects with realistic business models are becoming a bridge between Web3 and traditional capital markets. Such projects usually have clear sources of income, stable cash flow expectations, and good compliance and adaptation capabilities. Therefore, they are receiving high attention from traditional institutions and are regarded as the most likely potential targets to enter the mainstream capital market through IPO or mergers and acquisitions.
Among multiple segments, DePIN stands out. It builds a distributed infrastructure network for the physical world by managing real resources such as computing, electricity, and bandwidth on the chain, combined with economic incentive mechanisms, and naturally has a SaaS-style revenue model. Representative projects such as PEAQ, Jambo, OORT, and Swan jointly build the key support layer of the DePIN ecosystem from machine access, Web3 mobile devices, AI data storage, and computing power sharing.
The AI+Crypto track shows strong integration potential. By combining AI Agent, on-chain identity and micropayment mechanism, data interaction and resource scheduling between intelligent entities are promoted. Projects such as Footprint focus on data analysis engines, and DeAgent.ai builds a decentralized Ai Agent protocol to provide services for Web3 intelligent infrastructure.
RWA (real world assets) is developing rapidly, and the tokenization of assets such as US bonds, corporate bonds, and real estate on the chain continues to advance. It is expected that the future market space will reach 10 trillion US dollars. Representative projects such as The PAC provide asset mapping services under the compliance framework and promote the on-chain circulation of RWA within the compliance framework.
PayFi (payment finance) has become the most active track for on-chain transactions. In 2024, the transaction volume of stablecoins exceeded 15.6 trillion US dollars, surpassing Visa for the first time. Projects such as Aisa are combining stablecoins with AI wallets to build payment infrastructure that supports automation and real-time settlement, serving e-commerce, cross-border and machine-to-machine payment scenarios.
In summary, this type of crypto startup projects that can generate cash flow, are easy to be valued, and have a compliance path are being favored by Wall Street and mainstream capital, and are seen as core candidates to be the first to enter the mainstream financial system.
For entrepreneurs, the revelation of this trend is: design a business model with cash flow as the guide. Consider how to generate stable income in the early stage of the project, rather than simply relying on token appreciation or subsidies to burn money for expansion. Only when your project has a real-world revenue and profit model can it attract both crypto native funds and more conservative traditional investors. In the second half when the macro environment is turbulent and capital prefers conservative, crypto startups with down-to-earth operations and healthy cash flow are more likely to break through.
Crypto stocks: structural integration towards mainstream finance
3.1 Classification of Crypto Concept Stocks
The wave of crypto concept stocks that has emerged in the traditional capital market is an important sign of the integration of the crypto industry with mainstream finance. These listed companies participate in the blockchain industry in different ways, providing investors with diversified layout targets. Based on the differences in business models and business focus, crypto concept stocks can be roughly divided into the following categories:
Asset-driven (BTC reserves as the core): The strategy of this type of company is to use crypto assets such as Bitcoin as the core part of the companys balance sheet, and to amplify the companys value by holding a large amount of crypto assets. Typical representatives include MicroStrategy in the United States, Semler Scientific, and Hong Kong-listed Boya Interactive. These companies regard BTC as a strategic reserve asset, and their investment logic is similar to encrypted version of cash flow + market value amplifier - both enjoying the cash flow of the main business and using the appreciation of the Bitcoin held to increase the market value. Its business model often includes a combination of operations such as purchasing coins + issuing bonds for financing + issuing additional shares for coins, which is leveraged and suitable for investors who are optimistic about the long-term rise of Bitcoin. In terms of entrepreneurial inspiration, this shows that there may be opportunities in areas such as BTC asset management and corporate coin purchase services.
Mining concept stocks (computing power infrastructure direction): These companies are directly involved in cryptocurrency mining and related businesses. Some companies have expanded from a single mining business to a diversified computing power infrastructure field. Representative companies include Marathon Digital, CleanSpark, Riot Blockchain, Core Scientific, TeraWulf, Hut 8, etc. Some of these mining companies have begun to use computing power in fields such as artificial intelligence and high-performance computing (HPC), and use clean energy to reduce costs and respond to environmental protection trends - AI high computing power requirements and green energy are becoming their new valuation fulcrums. The development trends of these companies provide directional inspiration for entrepreneurs, such as the upgrade of Bitcoin mining infrastructure, the application of green energy in blockchain computing power, and the construction of new data centers combining Web3 and AI, which are all worth exploring.
Infrastructure and solution providers: This category includes companies that provide blockchain underlying hardware, cloud services and technical solutions. Typical representatives include mining machine manufacturer Canaan Technology, mining service company Bitdeer, cloud mining platform BitFuFu, etc. Their characteristics are to provide mining tools and computing power services for blockchain networks, which is equivalent to the water seller in the encryption industry. They are the core suppliers in the field of hardware and cloud computing power. The existence of such companies shows that at the entrepreneurial level, the middleware layer of the Bitcoin ecosystem (such as solutions to improve mining efficiency and connect miners with financial services) and mining as a service (packaging mining capabilities as cloud services to enterprises or individuals) may be viable business directions.
Exchange concept stocks: Companies in this category mainly operate compliant crypto trading platforms or custody businesses, such as Coinbase (COIN) in the United States and digital asset trading platform Bakkt (BKKT). They have strict regulatory licenses and compliance systems, and their business models are greatly affected by macro policies and user trading activities. The success of such companies shows that with the trend of increasingly improved supervision, compliant financial services will become the mainstream direction. For entrepreneurs, tracks such as compliant custody, on-chain transaction data analysis, wallet account abstraction, and bridges between centralized exchanges and decentralized finance (such as providing services for CeFi and DeFi to communicate with each other) are worth paying attention to - these are entrepreneurial opportunities extended from exchange-type companies.
Payment concept stocks: These companies have expanded from traditional payment giants and incorporated blockchain payments into their business territory. Representative companies include Block (formerly Square) and PayPal. Their characteristics are that they have a core payment business with stable cash flow, and superimposed Bitcoin or stablecoin strategies to obtain new growth drivers. For example, Block supports Bitcoin transactions in its App, and PayPal has also launched cryptocurrency trading and transfer services. These companies have proved the feasibility and value of encrypted payments. For entrepreneurial teams, payment solutions around stablecoins (such as cross-border settlement with stablecoins such as USDT), new payment finance (PayFi) products, and smart wallets combined with AI (such as AI Wallet for automated investment/payment) are all innovative points that can be deeply cultivated in this field.
The rise of crypto stocks has prompted more and more entrepreneurs to rethink their financing paths. In addition to token financing, the stockization path is becoming an important supplement to the new generation of Web3 projects - especially for companies with stable revenue and clear compliance structures, a longer-term and more robust capitalization method is emerging.
Some companies are verifying this path through actual cases. For example, Boyaa Interactive (00434.hk), mentioned above, has successfully obtained a revaluation in the public capital market by driving the dual-wheel drive of holding coins and business transformation. Walnut Capital (00905.hk) represents another approach - intervening in crypto assets and Web3 projects in the form of investment holdings, and plans to connect traditional securities, unlisted funds, derivatives and the new blockchain asset system. The company has currently established a cooperative relationship with Waterdrip Capital to explore a capital-cooperative ecological construction path. This capital-cooperative Web3 path does not rely on its own development, but uses financial capabilities and industrial resources to empower the ecosystem, becoming an important part of the current stock layout. In addition, Hong Kong Asia Holdings (01723.hk) has also taken a path from traditional main business to digital asset management. The company originally focused on construction engineering and prepaid product retail. In early 2025, it officially purchased Bitcoin as a strategic reserve asset, adjusted the management structure, introduced an experienced team in the encryption field, and gradually established the direction of Web3 transformation. Also worth mentioning is Nano Labs (NA.Nasdaq) , Chinas leading blockchain hardware manufacturer. At the beginning of 2025, it announced that it would use part of its US dollar reserves to purchase Bitcoin, officially incorporating BTC into the companys strategic asset allocation system, becoming a new paradigm for Chinese blockchain technology companies to enter the global capital market.
The diversification of crypto concept stocks shows that blockchain technology is being integrated into the traditional capital market through different business models. This not only provides investors with a new channel to configure the blockchain track, but also points out the direction for entrepreneurs: which model is more likely to be recognized by mainstream capital, and which model has been successfully verified in the secondary market. From holding coins for market value management, to mining and expanding computing power services, to providing basic services such as transactions and payments, each model reflects the combination of blockchain entrepreneurship and traditional business.
3.2 Stock-based Web3 Entrepreneurship Path: Coins, Stocks, and Dual Tracks
Faced with the above trends, especially the successful demonstration of crypto concept stocks, Web3 entrepreneurs have also had new thoughts on financing and development paths. In the past, crypto projects mainly relied on issuing tokens for financing, but now the path to stockization (i.e. traditional equity financing and listing) is becoming increasingly clear. Overall, there are three optional paths for Web3 entrepreneurship, each with its own advantages and disadvantages:
Coin path (crypto token financing): financing and community incentives through the issuance of tokens. This path is highly flexible and quick to start, suitable for rapid verification of early products and community building. When the market is good, the rise in token prices can also bring considerable funds to the project. However, its disadvantage is that it is highly sensitive to market conditions, and the amount of financing and token valuation are greatly affected by the fluctuations of the crypto market; at the same time, the uncertainty of regulatory policies in various countries also casts a shadow on the pure coin issuance model. Teams that choose this path need to deal with challenges such as token economic design, continuous market value management, and compliance risks.
Equity path (equity financing and IPO): follow the path of traditional startups, introduce equity investment, focus on business implementation and revenue growth, and seek IPO or merger and acquisition exit after the company matures. In this way, startups accept investment in the form of equity, which is more in line with the regulatory framework and more easily accepted by conservative institutional investors. The advantage is that the companys valuation is more based on fundamentals (revenue, profit), will not be affected by currency price fluctuations, and long-term development is more stable; the disadvantage is that early financing may not be as easy as issuing coins, and the speed of expanding users and communities may also be slower, requiring a longer runway to prove value. This path is suitable for projects with a clear business model, the ability to generate cash flow, and are prepared to be deeply cultivated for a long time.
Dual track path (token + equity in parallel): take into account both crypto and traditional financing methods, and use their respective advantages in stages. The usual practice is to issue tokens in the early stage to raise seed communities and funds, and then to set up a physical company for equity financing and even promote the companys listing after the project matures and has stable income. This dual track model can be flexibly adjusted at different stages of project development: tokens are used to incentivize users and establish an ecosystem in the early stage, and equity is used to connect to a larger capital market in the later stage. But at the same time, it also requires the team to have a stronger balance ability-to manage the token community well, maintain the value of tokens, and meet the requirements of shareholders for corporate governance and financial compliance. At present, there are projects in the industry trying the dual track model. For example, after some DeFi protocols issued governance tokens, the companies behind them chose to accept VC equity investment and even considered future IPOs. The dual track model is complex, but once it is properly operated, it may achieve the effect of 1+1>2.
No matter which path you choose, the key is to match the projects own positioning and external environment. Entrepreneurs should comprehensively consider the project type, profit model, regulatory environment, and the teams expertise to choose the most suitable financing development route. In the current environment, blindly relying on a single path may have limitations. Only by flexibly adjusting strategies according to actual conditions, and even switching or parallel paths when necessary, can the survival rate and success probability of the project be increased.
4. Conclusion
The macro-turbulence period is both a challenge and an opportunity. The second half of the market tests the determination and wisdom of entrepreneurs: only teams rooted in real value and focused on long-termism can survive the cold winter. Driven by the BTC ecosystem, the new public chain efficiency revolution, real assets on the chain, cash flow driven models, and capital market integration, the new generation of blockchain entrepreneurs are facing unprecedented opportunities. Only by choosing a good track, running a business model, and making good use of the appropriate financing path can we turn crises into opportunities, stand out in the next cycle, and truly realize the leap from 0 to 1 in blockchain entrepreneurship.
