Crypto projects' greatest strength is not in building products, but in constructing phase-based narratives—a default industry methodology of the past few years.

Many teams haven't genuinely built paying relationships, retention relationships, or long-term trust. They simply launched an asset first and hoped rising asset prices would support their business in return.

But assets are not business, valuations are not revenue, and secondary market liquidity is certainly not product value.

Having tokens, having financing, having user data, having TVL—these are all illusions of loose liquidity conditions, ≠ a successful business model.

Without subsidies, without airdrops, without PUA, without fresh financing rounds, without exchange listing expectations, 90% of projects would actually collapse within 3 months.

Does crypto really need that many tokens?

Let me give you an example: 10 would be enough.