Web3 promises an internet owned by its users, when in reality, the cash behind it now resembles a carnival barker’s till. Regulators are accelerating enforcement, courts are handing down multi-year sentences, and talent is migrating to sectors where equity rewards genuine traction.
Global venture financing declined to $23 billion in April this year, according to Crunchbase data, representing barely a third of its total in March. Yet, a stubborn share of that smaller pie still pours into token deals explicitly designed for rapid exit rather than durable revenue.
Unless capital breaks this fixation on high-velocity token churn, the idealized decentralized future will suffocate under the weight of its own exploitation.
Traditional venture capital (VC) tolerates early losses to cultivate long-term value, while token-centric funds invert that equation entirely.
Liquidity is pulled forward through initial exchange offerings, staking subsidies, and insider unlock schedules, while product-ma
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