🚩From 2026 Onward: Crypto VCs Are Changing Their Investment Playbook

- In past cycles, crypto VC investing was driven more by narratives than business models. Fundraising success depended less on cash flow and more on how compelling and “new” the story was.

👉That model has now hit its limits.

> The old loop was simple:

New narrative → user incentives & airdrops → growth metrics → fundraising → token launch as an exit.

Tokens were treated as the business model, and TGE often marked the peak - not the beginning.

This approach worked in strong bull markets, but repeatedly failed after downturns.

Projects like @Stepnofficial showed that narratives and incentives can drive short-term growth, but without real demand and revenue, the model collapses fast.

⛳Post-correction, VCs face two realities:

Token launches are no longer reliable exits.

Market liquidity can’t absorb large unlocks like before.

As a result, VCs are shifting back to fundamentals:

❓Who pays? Is revenue recurring? How do compliance, ops, and liquidity affect margins?

This is why many crypto startups now resemble @stripe (payments) or @RobinhoodApp (trading & brokerage) using crypto and stablecoins as infrastructure, not as the product itself.

✅Bottom line:

From 2026, crypto VCs aren’t abandoning crypto they’re abandoning narrative-only investing.

With tighter regulation and weaker exit assumptions, only projects that can generate real revenue, sustain cash flow, and scale like real businesses will survive.

- What’s your take on this shift?