some in the crypto community believe the scalability of crypto products is limited, and token mechanisms often increase complexity, causing developers to deviate from first principles in product design. Nowadays, more market resources flow to Launchpads and speculative assets, while investment in functional tokens with technical missions and underlying protocol development has significantly decreased. If early popular open-source projects focused on solving real needs rather than building narratives around token issuance and market sentiment, more sustainable growth might be achieved.

In response, DefiLlama founder 0xngmi stated that this trend is supported by certain data. His research shows that among crypto projects that have achieved certain market value (such as TVL exceeding $10 million or monthly fee income over $1 million), projects issuing tokens have about a 50% higher "death rate" than those without tokens. However, there are also views that, although the current market narrative favors asset issuance, those with long-term value are still scalable protocol infrastructure and core technology products.