Web3 Entrepreneurship New Logic under the New Global Trade Order

Written by: Waterdrip Capital

This article is compiled from the keynote speech of the founder of Waterdrip Capital, Dashan’s sharing session on the Island of Everything.

Macroeconomic environment deteriorates – Crisis is forming a new order

1.1 Finance begins to move towards chaos

Since Trump re-entered the White House, a series of unexpected economic and political moves have caused continued turmoil in global markets.Among them, one of the biggest shocking measures isTariff policy upgrade: Starting from April 5, 2025, the United States will impose a 10% “benchmark tariff” on all imported goods, and impose higher “reciprocal tariffs” on 60 countries including China and Vietnam (of which the tariffs on China were once increased to 125%).In the short term, Trump’s tariff stick has caused huge fluctuations in the global market: US bonds suffered a selling wave, and 10-year US bond yields soared to more than 4.5%, the largest single-week increase in 20 years; US stocks fluctuated violently, approaching circuit breaker; the US dollar index fell continuously 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 of its allies in exchange for a respite, investors are still full of concern about the uncertainty of the future, and the global financial system seems to have entered an “era of chaos.”

The old international economic system centered on the United States (such as the Bretton Woods system and the WTO framework) established after World War II is facing the risk of collapse: the rise of emerging economies has weakened the relative advantages of the United States, the huge debt and fiscal deficit accumulated by the United States for a long time continue to erode the credibility of the US dollar, and the proportion of the US dollar in global foreign exchange reserves has declined.Especially since China’s rapid development since joining the WTO, it has gradually approached or even surpassed the United States in many technological fields, causing deep anxiety among the American elite.The breakthroughs of Chinese companies such as Huawei in key technologies such as 5G chip design and communication base stations are a signal that makes the United States alert: the once high-ranking technology generation gap has been quickly narrowed, the United States’ traditional advantages in the manufacturing field are in jeopardy, and the younger generation of Americans are more involved 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 domination is loosening.

Against this backdrop, the US decision-makers began to plan to build a new trade and financial order to maintain their global dominance.The Trump administration’s strategic goal is not only to get better terms in trade negotiations, but also to try to “start a new fire” – to re-establish the central position of the United States by formulating a new system of rules.This contains two purposes: one isHit the main competitors, weaken the momentum of China and other countries to rapidly rise by taking advantage of the existing globalization dividends; second,Seeking new value anchors, providing new support for the shaken dollar credit and global trade.Under this idea, traditional US dollar credit needs to introduce stronger endorsement, and the United States has begun to turn its attention toAssets such as gold and Bitcoin, hope to rebuild the trust foundation of the global financial system.

It is worth noting that since Trump came to power, the US government hasA major change in attitudes in the cryptocurrency sector.Shortly after taking office, Trump publicly expressed his concern about the development of virtual currencies, contrary to his past critical stance on Bitcoin.Some of the Republican forces and some state governments have gradually embraced Bitcoin in recent years, viewing it as a “digital gold” that hedges the risks of the US dollar.It can be said that the United States is pre-placing a potential new financial order.Incorporate Bitcoin into national strategic vision.

1.2 Bitcoin and Gold: The new “double anchor” of the US dollar

When global trade and financial rules face restructuring, the United States tries to “anchore with dual assets”Create a new credit cornerstone for the US dollar: include both traditional gold reserves and the emerging Bitcoin reserves.This strategy intends to consolidate the US dollar’s credibility under the new order through a combination of physical assets + digital assets.

Gold as a means of value storage has long been widely held by central banks. The US Treasury’s gold reserves (stored in the famous Fort Knox) ​​are an important trump card of US dollar hegemony.And now, Bitcoin is being given a similar strategic position – regarded as the “digital gold” of the new era.As of the end of 2024, the total market value of Bitcoin is about US$2 trillion, only about one-tenth of the market value of gold (about US$20 trillion).From the perspective of long-term potential, if Bitcoin’s market value can one day be comparable to gold, then its price still has more than several times the room for growth.It is precisely because of its optimistic view of this growth potential, coupled with the unique advantages of Bitcoin decentralization, limited issuance (21 million pieces) and high liquidity, the United States has begun to seriously consider including it in the national reserve system.

In March 2025, the US government launched major measures in the field of crypto:On March 6, President Trump signed an executive order announcing the establishment of “Strategic Bitcoin Reserves” and “U.S. Digital Asset Reserves.”The next day, the White House held a high-profile crypto summit, inviting industry giants such as Coinbase and MicroStrategy as well as members of Congress and officials to participate.Trump publicly expressed his support for the development of the crypto industry at the meeting, pledging to promote Congress to pass legislation on regulatory frameworks on stablecoins and digital assets as soon as possible to provide a clear legal environment.What’s more eye-catching is that Trump said at the summit:Building Bitcoin reserves is building virtual Fort Knox”—In other words, the United States intends to regard Bitcoin reserves as treasury gold in the digital age.This statement marks the official entry of Bitcoin into the US national strategic level and is given a similar status as gold.

The above picture shows the Bitcoin wallet address confiscated by the US government. Compared with the gold reserve treasury, the BTC network is more transparent and decentralized.

This series of actions showsThe United States wants to use Bitcoin and gold as the anchor asset of the new financial system.In practice, the US government has held a considerable amount of Bitcoin reserves (mainly from channels such as law enforcement and confiscation) and plans to further increase its holdings.The market rumored goal is to accumulate control of about 1 million bitcoins (accounting for 5% of the total supply), which is an order of magnitude close to the proportion of US official gold reserves in global gold.Although this goal has not been fully fulfilled, the trend has emerged: some U.S. state governments have even taken the lead in approving the purchase of Bitcoin with fiscal funds for reserves; the federal level has passed executive orders and legislative proposals to “realize Bitcoin’s name.”If the US dollar can partially anchor physical gold and digital gold (Bitcoin) in the future, and then build a new international settlement system with blockchain technology, 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 Treasury bonds borne by the U.S. government are becoming heavier and heavier, triggering a credit crisis.If the United States controls enough Bitcoin reserves and pushes its price up in the future, it could cleverly resolve debt risks by selling some of its reserves.This idea of ​​”dilution of debt with crypto assets” has become a new imagination of the US financial strategy.At the same time, the United States is also focusing on digital currency regulation: a recent bill proposes to include stablecoins with circulation of more than $10 billion in the Federal Reserve’s regulation, which shows that the United States hopes to control the issuance rights and rule-making power of the crypto dollar (USD stablecoin) to consolidate the dominance of the US dollar in the crypto world.The US dollar stablecoin + gold + Bitcoin, together outlines the prototype of the new US dollar order – maintaining the legal status of the US dollar, and supporting it with physical and digital assets to improve its ability to resist risks.

Market environment pullback and “What is suitable for the second half”

Over the past year, the global crypto market has undergone a drastic shift from fanaticism to calm.The total market value of crypto assets has fallen from its historical peak of about US$3.71 trillion to around US$3.04 trillion (data source: CoinMarketCap, data time: 2025.04.23), and the market has entered a stage of deep pullback and clearance.Macroeconomic turmoil (such as rising inflation and rising interest rates) and stricter supervision have 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, it is the best time to build bottom and accumulate strength and nurture new opportunities. The bubble of the previous cycle has receded, which is a good opportunity to carefully polish products and accumulate strength to stand out.

In such a “second half” environment, entrepreneurs should think:What is suitable for the second half?Simple traffic strategies are no longer sustainable, and instead they are entrepreneurial logic around hard-core values.Under the current market environment, the following directions contain new opportunities:

• Bitcoin (BTC) ecosystem:Financial innovation (“BTC Fi”), infrastructure upgrades, and real-life asset and payment network reconstruction based on BTC.

• Other public chain ecology:Innovations that return to efficiency and profitability on public chains such as Ethereum, get rid of the simple “traffic” and create sustainable applications such as decentralized finance (DeFi) based on product orientation.

• Real-world Assets (RWA) and Payment Finance (PayFi):Combining on-chain technology with real assets and payment scenarios, a new model with stable cash flow support is developed.

• 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 become stock.

Next, we will analyze the above ideas and discuss specific entrepreneurial opportunities that are worth paying attention to during the macro-retracement period.

2.1 Entrepreneurship opportunities around BTC: BTC Fi, BTC Infra, BTC RWA & PayFi

Although Bitcoin has long been regarded as “digital gold” and its main network function is relatively simple, a series of recent technological and application progress is injecting new vitality into the Bitcoin ecosystem.Focusing on the BTC network, we see three major entrepreneurial opportunities:

BTC Fi (Bitcoin Finance):Create new financial assets on the Bitcoin network.Bitcoin is no longer just a static store of value, but is evolving into the underlying platform for issuing various financial assets.The recent emerging protocols such as BRC-20 and Runes have set off a wave of issuing token assets on the BTC main network; the Taproot Assets protocol (TA protocol) launched by Lightning Labs makes it possible to issue stablecoins, bonds and other financial assets in the Bitcoin ecosystem.This means that the Bitcoin main network is expected to undertake more value-bearing functions in the next cycle, upgrading from “digital gold” to a value storage network that supports rich assets.Representative projects such as Bedrock, Solv, etc. focus on building decentralized financial services such as lending, trading, derivatives, etc. on the Bitcoin network, and promote the leap in BTC financing and asset issuance capabilities.

BTC Infra (Bitcoin Infrastructure):Reshape the intelligent infrastructure on Bitcoin.To make up for the shortcomings of BTC’s native functions, the industry is trying to create a smart contract layer similar to Ethereum for Bitcoin.A type of path is to develop EVM-compatible Bitcoin sidechain or Layer 2 (such as BTC L2 with Ethereum smart contract capabilities) to expand the DApp development space of the BTC network.Another type is solutions native to the Bitcoin protocol family, such as RGB protocol and Lightning Network, which focus more on improving privacy, scalability and payment efficiency, and build a lightweight and economical on-chain execution layer for the BTC mainnet.Representative projects such as Unisat, Merlin, B², etc. focus on building Bitcoin Layer 2, middleware tools, etc., to enhance the development ecosystem and scalability of Bitcoin.

BTC-Powered RWA & PayFi:Unlock Bitcoin’s potential in real-world assets and payments.RWA based on the Bitcoin network is gradually emerging, such as tokenizing US Treasury bonds, physical assets, etc. Bitcoin, as the settlement layer, provides a global verifiable clearing mechanism, giving such assets a highly credible value anchor.At the same time, relying on the “PayFi” model emerging from payment infrastructure such as Lightning Network, Bitcoin is brought back to the payment stage – for example, combining artificial intelligence agents (AI Agents) and Bitcoin micropayments, making real-time micropayments between machines and machines, and humans and machines possible, providing efficient payment solutions for SaaS services, data exchange and other scenarios.Representative projects such as LNFi focus on improving the practical application efficiency and user experience of Bitcoin in RWA and payment scenarios, and empowering BTC’s payment and circulation.

Overall, the Bitcoin ecosystem is fully awakening from the underlying protocol to the application layer.Whether it is issuing assets on the BTC main network, building a smart contract layer, or using BTC to clear real assets and instant payments, Bitcoin has the potential to become a hot spot for innovation and entrepreneurship in the next stage.For entrepreneurs, reexamining the possibility of a Bitcoin network may reveal undervalued golden opportunities.

2.2 Entrepreneurship opportunities around other public chains: efficiency-driven and product-oriented entrepreneurship 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 “make money”:Whether it is on-chain lending, trading, market making or derivatives, as long as it revolves around capital flow, you will definitely find a way to verify your 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 being baptized by the market cooling, those models that cannot incur continuous expenses 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.) prove their own value.This reminds entrepreneurs to reexamine the underlying logic of the project: Is there a real profit model?In the current environment, businesses that can “make money” have the confidence to travel through cycles.

• The public chain ecosystem has shifted from “rolling traffic” to “rolling efficiency”, and product-based entrepreneurship has risen:In order to compete for users and funds, early public chains and agreements were keen on building high-incentives and packaging stories “traffic” but this kind of growth driven by narrative is difficult to last.Now capital prefers practical projects that improve efficiency and improve user experience – that is, the entrepreneurial logic of winning with products and technology.Whether it is a new decentralized trading platform, a market-making mechanism with better returns, 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 the business model, it is more likely to gain favor.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 hard-working to polish products, optimize performance and user experience will be more important than blindly pursuing illusory “narrative”.

In other public chain ecosystems, a new competitive pattern is taking shape – efficiency drive has become the main theme, and product-based entrepreneurship is becoming the mainstream.This transformation is a sobering agent for the entire crypto-entrepreneurship circle: only by allowing applications to truly create value and generate income can they survive the capital winter and usher in the next spring.

2.3 Sustainable Entrepreneurship Model: Cash Flow-Driven Path Choice

Whether in the Bitcoin ecosystem or other public chains, creating sustainable cash flow has become a watershed in whether entrepreneurial projects can go far.Traditional capital markets are beginning to examine crypto startups based on 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 opens a window to mainstream capital for Web3 entrepreneurs.

Currently, some crypto projects with realistic business models are becoming the bridge connecting Web3 with traditional capital markets.Such projects usually have clear sources of income, stable cash flow expectations, and good compliance and adaptability, so they are receiving high attention from traditional institutions and are regarded as the most likely target of entering the mainstream capital market through IPOs or mergers and acquisitions.

Among the multiple sub-tracks,DePINEspecially prominent.It builds a distributed infrastructure network for the physical world by placing real resources such as computing, power, bandwidth, etc. on the chain management, combined with economic incentive mechanisms, and naturally has a SaaS-style income model.Representative projects such asPEAQ, Jambo, OORT, Swan, from machine access, Web3 mobile devices, AI data storage and computing power sharing, we jointly build a key support layer of the DePIN ecosystem.

AI+CryptoThe track shows strong integration potential.By combining AI Agent, on-chain identity and micro-payment mechanisms, data interaction and resource scheduling between agents are promoted.Projects such asFootprintFocus on data analysis engines,DeAgent.aiBuild a decentralized Ai Agent protocol to provide services for Web3 smart infrastructure.

RWA (Real World Asset)The direction is developing rapidly, and the tokenization of assets such as US bonds, corporate bonds, real estate, etc. on-chain continues to advance, and the market space is expected to reach US$10 trillion in the future.Representative projects such asThe PAC, provide asset mapping services under the compliance framework and promote RWA to achieve on-chain circulation within the compliance framework.

PayFi (Payment Finance)It has become the most active track on-chain trading.In 2024, stablecoin trading volume exceeded US$15.6 trillion, surpassing Visa for the first time.Projects such asAisaWe are combining stablecoins with AI wallets to build a payment infrastructure that supports automation and real-time settlement, serving e-commerce, cross-border and inter-machine payment scenarios.

In summary, this type of crypto-entrepreneurship project that “can generate cash flow, is easily valuated, and has a compliant path” is favored by Wall Street and mainstream capital, and is regarded as the core candidate to be the first to enter the mainstream financial system.

For entrepreneurs, the implications of this trend are:Design a business model based on cash flow.In the early stages of the project, consider how to generate stable income, rather than relying solely on token appreciation or subsidies to burn money to expand.Only when your project has a real-world revenue and profit model can it not only attract crypto-native funds, but also impress more conservative traditional investors.In the “second half” with turbulent macro environment and conservative capital preferences, those crypto startups with down-to-earth operations and healthy cash flow are more likely to break out.

Crypto concept stocks: Structural connection to mainstream finance

3.1 Classification of crypto concept stocks

The wave of “crypto concept stocks” that emerged in the traditional capital market is an important symbol of the integration of the crypto industry and mainstream finance.These listed companies each participate in the blockchain industry in different ways, providing investors with diversified layout targets.According to the differences in business model and business focus, crypto concept stocks can be roughly divided into the following categories:

• Asset-driven (BTC reserves as the core):The strategy of such companies is to use crypto assets such as Bitcoin as the core part of the company’s balance sheet to amplify the company’s value by holding a large amount of crypto assets.Typical representatives include MicroStrategy in the United States, Semler Scientific, Hong Kong listed company Boya Interactive, etc.These companies regard BTC as a “strategic reserve asset”, and their investment logic is similar to “encrypted cash flow + market cap amplifier” – enjoying the cash flow of main business, and using the appreciation of their holdings to increase market cap.Its business model often includes combination operations such as coin purchase + bond issuance and financing + additional stock issuance and exchange of coins, which are leveraged and suitable for investors who are optimistic about the long-term rise in Bitcoin.In terms of entrepreneurial inspiration, this shows that there may be opportunities around fields such as BTC asset management and corporate currency purchase services.

• Mining concept stocks (computing power infrastructure direction):This type of company directly participates in cryptocurrency mining and related businesses, and 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, high performance computing (HPC), and use clean energy to reduce costs and respond to environmental trends – AI high computing power demand and green energy are becoming their new valuation fulcrum.The development trends of this type of company 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 combined with Web3 and AI, are all tracks 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, mining service company Bitdeer, cloud mining platform BitFuFu, etc.Their characteristics are to provide “mining tools” and computing power services for blockchain networks, which are equivalent to “water sellers” in the encryption industry and are the core suppliers in the hardware and cloud computing power fields.The existence of such companies shows that at the entrepreneurial level, the middleware layer of the Bitcoin ecosystem (such as improving mining efficiency, solutions connecting miners and financial services) and “mining service” (packaging mining capabilities to provide cloud services to enterprises or individuals) may be feasible business directions.

• Exchange-type concept stocks:This category of companies mainly engages in compliant crypto trading platforms or custody businesses, such as the United States Coinbase (COIN), the digital asset trading platform Bakkt (BKKT), etc.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 compliant financial services will become the mainstream direction under the trend of increasingly improved regulation.For entrepreneurs, tracks such as compliant custody, on-chain transaction data analysis, wallet account abstraction, and bridges connecting centralized exchanges and decentralized finance (such as providing services that connect CeFi and DeFi) are worth paying attention to – these are entrepreneurial opportunities extended by exchange-type companies.

• Payment concept stocks:Such companies have been expanded from traditional payment giants, including blockchain payments in their business territory, representing companies such as Block (formerly Square) and PayPal.They are characterized by adding Bitcoin or stablecoin strategies to gain new growth drivers based on core payment businesses with stable cash flow.For example, Block supports Bitcoin trading in its app, and PayPal also launches cryptocurrency trading and transfer services.Such companies prove the feasibility and value of crypto 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 rooted in this field.

The rise of crypto concept stocks has prompted more and more entrepreneurs to rethink their financing paths.In addition to token financing,Stock pathIt is becoming an important addition to the new generation of Web3 projects – especially for companies with stable revenue and clear compliance architecture, longer-term, more robust capitalization methods are emerging.

Some companies are verifying this path through actual cases.For example, the aforementionedBoya Interactive (00434.hk)Driven by the dual-wheel drive of coin + business transformation, we have successfully obtained a value revaluation in the open capital market.andWalnut Capital (00905.hk)This represents another approach – investing in crypto assets and Web3 projects, and plans to connect traditional securities, non-listed funds, derivatives and new blockchain asset systems.The company has established a partnership with Waterdrip Capital to explore a capital-based collaborative ecological construction path.This “capital collaboration” Web3 path does not rely on its own development, but uses financial capabilities and industrial resources to empower ecologically, becoming an important part of the current stock layout.also,Hong Kong Ya Holdings (01723.hk)It has also embarked on a path of transition from traditional main business to digital asset management.The company originally mainly engaged in the retail of construction projects and prepaid products. At the beginning of 2025, it officially purchased Bitcoin as a strategic reserve asset, adjusted its management structure, introduced an experience team in the field of encryption, and gradually established the direction of Web3 transformation.Also worth mentioningNano Labs (NA.Nasdaq)As China’s leading blockchain hardware manufacturer, the company announced at the beginning of 2025 that it would use part of its US dollar reserves to purchase Bitcoin, officially including BTC in the company’s 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 integrating into the traditional capital market through different business models.This not only provides investors with a new channel to allocate 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 verified successfully in the secondary market.From coin-holding 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 entrepreneurial path: coins, stocks and dual tracks are moving forward

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 token 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 entrepreneurship in Web3, each with its pros and cons:

“Coin” path (crypto token financing):Financing and incentivizing the community by issuing tokens.This path is flexible and fast to start, and is suitable for rapid early product verification and community construction.When the market is improving, rising token prices can also bring considerable funds to the project.However, its disadvantage is that it is highly sensitive to market conditions, and the financing amount and token valuation are greatly affected by crypto market fluctuations; at the same time, the uncertainty of regulatory policies in various countries also casts a shadow on the simple issuance model.Teams that choose this path need to deal with challenges such as token economic design, continuous market capitalization management, and compliance risks.

“Stock” path (equity financing and IPO):Take the path of traditional startups, introduce equity investment, focus on business implementation and revenue growth, and seek IPOs or be withdrawn by mergers and acquisitions after the company matures.In this way, startups accept investments in the form of equity, which is more in line with the regulatory framework and is more likely to be accepted by conservative institutional investors.The advantage is that the company’s valuation is more based on fundamentals (revenue, profit), and will not be disturbed by currency price fluctuations, and its 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, and a longer track is required to prove the value.This path is suitable for projects with a clear business model, able to generate cash flow, and preparing for long-term in-depth development.

“Dual Track” path (token + equity parallel):Taking into account both encryption and traditional financing methods, we will take advantage of their respective advantages in stages.The usual practice is to issue tokens in the early stage to raise seed communities and funds, and after the project is mature and has stable income, it will then establish a physical company to conduct equity financing, and even promote the company to go public.This “dual track hand-in-hand” model can be flexibly adjusted at different stages of the project’s development: use tokens to inspire users in the early stage, establish an ecosystem, and use equity to connect with a larger capital market in the later stage.But at the same time, the team is required to have stronger balance ability – not only to run the token community well, maintain the value of tokens, but also to meet shareholders’ requirements for corporate governance and financial compliance.At present, projects in the industry have tried a dual-track model. For example, after some DeFi protocols issue governance tokens, the companies behind them choose to accept VC equity investments and even consider future IPOs.The dual-track mode is complex but once it is operated properly, it may achieve the effect of 1+ 1>2.

No matter which path you choose, the key is to fit the project’s own positioning and external environment.Entrepreneurs should comprehensively consider project types, profit models, regulatory environments and areas of expertise in the team, and choose the most suitable financing development route.In the current environment, relying on a single path may have limitations. Only by flexibly adjusting strategies according to actual conditions, or even switching or parallel paths when necessary can we improve project survival and success probability.

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 values ​​and focused on long-termism can travel through the cold winter.Driven by the waves of BTC ecology, the new public chain efficiency revolution, real asset chaining, cash flow-driven model and capital market integration, the new generation of blockchain entrepreneurs are ushering in unprecedented opportunities.Only by choosing a good track, running the business model and making good use of the appropriate financing path can we turn the crisis into opportunities, stand out in the next cycle, and truly achieve the leap from 0 to 1 in blockchain entrepreneurship.