Product-market-fit (PMF) is one of the single greatest determinants of whether a company lives or dies. Get it right and you have a shot. Get it wrong and nothing else saves you.

More capital just extends the runway to a bad outcome. Growth hacks and continuous airdrops disconnected from real strategy look less like a path to PMF and more like a substitute for admitting you haven’t found it. Some of the very things that make crypto so powerful — tokens and network effects — can even mislead companies on their path to product-market fit.

The good news is that strong teams across crypto are finding PMF faster now, thanks to killer apps like stablecoins and more widespread adoption among TradFi and other consumers.

Here are three…