Crypto-native vs. traditional finance-oriented; traction-driven vs. tractionless. Four quadrants covering approximately 75% of the market.
Author: Ching Tseng
Translation & Editing: TechFlow
TechFlow Intro: Investor Ching Tseng categorizes crypto companies into four quadrants: crypto-native vs. traditional finance-oriented, and traction-positive vs. traction-negative. Of the 118 token launches tracked in 2025, 84.7% traded below their issue price. Crypto-native projects lacking traction are massively destroying capital, while traditional finance-oriented firms with traction are capturing the $18 billion RWA (real-world assets) market. This article clarifies where capital is flowing—and which tokenomics models have already failed.
This year,…
