kucing_crypto

[Wu Blockchain @WuBlockchain]

Murad: VC Projects Have Underperformed This Cycle, Making the Poor Poorer

On November 4, 2025, Murad Mahmudov, former co-founder of Adaptive Capital, said in an interview with the Proof of Thought Podcast that the underperformance of many VC-backed projects in this cycle has made the poor poorer. He argued that the issue is not one of technology or narrative, but rather structural design: these projects have failed to create upward mobility for ordinary participants. Murad noted that under high initial valuations and continuous token unlock mechanisms, some projects make it difficult for lower- and middle-income participants to benefit, while exposing them to greater risk, thereby weakening community cohesion. This dynamic has become an important backdrop to the growing divergence among crypto projects in the current cycle.

Source: https://t.co/jMtmU9MTs2

[kucing_crypto @crypto_kucing]

Crypto adoption is up, but token prices don’t reflect it. Value no longer directly goes to tokens. Institutions brought stability, not hype. Usage is real, but capital is selective. Passive holding worked when crypto was underowned. Now returns need positioning, not just patience

[kucing_crypto @crypto_kucing]

This reframes my original question:
If grants are still massive, how do they actually fit into the overall crypto funding landscape?
For builders today, where do grants sit compared to VC, accelerators, tokens, and revenue?

[kucing_crypto @crypto_kucing]

I dug into this, and here’s what I’ve learned so far about how grant programs have evolved since 2021.
Short answer: most didn’t die.
https://t.co/OlBTgzWlAt

[kucing_crypto @crypto_kucing]

This makes me wonder: what factors determine whether a grant succeeds or fails, and what can we learn from those patterns?

[kucing_crypto @crypto_kucing]

Today, instead of writing massive upfront checks, programs test smaller amounts first, then scale support if projects deliver.
Some even include non-monetary perks to boost impact.

[kucing_crypto @crypto_kucing]

This makes me wonder: what factors determine whether a grant succeeds or fails, and what can we learn from those patterns?

[kucing_crypto @crypto_kucing]

I’ve been thinking about ecosystem grants lately, especially after remembering how normal it felt in crypto to see $100M grant programs everywhere around the 2021 bullrun.

[kucing_crypto @crypto_kucing]

Fast forward to today: markets cooled, budgets tightened, and many of these grant programs either shrank, paused, or quietly faded.

[kucing_crypto @crypto_kucing]

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[kucing_crypto @crypto_kucing]

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[kucing_crypto @crypto_kucing]

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[kucing_crypto @crypto_kucing]

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[ether.fi @ether_fi]

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[kucing_crypto @crypto_kucing]

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