The days of raising funds through PPT presentations in 2021 are over. Now, how many real users and revenue can project teams actually demonstrate? Flipping the ratio sounds easy, but executing it is a matter of life and death.

Paul Cafiero from a16z pointed out that the crypto industry has entered the "show me" era, and it can no longer rely on vision, white papers, tokens, or team backgrounds to gain market recognition. Regulatory doubts, industry scandals, traditional financial institutions entering the space, and the practical application of AI have raised the barriers, leading external audiences to have less tolerance for "stories." After institutional involvement, project teams need to provide real data, on-chain transaction volume, active users, revenue, retention, deployed integrations, and verifiable partnerships as evidence. In 2021, it was still possible to impress the market with 80% vision and 20% facts; now, that ratio has been reversed.