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