$BTC Paul Cariero from a16z posted that the tech and crypto industries are entering the "show me " era. The previous model of gaining recognition through vision, whitepapers, tokens, and team backgrounds is failing. With regulatory scrutiny, incidents involving bad actors in the industry, large-scale entry of traditional financial institutions, and the rapid deployment of AI products, external audiences' tolerance for "stories" has significantly decreased. He believes that after institutions such as BlackRock, Fidelity, JPMorgan, and Franklin Templeton entered the crypto and tokenization space, the bar for serious projects in the industry has been raised. Projects now need to demonstrate real data, on-chain transaction volume, active users, revenue, retention, deployed integrations, and verifiable partnerships. He stated that in 2021, it might have been possible to impress the market with 80% vision and 20% facts, but now that ratio has reversed.