Across 3,757 pre-seed and seed crypto projects, token launches were nearly twice as common as reaching Series A. Only 4.7% reached both milestones.
That overlap is the key signal: the study frames a token launch and a Series A less as consecutive steps than as alternative ways to graduate. For founders and investors, the comparison highlights two routes through crypto startup development, one token-led and one venture-backed.
Source: [source](http://telegraph.controller.bot/files/8336652911/AgACAgIAAxkBAAJNd2qa7am69tvlNQxCUCiGHo291Q4nAAJyJWsb_sLZSDg4zgbKwy21AQADAgADeQADPQQ)
Frequently asked questions
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How large was the project sample in the comparison?
The comparison covered 3,757 pre-seed and seed crypto projects.
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What percentage of projects reached both milestones?
Only 4.7% reached both a token launch and a Series A.
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Why is the overlap between the milestones notable?
The low overlap suggests token launches and Series A rounds are alternative graduation paths rather than consecutive steps.
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What routes through startup development does the result highlight?
It highlights one token-led route and one venture-backed route through crypto startup development.
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What does the result mean for early-stage crypto founders and investors?
For founders and investors, it highlights token-led and venture-backed development as distinct routes rather than a standard sequence.
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