This chart is a great example of a company finding product-market fit (pmf). There is almost no crypto company that has a similar chart (except Privy maybe). The only cases with some similarities are: 1. OG projects (Tether, Aave, Uniswap, Lido, Sky, etc.) that benefitted from being early. 2. New projects offering incentives or riding a short-term trend. Other than that, it's almost impossible to find crypto companies with such a pmf chart. Why is that? The lazy thinker might say it's because crypto was focused on infrastructure so far and the tech was not ready, or that it will happen during a QE environment, etc. But I don't think these are the main reasons. To me, the main reason this is not happening is the token. It might sound counterintuitive, but when a project launches a token, often the token becomes the product. War in the Middle East? Token dumps -> angry users US inflation rises? Angry users Covid and lockdowns in China? Angry users your airdrop/staking/bridge/wallet partner has a bug and gets exploited -> angry users No buybacks? Angry users Sending your token to a centralized exchange to pay salaries? Angry users the price creates the narrative and the token is influenced by so many things that have nothing to do with the actual product. In this environment, it becomes extremely difficult to stay focused on your product, and worst, even when your product is great, you will lose users as they are influenced by the sentiment around the token. In my opinion, this could be the reason some of the most profitable crypto companies (Metamask, Phantom, Base, Opensea, Polymarket, etc.) are not releasing a token. Also, this is why projects should achieve some level of pmf before launching a token to lower the impact of having these issues. More importantly, current VC deal structures need to evolve to support projects with long-term visions. A token means an exit. Web3 VCs have an exit on every single investment. They might make more or less money depending on the success of the project, but most of the time, they make some money, even if the project is a complete failure (Starknet, etc.). Therefore, they have no incentive to push and support the project over the long term because the objective is not how can I make this company successful but rather how can I create maximum hype around this project pre-token generation event (tge) so it can have the highest possible fully diluted valuation (FDV) at launch to guarantee a good return on investment (roi).