From Seed to Scale: How Projects Achieve 10x Growth
Four leading voices in crypto—a veteran VC, an exchange strategist, a billion-dollar founder, and an industry journalist—reveal the patterns, frameworks, and hard-won lessons that separate explosive growth from stagnation. This comprehensive research synthesizes insights from Haseeb Qureshi (Managing Partner at Dragonfly), Cecilia Hsueh (Chief Strategy Officer at MEXC), SY Lee (Co-Founder and CEO of Story Protocol), and Ciaran Lyons (Cointelegraph journalist), drawing from their recent interviews, presentations, and operational experiences between 2023-2025.
The consensus is striking: 10x growth doesn't come from marginal technical improvements but from solving real problems, building for genuine users, and creating systematic advantages through capital efficiency, distribution, and network effects. Whether through VC investment strategy, exchange partnerships, founder execution, or pattern recognition across hundreds of projects, these four perspectives converge on fundamental truths about scaling in crypto.
Funding and valuation: Strategic capital beats dumb money every time
The power law reality of crypto investing
Haseeb Qureshi's investment philosophy centers on an uncomfortable truth: returns in crypto follow power law distributions, making diversification across high-conviction bets the optimal strategy. "Diversification is powerful. If returns are power of law distributed the optimal strategy is to be maximally diversified," he explained on the UpOnly Podcast. But diversification doesn't mean spray-and-pray investing—Dragonfly makes 10 high-conviction thesis-driven investments and monitors them carefully to validate or invalidate hypotheses.
The math is compelling. Willy Woo told Ciaran Lyons that infrastructure startups offer 100-1,000x returns compared to Bitcoin's remaining 50x potential to reach a $100 trillion market cap. Woo's own seed investment in Exodus Wallet at a $4 million valuation in 2016 now trades at just under $1 billion on NYSE American—a 250x return. "You have to be strategic for the startup to bring you onto the investment cap table. The valuations are very low, typically between four and 20 million for the whole value, and hopefully it becomes a unicorn," Woo explained.
SY Lee demonstrated this power law in action with Story Protocol: founding in 2022 to a $2.25 billion valuation by August 2024, raising $140 million across three rounds (seed: $29.3M, Series A: $25M, Series B: $80M). All three rounds were led by a16z Crypto, with participation from Polychain Capital, Hashed, Samsung Next, and strategic entertainment investors including Bang Si-hyuk (HYBE/BTS founder) and Endeavor.
Strategic investors provide distribution, not just capital
Cecilia Hsueh's experience across Phemex (sold for $440M), Morph (raised $20M seed), and now MEXC reveals a critical insight: exchanges have evolved from pure trading venues into ecosystem accelerators. At TOKEN2049 Singapore (October 2025), she outlined how exchanges provide three asymmetric advantages: immediate market access, liquidity depth, and user distribution to millions of active traders.
The numbers validate this thesis. MEXC's Story Protocol campaign generated 1.59 billion USDT in trading volume, while their Ethena investment of $66 million ($16M strategic investment + $20M USDe purchases + $30M additional) made MEXC the second-largest centralized exchange holder of USDe TVL. "Capital alone doesn't create ecosystems. Projects need immediate market access, liquidity depth, and user distribution. Exchanges are uniquely positioned to provide all three," Cecilia emphasized.
This capital-plus-distribution model compresses timelines dramatically. Traditional VC model requires: Capital → Development → Launch → Marketing → Users. Exchange partner model delivers: Capital + Immediate Distribution → Rapid Validation → Iteration. The Story Protocol campaign would have taken months or years to build organically; exchange partnership compressed the timeline to weeks.
Avoiding the over-raising trap and selecting smart money
Haseeb warns founders emphatically: "Raising too much money usually spells doom for a company. We all know of huge ICO projects that over-raised capital and are now sitting on their hands, unsure how to iterate." The problem isn't just financial discipline—over-funded teams stagnate and devolve into politics and infighting rather than customer feedback and iteration.
The delta between smart and dumb money is particularly large in crypto. "There have been many horror stories about investors kicking out founders, suing the company, or blocking subsequent rounds," Haseeb noted. His advice: diligence your investors as thoroughly as they diligence you. Evaluate portfolio fit, value-add beyond capital, regulatory sophistication, and long-term commitment. Early valuation matters far less than picking the right partners—"You'll make most of the money later on, not on your early fundraises."
SY Lee exemplified strategic investor selection. By choosing a16z Crypto for all three rounds, he gained consistent support and avoided the common pitfall of investor conflicts. a16z's Chris Dixon praised Lee's "combination of big-picture vision and world-class tactical execution," noting that PIP Labs is "building the necessary infrastructure for a new covenant in the AI age." The strategic entertainment investors (Bang Si-hyuk, Endeavor) provided domain expertise in the $80 trillion IP market Story targets.
Capital efficiency lessons from crisis launches
Cecilia's Phemex experience reveals how constraint breeds efficiency. Launching in March 2020 during the COVID crash forced rapid iteration and lean operations, yet the exchange reached $200 million in profit by year two. "I really felt the power of crypto. Because for us, it was really, really fast starting. We just launched our platform three months ago, and you will see super-fast growth after three months," she reflected.
The lesson extends to Morph's fundraising strategy: secure $20M seed round by March 2024 (six months from September 2023 founding), then launch mainnet October 2024 (13 months total). "Our proactive financial strategy is crafted to tackle an aggressive roadmap and product development timeline," the team announced. This discipline contrasts sharply with over-capitalized projects that lose urgency.
Haseeb reinforces this bear market advantage: "Crypto's most successful projects have historically been built during downcycles." When speculation subsides, teams focus on real users and product-market fit rather than token price. "DeFi is not a story about today—it's a story about the future. Most protocols today make no money," he emphasized at Consensus 2022, encouraging founders to build through market downturns.
User and community growth: Distribution strategy beats marketing spend
The fundamental shift from marketing to infrastructure-driven growth
SY Lee's $440 million exit from Radish Fiction taught him an expensive lesson about growth models. "I was drawing a lot of my venture capital money out for marketing. It's kind of a zero sum war for attention to get more users and subscribers," he told TechCrunch. Traditional content platforms—from Netflix to Disney—pour billions into content, but it's really billions into marketing in a zero-sum attention war.
Story Protocol was built on the opposite premise: create systematic infrastructure that generates compounding network effects rather than linear marketing spend. "We should first establish the ecosystem and then continuously upgrade the technology based on the needs of developers and users, rather than building technical infrastructure that no one uses," Lee explained. This ecosystem-first approach yielded 200+ teams building on Story, 20+ million IP assets registered, and 2.5 million users on flagship app Magma—all before mainnet launch.
Ciaran Lyons' coverage validates this shift. Projects succeeding in 2024-2025 are games-first with "invisible" blockchain, not blockchain-first projects. Pudgy Penguins' Pudgy Party game hit 500,000 downloads in two weeks (launched August 2025), with gamer feedback praising: "It has just the right amount of Web3 and doesn't force you to buy tokens or NFTs from the start... I've played 300+ Web3 games and it's safe to say @PlayPudgyParty is nothing short of a masterpiece."
Wired's review of Off The Grid didn't even mention crypto—it was simply a great battle royale game that happened to use blockchain. The game topped Epic Games' free-to-play PC games list ahead of Fortnite and Rocket League, generating over 1 million wallets per day in the first five days with 53 million transactions.
Geographic arbitrage and tailored growth strategies
Cecilia Hsueh's international experience reveals a critical insight most Western founders miss: user motivations differ fundamentally between emerging and developed markets. At TOKEN2049 Dubai, she explained: "Given my experience, people in emerging countries care about revenue generation. Can this application help me to get money or make profit? Then they are happy to use it. But in developed countries, they care about innovation. They want to be the first to use the product. It's a very different mindset."
This geographic framework demands tailored product messaging and go-to-market strategies:
Emerging markets (Asia, Latin America, Africa): Lead with earnings potential, yield opportunities, and immediate utility. Airdrops, staking rewards, and play-to-earn mechanics resonate strongly. Axie Infinity's 2021 peak of 2.8 million daily active users came primarily from Philippines, Indonesia, and Vietnam where players earned more than local wages.
Developed markets (US, Europe, Australia): Lead with innovation, technical superiority, and first-mover advantage. Early access programs, exclusive features, and technological differentiation drive adoption. These users tolerate friction for cutting-edge products.
Haseeb emphasizes that crypto is global from day one, requiring presence in US, Europe, and Asia simultaneously. "Unlike the Internet, crypto is global from day one. That implies that no matter where your company is founded, you must eventually build a global team with boots on the ground around the world," he wrote. This isn't optional—different regions have distinct community dynamics, regulatory environments, and user preferences that demand local expertise.
Community building that cuts out farmers and rewards genuine users
The 2024-2025 airdrop meta evolved dramatically toward anti-Sybil measures and genuine user rewards. SY Lee positioned Story Protocol firmly against farming: "Any attempts to game the system will be blocked, preserving the integrity of the ecosystem." Their four-week Badge Program on Odyssey Testnet deliberately excluded farmers, with no fees required to claim incentives to prioritize accessibility.
Story's three-tier OG (Original Gangster) community program—Seekers (junior), Adepts (intermediate), Ascendants (senior)—bases status purely on genuine contribution. "There is no 'fast track' for OG roles; everything is determined by community activity, and prolonged inactivity or misconduct may result in the cancellation of OG roles," the team announced.
Haseeb's analysis supports this shift: "Airdropping for vanity metrics is dead. Those aren't really going to users, they're going to industrialized farmers." His 2025 predictions identified a two-track token distribution world:
Track 1 - Clear north star metrics (exchanges, lending protocols): Distribute tokens purely off points-based systems. Don't worry about farmers—if they're generating your core KPI (trading volume, lending TVL), they're actual users. Token becomes rebate/discount on core activity.
Track 2 - No clear metrics (L1s, L2s, social protocols): Move toward crowdsales for majority distribution, with smaller airdrops for social contributions. This prevents industrialized farming of metrics that don't correlate with genuine usage.
The network effects flywheel
Cecilia's Phemex case study shows the power of geographic network effects. Scaling from zero to 2 million active users across 200+ countries in approximately three years required simultaneous multi-region launch rather than sequential expansion. Crypto users expect global liquidity from day one—launching in just one geography creates arbitrage opportunities and fragmented liquidity.
MEXC's 40+ million users across 170+ countries provide ecosystem projects with instant global distribution. When MEXC lists a token through their Kickstarter program, projects gain access to 750,000+ social media followers, promotion in seven languages, and $60,000 worth of marketing support. The requirement: demonstrate on-chain liquidity and attract 300 Effective First-Time Traders (EFFTs) within 30 days.
Story Protocol's approach leverages IP network effects specifically. As SY Lee explained: "As the IP grows, there is more incentive for contributors to join the network." The "IP Legos" framework enables remixing where derivative creators automatically pay royalties to original creators, creating positive-sum collaboration rather than zero-sum competition. This contrasts with traditional IP systems where licensing requires one-to-one legal negotiations that don't scale.
Product strategy and market positioning: Solve real problems, not technical masturbation
The idea maze and avoiding cached bad ideas
Haseeb Qureshi's framework of the "Idea Maze" (borrowed from Balaji Srinivasan) demands founders study domain history exhaustively before building. "A good founder is thus capable of anticipating which turns lead to treasure and which lead to certain death... study the other players in the maze, both living and dead," he wrote. This requires understanding not just current competitors but also historical failures, technological constraints, and the forces that move walls in the maze.
He explicitly identifies cached bad ideas that repeatedly fail: new fiat-backed stablecoins (unless you're a major institution), generic "blockchain for X" solutions, and Ethereum-killers launching after the window closed. The common thread: these ideas ignore market evolution and power law concentration effects. "When it comes to project performance: Winners keep winning," Haseeb observed. Network effects and liquidity advantages compound for market leaders.
SY Lee attacks the problem from a founder's perspective with scathing criticism of directionless technical optimization: "It's all just infrastructure masturbation—another minor tweak, another DeFi chain, another DeFi app. Everyone's doing the same thing, chasing esoteric technical improvements." Story Protocol emerged from identifying a real, urgent problem: AI models are "stealing all your data without your consent, and benefiting from it without sharing the rewards with the original creators."
This AI-IP convergence crisis is existential for creators. "In the past, Google was kind enough to drive some traffic to your content, and that still killed many local newspapers. The current state of AI completely destroys the incentive to create original IP for all of us," Lee warned. Story's solution—programmable IP infrastructure—directly addresses this crisis rather than optimizing existing infrastructure.
The blockchains as cities mental model
Haseeb's "Blockchains Are Cities" framework (published January 2022) provides powerful mental models for positioning and competitive strategy. Smart contract chains are physically constrained like cities—they cannot expand to infinite block space because they require many independent small validators. This constraint creates specialization and cultural differentiation.
Ethereum = New York City: "Everyone loves to complain about Ethereum. It's expensive, congested, slow... only the wealthy can afford to transact there. Ethereum is New York City," Haseeb wrote. But it has all the biggest DeFi protocols, most TVL, hottest DAOs and NFTs—it's the undisputed cultural and financial center. High costs signal status and filter for serious applications.
Solana = Los Angeles: Significantly cheaper and faster, built with new technology, unburdened by Ethereum's historical decisions. Attracts different applications (consumer-facing, high-throughput) and developer culture.
Avalanche = Chicago: Third-largest city, finance-focused, aggressive and fast-growing with institutional partnerships.
NEAR = San Francisco: Built by ex-Google engineers, embraces maximum decentralization ideals, developer-friendly.
This framework illuminates three scaling paths: (1) Interoperability protocols like Polkadot/Cosmos building highway systems connecting towns, (2) Rollups/L2s building skyscrapers for vertical scaling, (3) New L1s founding entirely new cities with different assumptions. Each path has distinct trade-offs and target users.
Product-market fit discovery through ecosystem-first thinking
Cecilia Hsueh's Morph L2 experience revealed that most Layer 2 solutions are technology-oriented, focusing solely on optimizing technology. She told Cryptonomist: "However, we believe that technology should serve users and developers. We should first establish the ecosystem and then continuously upgrade the technology based on the needs of developers and users, rather than building technical infrastructure that no one uses."
The data supports this critique: a significant portion of Layer 2 projects see transactions per second (TPS) less than 1 despite technical sophistication. "Many blockchain projects, despite their technical sophistication, struggle to engage users due to a lack of practical and appealing applications," Cecilia observed. This led Morph to focus on consumer applications—gaming, social, entertainment, finance—rather than DeFi-only positioning.
Story Protocol made the analogous decision to build its own L1 rather than deploy on existing chains. Co-founder Jason Zhao explained: "There are a significant number of improvements we've made to optimize for IP, such as cheap graph traversal and the proof of creativity protocol as well as the programmable IP license." The team "wasn't keen on launching just another DeFi project," instead thinking through "how to build a blockchain that didn't focus on money."
Differentiation through UX and user-centric design
Haseeb identifies UX as probably the most important frontier for crypto: "I suspect more and more businesses will differentiate on user experience rather than core technology." He references Taylor Monahan's philosophy of "Building Confidence Not Dapps" and Austin Griffith's crypto onboarding innovations as north stars.
Ciaran Lyons' coverage demonstrates this empirically. Successful 2024-2025 projects share "invisible blockchain" design philosophy. Pudgy Penguins' game director worked at major studios on Fortnite and God of War—bringing AAA gaming UX standards to Web3 rather than blockchain-first design. The result: mainstream gamers play without noticing crypto elements.
Failed projects exhibit the opposite pattern. Pirate Nation shut down after one year despite being "fully onchain." Developers admitted: "The game has not attracted enough of an audience to justify continued investment and operation... The demand for the fully onchain version of Pirate Nation simply isn't there to sustain operation indefinitely." Multiple projects shut down in 2025 (Tokyo Beast after one month, Age of Dino, Pirate Nation) following this pattern: technical purity without user demand equals failure.
Positioning strategy: Zigging when others are zagging
Sei founder Jeff Feng told Ciaran Lyons about the opportunity in contrarian positioning: "The beauty of it is, that's why a lot of other chains and ecosystems, like Solana and Telegram, they're actually pulling away from it, they're spending less time, less investment, because there isn't a clear, sort of obvious token moving... And that's precisely where the opportunity lies, by taking advantage of zigging when others are zagging."
Axie Infinity co-founder Jiho expanded this thesis: "The proliferation of this logic ['Web3 gaming is dead'] is very good for the remaining hardcore builders in the space... You want attention and capital to concentrate around a few winners." During the previous cycle, "There was only one option for capital to go into for ~90% of the cycle"—now "This setup is emerging once again."
This contrarian mindset requires conviction about future states, not present conditions. Haseeb advises: "You need to think about what will become more valuable in the future when your product finally reaches maturity. This requires vision and some conviction about how the future of crypto will evolve." Build for two years from now, not for today's crowded opportunities.
Token economics and tokenomics design: Community distribution creates value, concentration destroys it
The foundational principle: tokens are not equity
Haseeb Qureshi's tokenomics philosophy begins with a principle that founders repeatedly miss: "Tokens are not equity. The point of your token distribution is to distribute your token as widely as possible. Tokens become valuable because they are distributed." This inverts traditional startup thinking. "Owning 80% of a company would make you a savvy owner, but owning 80% of a token would make that token worthless."
His distribution guidelines set clear boundaries:
- Team allocation: No more than 15-20% of token supply
- Investor allocation: No more than 30% of supply
- Reasoning: "If VCs own more than that, your coin risks being panned as a 'VC coin.' You want it to be more widely distributed."
SY Lee implemented this philosophy rigorously at Story Protocol. Total supply: 1 billion $IP tokens, distributed as:
- 58.4% to ecosystem/community (38.4% ecosystem and community + 10% foundation + 10% initial incentives)
- 21.6% to early backers/investors
- 20% to core contributors/team
Critically, early backers and core contributors face 12-month cliff plus 48-month unlock schedule while community allocations unlock from day one of mainnet. This inverted structure prioritizes community advantage over insider advantage.
Fair launch mechanics that eliminate insider advantage
Story Protocol's "Big Bang" token launch introduced a novel fair launch principle: "No entity, including early backers or team members, can claim staking rewards before the community. Rewards are only accessible after the 'Big Bang' event, marking the end of the Singularity Period."
This contrasts sharply with typical token launches where insiders stake immediately, accumulating rewards before public access. Story's locked vs. unlocked token structure adds further nuance:
- Unlocked tokens: Full transfer rights, 1x staking rewards
- Locked tokens: Cannot be transferred/traded, 0.5x staking rewards (but equal voting power)
- Both types face slashing if validators misbehave
The mechanism design prevents insider dumping while maintaining governance participation. Lee's team committed: "Staking rewards will follow a fair launch principle, with no early staking rewards for the foundation or early contributors—the community earns rewards simultaneously with everyone else."
The two-track token distribution model
Haseeb's 2025 predictions identified bifurcation in token distribution strategy based on whether projects have clear north star metrics:
Track 1 - Clear metrics (exchanges, lending protocols):
- Distribute tokens purely via points-based systems
- Don't worry if users are "farmers"—if they generate your core KPI, they're actual users
- Token serves as rebate/discount on core activity
- Example: Exchange volume, lending TVL, DEX swaps
Track 2 - No clear metrics (L1s, L2s, social protocols):
- Move toward crowdsales for majority token distribution
- Smaller airdrops for genuine social contributions
- Prevents industrialized farming of vanity metrics
- Quote: "Airdropping for vanity metrics is dead. Those aren't really going to users, they're going to industrialized farmers."
This framework resolves the core tension: how to reward genuine users without enabling Sybil attacks. Projects with quantifiable, valuable actions can use points systems. Projects measuring social engagement or "community strength" must use alternative distribution to avoid metric gaming.
Token utility evolution from speculation to sustainable value
Immutable co-founder Robbie Ferguson told Ciaran Lyons that regulatory certainty is unlocking enterprise token launches: "I can tell you right now, we're in conversations with multibillion-dollar gaming companies about them launching a token, which we would have been laughed out of those rooms 12 months ago." The US Digital Asset Market Clarity Act created enough certainty for institutional players.
Ferguson emphasized the utility shift: Gaming giants now see tokens as "ways to have incentives, loyalty schemes and retention for their players and an increasingly competitive acquisition environment"—not primarily as speculative assets. This mirrors airlines' frequent flyer programs and credit card points systems, but with tradability and composability.
Axie Infinity's Jiho observed maturation in gaming tokens: "Gaming has become less of a speculative asset" since the previous cycle. In 2021, "Gaming was also known as almost the most speculative thing... why are you guys trying to hold gaming to a higher standard than the rest of the space?" By 2024, games need to be "fully fleshed out for investors to take the crypto token seriously."
Story Protocol's $IP token demonstrates multi-utility design:
- Network security: Staking for validators (Proof-of-Stake consensus)
- Gas token: Pay for transactions on Story L1
- Governance: Token holders participate in protocol decisions
- Deflationary mechanism: "With each transaction, $IP is burned, creating the potential for a deflationary token economy under specific conditions."
Tokenomics red flags and sustainability
Lady of Crypto told Ciaran Lyons about the critical importance of deep tokenomics research: "A chart may look great in a specific period in time, but if you've not done your research into that project like tokenomics, they're responsible for the long-term health project." She emphasized vesting schedules specifically—"a chart may look good, but in two days, there could be a large percentage of the supply that's going to be released."
Haseeb warns against "hallucination yield" and "vapor valuations" where market maker games create fake liquidity for backdoor exits. OTC discounts, fake float, and circular trading fuel Ponzi-like systems that inevitably collapse. "Ponzi schemes don't have network effects (they are not networks). They don't even have economies of scale—the bigger they get, the harder they are to sustain," he explained to CoinDesk.
The low FDV (fully diluted valuation) strategy gained traction in 2024-2025. Immortal Rising 2's executive told Lyons: "We are opting with a low FDV strategy so that instead of providing empty hype, we can really scale and grow with the community." This avoids high valuations creating immediate sell pressure from early investors seeking exits.
MEXC's listing criteria reveal what exchanges evaluate for token sustainability:
- Token distribution: Concentrated ownership (80%+ in few wallets) signals rug risk—automatic rejection
- On-chain liquidity: Minimum $20K daily DEX volume preferred before CEX listing
- Market making quality: Assessment of volatility, price stability, manipulation resistance
- Community authenticity: Real engagement vs. fake Telegram followers (10K+ bots with no activity = rejection)
Operational excellence: Execution beats strategy, but you need both
Team building starts with co-founder selection
Haseeb's research shows that "The #1 cause of company failures is cofounder breakups." His remedy: "The best teams are comprised of friends, or otherwise, people who have worked together before." This isn't about technical skills alone—it's about stress-tested relationships that survive the inevitable conflicts, pivots, and market crashes.
SY Lee exemplified complementary co-founder selection by partnering with Jason Zhao (Stanford CS, Google DeepMind). Lee brought content, IP, and business expertise from scaling Radish Fiction to a $440 million exit. Zhao brought AI/ML depth from DeepMind, product management experience, and philosophy background (Oxford lectures). This combination perfectly matched Story's mission of building AI-era IP infrastructure.
Haseeb emphasizes that wrestling with crypto requires deep technology chops—"a solo non-technical founder rarely gets funded." But technical excellence isn't sufficient. a16z's Chris Dixon praised SY Lee's "combination of big-picture vision and world-class tactical execution," noting both dimensions are necessary for scaling.
Motivation matters more than money
Haseeb observes a paradox: "Startups that are primarily motivated by making money seldom do. I don't know why—it just doesn't seem to bring out the best in people." Better motivation: "Startups that are motivated by an obsessive desire to change something in the world... tend to survive when the going gets tough."
SY Lee frames Story Protocol as addressing an existential crisis: "Big Tech is stealing IP without consent and capturing all the profit. First, they will gobble up your IP for their AI models without any compensation." This mission-driven framing sustained the team through 11 years of creator advocacy work (Lee founded creator platform Byline in 2014, then Radish in 2016, then Story in 2022).
Cecilia Hsueh's personal journey illustrates resilience through motivation. After co-founding Phemex to $200 million profit, "Conflicts within the founding team eventually led me to walk away in 2022. I still remember watching the World Cup that year. In a bar, I saw ads from exchanges that had started later than us covering the stadium screens. I broke down crying," she shared. Yet this setback led her to co-found Morph and eventually join MEXC as CSO—demonstrating that long-term commitment to the space matters more than any single venture's outcome.
Execution speed and the proactive financial strategy
Story Protocol's timeline demonstrates execution velocity: Founded September 2023, secured $20M seed by March 2024 (six months), launched mainnet October 2024 (13 months from founding). This required what the team called "proactive financial strategy crafted to tackle an aggressive roadmap and product development timeline."
Cecilia's Phemex experience shows extreme execution speed: "We just launched our platform three months ago, and you will see super-fast growth after three months." Within three months of March 2020 launch, significant traction emerged. By year two, $200 million in profit. This wasn't luck—it was disciplined execution during a crisis that forced prioritization.
Haseeb warns against the opposite problem: over-raising leads teams to "stagnate and devolve into politics and infighting" rather than staying focused on customer feedback and rapid iteration. The optimal funding amount provides 18-24 months of runway to reach clear milestones, not enough to lose urgency but sufficient to execute without constant fundraising distraction.
Key metrics and north star focus
Haseeb emphasizes measuring what matters: customer acquisition cost (CAC) and CAC-payback period, viral loop coefficients, and core north star metric depending on vertical (trading volume for exchanges, TVL for lending, DAUs for applications). Avoid vanity metrics that can be gamed by farmers unless farming actually drives your core business model.
MEXC evaluates projects on specific KPIs for listing success:
- Trading volume: Daily and weekly trends post-listing
- User acquisition: Must attract 300 Effective First-Time Traders (EFFTs) within 30 days for full support
- Liquidity depth: Order book depth and spread quality
- Community engagement: Real social media activity vs. bot-driven follower counts
Story Protocol's pre-mainnet traction demonstrated product-market fit through:
- 200+ teams building applications before public launch
- 20+ million IP assets registered in closed beta
- 2.5 million users on flagship app Magma (collaborative art platform)
These metrics validate genuine demand rather than speculative token interest. Applications building before token launch signal conviction in infrastructure value.
Communication and transparency as operational priorities
Ciaran Lyons' coverage repeatedly identifies communication quality as differentiator between successful and failed projects. MapleStory Universe faced community backlash over poor communication about hacker issues. In contrast, Parallel TCG pledged: "We've heard your feedback loud and clear: consistent, transparent communication is just as important as the games themselves." They committed to "Regular updates, clear context, and open town halls to keep players in the loop."
Axie Infinity's Jiho told Lyons about his community leadership philosophy: "I think it is unfair to expect the community to help if you're not leading by example... I try to lead by example, by performing the behaviors that I would like to see." This approach built him 515,300 X followers and sustained Axie through multiple market cycles.
Haseeb recommends progressive decentralization with transparent milestones: "If you're building pure crypto, open source your code. Once you're post-launch, if you want any hope of being eventually decentralized, this is a prerequisite." Gradually extract the company from central operational roles while maintaining security and growth. Learn from MakerDAO, Cosmos, and Ethereum's phased approaches.
Global operations from day one
Haseeb is unequivocal: "Unlike the Internet, crypto is global from day one. That implies that no matter where your company is founded, you must eventually build a global team with boots on the ground around the world." Crypto users expect global liquidity and 24/7 operations—launching in just one geography creates arbitrage opportunities and fragments liquidity.
Geographic requirements:
- United States: Regulatory engagement, institutional partnerships, Western developer community
- Europe: Regulatory innovation (Switzerland, Portugal), diverse markets
- Asia: Largest crypto adoption, trading volume, developer talent (Korea, Singapore, Hong Kong, Vietnam, Philippines)
Cecilia's Phemex reached 2 million active users across 200+ countries precisely by building global infrastructure from launch. MEXC's 40+ million users across 170+ countries provide similar distribution power—but this required boots-on-ground teams relaying regional needs and building local awareness.
SY Lee positioned Story Protocol with global footprint: headquarters in Palo Alto for Western tech ecosystem, but hosted inaugural Origin Summit in Seoul to tap into Korea's $13.6 billion cultural IP exports, 30% crypto trading penetration, and world-leading robot density. Brought together HYBE, SM Entertainment, Polygon, Animoca Brands—bridging entertainment, blockchain, and finance.
Operational pivots and knowing when to shut down
Successful teams adapt when conditions change. Axie University (thousands of scholars at peak) saw user counts collapse after crypto crash. Co-founder Spraky told Lyons they pivoted from Axie-only to multi-game guild ecosystem: "We call ourselves AXU now because we are here as a guild not only for Axie but for all the games out there." This adaptation kept the community alive through difficult market conditions.
Conversely, knowing when to shut down prevents wasted resources. Pirate Nation developers made the difficult call: "The game has not attracted enough of an audience to justify continued investment and operation... The demand for the fully onchain version of Pirate Nation simply isn't there to sustain operation indefinitely." Pseudonymous commentator Paul Somi told Lyons: "Sad to see this go. Building is hard. Much respect for making the tough decision."
This operational discipline—pivoting when there's traction, shutting down when there isn't—separates experienced operators from those burning through runway without progress. As Haseeb notes: "Winners keep winning" because they recognize patterns early and make decisive changes.
Common patterns across successful 10x projects
Pattern 1: Problem-first, not technology-first
All four thought leaders converge on this insight: Projects achieving 10x growth solve urgent, real problems rather than optimizing technology for its own sake. SY Lee's critique resonates: "It's all just infrastructure masturbation—another minor tweak, another DeFi chain, another DeFi app." Story Protocol emerged from identifying the AI-IP crisis—creators losing attribution and value as AI models train on their content without compensation.
Haseeb's "Five Unsolved Problems of Crypto" framework (identity, scalability, privacy, interoperability, UX) suggests "Almost all crypto projects that are successful in the long term solved one of these problems." Projects that merely copy competitors with minor tweaks fail to generate sustainable traction.
Pattern 2: Real users, not influencers or vanity metrics
Haseeb warns explicitly: "Building for crypto influencers. In most industries, if you build a product that influencers will love, millions of other customers will follow. But crypto is a weird space—the preferences of crypto influencers are very unrepresentative of crypto customers." Reality: Most crypto users hold coins on exchanges, care about making money and good UX more than maximum decentralization.
Ciaran Lyons documented the "invisible blockchain" pattern: successful 2024-2025 projects make crypto elements optional or hidden. Pudgy Penguins' 500,000 downloads came from gamers who praised: "It has just the right amount of Web3 and doesn't force you to buy tokens or NFTs from the start." Off The Grid topped Epic Games charts without reviewers mentioning blockchain.
Story Protocol's anti-Sybil stance operationalized this: "Any attempts to game the system will be blocked, preserving the integrity of the ecosystem." Measures to "cut out farmers, increasing rewards for true users" reflected commitment to genuine adoption over vanity metrics.
Pattern 3: Distribution and capital efficiency over marketing spend
SY Lee's lesson from Radish—$440 million exit but "drawing a lot of my venture capital money out for marketing"—led to Story's infrastructure-first model. Build systematic advantages that create compounding network effects rather than linear marketing spend. 200+ teams building on Story, 20+ million IP assets registered before mainnet launch demonstrated product-market fit without massive marketing budgets.
Cecilia's exchange partnership model provides instant distribution that would take months or years to build organically. MEXC campaigns generating 1.59 billion USDT trading volume for Story Protocol, or making MEXC second-largest USDe holder through coordinated user campaigns, deliver immediate scale impossible through traditional growth marketing.
Haseeb's portfolio companies demonstrate this pattern: Compound, MakerDAO, 1inch, Dune Analytics all achieved dominance through technical excellence and network effects rather than marketing spend. They became default choices in their categories through systematic advantages.
Pattern 4: Community-first tokenomics with long-term alignment
Story Protocol's fair launch (no insider staking advantage), 58.4% community allocation, and extended 4-year vesting for team/investors sets the standard. This contrasts sharply with "VC coins" where investors own 50%+ and dump on retail within months of unlock.
Haseeb's guidelines—maximum 15-20% team, 30% investors—reflect understanding that tokens derive value from distribution, not concentration. Wide distribution creates larger communities with stake in success. High insider ownership signals extraction rather than ecosystem building.
The low FDV strategy (Immortal Rising 2: "opting with a low FDV strategy so that instead of providing empty hype, we can really scale and grow with the community") prevents artificial valuations creating sell pressure and community disappointment.
Pattern 5: Geographic and cultural awareness
Cecilia's insight about emerging vs. developed market motivations (revenue generation vs. innovation) reveals that one-size-fits-all strategies fail in global crypto markets. Axie Infinity's 2.8 million DAU peak came from Philippines, Indonesia, Vietnam where play-to-earn economics worked. Similar projects failed in US/Europe where gaming for income felt exploitative rather than empowering.
Sei founder Jeff Feng told Lyons that Asia shows most interest in crypto gaming, citing gender imbalance in Korea and fewer job opportunities pushing people toward gaming/escapism. Story Protocol's Seoul Origin Summit and Korean entertainment partnerships (HYBE, SM Entertainment) recognized Korea's cultural IP dominance.
Haseeb's requirement for boots on ground in US, Europe, and Asia simultaneously reflects that these regions have distinct regulatory environments, community dynamics, and user preferences. Sequential geographic expansion fails in crypto because users expect global liquidity from day one.
Pattern 6: Bear market building advantage
Haseeb's observation—"Crypto's most successful projects have historically been built during downcycles"—explains why Compound, Uniswap, Aave, and other DeFi giants launched during 2018-2020 bear market. When speculation subsides, teams focus on real users and product-market fit rather than token price.
Cecilia's Phemex launched March 2020 during COVID crash. "The timing was brutal, but it forced us to grow fast." Constraint bred discipline—no luxury of over-capitalization, every feature had to drive revenue or user growth. Result: $200 million profit by year two.
The contrarian insight: When others say "crypto is dead," that's the signal for hardcore builders to gain ground without competition for attention and capital. As Axie Infinity's Jiho told Lyons: "The proliferation of this logic ['Web3 gaming is dead'] is very good for the remaining hardcore builders in the space."
Pitfalls and anti-patterns to avoid
Anti-pattern 1: Over-raising and losing urgency
Haseeb's warning bears repeating: "Raising too much money usually spells doom for a company." ICO-era projects that raised hundreds of millions sat on treasuries, unsure how to iterate, and eventually collapsed. Teams with 5+ years of runway lose the urgency driving rapid experimentation and customer feedback loops.
The correct amount: 18-24 months of runway to reach clear milestones. This forces prioritization and rapid iteration while providing sufficient stability to execute. Cecilia's Morph raised $20M seed—enough for aggressive 13-month roadmap to mainnet, not enough to lose discipline.
Anti-pattern 2: Technology-first without demand validation
Failed projects in Ciaran Lyons' coverage share a pattern: technical sophistication without user demand. Pirate Nation ("fully onchain") shut down after admitting "The demand for the fully onchain version of Pirate Nation simply isn't there to sustain operation indefinitely." Tokyo Beast lasted one month. Age of Dino shut down despite technical achievements.
Most Layer 2 projects see TPS less than 1 despite technical sophistication, as Cecilia observed. "Many blockchain projects, despite their technical sophistication, struggle to engage users due to a lack of practical and appealing applications." Technology should serve identified user needs, not exist for its own sake.
Anti-pattern 3: Building for crypto influencers instead of real users
Haseeb identifies this explicitly as a trap. Crypto influencers' preferences are unrepresentative of crypto customers. Most users hold coins on exchanges, care about making money and good UX, and don't prioritize maximum decentralization. Building for ideological purity rather than actual user needs creates products nobody uses at scale.
Story Protocol avoided this by focusing on real creator problems: AI models training on content without attribution or compensation. This resonates with mainstream creators (artists, writers, game developers) far more than abstract blockchain benefits.
Anti-pattern 4: High FDV launches with concentrated ownership
MEXC's automatic rejection criteria reveal this anti-pattern: 80%+ tokens in few wallets signals rug risk. High fully diluted valuations create mathematical impossibility—even if project succeeds, early investors' targets require market caps exceeding rational bounds.
Lady of Crypto's warning to Ciaran Lyons: "A chart may look good, but in two days, there could be a large percentage of the supply that's going to be released." Vesting schedules matter enormously—projects with short vesting (6-12 months) face selling pressure exactly when they need price stability to sustain community morale.
The alternative: low FDV strategy allowing room to grow with community (Immortal Rising 2) and extended vesting (Story Protocol's 4-year unlock) aligning long-term incentives.
Anti-pattern 5: Sequential geographic expansion in crypto
Traditional startup playbook—launch in one city, then one country, then expand internationally—fails catastrophically in crypto. Users expect global liquidity from day one. Launching in just US or just Asia creates arbitrage opportunities as users VPN around geographic restrictions, fragments liquidity across regions, and signals amateurism.
Haseeb's directive: "Crypto is global from day one" requires simultaneous multi-region launch with boots-on-ground teams. Cecilia's Phemex reached 200+ countries quickly. MEXC operates in 170+ countries. Story Protocol launched globally with Seoul and Palo Alto dual positioning.
Anti-pattern 6: Neglecting distribution strategy
Haseeb criticizes founders who lack concrete go-to-market plans beyond "promoting through influencers" or "market making." "Go to market, distribution... It's the most neglected thing in crypto. How will you attract your initial users? What distribution channels can you use?"
Successful projects have specific CAC targets, CAC-payback models, viral loop/referral program mechanics, and partnership strategies. Cecilia's exchange partnership model provides instant distribution. Story Protocol's 200+ ecosystem teams building applications created distribution through composable use cases.
Anti-pattern 7: Ignoring tokenomics for speculative trading
Haseeb's warning about "hallucination yield" and "vapor valuations" where market maker games create fake liquidity applies to many 2020-2021 projects. OTC discounts, fake float, circular trading fuel Ponzi-like systems inevitably collapsing.
Token utility must be genuine—Story's $IP for gas, staking, and governance; gaming tokens for in-game assets and rewards; exchange tokens for trading discounts. Speculative trading alone doesn't sustain value. As Jiho noted, "Gaming has become less of a speculative asset" since last cycle—projects need fully fleshed out products for investors to take tokens seriously.
Stage-specific advice for founders
Seed stage: Validation and team building
Before fundraising:
- Work at another crypto startup first (Haseeb: "fastest learning path")
- Study domain deeply through voracious reading, attending meetups, hackathons
- Find co-founders from previous collaborations (friends or colleagues with tested chemistry)
- Ask "Why am I building this?" repeatedly—motivation beyond money predicts survival
Validation phase:
- Workshop many ideas—first idea is almost certainly wrong
- Study your idea maze extensively (players, casualties, historical attempts, technology constraints)
- Build proof of concept and show at hackathons for feedback
- Talk to actual users constantly, not crypto influencers
- Don't safeguard your idea—share widely for brutal feedback
Fundraising:
- Get warm intros (cold emails rarely work in crypto)
- Set explicit fundraising deadline to create urgency
- Match stage to fund size (seed: $1-5M typical, not $50M+)
- Diligence investors as they diligence you (portfolio fit, value-add, reputation, regulatory sophistication)
- Optimize for alignment and value-add, not valuation
Optimal raise: $1-5M seed providing 18-24 months runway. Cecilia's Morph ($20M) was higher but for aggressive 13-month mainnet timeline. Story Protocol ($29.3M seed) targeted large scope requiring deeper capital.
Series A: Product-market fit and scaling foundations
Traction milestones:
- Clear north star metric with improving trends (Story: 200+ teams building; Phemex: significant trading volume within 3 months)
- Proven user acquisition channels with quantified CAC and payback period
- Initial network effects or viral loops emerging
- Core team scaling (10-30 people typical)
Product focus:
- Iterate on UI/UX relentlessly (Haseeb: "probably the most important frontier for crypto")
- Make blockchain "invisible" for end users (Pudgy Penguins: 500K downloads with optional Web3 elements)
- Build for actual existing users, not imagined future cohorts
- Implement anti-Sybil measures if measuring community/social metrics
Tokenomics design:
- If launching token, start planning distribution 6-12 months ahead
- Community allocation: 50%+ total (ecosystem + community rewards + foundation)
- Team/investor allocation: 35-40% maximum combined with 4-year vesting minimum
- Consider two-track model: points for clear metrics, crowdsale for unclear metrics
- Build in deflationary or value accrual mechanisms (burning, staking, governance)
Operations:
- Build global team immediately with presence in US, Europe, Asia
- Open source progressively while maintaining competitive advantages temporarily
- Establish clear communication cadence with community (weekly updates, monthly town halls)
- Begin regulatory engagement proactively (Haseeb: "Don't be afraid of regulation!")
Growth stage: Scaling and ecosystem development
When you've achieved strong product-market fit:
- Vertical integration or horizontal expansion decisions (Story: building ecosystem of 200+ teams)
- Geographic expansion with tailored strategies per region (Cecilia: different messaging for emerging vs developed markets)
- Token launch if not already done, using fair launch principles
- Strategic partnerships for distribution (exchange listings, ecosystem integrations)
Team scaling:
- Hire for global presence across regions (Phemex: 500+ team members serving 200+ countries)
- Maintain "leading by example" culture (Jiho: public-facing founder lets technical cofounders focus)
- Clear division of labor between public/community roles and product/engineering roles
- Implement operational excellence in security, compliance, customer support
Ecosystem development:
- Developer grants and incentive programs (Story: $20M Ecosystem Fund with Foresight Ventures)
- Partnership with strategic players (Story: HYBE, SM Entertainment for IP; Cecilia: Bitget for Morph distribution)
- Infrastructure improvements based on ecosystem feedback
- Progressive decentralization roadmap with transparency
Capital strategy:
- Growth rounds ($25-80M typical) for major expansion or new product lines
- Structure as equity with token rights rather than SAFTs (Haseeb's preference)
- Long lockups for investors (2-4 years) aligning incentives
- Consider strategic investors for domain expertise (Story: entertainment companies; Morph: exchange partners)
Metrics focus:
- Scale-appropriate KPIs (millions of users, billions in TVL/volume)
- Unit economics proving out (CAC payback under 12 months ideal)
- Token holder distribution widening over time
- Network effects strengthening (retention cohorts improving, viral coefficient >1)
Unique insights from each thought leader
Haseeb Qureshi: The investor's strategic lens
Distinctive contribution: Power law thinking and portfolio strategy combined with deep technical understanding from engineering background (Airbnb, Earn.com). His poker background influences decision-making under uncertainty and bankroll management principles.
Unique frameworks:
- Blockchains as cities mental model for L1 positioning and scaling strategies
- Two-track token distribution (clear metrics → points; unclear metrics → crowdsales)
- The idea maze requiring exhaustive domain study before building
- Cached bad ideas to avoid (new fiat stablecoins, generic "blockchain for X")
Key insight: "Winners keep winning" due to network effects and liquidity advantages. Power law concentration means backing market leaders early yields 100-1000x returns that compensate for many failed bets. Optimal strategy: maximum diversification across high-conviction thesis-driven investments.
Cecilia Hsueh: The exchange strategist and operator
Distinctive contribution: Unique vantage point from building exchange (Phemex to $200M profit), Layer 2 (Morph raised $20M), and now CSO at major exchange (MEXC, 40M+ users). Bridges operational experience with strategic positioning.
Unique frameworks:
- Geographic market differentiation (emerging markets = revenue focus; developed markets = innovation focus)
- Exchange as strategic partner model (capital + distribution + liquidity vs. just capital)
- Ecosystem-first, technology-second approach to product development
- Consumer blockchain applications as mass adoption path
Key insight: "Capital alone doesn't create ecosystems. Projects need immediate market access, liquidity depth, and user distribution." Exchange partnerships compress timelines from months/years to weeks by providing instant global distribution. Crisis launches (March 2020 COVID crash) force capital efficiency driving faster product-market fit.
SY Lee: The billion-dollar founder's execution playbook
Distinctive contribution: Serial founder who sold previous company (Radish) for $440M, then scaled Story Protocol to $2.25B valuation in ~2 years. Brings first-hand experience on what works and what wastes capital.
Unique frameworks:
- "IP Legos" converting intellectual property into modular, programmable assets
- Infrastructure vs. marketing growth model (learning from Radish's marketing-heavy approach)
- AI-IP convergence crisis as generational opportunity
- Fair launch tokenomics (no insider advantage in staking)
Key insight: "It's all just infrastructure masturbation—another minor tweak, another DeFi chain, another DeFi app. Everyone's doing the same thing, chasing esoteric technical improvements. We're focused on solving a real problem that impacts the creative industry." Build for systemic infrastructure creating compounding network effects, not marketing-dependent linear growth. Extended vesting (4 years) and community-first allocation (58.4%) demonstrate long-term commitment.
Ciaran Lyons: The journalist's pattern recognition
Distinctive contribution: Coverage of hundreds of projects and direct interviews with top operators provides meta-level pattern recognition. Documents both successes and failures in real-time, identifying what actually drives adoption vs. what gets hype.
Unique frameworks:
- "Invisible blockchain" as winning strategy (make crypto optional/hidden for users)
- Product quality over blockchain-first design (Off The Grid reviewed without mentioning crypto)
- Infrastructure investment thesis (100-1000x returns vs. 50x in BTC itself)
- "Web3 gaming is dead" = bullish signal for remaining hardcore builders
Key insight: Successful 2024-2025 projects make blockchain invisible while providing genuine utility. Failed projects share pattern: "fully onchain" without user demand equals shutdown within 1-12 months (Pirate Nation, Tokyo Beast, Age of Dino). Most Layer 2s see TPS <1 despite technical sophistication. Communication and transparency matter as much as product—"Good communication is especially valued among Web3 gamers."
Synthesized frameworks for 10x growth
The complete 10x growth framework
Combining all four perspectives yields an integrated framework:
Foundation (Pre-launch):
- Identify urgent, real problem (not technical optimization)
- Study idea maze exhaustively (domain history, failed attempts, constraints)
- Build for actual existing users (not influencers or imagined future cohorts)
- Assemble complementary co-founder team with tested chemistry
- Secure strategic investors providing domain expertise + capital + distribution
Product-Market Fit (0-18 months):
- Ecosystem-first, technology-second approach
- Make blockchain "invisible" or optional for end users
- Focus on one clear north star metric
- Iterate on UX relentlessly based on user feedback
- Build global presence simultaneously (US, Europe, Asia)
Scaling Foundations (18-36 months):
- Community-first tokenomics (50%+ allocation, extended insider vesting)
- Fair launch mechanics eliminating insider advantages
- Anti-Sybil measures rewarding genuine users
- Geographic-specific messaging (revenue for emerging markets, innovation for developed)
- Distribution partnerships compressing adoption timelines
Ecosystem Development (36+ months):
- Progressive decentralization with transparency
- Developer grants and ecosystem funds
- Strategic partnerships for expanded distribution
- Operational excellence (communication, security, compliance)
- Network effects strengthening through composability
The mental models that matter
Power law distribution: Crypto returns follow power law—optimal strategy is maximum diversification across high-conviction bets. Winners keep winning through network effects and liquidity concentration.
Infrastructure vs. marketing growth: Marketing spend creates linear growth in zero-sum attention war. Infrastructure investment creates compounding network effects enabling exponential growth.
Blockchains as cities: Physical constraints create specialization and cultural differentiation. Choose positioning based on target users—financial center (Ethereum), consumer focus (Solana), specialized vertical (Story Protocol for IP).
Two-track token distribution: Projects with clear north star metrics use points-based distribution (farmers are users). Projects with unclear metrics use crowdsales (prevent vanity metric gaming).
Geographic arbitrage: Emerging markets respond to revenue/yield messaging; developed markets respond to innovation/technology messaging. Global from day one, but tailored approaches per region.
Invisible blockchain: Hide complexity from end users. Successful consumer applications make crypto optional or invisible—Off The Grid, Pudgy Penguins reviewed without mentioning blockchain.
Actionable takeaways for founders and operators
If you're pre-seed:
- Work at a crypto startup for 6-12 months before founding (fastest learning)
- Find co-founders from previous collaborations (tested chemistry essential)
- Study your domain exhaustively (history, failed attempts, current players, constraints)
- Build proof of concept and get user feedback before fundraising
- Identify the real problem you're solving (not technical optimization)
If you're raising seed:
- Target $1-5M for 18-24 months runway (not $50M+ killing urgency)
- Get warm intros to investors (cold emails rarely work)
- Diligence investors as they diligence you (value-add, reputation, alignment)
- Optimize for strategic value beyond capital (distribution, domain expertise)
- Set explicit fundraising deadline creating urgency
If you're building product:
- Focus on one clear north star metric (not vanity metrics)
- Build for actual existing users (not influencers or imagined cohorts)
- Make blockchain invisible or optional for end users
- Iterate on UX relentlessly (main differentiation frontier)
- Launch globally from day one (US, Europe, Asia simultaneously)
If you're designing tokenomics:
- Community allocation 50%+ (ecosystem + community + foundation)
- Team/investor allocation 35-40% maximum with 4-year vesting
- Fair launch mechanics (no insider staking advantage)
- Implement anti-Sybil measures from day one
- Build genuine utility (gas, governance, staking) not just speculation
If you're scaling operations:
- Communication transparency as core operational function
- Boots on ground in US, Europe, Asia (relay regional needs)
- Progressive decentralization roadmap with milestones
- Security and compliance as priority (not afterthought)
- Know when to pivot vs. shut down (preserve runway)
If you're seeking distribution:
- Partner with exchanges for instant global access (Cecilia's model)
- Build ecosystem of applications creating composable use cases
- Geographic-specific messaging (revenue vs. innovation focus)
- Developer grants and incentive programs
- Strategic partnerships with domain leaders (entertainment, gaming, finance)
Conclusion: The new playbook for 10x growth
The convergence of insights from these four thought leaders reveals a fundamental shift in crypto's growth playbook. The era of "build it and they will come" is over. So is the era of token speculation driving adoption without underlying utility. What remains is harder but more sustainable: solving real problems for actual users, distributing value widely to create genuine network effects, and executing with operational excellence that compounds advantages over time.
Haseeb Qureshi's investment thesis, Cecilia Hsueh's exchange strategy, SY Lee's founder execution, and Ciaran Lyons' pattern recognition all point to the same conclusion: 10x growth comes from systematic advantages—capital efficiency, distribution networks, community ownership, and ecosystem effects—not from marketing spend or technical optimization alone.
The projects achieving 10x growth in 2024-2025 share common DNA: they're problem-first not technology-first, they reward real users not vanity metrics, they distribute tokens widely to create ownership, they make blockchain invisible to end users, and they build global infrastructure from day one. They launch in bear markets when others flee, they maintain communication transparency when others go dark, and they know when to pivot or shut down rather than burn capital indefinitely.
Most importantly, they understand that tokens derive value from distribution, not concentration. Story Protocol's fair launch eliminating insider advantages, extended four-year vesting, and 58.4% community allocation represents the new standard. Projects where VCs own 50%+ and dump within months will increasingly fail to attract genuine communities.
The path from seed to scale requires different strategies at each stage—validation and team building at seed, product-market fit and scaling foundations at Series A, ecosystem development at growth stage—but the underlying principles remain constant. Build for real users solving urgent problems. Distribute value widely to create ownership. Execute with speed and discipline. Scale globally from day one. Make hard decisions quickly.
As Cecilia Hsueh reflected after walking away from her $200 million success at Phemex: "Because we could have done so much better." That's the mindset separating 10x outcomes from merely successful ones. Not satisfaction with good results, but relentless focus on maximizing impact through systematic advantages that compound over time. The thought leaders profiled here don't just understand these principles theoretically—they've proven them through billions in value created and deployed.