In 2025, 84.7% of 118 newly launched crypto tokens fell below their issuance price, with a median decline of 71%, according to investor Ching Tseng. The analysis categorizes crypto companies into four quadrants based on their orientation (crypto-native vs. traditional finance) and traction. Crypto-native projects without traction are notably underperforming, while traditional finance-oriented projects with traction are capturing the $18 billion real-world asset (RWA) market. Crypto-native projects lacking traction are struggling, with many teams unable to justify inflated valuations from previous cycles. In contrast, traditional finance-oriented projects with strong appeal have seen significant growth, particularly in tokenized real-world assets, which expanded from $5.5 billion to $18.6 billion in 2025. These projects are benefiting from institutional interest and are focusing on enterprise sales and ecosystem development to maintain their competitive edge.