“Startups had been in a position to increase uncharacteristically sized rounds for his or her stage, generally buying a number of years of runway pre-product, whereas over the course of the final six months, buyers pivoted to underwriting fewer offers concentrating on larger conviction, extra concentrated bets,” George advised CoinDesk in a word. “Throughout this time period, buyers started to re-evaluate their deal with what constitutes product market match, realizing that giant token incentive applications rewarding consumer participation creates distorted traction metrics and overlooks consumer stickiness.”
