The article discusses the potential for a new wave of decentralized capital formation in the cryptocurrency industry in 2025. The author believes that regulatory changes and a shift in attitudes towards cryptocurrencies globally will create new investment opportunities, similar to the initial coin offering (ICO) boom of 2017. The author highlights several factors that will contribute to this new wave, including an updated regulatory stance that focuses on value accrual for token holders, a decline in certain mid-market companies that could benefit from token economies, and the progression of the crypto industry itself, which now has better user interfaces and community-driven oversight. The author predicts that this new wave of capital formation will surpass the $20 billion raised during the ICO boom and will encompass various sectors such as decentralized finance (DeFi), non-fungible tokens (NFTs), and other crypto primitives. They also expect to see significant merger and acquisition activity in the industry, as well as the reinvention of business models by traditional companies using token incentives. The author is optimistic about the potential for crypto to bridge reasonable returns on capital with social goals and looks forward to continued innovation and new funding opportunities in the space. They emphasize the importance of open access, fair launches, and projects that prioritize value for token holders.



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