The crypto market was red hot in 2021, with venture capital firms pouring money into new projects at an astonishing rate. The particular rise of smart contracts and decentralized finance (DeFi) gave rise to a new band of companies looking to enter the crypto industry, even before fully understanding the nooks and crannies of the industry.
However, just two years later, a new report by Lattice shows that only about 5% of these cryptocurrency and blockchain companies have actually ended up developing a product that has gained real market traction.
The State Of Crypto Startups: Lots Of Funding, Little Traction
The recent report by Lattice, a crypto venture fund, shows that while crypto startups received massive funding over the past few years, most have failed to gain real traction or develop a Product-to-Market Fit (PMF).
The report analyzed nearly 800 crypto companies that received $2.6 billion in investment throughout 2021. It found that overall, around 5% only made it to the via
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