The crypto market has been brutally volatile in recent months, and almost everyone is coming to the same painful realization: most crypto projects today will either violently or quietly die in the next cycle.

We’ve seen endless experiments and memes, but very little long-term value that resonates beyond the small circle of crypto-native users. Too much capital has been raised and recycled through hype-driven projects: money spent, hyped, and harvested in ways that reward speculation over substance.

Now, as the frenzy around meme tokens and high-FDV projects start to fade, the sharper question emerges: what does real-world adoption actually look like? At tmr Ventures, we believe adoption doesn’t begin with hype, price charts, or speculative narratives. It starts with something that matters:

We call this framework the ABCs of Real World Adoption.

Real adoption often starts with an asset at its core. It doesn’t have to be a physical property or fiat currency. It could be some form of value storage, trading vehicle, dataset, infrastructure, service, or utility, something people actually use and care about.

With blockchain, we can create entirely new asset types or enhance existing ones. The magic isn’t just in the technology, it’s in the ability to create outside of legacy constraints. It’s often easier to build something new than to fix what’s broken, because the real friction usually comes from culture, politics, or regulation, not technical feasibility.

Asset value is closely associated with its demand. In the short term, successful blockchain projects aren’t inventing new demand; they’re serving existing needs better: faster, cheaper, or more transparently.

For example:

Over time, though, the most ambitious projects go further. They create entirely new asset and demand categories.

The key is simple: there needs to be something real at the core, an asset that holds value beyond the hype itself and tangible demand around the asset.

A great asset alone isn’t enough. It needs transactions and velocity, activities that drive the production and consumption of that asset.

For any transaction, one simple truth holds: there must be a buyer and a seller. The buyer’s willingness to pay defines the heart of a business model. So we ask: who are the target users? What tangible benefits do they get from the asset, product, or service? What mechanisms and unique resources help discover new users, retain existing ones, and serve them better? That’s the foundation of a business model and a key part of competitive advantage.

Many people have confused token demand with product demand. But unless there are real users willing to pay, or markets willing to participate, the system will eventually collapse under its own weight.

We look for projects with a clear value proposition and sustainable business engine, such as products that:

When it comes to token design, we often run a simple thought experiment with founders:

Can you build a sustainable business model without token incentives?

There are cases where tokens are integral to the business model itself. But in most situations, introducing a token too early (before real users emerge beyond yield farmers and airdrop hunters) does more harm than good.

Tokens should be a multiplier, not a substitute for genuine demand.

Open networks enabled by blockchain technology live and die not just by their founders or end users, but by their broader contributors:

Real contributors don’t show up because of hype. They show up because they feel ownership and alignment—financial and non-financial. That’s why we back teams that treat every stakeholder as a collaborator, co-owner, and decision-maker within the system.

For the first time in history, blockchain lets humanity mass-coordinate complex processes and behaviors programmatically, rewarding individual effort at scale. DAOs (decentralized autonomous organizations), despite their many flaws, were an early proof of what’s possible. Their shortcomings weren’t all technological, but human and cultural.

As the industry continues to experiment with new forms of coordination, we look for projects that refine this philosophy into something sustainable: systems built with long-term alignment in mind, where incentives (token or non-token) reward real contribution and milestones, and where the contributor base can grow organically through both financial and intrinsic motivation.

At tmr Ventures, the ABCs framework isn’t just a theory. It’s a mental framework on how we invest.

We aim to back founders solving real world problems, integrating the power of blockchain, AI or other emerging technologies. Teams that understand blockchain’s power and apply it with discipline. Projects where technology serves something greater: adoption, impact, and scale.

It’s not the easiest path, but it’s the one that leads to durable, meaningful success for blockchain technology. If you’re a founder, or know founders building along these lines, I’d love to connect. Reach out or make an intro!

The views and opinions expressed in this post are those of the author and do not necessarily reflect the official policy or position of tmr Ventures or its affiliates. This content is provided for informational purposes only and should not be construed as investment, legal, or tax advice. Any references to companies or projects are illustrative and do not constitute an offer, solicitation, or recommendation to invest. Past performance is not indicative of future results.