CoinTerminal director Maximiliano Stochyk outlines the key factors that make a DeFi project successful.
Summary
- Real revenue is the key to any successful blockchain project
- Key launch signals include backers, listings, and KOLs
- More and more Web2 projects are entering Web3 to raise money
- Real World Assets, AI and quantum computing are the hottest trends right now
Token launches are easier than ever, making good projects harder to spot than ever. As capital becomes more selective, investors are going back to basics. This means we need to look at projects with transparency, strong tokenomics and, crucially, real revenue.
To gain more insight into what it takes to launch and discover a successful project, crypto.new spoke with Maximiliano Stochyk, an executive at token launch platform CoinTerminal. Stochyk, who has helped crypto founders raise more than $25 million since 2014, breaks down the key factors that make a token succeed.
When evaluating token launches, what factors give you confidence that a project will succeed?
There are three main elements we look at – we call them social proof indicators. They are crucial for building trust with retailers and investors.
First, there are your donors, who invest in your project. Strong venture capital funds or angel investors give you instant credibility. When top names have your back, people take notice.
Secondly, there are stock exchange listings. Liquidity is important. If your token is only on a low volume DEX, it will be difficult to attract serious buyers and you will likely experience volatility issues. We prefer projects with at least one solid CEX list. It gives your token the exposure it needs and helps balance the natural selling pressure that comes from launch pads and early participants.
Thirdly, there is distribution: who will promote your project? We advise founders on KOLs and influencer strategy. In our experience, smaller KOLs often outperform the big names. They have closer communities, better engagement and more trust. Major influencers can look good on paper, but often deliver too little.
What are some of the fundamentals you look for in a strong token project?
The best projects don’t rely on their token to survive – that’s the first thing we look for. Ideally, the team already has a revenue-generating business model in place, usually something Web2-based such as SaaS or another product with paying users. In that case, the token becomes a tool for governance, growth or user incentives, but it is not essential to the survival of the company.
If your entire treasury is built by selling tokens in the market, you create long-term selling pressure without natural buying pressure. Ultimately, the token value collapses. That is not sustainable.
When I speak to teams, one of the first questions I ask is: “What is your revenue model?” Usually they don’t have an answer. They only think in terms of token price action, hype and mentions. That’s dangerous. You need a company, not just a whitepaper and a roadmap.
At CoinTerminal, we’re seeing more Web2 companies come to us with real traction – revenue, users, product market fit – and they want to expand into Web3 to raise capital, grow their user base, or experiment with tokenomics. That’s a much stronger foundation than trying to build everything around the token.
Transparency is also critical, especially when it comes to treasury management and communications with your community. Founders should be open about how much of the token offering they have sold, how they are using those funds, and which portfolios hold treasury assets.
Ideally, treasury portfolios are public and token movements are visible on-chain. But more importantly, teams must communicate proactively. If there’s a delay in the listing, or a token sale, or a change in plans, just say so. Silence creates fear, rumors and distrust within the community. We’ve seen that the best performing teams are the ones that remain transparent and consistent, even in difficult times.
What is your opinion on Web2 companies launching tokens to generate revenue? Does that model work for them?
It’s actually one of the strongest models we see at the moment. A Web2 company with an established customer base and revenue is in a great position to enter Web3. They don’t have to rely on token sales to survive, and they already have money for marketing, developers, and operations.
When we talk to these companies, we look at how they want to use the token. Some want it for the board. Some want the revenue to be shared with their community. Others use it for user acquisition. The key is that the benefit must be real – and not just an excuse to raise money.
From a positioning perspective, it is much easier to market a profitable Web2 company entering Web3 than a crypto-native project with no traction. The credibility is already there.
Web3 can be much faster. In many cases, it’s easier to raise capital through token launches and launch pads than traditional venture rounds, especially if you have a good story and real traction.
That’s why Web2 companies are exploring tokenization. Even if they generate millions in revenue, they often still need financing to scale – and Web3 offers a capital market that is fast, global and open.
The trick is to enter the space responsibly. If your tokenomics don’t work or your utility is unclear, the retail industry will quickly lose confidence. But if you do it right, you can raise capital and build a strong community at the same time.
You mentioned transparency. What is the real solution to the lack of transparency in crypto? Is it something that teams have to solve on their own, or is this a technical or regulatory issue?
It’s a mix. Some of it is technical: you can build dashboards and tracking tools to show where Treasury funds are going. Much of this may be visible on-chain, but once tokens or funds move to exchanges, visibility decreases. That’s where things get murky.
At the same time, teams must take responsibility for transparency. If there is a delay in a listing, say so. If you are selling part of your treasury, explain why. The founders think silence protects them, but it only creates more fear and speculation.
In the long run, I think the regulators will enforce this anyway. They will start asking projects to publicly disclose how much of their token supply has been sold, where the money is going and who has control over the funds. It’s better to get ahead of that now.
What stories are currently driving the market? Which ones are hot and which ones cool down?
Right now the most popular story is RWA: Real World Assets. Anything that bridges real world value to blockchain – whether it’s tokenized stocks, real estate or commodities. That is quickly gaining ground.
AI is also still hot, but we are starting to see some saturation. Everyone wants to connect ‘AI’ to their project, even if there is no real use case. So the novelty has worn off a bit, unless the use of AI actually makes sense.
GameFi is cold. After the boom and bust of playing to make money, most GameFi projects are struggling. Even those with new mechanisms aren’t seeing much market traction right now.
What about quantum computers?
Yes, that’s a good one. There are many new Layer-1s coming out that focus on quantum processing and data computation. We’ve seen at least three or four projects come our way lately that build around quantum computing concepts. It’s definitely a booming industry – I think it will grow 100%.
What is your biggest piece of advice for DeFi investors, especially those new to the space?
First, always do your own research. Don’t just rely on what’s on a website. Look at contracts, wallets, volume, TVL – and verify it across the chain if possible.
Second: Diversify. Even if you love a project, don’t overexpose yourself. Hacks happen, exploits happen, and even trusted platforms can disappear overnight. FTX was a huge wake-up call. I had money stuck there myself, and I was only able to get it out because I had direct contact and acted quickly – but I lost almost everything.
Third, be skeptical about returns. When you see double-digit APYs on stablecoins, you have to ask yourself where those returns come from. Usually it is not sustainable. High APYs often mean high risk.
And finally: safety is important. Many DeFi platforms still require you to manually connect wallets, sign transactions, and store seed phrases. For most users, that’s just too risky or confusing. The platforms that simplify all of this – with the DeFi backend being invisible – are the ones that will drive adoption.
