After 8 years building Token Metrics and 100+ investments, one lesson stands out: game theory matters more than roadmaps.
When founders, teams, token holders, and users have misaligned incentives—where one group profits by harming another—the project is structurally doomed. No amount of technical polish can fix broken incentive design.
When founders, teams, token holders, and users have misaligned incentives—where one group profits by harming another—the project is structurally doomed. No amount of technical polish can fix broken incentive design.