The Web3 primary market in 2026 has indeed completely bid farewell to the era of 'blind investment with closed eyes and wildly consuming narrative dividends.' We are now entering the 'second half': shifting from purely narrative-driven approaches to substantial delivery, compliant delivery, liquidity efficiency, and real value creation. Institutional funds, the mainstreaming of stablecoins/RWAs, and the integration of AI with privacy technologies are making investment decisions more like a hybrid of traditional VC and financial due diligence—relying on data, execution capability, and sustainability to speak, rather than white papers and PPTs.
In summary: High-quality projects = Strong execution team + Verified PMF + Sustainable Tokenomics + Compliant foundation + Real on-chain data. The era of narrative has ended, and the era of delivery has begun.
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