According to @adriannewman21, crypto funding is pivoting from traditional VC to liquid venture via token-based crowdfunding, moving risk and liquidity earlier into public markets and away from private rounds; source: @adriannewman21 on X. For traders, this implies more early-stage token listings, faster price discovery, and higher volatility around TGEs and launchpads, while the IPO analogy underscores the need to evaluate exit pathways and token lockups when allocating to new token sales; source: @adriannewman21 on X.