[DefiLlama Founder: Tokenized Projects with Certain Market Value Have a 'Death Probability' About 50% Higher Than Non-Tokenized Projects] According to a report by Jinse Finance, the crypto community has raised concerns that the scalability of crypto products is limited, and token mechanisms often add complexity, causing developers to deviate from first principles in product design. Currently, more market resources are flowing toward Launchpads and speculative assets, while investment in functional tokens with technical missions and underlying protocol development has significantly decreased. If early popular open-source projects focused on solving real needs rather than building narratives around token issuance and market sentiment, they might achieve more sustainable growth. In response, DefiLlama founder 0xngmi stated that this trend is supported by certain data. His research shows that among crypto projects that have achieved a certain market value (e.g., TVL exceeding $10 million or monthly fee revenue exceeding $1 million), the 'death probability' of tokenized projects is about 50% higher than that of non-tokenized projects. However, some argue that despite the current market narrative favoring asset issuance, the true long-term value still lies in scalable protocol infrastructure and core technology products.