In August, primary market funding totaled approximately $596 million, a 74% drop compared to the previous month. The money is flowing into liquidation, stablecoins, and institutional infrastructure. Early-stage projects that have "secured funding but haven't issued tokens" are seeing more dispersed amounts—worth taking a closer look. Here’s a breakdown of recent projects without token issuance/TGE based on disclosed funding amounts: • @entropyIO — $14M｜On-chain Pre-IPO / Perpetual Equity • @axisrobotics — $12M Seed Round｜Physical AI • @NeoSoulAI — $11M Pre-A｜AI Agent trading, points system in progress • @vangrid_io — $9M SAFT｜DePIN spatial data, VAN not yet launched • @river_markets — $8.5M Seed Round｜Prediction market Prime Broker • @entravelcom — $7.5M｜Crypto-native hotel booking • @PerceptronNTWK — $6.5M Strategic Round｜Decentralized AI data • @XAgent_official — $1.8M Series A｜Agent OS During the same period, larger amounts that resemble equity financing include: @RQDClearing $74M, @fasset $68M, @yellowcard_app $40M. Higher-level narratives will become more competitive moving forward: AI Agent, DePIN, prediction markets, RWA transaction layers. ✅ Not issuing tokens ≠ Will definitely issue tokens ✅ SAFT / points systems / whitepaper planning ≠ TGE timeline ✅ Projects like City Protocol with "funding disclosed but credibility in question"—don’t treat them as confirmed financing when sharing.