Cryptocurrency data analysis platform CryptoRank analyzed 3,757 early-stage cryptocurrency projects and found that a majority of projects prefer token launches over Series A funding as a 'graduation path'. According to U.Today, only 588 (15.7%) of the projects tracked by CryptoRank proceeded to Series A funding. The median time taken to reach Series A after initial funding was 15 months. In contrast, 1,152 (30.7%) projects launched tokens, with 974 of them launching tokens without Series A funding. Projects that achieved both Series A and token launch totaled 178, accounting for only 4.7% of the total. In this regard, CryptoRank pointed out, "For cryptocurrency projects, token launch and Series A are closer to a 'graduation path' rather than sequential growth stages of a typical startup. This suggests that a significant number of early projects are attempting to 'graduate' through token issuance rather than going through traditional venture investment stages."
