Ever chased after a hot crypto airdrop or token launch, only to be left waiting months—or even years? You're not alone. In the fast-paced world of blockchain, hype can build quickly, but deliveries often lag. Token Generation Events (TGEs) are when new tokens are created and distributed, often via airdrops to reward early users. But sometimes, these promises fizzle out.

This thread from StarPlatinum on X highlights 10 projects that raised big bucks and generated massive buzz, yet their tokens remain in limbo. Let's break them down, explain the jargon, and see what we can learn. Who knows—some might still drop surprises in 2025.

1. SOMO / PlaySomo: The Gaming Platform That Kept Us Waiting

PlaySomo, formerly known as SOMO, is a blockchain gaming project that raised a whopping $20 million back in April 2024. They teased a quick token launch right after their presale, but 16 months later, zilch. Instead, they've rolled out mini-games on Telegram to keep the community engaged. Hopes for a 2025 TGE are fading fast, leaving investors wondering if it'll ever happen.

2. Tatsumeeko: From Hype to Shutdown

Tatsumeeko, a role-playing game on blockchain, secured $7.5 million in June 2022 from heavy hitters like Binance Labs and Animoca Brands. They promised tokens (IGS/MKLN) by Q1 2024, but come May 2025, the project pivoted to "Project Wander" and essentially shut down. It's a classic case of overpromising in the crypto gaming space.

3. Base: Coinbase's Layer 2 Without a Token

Base, the Layer 2 scaling solution from Coinbase, launched with no plans for a native token, as stated by lead Jesse Pollak. Despite holding over $4.91 billion in Total Value Locked (TVL)—that's the amount of assets staked or locked in the protocol—the community keeps pushing for one. The team? Still a firm "no." It's proof that not every successful project needs a token to thrive.

4. MetaMask: The Wallet Giant Teasing a Token

MetaMask, the popular Ethereum wallet from ConsenSys, raised $450 million in March 2022 at a $7 billion valuation. Rumors of a MASK token and DAO (Decentralized Autonomous Organization, basically a community-governed entity) have swirled since 2021. In May 2025, co-founder Dan Finlay called it "still only maybe." Meanwhile, phishing scams exploit the hype—stay vigilant!

5. MarginFi: DeFi Drama and Founder Exit

MarginFi, a DeFi (Decentralized Finance) lending protocol on Solana, raised $3 million in February 2022. Their points program started in July 2023, but over 749 days later, no token. TVL is dropping, users are fleeing, and in April 2024, founder Edgar Pavlovsky quit, even threatening to "brick" (render useless) any future token. Ouch.

6. Rabby Wallet: Points Farming Without End

Rabby Wallet, a DeFi-focused wallet, raised $25 million in January 2024 from Sequoia and Coinbase Ventures. They hyped a "confirmed airdrop" that month, but 20 months on, it's just Season 2 points farming. No token in sight, testing the patience of its user base.

7. Symbiotic: Restaking with Vague Promises

Symbiotic, a restaking protocol (allowing users to stake assets multiple times for extra yields), raised $34.8 million across rounds. They hinted points would lead to a token, but 15 months later, it's just more points and "external rewards." The community is growing restless.

8. Karak Network: Billion-Dollar Valuation, No Token Plan

Karak Network, another restaking player, raised $48 million at a $1 billion valuation. XP farming was teased as potentially leading to an airdrop, but 17 months in, with $136 million locked, there's no clear timeline. The Chinese community is particularly vocal, labeling it a "rug pull" (when devs abandon a project after taking funds).

9. DeBank: Wallet Tracker Turned Points Farm

DeBank, a portfolio tracker for crypto wallets, raised $25 million at $200 million valuation. Their XP system sparked airdrop hopes, but 14 months later, a July 2024 "airdrop" was just more points. Will a real token ever drop? The jury's out.

10. Photon: Mysterious Points with No Timeline

Photon, with no public funding announced, launched a points system in January 2024, claiming it'd determine future PHOTON token allocations. Twenty months later, still no TGE details. It's a reminder that hype without transparency can lead to endless waiting.

These stories show the risks in crypto: big raises don't guarantee deliveries. Always DYOR (Do Your Own Research) and avoid FOMO (Fear Of Missing Out). Some projects might still launch—keep an eye on updates via sources like CoinDesk or X threads. What delayed launch frustrated you the most? Share in the comments!

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