The crypto world is buzzing, and a recent thread from Joseph Delong (@josephdelong) on X has sparked some serious conversation. Posted on June 27, 2025, this thread challenges the traditional playbook for crypto startups and urges the industry to focus on what truly matters. As a former editor-in-chief at CoinDesk and now with Meme Insider, I’ve seen my fair share of trends come and go. Let’s dive into Joseph’s bold take and unpack why it’s resonating with the blockchain community.

The Old Playbook Is Outdated

Joseph starts by listing what he believes doesn’t matter for a crypto startup’s success:

• Intern accounts
• Yield farming programs
• Points systems
• Key Opinion Leaders (KOLs)
• Good venture capitalists (VCs)
• Community buzz
• Buy-back-and-burn schemes

These were the darlings of the 2020-2021 crypto boom, often hyped up as shortcuts to success. Yield farming, for instance, promised quick returns through staking, while KOLs were seen as the magic wand to boost visibility. But Joseph argues these are distractions—relics of a “psyoped” era we need to move past. His follow-up tweet calls out this outdated mindset, urging the industry to look forward.

What Actually Matters

So, what should crypto startups focus on instead? Joseph’s list of essentials is refreshingly simple:

• A product people use without a token: This is the big one. A startup should build something valuable enough that people adopt it, even without the lure of a cryptocurrency token.
• Users: Real, active users are the lifeblood of any project. Without them, you’re just building in a vacuum.
• Distribution: Getting your product into the hands of those users is just as critical as building it.

This shift in focus aligns with insights from a16z crypto’s Builder’s Guide, which emphasizes that the hard part of any startup—crypto or not—is creating something people want. Tokens might help with funding or community ownership later, but they shouldn’t be the foundation.

Why This Sparks Debate

Joseph’s thread didn’t go unnoticed. Responses ranged from humorous jabs—like Jonny Ray’s (@JonnyRhea) list of “abs” and “good hair” as startup essentials—to serious pushback. Some, like @goodalexander, warned he might “lose a lot of money” with this approach, suggesting traditional VC routes instead. Others, like @LefterisJP, lamented that a tokenless product might doom the industry. Yet, Joseph’s point stands: if a product can’t stand on its own, no amount of token hype will save it.

The idea of a “product people use irrespective of a token” (as @0xgunboats rephrased it) challenges the token-driven model many meme coins and DeFi projects rely on. For example, utility tokens like MANA in Decentraland work because the platform has value beyond the token. This resonates with Altrady’s take on cryptocurrency utility—real-world use cases drive adoption, not speculation.

A Meme Coin Perspective

At Meme Insider, we often see meme tokens thrive on community and hype—think Dogecoin or Shiba Inu. But Joseph’s thread suggests even these projects might need a stronger product foundation to survive 2025’s evolving landscape. With explodingtopics.com predicting a $3.4 trillion crypto market cap and renewed investor confidence, the pressure is on to deliver substance over sizzle.

Looking Ahead

Joseph’s thread, with its “holy water on a demon” reaction, highlights a divide in the crypto world. Are we ready to ditch the old tricks and build for users first? The data backs this up—Business Money’s guide stresses education, innovation, and adaptability as keys to success. As we move into the second half of 2025, this debate could shape the next wave of blockchain innovation.

What do you think? Is a tokenless product the future, or are we throwing the baby out with the bathwater? Drop your thoughts in the comments, and let’s keep the conversation going!