An analysis of 3,757 early-stage crypto projects shows token launches were nearly twice as common as disclosed Series A rounds.
CryptoRank’s dataset contains 5,990 funding-round records covering 4,431 unique projects across the selected stages as of August 27, 2026. The primary cohort for the study consists of 3,757 projects that disclosed at least one Pre-Seed, Extended Pre-Seed, Seed or Extended Seed record; the analysis tracked whether those projects later disclosed a Series A, launched a tracked token, achieved both milestones or recorded neither.
Token launches outpace Series A
Within the 3,757-project cohort, 1,152 projects (30.7%) launched a tracked token, while only 588 projects (15.7%) disclosed a Series A round. Of the token-launch group, 974 projects launched a token without a disclosed Series A, and 178 recorded both a tracked token and a Series A. A further 410 projects reached Series A without launching a tracked token. Projects that recorded both milestones include Acala Network, Celestia and Ondo Finance.
Funding progression and timing
The data show later venture rounds become more selective: 22.5% of projects with a Series A subsequently reached Series B, 26.2% of Series B projects advanced to Series C, and 31.9% of Series C projects reached Series D or a later disclosed stage. Median intervals between disclosed rounds were relatively consistent: 15 months from early-stage funding to Series A, then 16 months following Series A, 14 months following Series B and 13 months following Series C.
Market cycles shifted the balance
The relationship between venture funding and token launches varies by the year projects entered the market. More than half of projects in the 2018 and 2019 cohorts reached Series A while tracked-token rates remained around 30%. For projects that entered in 2020, 41% reached Series A and 47.7% recorded a token launch. The divergence was greater for projects first funded in 2021: 16.7% reached Series A, while 53.3% had launched a tracked token. The study notes this timing reflects both market conditions and the amount of time available for projects to mature.
