Have ICOs become a thing of the past? The answer might be more nuanced than you'd think. The real issue is that most projects are approaching tokenomics all wrong—raising capital excessively and crushing price discovery mechanisms before token generation events even happen. What gets mistaken for genuine user demand is really just pre-token speculation hype.

There's a different playbook though. Look at Cypher: the team prioritized actual user adoption and executed a fair launch strategy. That's where the real bullish signal lives. Similarly, EIP7503 is taking the same user-first approach, and it's refreshing to see projects that put community value above quick fundraising.