this take feels wrong to me, nothing inherently differentiates a crypto startup from a regular startup in terms of needing capital

is the argument that the rails for permissionless capital formation are easier in crypto? feels irrelevant

Permissionless rails don't feel irrelevant imo. That's the foundation of crypto in the first place.

Cuts out the middle man. Instead of organizing into VC funds just to redistribute capital back out to various projects, capital can flow to each project straight from the source (incredibly painful without crypto).