Biggest problem crypto faces is proper incentivization.

In traditional startups, you need to create actual value (i.e. revenues & path to profitability) in order to IPO, which usually takes 5-10y.

In crypto, token projects typically have a 1y cliff + 2-3y vest. As team tokens are unlocked + if there is a strong speculative premium on the token, many teams become millionaires overnight and lose motivation to build. (hence backing mission-driven teams is crucial)

Some ppl suggest KPI-based unlocks, eg unlock 20% of team tokens when they hit $100M TVL/volume/rev etc. But this doesn't really work because it's easy to game KPIs eg by insane token emissions or boosting marketing unsustainably. KPIs can always be gamed.

Another idea is for all tokens to be unlocked from Day 1. But I don't think this works either as teams will just optimise for marketing and sell at every pump.

And the final way is to lock tokens for 5-10y (similar to IPO timelines), but obviously no VC will fund this due to VC fund cycles.