The peak cycle for most ICOs has likely already passed. That era of rapid, unchecked token launches fueled by speculative capital is fading. Sure, you'll spot the occasional breakout project here and there, but nothing remotely comparable to the volume and hype machine of earlier years.

What's shifted dramatically is the player base. Today's retail participants in crypto are measurably more sophisticated than their predecessors. They've learned from past cycles, studied failed projects, and developed better risk assessment. Simultaneously, regulators have tightened their grip on the space—oversight is no longer a casual afterthought.

This squeeze hits teams hardest where it matters. Gone are the days when a polished whitepaper and smooth pitch deck could unlock millions. Vaporware and empty promises don't cut it anymore. The bar for credibility, transparency, and actual execution has risen substantially. Projects now need substance, not just storytelling.