Crypto fundraising is undergoing a dramatic shift. Web3 startups are no longer defaulting to venture capital; instead, they are embracing institutional-grade crowdfunding platforms that offer broader participation, stronger community engagement, and a faster route to market. Platforms like CoinList, Republic, Bitget LaunchX, Echo (founded by Cobie), the new Kaito Capital Launchpad, and Singapore-based SeedList are reshaping how early-stage token projects go to market , with global retail at the core.
This growing preference stems from dissatisfaction with traditional venture capital allocation models, which often prioritize insider access while sidelining retail participants. In contrast, these new platforms focus on empowering contributors and enabling community-led momentum. With over 100 token offerings expected in the second half of 2025 alone, the launchpad model is quickly becoming the industry’s go-to fundraising channel for high-potential Web3 projects targeting mainstream traction and CoinMarketCap visibility.
WalletConnect and Others Set the New Benchmark for Token Distribution
A pivotal example of this trend was the WCT token launch by WalletConnect earlier this year. It didn’t rely on one outlet but instead spread across several platforms , Bitget LaunchX, CoinList, and Echo , with record-breaking results:
- Bitget LaunchX saw its $4 million allocation snapped up in under two hours, following $170 million in pledges from over 40,000 users.
- CoinList drew in more than 18,000 investors from over 100 countries for its allocation.
- Echo filled its $500,000 private round in 11 seconds, emphasizing the efficiency of automation and the power of grassroots demand.
CoinList, originally spun out of AngelList, remains one of the most trusted names in token distribution. Its karma-based scoring system continues to reward contributors with early access to launches like Obol, Bitlayer, and DoubleZero , as well as previously backing now-iconic projects like Solana, Filecoin, and Flow by Dapper Labs.
Republic, backed by Galaxy Digital, has successfully raised over $120 million on its token launchpad and offers regular USDC dividend payouts to holders of its Note token. Meanwhile, Echo, created by prominent trader Jordan Fish (Cobie), has expanded its offering with the Sonar framework , a toolset designed to allow compliant, customizable token sales that founders can manage themselves.
Another notable entrant is Kaito Capital Launchpad, introduced in July by former Citadel executive Yu Hu. Kaito incorporates Base-chain integrations, AI-driven market insights, and community reputation scoring. Its first sale, Espresso, featured capped allocations, vesting schedules, and fee redistribution via the KAITO token , offering a more equitable and transparent experience.
Contributor-Focused Launch Platforms Are Taking Center Stage
While legacy launchpads have made token access more inclusive, the latest platforms are now pushing to reward contributors rather than just financial backers. Among these, SeedList is leading a movement to shift capital formation toward those who actually build, promote, and support early-stage Web3 ecosystems.
Headquartered in Singapore, SeedList has developed an allocation engine that favors substance over spending. Rather than relying on staking or pure lottery systems, it uses artificial intelligence to evaluate contributor value , such as community engagement, technical input, and KOL presence , when determining token distribution.
“We believe that capital alone should not determine who gets early access,” explained SeedList co-founder Rosa Pagani in a private founder roundtable. “We’ve eliminated VCs from our fundraising strategy and instead redirect those allocations to KOLs and microinfluencers who are genuinely helping projects grow.”
This approach is particularly appealing to founders outside the U.S., as SeedList is built without fiat or centralized custody requirements , simplifying legal concerns and making the platform more globally inclusive. Its model is well-aligned for emerging markets and international projects that often get overlooked by the U.S.-dominated VC ecosystem.
SeedList’s credibility is reinforced by the caliber of its leadership and backers. Rosa Pagani also serves as CEO of WhiteBIT Australia, the local arm of WhiteBIT Global , the largest crypto exchange in Europe with over 8 million users. Her co-founder, Brijesh Patel, previously worked as a partner at Pronomos Capital, a fund focused on decentralized governance and smart cities. Pronomos was backed by an elite group of investors including Marc Andreessen (a16z), Balaji Srinivasan (former CTO at Coinbase), the Winklevoss twins (creators of Gemini and early Facebook investors), and Naval Ravikant (founder of AngelList, parent of CoinList).
CryptoSheldon, a seasoned advisor within the Solana community and co-founder of SeedList, noted: “What we’re seeing is a new stack for token distribution. U.S.-based startups may still prefer CoinList or Republic. But if you’re launching a decentralized protocol in Asia, Europe, or Latin America, and you want to onboard 500,000 users with KOL support, SeedList is your best option. Echo and Kaito offer flexibility in between.”
2025 May Mark the End of the VC Era in Crypto Fundraising
The current trajectory shows that institutional launchpads are not just competing with venture capital , they’re replacing it. Platforms like SeedList, Kaito, CoinList, Republic, and Echo are building complete capital formation ecosystems that bundle user acquisition, compliance, analytics, and token liquidity into one go-to-market engine.
This holistic approach empowers founders to bypass restrictive funding structures and instead focus on building engaged communities before launch. Crowdfunding is no longer a backup option , it’s the preferred method.
Not surprisingly, more builders are entering the space to support this shift. Cobie built Echo. Yu Hu created Kaito. And CryptoSheldon, leveraging years of experience in the Solana ecosystem, launched SeedList to flip the fundraising model in favor of the community.
Several upcoming launches across SeedList, CoinList, Bitget LaunchX, and Kaito are already scheduled for the second half of 2025. Expect a diverse pipeline of DePIN-focused networks, AI-powered protocols, and L2 infrastructure projects. With stronger allocation logic and more contributor involvement, this year could be remembered as the tipping point when institutional crowdfunding fully replaced VCs in Web3.
