Mike Ippolito and Jason Yanowitz, co-founders of Blockworks, discuss their company's major rebrand and the current state of crypto markets. Recording in April 2025, they analyze why crypto sentiment feels low despite institutional adoption success.

The conversation covers Blockworks' evolution from a media company started in December 2017 to a data platform focused on on-chain capital markets. They explore the trust crisis in crypto tokens and their vision for rebuilding capital markets infrastructure.

Both founders share insights on crypto's transition from fringe movement to mainstream acceptance, the structural problems with token economics, and their strategy for connecting investors with on-chain businesses through standardized disclosures and data intelligence.

Crypto's Identity Crisis After Winning

Crypto succeeded as both institutional bull market and political movement, but now struggles with identity as fringe ideology meets mainstream reality

"Going back to crypto, we won. We actually won. The US didn't ban crypto. We embraced crypto" - Mike, comparing crypto's success to historical movements like early Christianity

The industry no longer has clear enemies like banks or regulators, creating a search for new rallying points and someone to blame for market struggles

The Token Economics Disaster

"The median net return of a token over the last five years is down 80%" - Jason, despite crypto generating significant on-chain revenue

Token supply exploded from 2 million to over 35 million assets, while normalized market cap per token sits at July 2020 levels

Price and revenue correlation broke in 2025 - projects generated substantial fees but token prices remained flat, indicating a fundamental trust problem

Token holders lack basic protections that equity investors take for granted, leading to discount pricing regardless of business performance

Blockworks' Capital Markets Platform Strategy

Blockworks pivoted from media to building connective tissue for on-chain capital markets, connecting investors with businesses through standardized disclosures

The platform starts with disclosure layer covering ownership structures, emission schedules, and insider sales - "super table stakes, basic stuff" - Jason

Intelligence layer powered by AI will handle enterprise workflows like exchange listings and investor relations, leveraging real-time blockchain transparency

Vision extends beyond tokens to all on-chain instruments including RWAs, with goal of consolidating fractured capital markets infrastructure into one platform

The Coming Market Consolidation

"I think that you're going to see... 10 tokens that are going to win because there are probably five categories that everyone believes in" - Mike

Winners like Polymarket have already consolidated their categories, making new competition nearly impossible due to network effects

Investment capital is moving later stage as early-stage token flipping strategies failed, reversing traditional startup risk curves

Market recovery expected following four-year cycle pattern, with business sentiment lagging price recovery by approximately six months

Resources Mentioned

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