’sunk-cost-maxxing’ Is Killing Long-term Crypto Development

Shrinking product cycles and constant pivoting mean nobody in crypto stays with anything long enough to know if it works, argues Ten Protocol’s Rosie Sargsian.

Most crypto projects will struggle to build anything long-term as they are forced to constantly chase new narratives to attract investors, according to Ten Protocol’s head of growth, Rosie Sargsian.

In a Saturday article posted on X titled “Why Crypto Can’t Build Anything Long-Term,” Sargsiai suggested many crypto founders have paper hands, switching gears at the first sight of trouble.

“Traditional business advice: don’t fall for sunk cost fallacy. If something isn’t working, pivot. Crypto took that and did sunk-cost-maxxing,” she wrote, adding:

Sargsian argued that there is now an 18-month product cycle in crypto, in which a new narrative emerges, funding and capital start flowing in, and everybody pivots amid the hype.

It builds up over six to nine months, then ultimately interest dies down, and founders then look for the next pivot.

“This cycle used to be 3-4 years (during ICO era). Then 2 years. Now it’s 18 months if you’re lucky. Crypto venture funding dropped nearly 60% in just one quarter (Q2 2025), squeezing the time and money founders have to build before the next trend forces another pivot,” she said.

Sargsian didn’t necessarily blame the crypto project founders, as she acknowledged they are playing “the game correctly,” but the “game itself” almost makes it impossible for projects to see their ideas through to the long term.

“The problem is, you can’t build anything meaningful in 18 months. Real infrastructure takes at least 3-5 years. Real product-market fit requires iteration over years, not quarters,” she said, adding:

One key issue has been how projects incentivize people to adopt the platforms and stick around long-term when the hype dies down.

Source: CoinTelegraph