Token teasing fizzles as crypto projects swap coins for shares

The tease that fell flat

Polymarket's founder and CEO Shayne Coplan set the rumor mill spinning last week by hinting at news for the prediction market, stoking hopes tied to executive chatter back in 2025 about a potential cryptocurrency. On stage at Token2049 in Singapore, his remarks were far broader: "I truly believe in the idea for obviously on-chain assets." The crowd on social feeds did not love it. As one frustrated Polymarket trader put it, "We've had enough token teasing to last a decade, stop playing with your audience." Polymarket declined to comment.

In Singapore Coplan also said he believes in blockchain-based financial assets across formats, including tokens and equity. "That, to me, has immense staying power," he said, "and it's how the idea of stocks should work."

The token launch chill

The splashy token playbook is losing its shine. According to CoinGecko, over the period from January 2025 to February 2026, under 10% of tokens listed on the majority of top exchanges finished in the green. Acheron Trading's analysis shows new monthly listings on leading venues in late 2025 fell back to levels last seen in 2023.

That lines up with caution from practitioners. Aaron Brogan, an attorney whose firm counsels crypto and other emerging startups, said, "We've advised for a long time that token launches are really risky." "When that market was frothy, it maybe made sense." Outside of Bitcoin, froth has thinned.