Crypto fundraising is undergoing a major shift. More and more Web3 startups are moving away from traditional venture capital and turning to large-scale token launchpads designed to reach a global audience. Platforms like CoinList, Republic, Bitget LaunchX, Echo by Cobie, SeedList, and Kaito Capital Launchpad are now at the center of this movement. These institutional crypto crowdfunding platforms are not just raising capital, they’re accelerating mass user adoption, expanding brand recognition, and helping projects launch faster.
A wave of oversubscribed public token sales, stronger community participation frameworks, and mounting dissatisfaction with opaque VC deals has made this shift inevitable. With more than 100 launches expected in the second half of 2025, token launchpads are no longer an experimental route, they’ve become the new standard for Web3 teams targeting high visibility and real user traction.
The Rise of Multi-Platform Token Raises
Earlier this year, WalletConnect’s WCT token was launched across multiple platforms and raised a combined $10 million, marking one of the biggest successes of the year:
- Bitget LaunchX filled its $4 million allocation in under two hours, attracting over $170 million in pledges from 40,000 contributors
- CoinList drew in more than 18,000 participants from 100+ countries
- Echo’s $500,000 private sale sold out in just 11 seconds, thanks to automated infrastructure and community buzz
CoinList, a well-known spinout from AngelList, has continued its momentum with additional launches including Obol, Bitlayer, and DoubleZero. Its karma-based model encourages participation by rewarding active contributors. Past hits like Solana, Filecoin, and Dapper Labs’ Flow all came through CoinList.
Republic, supported by Galaxy Digital, has passed the $120 million mark on its token launchpad. Its model is distinct in offering USDC dividend payouts to NOTE holders. Meanwhile, Cobie’s Echo introduced its Sonar launch stack, an all-in-one framework allowing early-stage projects to conduct compliant, self-managed sales.
Kaito Capital Launchpad, created by a former Citadel executive, entered the market in July with a new approach combining Base-chain integration, AI-powered analytics, and allocation based on social reputation. Its debut project, Espresso, featured capped contributions, structured vesting, and KAITO token-based platform fee redistribution.
SeedList and the Rise of Contributor-Based Access
While many launchpads focus on broad access, some are taking things further by prioritizing meaningful contributions over raw capital. One of the most innovative examples is SeedList, a Singapore-based institutional crypto launchpad that eliminates VCs from the equation and redirects allocations to builders, KOLs, and other active ecosystem participants.
SeedList uses an AI-driven merit allocation system that takes into account technical work, influencer reach, and verified engagement. It avoids staking and random lotteries in favor of intentional participation, especially from non-U.S. markets that often get left behind.
“Our model gives early-stage access to those adding real value,” said SeedList co-founder Rosa Pagani during a closed-door investor call. “We’re grateful to platforms like CoinList for paving the way, but we’ve taken it one step further. We completely remove VCs and reallocate those allocations to microinfluencers and contributors who actually help projects grow.”
SeedList also takes a different approach when it comes to compliance. Unlike CoinList and Republic, it operates without fiat or crypto custody, reducing legal friction and making it easier for users in various jurisdictions to participate in token sales.
The team behind SeedList includes some notable names. Rosa Pagani is also CEO of WhiteBIT Australia, part of WhiteBIT Global, Europe’s largest cryptocurrency exchange, valued at $18 billion and serving over 8 million users. The project also counts Brijesh Patel, former partner at Pronomos Capital, as a backer. Pronomos was supported by big-name investors like Marc Andreessen (a16z), Balaji Srinivasan (former Coinbase CTO), the Winklevoss twins (Gemini & Facebook), and Naval Ravikant (founder of AngelList, parent of CoinList).
A Clearer Launch Strategy for Founders
Solana ecosystem figure CryptoSheldon summarized the current landscape:
“In today’s environment, founders have more control than ever. If you want a U.S.-focused raise with VC backing, CoinList is your go-to. But if you’re building a decentralized protocol outside the U.S. and need to reach hundreds of thousands of retail users through KOLs, then SeedList makes the most sense. And if you’re looking for something more in between, platforms like Echo and Kaito are great options.”
This flexible launchpad ecosystem gives projects the chance to tailor their fundraising model to match their user base and long-term vision, something traditional VC rounds rarely allow.
Looking Ahead: What to Expect in Late 2025
As of mid-2025, the distinction between venture capital, launchpads, and exchanges is fading. Platforms like CoinList, Republic, Echo, SeedList, and Kaito are integrating compliance, analytics, and liquidity services into their launch infrastructure, giving founders everything they need in one place.
The second half of the year is packed with upcoming token launches across these platforms, including DePIN protocols, AI-first blockchains, and L2 scaling projects. Bitget LaunchX, SeedList, CoinList, and Kaito are all scheduled to host major sales in Q3 and Q4.
Meanwhile, the people driving this transformation aren’t just investors, they’re builders and influencers who’ve had enough of legacy models. Jordan Fish (Cobie) launched Echo, Yu Hu (formerly of Citadel) founded Kaito, and CryptoSheldon, known in the Solana space for his advisory work, helped create SeedList to push power back to contributors and communities.
With better tools, smarter allocation systems, and a growing preference for community-led growth, 2025 may go down as the year launchpads overtook VCs as the default strategy for token-based fundraising.