PANews, June 23 — Paul Cafiero, Communications Partner at a16z Crypto, posted on X that the crypto industry has entered the "Show Me" era, where vision and MVP (Minimum Viable Product) alone are no longer enough to earn external recognition. As traditional financial institutions truly enter the crypto space — with BlackRock launching a tokenized money market fund, Fidelity applying for a crypto ETF, and JPMorgan settling transactions on its internal blockchain — industry standards have been permanently raised. The crypto industry has historically operated on a "vision as product" logic, but now the standard of proof has fundamentally changed: partnerships require actual deployments and partners willing to endorse them; data needs mainnet transaction volume, active users, revenue, and retention curves, not just testnet data; the clearest proof of product-market fit is not a launch announcement, but an organically growing community that already existed before the launch. Paul Cafiero believes that today’s narratives should be rooted in facts, rather than making facts fit the narrative. In 2021, it could be 80% vision and 20% substance; now that ratio has flipped. If you have real users, real data, and real partners, the higher standards will benefit the good builders in the industry.