Many crypto projects have seemingly perfect incentive plans, but the actual results are disappointing—what's the key issue? To put it simply, it's about getting the order wrong.

Many teams place their bets on token distribution, thinking that as long as they offer enough benefits and design a good release curve, users will naturally come. The data before the TGE looks good, but when you look at the reality, it's a different story. Incentives are not magic; they require a prerequisite—that there are people in the first place.

The logic is actually very simple: incentives are meant to retain existing users and accelerate growth. But if there's no foundation, incentives become self-congratulatory. Conversely, by first establishing a user base and genuine engagement, the incentive plan can truly be effective. The order in which this is done determines the project's survival.