In the world of Web3, there are some projects that, despite being highly anticipated, have not issued their Tokens for a long time. These projects include 35 well-known projects launched between 2017 and 2024, many of which are established projects that have already crossed a complete bull and bear cycle.

Among these projects, some like Linea, OpenSea, Farcaster, and Tabi Chain, have been operating for many years but still do not have a clear token issuance plan. This phenomenon has sparked reflection and discussion within the industry about project development strategies.

The projects we focus on are mainly divided into two categories: one is those early projects that have been operating for many years but have yet to issue coins; the other is emerging projects that have received substantial financing in the past two years but have not yet issued Tokens. This choice may reflect the project team's cautious attitude towards the current market environment or considerations for the long-term development of their ecosystem.

It is worth noting that some projects have already begun to show signs of token issuance. For example, projects like Portal (which started in 2018), Anoma, and Bob (which started in 2020) have already landed on the Kaito Earn platform, which may indicate that they are about to issue tokens. In addition, Succinct Labs, Bless Network, Camp Network, Warden Protocol, Hana Network, and Lumiterra Game, which were launched in 2022, as well as Infinex and Sidekick Labs, which were established in 2023, have also appeared on Kaito Earn, suggesting that these projects may be preparing for token issuance.

The development trajectories of these unissued coin projects not only reflect the dynamics of the Web3 industry but also provide unique insights for investors and practitioners. Over time, whether these projects will change strategies and how to balance ecological development with Token economics will continue to be the focus of attention in the industry.