[leppr]

Cryptocurrency ICOs showed venture funding could be innovated on way more fundamentally than "tweaking a formula". The simple ICO model may arguably have been largely misused, but it kickstarted a lot of promising research and experimentation[1].

[1]: e.g. https://vitalik.ca/general/2019/10/24/gitcoin.html, https://www.zfnd.org/blog/dev-fund-guidance-and-timeline