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Project coins are capital formation at internet speed and scale.
Okay, first: what is capital formation? It's when money becomes machinery for making more things happen. Various funding sources are combined into a single "pot of gold" dedicated to a particular purpose.
Before capital formation, you have disparate financial resources sitting in different accounts, proverbially twiddling their little money thumbs. After capital formation, you have a Real Thing: a startup with runway, a factory with equipment, etc.
For example, two founders might combine $50k personal savings, a $100k angel check, and a $25k customer pre-order. Before: hobbyists with a side project and day jobs. After: they can quit those jobs, hire another developer, and focus full-time on executing.
Same people, same idea — but now they have the economic ammunition to make it real. That's capital formation.
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