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🤪 Internet Capital mayhem
Why ICMrun is open-sourcing alpha

Watching Crypto Twitter parade its vague associations to Polymarket via crusty screenshots from 2021 is pretty funny.
Everyone wants you to know that they are associated with the current valuable thing!
Besides prediction markets, tokenization continues to surge thanks to favorable crypto regulation and interest in launchpads. Today we’re looking at a crypto-native incubator focused on educating teams on how to launch tokens and navigate the current startup landscape.
— Kate Irwin

Opening the ICM box
A Solana-focused startup incubator wants to help projects cut through the noise on Crypto Twitter and deploy tokens in a way that sets teams up for long-term success.
ICM.run is focused on Internet Capital Markets-related projects, which ICMrun’s founder, who goes by Mercy, sees as “an evolution of the ICO era.”
The incubator counts Pudgy Penguins CEO Luca Netz and others from the Meteorite Collective, Seedify, and ProtoKOLs among its list of 20 mentors.
ICM recently announced the first project it’s incubating is Zynga co-founder Justin Waldron’s Open Game Protocol (more on this tomorrow!).
“ICM is a normie-coded term for tokenized utility products onchain,” Mercy told me in an interview. “ICM’s just the evolution of the 2017 ICO era that got over-regulated in 2018. All the onchain capital moved to off-chain venture capital to create this kind of gray zone for projects to get tokenized.”
“That black box of off-chain capital [has] created a parasitic environment,” he added. “Most of these Web2-to-Web3 advisory firms are so parasitic.”
The incubator believes the crypto startup scene desperately needs an open-source approach where information is a public good. But strategies on how to launch a token are being withheld by gatekeepers who profit off selling that information.
Other teams may simply be going the launchpad route, releasing tokens via Pump or Believe, without having a clear gameplan.

Source: Very few new tokens released via launchpads pass the $1M MC mark each week, but Pumpfun sees the most
“Web2 teams are just succumbing to the Crypto Twitter gauntlet,” Mercy said. “Because they didn’t understand what was going on, or they didn’t have access to information, real-time information, they just succumb to the Crypto Twitter gauntlet, which is holder demands.”
ICMrun has been building out its own community of believers with a token and an NFT collection.
The ICM token has a market cap of roughly $18.5 million as of this morning, and its Milady-inspired NFT collection has a floor price of 3 SOL ($666 each).

ICM plans to have a DAO at its core. Projects accepted to the incubator have to commit 1-5% of their total token supply to the DAO’s treasury.
Ultimately, the goal is not to keep information siloed to those accepted by the incubator.
“Big crypto does not care about indie onchain,” Mercy said. “But I don't judge our incubator success by the market cap or projects we incubate. I judge our success by the projects we never interact with that get access to our research information, and are able to go to market better because of it.”
Crypto is changing TradFi derivatives as we know them.
DAS: London will feature all the builders driving this change.
Get your ticket today with promo code: DROP100 for ÂŁ100 off.
đź“… October 13-15 | London

don’t know about you all but
i want to see *crypto native* products built by *crypto natives* eat the world
not interested in anything else these days
— niko (@nikokampouris)
7:55 PM • Oct 7, 2025
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