Крипто VC динамика и исследования

Когда криптовалюта превращается из главного героя истории в инфраструктуру, сможет ли она продолжать играть роль определяющего фактора в более широком технологическом ландшафте?

Этот раунд финансирования делает ставку на переход криптовалюты от стадии строительства инфраструктуры к стадии реального использования пользователями. Независимо от того, выбирается ли фокус на криптовалюте или на пересечении с AI, эти реальные деньги будут направлены только в те места, которые смогут превратить технологии в продукты.

Homogenized industries are ultimately fragile; only when different species emerge can the market be considered truly alive.

In a16z's logic, cryptocurrency is not only a financial innovation tool but also a technological system concerning value, ownership, and coordination mechanisms, as well as a strategic technology that impacts U.S. national interests.

If the past Paradigm represented the "engineer era" of the cryptocurrency industry, then what it will face next may be a more pragmatic and market results-oriented phase. The success or failure of this adjustment will also determine whether it can continue to play the role of a definer rather than a bystander in the next cycle.

When many native crypto VCs indulge in narrative-driven and short-term speculation, they face a dilemma of mismatched value capture and risk-taking. The trading instincts, secondary market hedging capabilities, and emphasis on stablecoin cash flow demonstrated by Dragonfly precisely return to the old rules of long-cycle dollar funds.

While small projects are still struggling with the next round of financing and token issuance, the giants are already using cash to buy time and acquisitions to secure the future.

When mergers and acquisitions and IPOs become the mainstream exit paths, and when the types of LPs become more diverse and fund cycles are extended, will crypto VCs — especially Asian VCs — rebound in the new cycle?

Patience is an opportunity, luck is a profession, FOMO = suicide.

Strive to find new narratives.