# LPs Articoli collegati

Il Centro Notizie HTX fornisce gli articoli più recenti e le analisi più approfondite su "LPs", coprendo tendenze di mercato, aggiornamenti sui progetti, sviluppi tecnologici e politiche normative nel settore crypto.

85% of concentrated liquidity is underutilized — Meaning for DeFi?

A recent Dune report reveals that concentrated liquidity, designed to enhance capital efficiency in decentralized exchanges, is largely underutilized. In the first half of 2026, an average of 29.4% of liquidity across major protocols like Uniswap v3/v4, PancakeSwap v3, and Aerodrome Slipstream was idle—outside active trading ranges—resulting in no fee generation. This represents about $542 million in idle capital weekly and an estimated $150 million in lost annual fees for LPs. When considering technically available but unused liquidity, the underutilization rate rises to approximately 85%. The study indicates that much of this idle capital, particularly over $200 million untouched for more than 90 days, stems from liquidity providers not actively managing their positions. Individual investors, not automated managers, hold the vast majority of this idle liquidity (e.g., 94% on Ethereum). Automated managers maintain far more active and in-range positions. Notably, Uniswap v4 has not resolved the issue; about 30.5% of its liquidity remains out of range, and while it introduced hooks for external yield strategies, only 10% of its TVL uses them, with none currently generating yield from idle capital.

ambcrypto07/18 00:03

85% of concentrated liquidity is underutilized — Meaning for DeFi?

ambcrypto07/18 00:03

The Midlife Crisis of Crypto GPs: No PMF, No Next Check from LPs

The article "The Midlife Crisis of Crypto GPs: No PMF, No Next LP Check" analyzes the shifting crypto fundraising landscape. It argues the era of selling grand visions to LPs is over; GPs must now offer products with clear Product-Market Fit (PMF). The author categorizes crypto fundraising products into three types: Primary (VC funds), Liquid (trading strategies), and CeFi/DeFi Native Yield. This summary focuses on the Primary market. Key points include: * **Market Shift:** LPs are impatient, demand immediate returns, and are skeptical of future promises. The "easy money" narrative has faded. * **GP Value Erosion:** LP learning curves have shortened (aided by AI), reducing the value of a GP's basic "crypto knowledge." Superior judgment is now rare. * **Weakened LP Motivations:** Traditional reasons for LPs to invest in crypto VC funds (capturing industry beta, gaining access, leveraging GP judgment) have weakened due to new products like ETFs and increased LP sophistication. * **Surviving in Primary:** The primary market will likely persist for: 1) large funds in endowment mandates treating it as a lottery ticket, 2) family offices/HNWIs using proprietary capital, 3) a few funds with proven recent outperformance, and 4) funds with strong ecosystem "deal-making" capabilities. * **Conclusion:** For most GPs, rebuilding trust requires starting over in a niche, demonstrating alpha-generating ability, or providing concrete value/services to LPs.

marsbit06/01 14:24

The Midlife Crisis of Crypto GPs: No PMF, No Next Check from LPs

marsbit06/01 14:24

Crypto GPs' Midlife Crisis: No PMF, No LP's Next Check

The article "The Midlife Crisis of Crypto GPs: No PMF, No LP's Next Check" analyzes the shifting crypto fundraising landscape. It argues that the era of LPs funding vague "vision" is over; GPs must now offer products with clear Product-Market Fit (PMF) to secure capital. The market has matured. LPs, disillusioned by the last cycle's failures and wary of long lock-up periods, now demand tangible, near-term returns rather than speculative narratives. The proliferation of accessible crypto ETFs and other liquid products has reduced the need for VC blind pools as an entry point. The author categorizes crypto fundraising products into three types: Primary (VC funds, with blind pools or clear pipelines), Liquid (alpha/beta, directional/market-neutral strategies), and CeFi/DeFi Native Yield (crypto-specific mechanisms like staking, farming). Focusing on the Primary market, the piece details why traditional LP rationales for investing in crypto VCs have weakened: easier beta access via ETFs, diminished "access" and "judgement" premiums as LPs build internal teams, and a widespread lack of proven superior returns from GPs. Ultimately, only specific players are likely to remain at the primary VC table: large funds with access to patient endowment capital, family offices/HNWIs investing proprietary capital, the few funds with demonstrable excess returns from the last cycle, and those with clear "deal-making" or ecosystem resource advantages. For others, the path forward is to rebuild trust by proving alpha-generation capability in a niche or providing concrete, valuable services.

链捕手06/01 14:00

Crypto GPs' Midlife Crisis: No PMF, No LP's Next Check

链捕手06/01 14:00

Lattice Capital Founder: Crypto VC, Believing is Seeing

In the face of a significant contraction in crypto VC funding, industry observers debate whether this signals a decline in crypto's appeal or a sign of market maturation. While some investors are leaving crypto entirely or diversifying into other high-growth sectors like AI, Lattice Capital co-founder Regan Bozman argues for staying the course. He expresses skepticism about crypto funds successfully pivoting to AI or deep tech, citing intense competition and lack of inherent advantage. Bozman believes the current crypto downturn, with fewer founders and less capital, actually presents a prime investment opportunity for those who are truly committed. He contends that the crypto financial infrastructure is only 5% built, with massive growth potential remaining in areas like non-USD stablecoins and crypto-based financial applications in global markets. The key is to focus on early-stage, specialized opportunities that larger funds may overlook.

marsbit04/23 02:45

Lattice Capital Founder: Crypto VC, Believing is Seeing

marsbit04/23 02:45

Dragonfly: Venture Capital Can Only Be Stable and Sustainable by Listening to LPs, Backing Reliable People, and Adapting to the Market

The article "Dragonfly: VCs Must Listen to LPs, Back Strong Founders, and Follow the Market to Sustain Success" by Rob Hadick argues that venture capital, especially in crypto, is fundamentally market-driven. VCs serve their limited partners (LPs), whose priorities extend beyond absolute returns to include risk-adjusted performance, reputation, regulatory exposure, and access to key networks. The current market contraction and concentration of capital into fewer funds are signs of a healthy, functioning market, not a failure. To survive, VCs must align their strategies with LP demands. This often means investing in trending sectors like stablecoins and prediction markets, even if not first. While contrarian bets are possible, they are a privilege earned by first demonstrating consistent, stable returns. The industry rewards sustainability, not reckless heroism. Similarly, the notion that founders lack original ideas is misguided. Great companies are often not the first in a space but the best execution of a model. Success is driven by market forces: VCs are rewarded for correct judgment and delivering what LPs want, and founders are rewarded for building valuable, profitable businesses that attract investment. Ultimately, ideological posturing is irrelevant; market dynamics dictate everything.

marsbit04/14 02:13

Dragonfly: Venture Capital Can Only Be Stable and Sustainable by Listening to LPs, Backing Reliable People, and Adapting to the Market

marsbit04/14 02:13

Dragonfly Partner Talks About the Truth of Crypto Venture Capital: Market Logic Far More Important Than Ideology

Dragonfly partner Rob Hadick argues that the core of crypto venture capital is driven by market logic rather than ideology. VCs operate within a market where they must satisfy their limited partners (LPs), who evaluate investments based on multiple factors: risk-adjusted returns, reputation, regulatory exposure, liquidity cycles, co-investors, access to key information, and social relevance—not just absolute returns. The current pullback in crypto VC funding reflects normal market behavior: LPs are reducing allocations or concentrating capital in fewer, higher-quality funds due to concerns over risk-adjusted returns, liquidity, and reputational risks. To survive, VCs must align their strategies with LP expectations, balancing consensus and non-consensus bets. Consistent, stable performance is rewarded over high-risk heroism; only proven investors earn the right to make bold moves. Hadick also challenges the romantic notion of backing overlooked founders or purely original ideas. Most successful companies aren't first in their category but execute best. Founders are incentivized to build profitable products that attract investment, not necessarily to innovate radically. Ultimately, market forces—not ideological rhetoric—govern both VC and founder success.

marsbit04/13 10:51

Dragonfly Partner Talks About the Truth of Crypto Venture Capital: Market Logic Far More Important Than Ideology