# Сопутствующие статьи по теме VC

Новостной центр HTX предлагает последние статьи и углубленный анализ по "VC", охватывающие рыночные тренды, новости проектов, развитие технологий и политику регулирования в криптоиндустрии.

Over 80% of New Tokens Peak at TGE, The Root Cause and Cure for Web3's False Prosperity Lies Here

More than 80% of new tokens in 2025 have seen their Fully Diluted Valuation (FDV) fall below their initial TGE valuation, with a median decline of 71%. Only 15% of tokens performed better post-TGE. This trend indicates that for most projects, the token generation event (TGE) represents their peak valuation. Statistical analysis of 113 token launches reveals that common success metrics—such as high fundraising amounts, large social media followings, and listings on major exchanges—have little to no statistical correlation with token performance. Projects raising more capital (e.g., over $10 million) did not perform better than those raising less (e.g., $300k–$500k). In fact, lower-funded projects often delivered higher returns per dollar raised. Social community size proved irrelevant; most "communities" are speculative and disappear when token prices fall. Token pricing also matters: tokens priced between $0.01–$0.05 at launch had the highest survival rate, while those priced outside this range generally failed. AI-related tokens outperformed others in both peak and current returns, while Gaming and DeFi sectors struggled significantly. Launch platforms (IDOs/IEOs) did not ensure success—most tokens on these platforms fell 70–93% post-launch. The root issue is a market that prioritizes hype over substance, narrative over data, and promises over products. To survive in 2026, projects should focus on lean fundraising, realistic token pricing, product-market fit, and tangible metrics like user retention and revenue—rather than vanity metrics. The old playbook is broken; a new, pragmatic approach is essential.

Odaily星球日报12/23 09:55

Over 80% of New Tokens Peak at TGE: The Root Cause and Cure for Web3's False Prosperity

Nearly 85% of tokens launched in 2025 have seen their fully diluted valuation (FDV) fall below their initial TGE valuation, with a median decline of 71%. Only 15% of new tokens outperformed their TGE price. This trend reveals systemic issues in the Web3 space, where high fundraising, large communities, and major exchange listings—often considered markers of quality—show no statistical correlation with token performance. Key findings include: - Projects raising $1 million performed similarly to those raising $10 million. Excessive funding often leads to faster token failure due to investor unlocks and market pressure. - Community size (e.g., 50k vs. 500k followers) has no predictive value for token success. Most "communities" are speculative and disappear when prices drop. - Token pricing is critical: tokens priced between $0.01–$0.05 at launch showed the best survival rates, while those outside this range often failed. - AI tokens outperformed others in both peak and sustainability, while Gaming and DeFi sectors struggled severely. - IDO/IEO platforms provided no reliable protection; most launches resulted in significant losses. The root causes include flawed tokenomics, over-reliance on speculative metrics, poor timing, and a market that prioritizes narrative over substance. The article urges builders in 2026 to focus on sustainable fundraising, realistic token pricing, product-market fit, and genuine metrics like user retention and revenue—rather than vanity indicators. The old playbook is broken; adaptation and integration are essential for survival.

marsbit12/23 03:07

Over 80% of New Tokens Peak at TGE: The Root Cause and Cure for Web3's False Prosperity

marsbit12/23 03:07

Pantera Partner: The Return of Professionalism and Rationality in Crypto VC, Where Is the Next Investment Hotspot?

Pantera Capital partners Paul Veradittakit and Franklin Bi discuss the current state and future trends of crypto venture capital. Despite a record $34 billion in total funding this year, deal volume has halved compared to 2021-2022, signaling a market shift toward professional, institutional capital focused on later-stage projects with rigorous due diligence. They attribute the previous "metaverse" and "altcoin" speculation frenzy to low interest rates and excess liquidity, which funded many unsustainable projects. The market is now rationalizing. Key developments include a clearer exit path via IPOs (e.g., Circle) and the emergence of Digital Asset Treasuries (DATs), which are actively managed vehicles for yield generation. DAT competition will hinge on execution and asset growth. Future investment themes include: - **Tokenization**: A multi-decade trend enabling programmable assets and new financial products, with stablecoins as a killer app. - **ZK-TLS (Zero-Knowledge TLS)**: Crucial for verifying off-chain data authenticity without exposing raw data, enabling new applications. - **Consumer/Prediction Markets**: Platforms like Polymarket offer democratized information discovery and entertainment. In a "bull or bear" segment: - **Stocks**: Divergent views on Robinhood (bullish for integration) vs. Coinbase (bullish for global institutional expansion). - **Payment Chains**: Skepticism about user lock-in vs. potential for optimized chains. - **Privacy**: Debate on whether it's a feature (bearish) or a investable vertical (bullish for enterprise solutions). Additional insights: - Token lockups should align investors and founders to ensure long-term commitment. - The "L1 war" isn't over; value capture mechanisms and user activity will determine winners.

marsbit12/19 07:39

Pantera Partner: The Return of Professionalism and Rationality in Crypto VC, Where Is the Next Investment Hotspot?

marsbit12/19 07:39

Has the Era of Easy Money for Crypto VCs Come to an End?

The era of easy profits for crypto VCs appears to be over, marked by a necessary market correction and a shift toward more sustainable investment practices. The recent collapse of Shima Capital, following SEC charges against its founder for fraudulent fundraising and mismanagement, symbolizes a broader industry-wide reckoning. Once-revered VCs are now facing scrutiny as inflated valuations, poor returns, and failed exit strategies expose systemic flaws. Market dynamics have shifted significantly: liquidity has dried up,散户 investors have retreated, and many VC portfolios are underwater. Data shows only 2% of altcoins are currently profitable, underscoring the severity of the downturn. VCs are adapting by focusing on later-stage investments, prioritizing projects with real traction and data over speculative narratives. Funding is increasingly concentrated in infrastructure—such as payment rails and privacy tools—rather than premature application-layer projects like NFTs or metaverse platforms. This period of "creative destruction" is pushing the industry toward maturity. VCs are becoming more disciplined, seeking genuine value and long-term viability rather than quick returns. While the transition is painful, it may ultimately lead to a healthier, more transparent, and more resilient crypto ecosystem.

比推12/18 15:45

Has the Era of Easy Money for Crypto VCs Come to an End?

比推12/18 15:45

Farewell to Building Castles: The Transformation Moment for Crypto VCs

The crypto VC industry is undergoing a painful but necessary transformation, marked by the collapse of once-prominent firms like Shima Capital. Its founder, Yida Gao, faced SEC charges for fraudulent fundraising and misrepresentation, leading to the fund’s shutdown. This signals a broader shift toward accountability and transparency in the sector. The era of easy profits through speculative investments and “pump-and-dump” models is ending. With declining liquidity and retail participation, many VCs face prolonged losses and difficult exits. Data shows only 2% of altcoins are in profit, highlighting severe market strain. Investors now prioritize projects with real traction and data, not just narratives. VC strategies are evolving: funding is becoming more concentrated, with larger sums flowing into fewer, later-stage deals. There’s also a growing focus on infrastructure—such as payment rails and privacy tools—rather than premature application-layer projects. Some crypto-native funds are even diversifying into AI, biotech, and other non-crypto sectors. This period of recalibration, though challenging, is pushing the industry toward sustainable growth. By building stronger foundations, the market may eventually support more resilient and valuable applications in the next cycle.

marsbit12/18 12:07

Farewell to Building Castles: The Transformation Moment for Crypto VCs

marsbit12/18 12:07

HTX Research Latest Report | Deciphering the Pre-Market Trading Ecosystem: How a Ten-Billion-Dollar Market is Reshaping the Starting Line of Web3 Assets?

HTX Research's latest report, "Pre-Market Trading Ecosystem: How a Ten-Billion-Dollar Market is Reshaping the Starting Line for Web3 Assets," analyzes the emergence of a "1.5-level market" bridging primary and secondary crypto markets. Driven by tightened funding and prolonged token generation event (TGE) cycles, this pre-market allows the trading of future token value, points, and convertible rights (like NFTs or whitelist spots) before official listing. Key structures include OTC trades, spot trading, and innovative pre-listing perpetual contracts, exemplified by HTX's launch for WLFI. While growing into a multi-billion-dollar sector, the pre-market faces challenges like thin liquidity and information asymmetry. The report concludes it is a structural shift, not a short-term trend, fundamentally altering project launches, exchange listing strategies, and early user participation.

深潮12/18 09:18

HTX Research Latest Report | Deciphering the Pre-Market Trading Ecosystem: How a Ten-Billion-Dollar Market is Reshaping the Starting Line of Web3 Assets?

深潮12/18 09:18

HTX Research's Latest Report Deciphers Pre-Market Trading Ecosystem: How a Hundred-Billion-Dollar Market Reshapes the Starting Line of Web3 Assets

HTX Research, the dedicated research arm of HTX, has released a new report titled "Pre-Market Trading Ecosystem: Mechanism Evolution, Market Structure, and Future Trends Behind a Ten-Billion Scale." The study systematically examines the formation, asset structures, and major models of the pre-market trading ecosystem in crypto, as well as its profound impact on project issuance and exchange systems. The report highlights the emergence of a "1.5-level market" that bridges primary and secondary markets, driven by tightened funding conditions and extended token generation event (TGE) timelines. This pre-market allows early contributions and future expectations to be transformed into tradable instruments. Three core asset structures form this ecosystem: pre-market OTC, spot, and perpetual contracts tied to future token value; tradable points systems linked to airdrop incentives; and NFT-based rights such as whitelist spots and early access passes. Together, these create a multi-layered pre-trading system. HTX has actively explored this space, launching pre-market perpetual contracts for assets like WLFI before their official listings. While pre-market has reached a multi-billion dollar scale with strong growth potential, it also faces challenges including thin liquidity, information asymmetry, and a lack of standardized regulations. Ultimately, pre-market trading is evolving from a grey-area activity into a structured, institutionalized market layer that is reshaping project launches, exchange strategies, and early user participation in crypto.

marsbit12/18 08:57

HTX Research's Latest Report Deciphers Pre-Market Trading Ecosystem: How a Hundred-Billion-Dollar Market Reshapes the Starting Line of Web3 Assets

marsbit12/18 08:57

Public Chains 2025: The Bustle Belongs to the Casino, the Desolation to the Ecosystem

The 2025 public blockchain landscape reveals a stark divide between hype and reality, with a severe concentration of value and widespread "zombification" of projects. Analysis of DeFiLlama's on-chain fee data exposes a critical structural issue: the crypto space is dominated by a "profit concentration and long-tail zombie" era. Notable examples highlight this crisis. Algorand, a chain with a $1 billion market cap and advanced technology, generated a mere $17 in daily fees, while Cardano, a top-10 asset, saw only around $6,000. These "classic chains" are likened to empty, expensive cities with no real economic activity. The biggest value capturers are not the most technologically elegant chains. Tron leads with $1.24 million in daily fees, succeeding as a low-cost payment rail for USDT transfers—crypto's only true mass-adoption use case. Solana ($600k daily) thrives as a high-frequency casino for meme coins and speculation, and Base ($105k daily) demonstrates that distribution (via Coinbase) is more critical than pure technology. The only validated business models generating significant fees are low-cost payments, high-frequency speculation, and, to a lesser extent, Ethereum's asset settlement layer. The VC-driven model is failing. New chains like Sui, Sei, and Starknet, which raised hundreds of millions, show a severe disconnect between their high valuations and meager daily fee revenue (ranging from $320 to $12,000). Their lifecycle often follows a "pump and dump" pattern: VC funding -> airdrop farming -> token listing -> user exodus -> collapsed on-chain activity. The industry suffers from a massive oversupply of block space with a dire lack of killer applications. The article concludes that investors must shift from valuing narratives to scrutinizing financials. They should avoid "zombie coins" with high valuations and negligible fees, focus on chains with organic, fee-generating demand, acknowledge that distribution and community are now more valuable than pure tech, and see through the VC subsidy game. This is a necessary market correction; only by paying for real, generated value—not promised future stories—can the industry achieve healthy growth.

比推12/18 06:36

Public Chains 2025: The Bustle Belongs to the Casino, the Desolation to the Ecosystem

比推12/18 06:36

The Brutal Reckoning of the Public Chain Market in 2025: The Thriving Casino, The Fake Ghost Town, and VC's Harvesting Scheme

Crypto Public Chains Face a Reality Check: A Grim Settlement in 2025 The crypto market, often perceived as a lens of soaring market caps and futuristic promises, reveals a starkly different reality when analyzed through on-chain fee data. A deep dive into DeFiLlama’s “Fees by Chain” metrics exposes a severe structural issue: the public chain ecosystem is dominated by profit concentration, while the long tail languishes in zombification. Notable examples highlight this disparity. Algorand, a chain backed by Turing Award-winning cryptography, recorded a meager $17 in daily protocol revenue despite a billion-dollar valuation. Similarly, Cardano, a top-ten asset by market cap, generates only around $6,000 in daily fees, indicating a lack of substantial economic activity beyond basic transfers. In contrast, the chains capturing real value are those serving clear, immediate demands. Tron leads with $1.24 million in daily fees, powered primarily by its role as a low-cost payment rail for USDT transfers. Solana follows with nearly $600,000, driven largely by its vibrant on-chain casino of meme coin trading and speculation. Base, backed by Coinbase’s distribution power, has also emerged as a serious contender. These cases underscore that proven, fee-generating business models in crypto are currently limited to payments, high-frequency speculation, and Ethereum’s role as a settlement layer. The analysis further reveals the failure of the VC-driven model. Newer chains like Sui, Sei, and Starknet, which launched with massive funding and high Fully Diluted Valuations (FDV), show alarmingly low daily fees—often in the low thousands or even hundreds of dollars. Their typical lifecycle involves attracting airdrop farmers with incentives, followed by a collapse in organic activity once subsidies end. This reflects a critical issue of “block space inflation”: too many chains have been built, without a proportional growth in killer applications that demand that capacity. The market is at an inflection point. Investors are shifting from valuing narratives to scrutinizing fundamentals. The new imperative is to identify chains that generate genuine, fee-based revenue from organic user demand—not those sustained by speculation, subsidies, or empty promises. This necessary清算 (settlement) in valuation may be painful, but it is essential for the industry's long-term health. The era of paying for dreams is giving way to an era of paying for proven utility.

marsbit12/18 04:08

The Brutal Reckoning of the Public Chain Market in 2025: The Thriving Casino, The Fake Ghost Town, and VC's Harvesting Scheme

marsbit12/18 04:08

VC "Dead"? No, the Industry is Undergoing a Brutal Shakeout

The article addresses the prevailing sentiment that "VC is dead" in the crypto industry, arguing that while some venture capital firms have indeed failed, the sector as a whole is not dying but undergoing a severe shakeout. The author, a former VC investor, states that many Asian VCs have been hit hardest, with top firms shutting down or scaling back significantly. Even second- and third-tier Western VCs are now facing similar challenges, marked by reduced investment pace and difficulty in exiting portfolios. This downturn is seen as a delayed effect of the 2022 market collapse, exacerbated by broken four-year cycle expectations, overvalued deals, and extended token lockups that strain returns. However, the piece contends that VCs won’t disappear entirely. They remain essential for funding early-stage projects and supporting innovation. Well-vetted VC backing has been behind nearly all major successful crypto projects, and quality ventures continue to attract interest. The industry is moving toward a maturity phase with higher barriers to entry—akin to Web2. VCs will need stronger reputations and expertise to compete. Projects are increasingly judged by real user adoption and revenue, not just narratives or token launches. Hyperliquid and Polymarket are cited as examples of projects that built sustainable traction before launching tokens. Despite current challenges, the author remains optimistic: top talent continues to enter the space, and foundational areas like stablecoins, prediction markets, and AI-driven economies hold promise. While the barrier to success is higher than in previous cycles, Web3 remains a land of opportunity—especially when compared to the hyper-competitive Web2 environment.

marsbit12/18 03:04

VC "Dead"? No, the Industry is Undergoing a Brutal Shakeout