# 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.

In the AI Era of Spending $2 to Earn $1, Founders Who Don't Build an IP Are Being Phased Out

In the AI era, founders who neglect building a personal IP are being left behind. Top VC firm a16z now runs an 8-week fellowship program to train storytellers and content creators for its portfolio companies, signaling a strategic shift. Key drivers: - Customer acquisition costs (CAC) have surged 222% over 10 years, with SaaS companies spending $2 to earn $1 in annual revenue. - AI has accelerated product homogenization, shrinking competitive advantages from years to just 3-12 months. - Consumers increasingly trust authentic human voices: 71% distrust AI-heavy brand communication, while 67% pay more for founder-aligned values. Case studies demonstrate the power of founder IP: - Sam Altman’s personal Twitter (4.5M followers) often outperforms OpenAI’s official account, amplifying the company’s narrative and valuation growth. - Perplexity CEO Aravind Srinivas, with zero marketing budget, grew valuation 133x to $21.2B through transparent, direct user engagement. - Midjourney, with just 10-15 employees, achieved $500M revenue by leveraging founder David Holz’s Discord community interactions. - Even non-founder IP like Duolingo’s brand personality (a “crazy” owl) drove user growth from 37M to 117M MAU. However, founder IP is a double-edged sword—Elon Musk’s influence boosted Grok’s market share but also contributed to a 53% drop in Tesla’s brand value due to controversial statements. The conclusion: Product strength is the foundation (the “1”), but founder IP is the multiplier (the “0”). In an era of rising CAC and AI-driven sameness, a founder’s authentic voice is becoming the most efficient growth lever and durable moat.

marsbit04/02 07:05

In the AI Era of Spending $2 to Earn $1, Founders Who Don't Build an IP Are Being Phased Out

marsbit04/02 07:05

The $59 Billion Illusion: How the Female Version of Buffett Fell from Grace?

"Cathie Wood, once hailed as the 'next Warren Buffett' and a star among millennial investors, saw her flagship ARKK ETF soar to a peak of $59 billion in assets under management (AUM) by February 2021. Her strategy of betting on disruptive technologies like Tesla, genomics, and AI—while publicly sharing her research and daily trades—initially delivered staggering returns, with ARKK surging 152% in 2020 as she doubled down during the COVID crash. However, rising interest rates exposed the fragility of her high-growth, unprofitable tech holdings. ARKK plummeted nearly 75% from its peak, erasing over $50 billion in AUM by 2026. Critics labeled her approach—essentially applying venture capital (VC) logic to public markets—as fundamentally flawed. Unlike VC, where losses are absorbed by private gains, public markets impose real-time pricing and liquidity pressures, accelerating losses during downturns. Ironically, while Wood correctly predicted the AI revolution, she sold NVIDIA early—missing out on over $1.2 billion in gains—to maintain her "anti-consensus" brand and focus on smaller, speculative names. Her daily transparency and massive scale turned her into a target, as markets anticipated her moves. Despite recent pivots back into gene editing and AI infrastructure, her assets remain a fraction of their peak, underscoring the gap between predicting trends and profiting from them."

marsbit04/02 04:13

The $59 Billion Illusion: How the Female Version of Buffett Fell from Grace?

marsbit04/02 04:13

Paradigm Builds Its Own Prediction Market Trading Terminal, Also Considering Market Making and Index Products

Paradigm, a major crypto investment firm, is developing a dedicated trading terminal for prediction markets, targeting professional traders and market makers, according to anonymous sources. Led by partner Arjun Balaji since late 2025, the initiative aligns with growing institutional interest in prediction markets, where users speculate on events like elections or asset prices. The company is reportedly considering launching an internal market-making desk and exploring the creation of a prediction market index—similar to traditional indices like the S&P 500—by aggregating multiple prediction markets into a single tradable product. Paradigm has already begun compiling prediction market data into a public dashboard. Notably, Paradigm is a key investor in Kalshi, a leading prediction market platform it helped value at $22 billion, and insists the terminal does not compete with Kalshi’s core business. This move is part of Paradigm’s broader expansion beyond crypto into AI and robotics, evidenced by its ongoing efforts to raise a new $1.5 billion fund. The firm has a history of launching in-house projects, including the crypto software company Ithaca and Tempo, a stablecoin-focused blockchain developed with Stripe.

marsbit04/02 03:11

Paradigm Builds Its Own Prediction Market Trading Terminal, Also Considering Market Making and Index Products

marsbit04/02 03:11

Blockchain Games Defeated by Reality, Web3 Doesn't Believe in Dreams

The article "Chain Games Succumb to Reality, Web3 Doesn't Believe in Dreams" discusses the significant downturn in the perceived failure of blockchain gaming. It begins with Solana Foundation President Lily Liu declaring that "blockchain games are dead," a sentiment echoed by Meta's abandonment of its metaverse vision after an $80 billion investment, which shared core concepts with Web3 gaming like virtual worlds and digital asset ownership. Numerous high-profile blockchain games have shut down recently. Examples include "Pirate Nation," which closed after raising $33 million, and others like "Ember Sword," "Nyan Heroes," and "Symbiogenesis," all ceasing operations due to funding shortages or failed token economies. Even well-funded projects like "Wildcard," backed by $46 million from Paradigm, saw their tokens crash shortly after launch. A central issue is misaligned incentives: Web3 games were often funded by investors seeking returns, not players seeking quality gameplay. This led to capital structures driven by speculation rather than sustainable user engagement. Many studios, like Oxalis Games with "Moonfrost," eventually abandoned blockchain elements to release traditional games on platforms like Steam, leaving early investors and NFT holders with losses. Industry reports note a dramatic drop in investment, from peaks of $10 billion in 2022 to just $293 million in 2025, with scams and loss of trust becoming major concerns. Despite the downturn, some industry leaders remain optimistic. They argue for a reset focused on making blockchain invisible to users, prioritizing player retention metrics (like D1, D7, D30 rates) over token prices, using stablecoins for payments to reduce volatility, and leveraging AI to lower development costs. The consensus is that successful games must first meet traditional quality standards, with blockchain providing underlying utility like true asset ownership and open economies—not driving the core experience. The cycle of fundraise, token launch, and collapse may be ending, making way for more sustainable models.

marsbit03/31 13:26

Blockchain Games Defeated by Reality, Web3 Doesn't Believe in Dreams

marsbit03/31 13:26

From Utopian Narratives to Financial Infrastructure: The 'Disenchantment' and Pivot of Crypto VC

From Utopian Narratives to Financial Infrastructure: The Disenchantment and Pivot of Crypto VC The crypto industry, once championing "blockchain, not Bitcoin" and a broad Web3 vision, is now seeing venture capital flow overwhelmingly into pragmatic financial applications, particularly stablecoin payments. Following the decline of the Web3 and NFT boom in the early 2020s, investment has cooled for many sectors but surged for payment infrastructure. Key signals include Stripe's $1.1 billion acquisition of Bridge and Mastercard's $1.8 billion purchase of BVNK. Data from Architect Partners shows funding for crypto payment companies skyrocketed to $2.6 billion in 2025, exceeding the total of the previous three years combined. In contrast, funding for decentralized applications (DApps) and blockchain gaming has collapsed. The total private crypto funding reached $20.4 billion in 2025, still below the 2022 peak of $27.6 billion. Stablecoins, like USDT and USDC, are now seen as a breakthrough application, with their annual transaction volume soaring 72% to $33 trillion in 2025. Their core appeal is enabling efficient, real-time global value transfer, solving long-standing issues of cost and speed in cross-border payments. However, the industry faces significant challenges from established "gatekeepers" like Visa and Mastercard, which control terminal access. The piece also notes the declining market share of Binance and the emergence of new products like Franklin Templeton's tokenized ETF with Ondo Finance, which allows for 24/7 trading. A commentator starkly observes that the line between investing and gambling has been completely erased, with a significant portion of new ETFs being leveraged or crypto-related funds. The narrative has shifted from utopian rebuilding to building financial infrastructure.

marsbit03/30 01:45

From Utopian Narratives to Financial Infrastructure: The 'Disenchantment' and Pivot of Crypto VC

marsbit03/30 01:45

The Day of Ten Billion Dollars: Bitcoin's Coming of Age

On March 28, 2013, Bitcoin’s market capitalization surpassed $1 billion for the first time, with the price per Bitcoin reaching approximately $91.25. While modest compared to tech giants of the era, this milestone marked Bitcoin’s emergence as a credible asset class, comparable to the GDP of small nations. Two major events drove this surge: the Cypriot financial crisis, which eroded trust in traditional banking and spurred interest in Bitcoin as a “digital gold,” and regulatory clarity from the U.S. FinCEN, which eased legal uncertainties around its use. Early proponents like Roger Ver had already bet on Bitcoin’s exponential growth, and though his two-year 100x prediction was slightly off, Bitcoin eventually achieved that milestone, demonstrating its potential. The $1 billion threshold also captured venture capital attention, fueling investments in companies like BitPay and Coinbase. Technologically, 2013 saw the rise of ASIC miners, which drastically increased network security and efficiency, further accelerating adoption. Beyond price and technology, Bitcoin’s core promise remained: decentralized, borderless, low-cost digital transactions without intermediaries. This period marked Bitcoin’s transition from an experimental project to a globally recognized financial innovation, setting the stage for its eventual rise to a multi-trillion-dollar asset.

marsbit03/28 06:19

The Day of Ten Billion Dollars: Bitcoin's Coming of Age

marsbit03/28 06:19

A 140% Surge in Valuation in One Year: Who's Writing Checks for Defense AI?

In March 2026, military AI company Shield AI raised $2 billion in funding round, led by Advent International and J.P. Morgan, with additional participation from Blackstone. Its valuation surged 140% to $12.7 billion within a year. Similarly, competitor Anduril is reportedly seeking new funding at a $60 billion valuation. Both companies have seen valuations grow fourfold in just over two years, far outpacing revenue growth, indicating that the market is pricing them based on future platform potential rather than current earnings. This trend is mirrored in the public market, where Palantir’s market cap grew to over $420 billion by late 2025. Shield AI’s products include the MQ-35 V-BAT drone and the upcoming X-BAT autonomous fighter, while its Hivemind AI engine was selected by the U.S. Air Force for the Collaborative Combat Aircraft (CCA) program. A key driver is the structural shift in defense tech funding. Private equity firms like Advent, KKR, and Carlyle are increasingly investing in long-term defense infrastructure, moving beyond traditional venture capital. In 2025, global defense tech VC deals reached $49.1 billion, with 87% going to late-stage companies. The U.S. Department of Defense’s FY2026 budget request allocated $13.4 billion specifically for AI and autonomous systems, with $9.4 billion dedicated to aerial drones—directly aligning with Shield AI and Anduril’s offerings. This clear demand signal, combined with institutional capital moving into defense infrastructure, marks a shift from speculative investment to asset-level allocation in the defense AI sector.

marsbit03/27 07:52

A 140% Surge in Valuation in One Year: Who's Writing Checks for Defense AI?

marsbit03/27 07:52

Delphi Labs Founder: Two Weeks Deep in China's AI, Shenzhen Hardware Shocks Me, Software Valuations Scare Me

Delphi Labs co-founder José Maria Macedo spent two weeks in China meeting AI founders, VCs, and public company CEOs. His key takeaways: - **Hardware ecosystem in Shenzhen is impressive**, with systematic reverse-engineering of Western products and rapid iteration cycles. Companies like Bambu Lab are highly profitable and scaling fast. - **Software ecosystem is weaker than expected**. Chinese open-source models are strong, but closed-source models lag behind Western counterparts. GPU access remains constrained, and revenue gaps are significant (e.g., Anthropic’s $6B ARR vs. Chinese model companies at tens of millions). - **Founder profiles are highly accomplished** (top universities, Big Tech experience) but often lack rebellious, original vision. The education and VC systems favor execution over true innovation. - **Valuation bubbles exist** at both early and late stages. Some private AI companies are valued at 400x ARR, far exceeding Western multiples. Humanoid robotics is also overheating, with many pre-revenue companies targeting high-valuation IPOs. - **Information asymmetry favors Chinese founders**, who are highly informed about Western markets and tech trends. Many are building globally first, combining Chinese engineering with Western go-to-market strategies. Macedo believes the real alpha lies in finding non-traditional founders who break the "resume template" optimized by local VCs.

marsbit03/26 03:16

Delphi Labs Founder: Two Weeks Deep in China's AI, Shenzhen Hardware Shocks Me, Software Valuations Scare Me

marsbit03/26 03:16

Crypto Morning Brief: edgeX to Conduct TGE on March 31, SK Hynix Plans to Issue New Shares for US ADR Listing

Crypto Morning Brief: EdgeX announces TGE on March 31; SK Hynix plans US ADR listing. US Senate's Clarity Act draft restricts stablecoin yield earnings, allowing only user-based rewards. Aave V4 mainnet activation proposal passes Snapshot vote. Balancer Labs to shut down, transitioning to DAO structure. MicroStrategy adds 1,031 BTC, now holds 762,099 BTC total. Bitmine increases ETH holdings by 65,341, totaling 4.66 million ETH. Early Kalshi employees raise VC fund for prediction markets; ParaFi closes $125M new fund. Market updates include Middle East tensions, with US targeting April 9 as potential war end date. Recommended readings discuss token naming debates, gold's price drop, oil-gold divergence, Iran conflict impact, and AI agent performance linked to token usage.

marsbit03/24 01:16

Crypto Morning Brief: edgeX to Conduct TGE on March 31, SK Hynix Plans to Issue New Shares for US ADR Listing

marsbit03/24 01:16

How to Mass-Produce AI Projects to Encrypt VC Money?

This article investigates how crypto venture capital (VC) firms are shifting investments toward AI-related projects, despite lacking access to top-tier AI startups. As traditional AI ventures prefer established investors, crypto VCs are funding less credible “Crypto” projects that often have minimal AI functionality or product-market fit. The author analyzes five recently funded projects: - **Derivio**: Originally a DEX, now rebranded as an “AI-native trading platform” with no actual AI features. - **Superpower**: An AI agent revenue protocol with a non-functional website and unclear product. - **Finrob**: A crypto research tool using free AI models; failed login attempts prevent testing. - **PlutonAI**: A DeFAI platform for automated trading, but inaccessible and potentially obsolete. - **Unicity**: A more serious infrastructure project for AI agents, yet unproven and undelivered. While a few legitimate AI projects exist (e.g., RoboForce), most are superficial attempts to capitalize on AI hype. Crypto VCs fund these projects primarily for liquidity and narrative appeal, prioritizing the “AI” label over substance, hoping to profit from the trend despite minimal real-world utility.

比推03/19 13:29

How to Mass-Produce AI Projects to Encrypt VC Money?

比推03/19 13:29

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