# 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.

Crypto Trader's Account: Friends Are Leaving, What's Left to Do in This Industry?

Crypto trader Donn reflects on the declining state of the cryptocurrency industry, noting that many peers are leaving due to three core challenges: lack of innovation in the past 2-3 years, the threat of quantum computing to Bitcoin by 2029, and increased DeFi attacks exacerbated by AI models like Claude Mythos. VC activity has stagnated, with few quality token projects generating over $50M in annual income. Liquidity and investor interest have dwindled, shifting focus to traditional markets. For traders, event-based strategies remain viable but are increasingly competitive and low-yield due to reduced open interest and retail participation. Systematic and basis traders are exploring alternative strategies as traditional methods become less profitable. DeFi yield farming is increasingly unattractive due to rising hack risks and insufficient returns, pushing farmers toward off-chain options. On-chain gem hunters still chase high-risk, high-reward opportunities, but success rates are low, and most tokens crash shortly after peaking. Personally, the author is scaling down crypto trading, maintaining a small arbitrage strategy on Polymarket, and exploring AI automation for analytical tasks. He is also researching AI model fine-tuning and broader AI applications beyond crypto, seeking new focus areas as the industry wanes.

marsbit04/22 03:14

Crypto Trader's Account: Friends Are Leaving, What's Left to Do in This Industry?

marsbit04/22 03:14

Spending $200 to Buy Stars, Scamming VCs Out of Tens of Millions: The Entire GitHub Fake Star Industry Exposed

A peer-reviewed study from Carnegie Mellon University (CMU) reveals that GitHub hosts approximately 6 million fake Stars, involving 18,600 repositories and 301,000 accounts, with AI/LLM projects being the largest non-malicious category for fake engagement. The fake Star market has exploded, with prices as low as $0.03 per Star. Research shows that venture capital firms, such as Redpoint Ventures, use GitHub Star counts as a key metric for evaluating startups, with median Stars at 2,850 for seed-stage funding. For less than $200, a project can artificially meet this threshold, distorting investment landscape. Over a dozen websites openly sell GitHub Stars, and fake Star activity saw explosive growth in 2024. AI-related repositories were among the most heavily affected. Despite GitHub’s policies against fake engagement, enforcement remains inconsistent: while 90% of flagged repositories were deleted, only 57% of involved accounts were suspended. The report highlights how purchased Stars can manipulate GitHub’s Trending algorithm and influence VC funding decisions, creating a cycle where artificial metrics attract real investment.

marsbit04/21 02:59

Spending $200 to Buy Stars, Scamming VCs Out of Tens of Millions: The Entire GitHub Fake Star Industry Exposed

marsbit04/21 02:59

When Top Crypto VCs Are Shrinking Across the Board, Why Has This Firm Grown by 150%?

In a declining crypto market where top venture capital firms like Paradigm, Pantera, a16z crypto, and Multicoin saw significant reductions in assets under management (AUM), Haun Ventures stood out with a 150% growth, increasing its AUM from $1 billion to $2.5 billion by 2025. Founded by Katie Haun, a former federal prosecutor and a16z crypto veteran, the firm combines regulatory insight with investment discipline. Initially investing heavily in NFTs during the 2022 hype, Haun Ventures quickly pivoted as the bubble burst, adopting a cautious approach with only six investments over the following 18 months. The firm balanced its portfolio between digital tokens and traditional equity, allocating about 30% to liquid tokens like Bitcoin and Ethereum, which contributed significantly to returns as Bitcoin’s price surged. By 2024, Haun Ventures shifted focus to B2B solutions in payments and developer infrastructure, leading over 56% of its investment rounds—the highest rate among top VCs. This strategy paid off with several high-multiple exits via acquisitions, such as Bridge (acquired at $1.1 billion from a $200 million valuation) and BVNK (acquired at $1.8 billion from a $750 million valuation). The firm’s success is attributed to its regulatory foresight, adaptive strategy, high-conviction lead investments, and emphasis on real-world utility and exit efficiency—making it a standout performer during the crypto downturn.

marsbit04/20 10:32

When Top Crypto VCs Are Shrinking Across the Board, Why Has This Firm Grown by 150%?

marsbit04/20 10:32

L1 is Dead, Long Live Appchain

"L1 is Dead, Appchain Rises" critiques the failure of current Layer-1 (L1) blockchain models, arguing their tokens are trending toward zero. The author identifies key flaws: linear token emissions that incentivize selling rather than value creation, weak value propositions like "gas token" and "governance" narratives, mismanagement by bloated "foundations" or "labs" that drain value through excessive spending and token sales, and poor industry leadership focused on short-term narratives and overhyped trends like RaaS and high TPS. The solution proposed is a fundamental shift. New L1 token models are needed, moving away from the "low float, high FDV" paradigm that disadvantages retail investors. Fundraising should be sufficient only for launch, not excessive. Token unlocks should be tied to real milestones like CEX listings or DeFi integration. The ultimate goal should be for L1 tokens to become widely used mediums of exchange, not just fuel for networks. Value is increasingly moving to the application layer, with successful apps building their own chains (appchains). The author concludes that L1s must build sustainable value by creating useful applications and services, fostering strong holder communities, and achieving self-sustainability without relying on continuous token emissions.

marsbit04/20 03:36

marsbit04/20 03:36

Leading Crypto VCs See Collective AUM Shrink: a16z Crypto Fund Management Scale Plummets 40%, Multicoin Halved

Headline: Top crypto funds including a16z Crypto and Multicoin saw their Assets Under Management (AUM) decline significantly in 2025, according to undisclosed SEC filings obtained by Fortune. Key Points: - a16z Crypto’s AUM dropped nearly 40% to $9.5 billion, partly due to returning capital to LPs at a market peak. Its first crypto fund achieved a 5.4x DPI. - Multicoin’s AUM was halved to approximately $2.7 billion, impacted by the crypto market downturn and its hybrid hedge/VC fund structure. - Pantera Capital also reduced AUM, influenced by successful exits including five portfolio company IPOs like Circle and BitGo. - Haun Ventures was the exception, with AUM growing over 30% to nearly $2.5 billion, driven by the successful acquisition of portfolio company BVNK by Mastercard. - Despite AUM contractions, major firms are raising new funds: Paradigm targeting up to $1.5 billion, a16z Crypto seeking up to $2 billion, and Dragonfly closing a $650 million fund. The data highlights the high volatility and cyclical nature of crypto VC investments, where AUM fluctuations are heavily tied to token prices and market cycles rather than solely reflecting fund performance.

marsbit04/18 02:58

Leading Crypto VCs See Collective AUM Shrink: a16z Crypto Fund Management Scale Plummets 40%, Multicoin Halved

marsbit04/18 02:58

Fortune Exclusive: a16z Crypto Fund AUM Plummets 40%, Multicoin Halved, Top Crypto VCs Shrink Collectively

According to exclusive SEC filings obtained by Fortune, leading crypto venture capital firms, including a16z crypto, Multicoin Capital, Pantera Capital, and Paradigm, experienced significant declines in their assets under management (AUM) in 2025. a16z crypto's AUM dropped nearly 40% to $9.5 billion, partly due to strategic distributions to LPs at market highs, with its first fund achieving a 5.4x DPI. Multicoin’s AUM was halved to approximately $2.7 billion, impacted by market volatility and crypto price corrections. Pantera also saw AUM shrink, though this was partly attributed to successful exits, including five portfolio company IPOs. In contrast, Haun Ventures grew its AUM by over 30% to nearly $2.5 billion, driven by a successful exit in the stablecoin sector and new fundraising. Despite the downturn, several firms are raising new funds, with a16z targeting up to $2 billion and Paradigm seeking up to $1.5 billion, indicating continued long-term confidence in the crypto market's cyclical nature.

marsbit04/17 06:06

Fortune Exclusive: a16z Crypto Fund AUM Plummets 40%, Multicoin Halved, Top Crypto VCs Shrink Collectively

marsbit04/17 06:06

The First Fed Chair with Crypto Holdings? Kevin Warsh Discloses at Least 20 Crypto Investments Including Solana and dYdX

Kevin Warsh, a former Federal Reserve governor and nominee for Fed Chair, has disclosed at least 20 cryptocurrency-related investments in a 69-page financial filing submitted to the U.S. Office of Government Ethics. The disclosure, required ahead of his Senate confirmation hearing, reveals indirect holdings in major crypto projects including Solana, dYdX, Optimism, Polychain Capital, Dapper Labs, and Lightning Network, among others. These investments are held through various venture funds and special purpose vehicles. Warsh and his wife, Jane Lauder, have a combined net worth of at least $192 million. While the crypto holdings are described as small, risk-focused positions, they span multiple sectors: L1 and L2 blockchains, DeFi protocols, NFT platforms, payment systems, and AI-integrated chains. Warsh has publicly endorsed Bitcoin in the past, calling it “a very good police for policy” and “the new gold for those under 40.” If confirmed, he would become the first Fed Chair with direct exposure to crypto venture investments. His confirmation hearing is scheduled for April 21, though political opposition remains a potential hurdle.

marsbit04/15 04:31

The First Fed Chair with Crypto Holdings? Kevin Warsh Discloses at Least 20 Crypto Investments Including Solana and dYdX

marsbit04/15 04:31

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

The End of the Public Chain 'Money-Splashing' Era

The article argues that the traditional L1 blockchain grant model for ecosystem funding is fundamentally broken, not just in need of minor adjustments. It claims that over the past four years, billions of dollars have been poured into grants from major L1s like NEAR, Avalanche, and Aptos, yet this has failed to produce lasting, breakthrough projects or sustainable ecosystems. Instead, it has created a cycle where teams optimize for grant applications and short-term KPIs rather than building viable products for real users. The model is criticized for fostering a "hostage" situation: foundations are trapped by their own metrics and feel compelled to disburse funds to show growth, while teams become dependent on grant cycles, shaping their roadmaps around fundable proposals rather than market needs. This leads to a proliferation of "zombie" projects that survive on grants but lack organic growth. The author contrasts this with direct equity and token investments, like those made by Solana Ventures, which create long-term, aligned partnerships. The piece concludes that the era of grants for cold-starting ecosystems is over. The future winners will be L1s that compete by attracting truly great companies through strategic investments and by being the best place to build, not the most generous grant committee.

marsbit04/13 14:14

The End of the Public Chain 'Money-Splashing' Era

marsbit04/13 14:14

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