# Сопутствующие статьи по теме VC

Five Years Later, Vitalik Overturns the Future He Set for Ethereum

Five years after championing Layer 2 (L2) scaling as Ethereum's future, Vitalik Buterin has dramatically reversed his position, declaring that L2s have largely failed to fulfill their original vision of "branded sharding." In a pivotal post, he argued that most L2 solutions remain highly centralized, reliant on multi-signature bridges and sequencers, and thus are not truly extending Ethereum's security or decentralization. The initial push for L2s was a survival response to Ethereum's cripplingly high fees and congestion during the 2021 DeFi and NFT boom, when competitors like Solana gained traction. However, despite massive venture funding—with projects like Arbitrum, Optimism, and Starknet raising billions—progress toward full decentralization (Stage 2) has been slow. Many operate more like centralized databases, prioritizing control and regulatory compliance over Ethereum's core values. Meanwhile, Ethereum itself has scaled significantly. Through upgrades like EIP-4844 and increased gas limits, L1 transaction fees have plummeted by over 99%, often costing just cents. This reduces L2's cost advantage and exposes their drawbacks: bridge vulnerabilities, fragmented liquidity, and complex user experiences. Vitalik now urges L2s to pivot from mere scaling to providing unique functional value—like privacy, ultra-fast finality, or application-specific optimizations—that L1 cannot easily offer. He reframes L2s as a spectrum of specialized "plugins" rather than essential scaling layers. This shift signals a market consolidation where only L2s with genuine utility and decentralization will survive, ending an era of inflated valuations and "ghost chain" projects. Ethereum is reclaiming its sovereignty by becoming scalable on its own terms.

marsbit02/04 05:52

VC Data Hits Bottom, New Coin Narratives Peak: Crypto Trading Logic is Being Rewritten

VC funding for crypto projects has hit a multi-year low, with early-stage investments dropping over 60% since 2022. This signals a structural collapse in the primary market, leaving fewer new native crypto projects to trade. While meme coins initially seemed like an alternative, they’ve evolved into short-term speculative instruments rather than sustainable assets. In response, the industry is shifting toward tokenized real-world assets (like stocks and precious metals) and prediction markets. Platforms are increasingly offering gold, silver, and equity tokens, integrating traditional financial volatility into crypto. Prediction markets (e.g., Polymarket) are also growing, allowing users to bet on real-world events—offering a more accessible form of speculation based on event outcomes rather than asset prices. As native crypto innovation slows, the market is adapting by externalizing tradable content—leveraging macro events, political shifts, and financial instruments to sustain engagement. The future of crypto trading may rely less on new token narratives and more on global uncertainty and repackaged traditional assets.

比推02/03 09:28

A Year from Now, What Will the Crypto Market Be Trading?

marsbit02/02 09:58

Financing Weekly Report | 10 Public Financing Events, Crypto Payment Network Mesh Completes $75 Million Series C Funding Led by Dragonfly Capital

Last week (Jan 26-Feb.1) saw 10 blockchain funding rounds totaling over $197 million. Key deals include: - **DeFi**: 6 rounds, including Andre Cronje’s new project Flying Tulip raising $25.5M in Series A, bringing its total to $225.5M. - **Infrastructure**: Mesh, a crypto payment network, raised $75M in a Series C led by Dragonfly Capital, reaching a $1B valuation. - **CeFi**: Trading platform Talos raised $45M with participation from Robinhood and a16z. - **Web3 & AI**: AetheriumX secured $8M in strategic funding. Other notable deals include Doppler ($9M seed for token creation), Tenbin Labs ($7M for tokenized gold/forex), and Bleap ($6M seed for on-chain finance). Sony’s innovation fund invested $13M in Startale, co-developer of the Soneium blockchain. Venture firm Escape Velocity also closed a $62M fund focused on DePIN and crypto investments.

marsbit02/02 03:14

When AI Companies Are Frantically Hiring Asian Girls, Attention Is Winning the World

In the attention economy, AI startups are racing to hire "ABG" (Asian Baby Girl) marketers—young Asian women skilled at creating viral social media content—as Chief Marketing Officers. The trend highlights a shift where viral reach and engagement often trump traditional metrics. Venture capital increasingly chases "traffic signals" over financials, fueling a feedback loop: more attention brings more funding, raising marketing standards, and pushing talent toward content creation. The controversial startup Cluely exemplifies this. It mastered narrative (a founder’s “cheat everything” backstory), built a viral machine with 700+ performance-paid editors, and used a formulaic mix of provocative content, lifestyle flexes, and platform-specific strategies. Results included billions of views at low cost—but without a real product. Cluely became a symbol of marketing-first, product-last ventures. The core insight: attention is the new currency. The best product won’t win; the best story will. Founders must be their own CMOs, and the next wave of successful startups will be built by those who can both code and market.

marsbit01/31 09:36

Reviewing Arthur Hayes' 2025: All Hype Calls Ultimately Lead to Cashing Out

Arthur Hayes, the founder of BitMEX and a prominent crypto influencer, had a highly profitable yet controversial 2025. While his public calls, such as predicting "$1 million Bitcoin" and "$10,000 ETH," attracted retail traders, his on-chain actions often contradicted his bullish narratives, resulting in gains for him and losses for followers. His strategies fell into three main categories: 1. **"Pump and Dump" of VC Coins**: Hayes frequently promoted tokens like Hyperliquid (HYPE), where he held early, low-cost shares. He would build hype with ambitious predictions, then sell near peaks. For instance, he sold HYPE just before a price drop, citing "unlock risks," only to buy back months later. 2. **Failed Revival of "Old Narratives"**: Attempts to boost outdated sectors like DeSci (e.g., BIO) and metaverse projects (e.g., WILD) largely failed. His investments in these areas saw significant losses, with some tokens dropping over 85%. 3. **The ZEC "Smokescreen"**: Hayes aggressively promoted Zcash (ZEC), claiming a "$10,000 target," while simultaneously selling ETH and other assets to fund ZEC purchases. This move allowed him to shift transparent assets (ETH) into privacy-focused ZEC, obscuring his true position. He later sold ETH again to reinvest in other areas, using ZEC’s volatility to divert market attention. Hayes operates as a pragmatic trader, not a steadfast "HODLer." His public analyses are valuable for macro insights, but his on-chain activity reveals a pattern of leveraging influence for personal profit. The key lesson: monitor his wallet actions, not just his words, to understand his true moves in a volatile crypto market.

marsbit01/29 09:50

Crypto Entrepreneurs, VCs Have Become Immune to 'Storytelling'

Cryptocurrency funding surged to $50.6 billion in 2025, a 200% increase from 2024, but the growth was largely driven by mergers and acquisitions (M&A), which accounted for over 40% of total funding—up from just 9% the previous year. While venture capital (VC) investments still grew by 70%, their share of overall funding dropped significantly. VCs shifted focus toward later-stage rounds (Series B and C), which more than doubled, while early-stage funding (Pre-Seed, Seed, and Series A) declined. This indicates a market preference for lower-risk, proven ventures with existing traction, such as robust user bases and distribution networks, rather than speculative early ideas. Major acquisitions, like Coinbase’s purchase of Deribit and Naver’s acquisition of Dunamu, highlight this trend toward consolidation and leveraging established "flywheels." The data suggests that in 2026, capital concentration will continue, with investors prioritizing clear metrics, regulatory resilience, and sustainable business models over narrative-driven pitches. Early-stage founders must adapt by focusing on tangible growth indicators and distribution strategies to attract funding in a more cautious investment landscape.

比推01/27 18:48

Pantera Capital Partner: The Current State and Future of Internet Capital Markets

"Internet Capital Markets" (ICM) refers to the use of tokens for fundraising, spanning from meme coins to tokenized stocks. This article categorizes ICM projects into five maturity stages: Anonymous (e.g., Pumpfun, meme coins like WIF), Creator (e.g., Zora, tokens tied to influencers), Venture (e.g., MetaDAO, projects with teams and roadmaps), ICO (e.g., Binance, mature projects with traction), and Public Assets (e.g., xStocks, tokenized real-world assets like xNVIDIA). Value accumulation varies by stage: early stages (Anonymous, Creator) benefit platforms (e.g., fees from high-volume token launches), while later stages (Venture, ICO, Public Assets) favor the assets themselves due to stronger fundamentals. Centralized exchanges (CEXs) like Binance are exceptions, profiting from liquidity and user base. The future of ICM lies in the convergence of venture and ICO stages, where token financing expands access to productive projects, though legal and governance challenges remain. The trend suggests tokens will increasingly align with real-world value creation, potentially fulfilling Silicon Valley’s mission to "make the world a better place."

marsbit01/27 10:50

Crypto Firm Entropy Calls It Quits, Plans Full Investor Refunds

Entropy, a crypto startup focused on decentralized custody and automation tools, is shutting down after four years. The company, backed by investors like Andreessen Horowitz and Coinbase Ventures, failed to achieve the growth and scalable business model required by its backers. CEO Tux Pacific announced the decision to wind down operations and return approximately $25–$27 million to investors. Despite multiple pivots and product changes, Entropy struggled to gain sufficient customer traction and revenue. The refund process will be handled formally, making this a relatively clean shutdown compared to other crypto failures. The founder may transition to a new field like medical research.

bitcoinist01/27 03:04

All Wealth Myths Are a Conspiracy of Non-Consensus and Time Compounding

The article explores how extraordinary wealth creation in venture capital stems from non-consensus bets combined with long-term compounding. It highlights Balderton Capital’s landmark investment in Revolut, which generated nearly 1,400x returns. In 2015, Balderton invested £1 million in Revolut’s seed round, despite its early technical flaws and rejection by Y Combinator. Partner Tim Bunting saw potential in co-founders Nikolay Storonsky and Vlad Yatsenko—a driven ex-trader and a steady engineer—and recognized a structural opportunity in European banking. Post-2008 crisis, trust in traditional banks was low, regulation (PSD2) enabled open banking, smartphone adoption soared, and consumers demanded digital-first finance. Revolut expanded aggressively into a global super-app, offering forex, crypto, stocks, and banking—often amid controversy over culture, compliance, and growth-at-all-costs. Balderton supported Revolut throughout: backing its crowdfunding round, aiding management maturity, and helping secure a UK banking license. By 2025, Revolut reached 65M users, $4B+ revenue, and a $75B valuation. Balderton’s success was underpinned by its equal-partnership model—inherited from Benchmark Capital—ensuring aligned incentives and collaborative decision-making. The case illustrates the power law in VC: a few outlier investments drive most returns. The formula for outsized returns involves non-consensus founders, structural timing, and patient capital across cycles. The Revolut story exemplifies how vision, courage, and long-term commitment can transform risk into legendary reward.

marsbit01/26 13:05