# 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.

a16z Partner's Account: Boutique VC is Dead, Scaling Up is the Endgame for VC

In a counterpoint to traditional VC narratives, a16z partner Erik Torenberg argues that the "boutique" VC model is dying and that scaling is the ultimate endgame for venture capital. As software becomes the core of the U.S. economy and the AI era accelerates, startups now require far more capital and comprehensive support. The industry is shifting from a "judgment-driven" model to one where "winning deals" is paramount. Only scaled platforms like a16z—with extensive resources, networks, and operational support—can compete in a trillion-dollar landscape. Torenberg refutes the idea that the number of successful startups is fixed, pointing to the dramatic increase in companies reaching $100M+ in revenue and the rise of capital-intensive giants like OpenAI and Anduril. VC must scale to match the growing opportunity set. The best founders now seek partners who offer full-spectrum support—capital, talent access, GTM strategy, and global reach—not just checks. The future of VC is a "barbell": a few scaled firms and many specialized boutiques coexisting. Mid-sized firms are at risk. Scaled VC isn’t a corruption of the model but its evolution, mirroring the disruption seen in the industries VCs invest in.

marsbit02/21 04:11

a16z Partner's Account: Boutique VC is Dead, Scaling Up is the Endgame for VC

marsbit02/21 04:11

The Evolution of Listing Cycles: Yesterday's Wind Won't Fly Today's Kite

The article "The Evolution of Listing Cycle: Yesterday's Wind Can't Fly Today's Kite" uses a dental braces metaphor to describe the structural evolution of cryptocurrency exchange listing processes from 2017 to 2025. It outlines four distinct phases: 1. **Community-Priced Era (2017-2018)**: A chaotic "milk teeth" period where listings were driven by community votes and loud narratives, with exchanges acting as passive platforms seeking user growth. 2. **Exchange-Priced Era (2019-2022)**: The "teeth-growing" phase where exchanges (e.g., via IEOs/Launchpads) became gatekeepers, providing due diligence and using new listings to empower their own ecosystem tokens. 3. **VC-Priced Collapse (2023-2024)**: A "malocclusion" period where high FDV, low float VC deals dominated, causing token prices to peak at launch. Excountered, exchanges intervened with measures like HODLer airdrops to redistribute value to retail users and counter VC dominance. 4. **Market/Derivatives-Priced Era (2025)**: The "orthodontic" phase marked by industrialization. Price discovery shifts to derivatives, with pre-market perpetual合约 trading allowing price formation before spot listing. Mechanisms like Binance Alpha act as a sandbox, requiring projects to prove market resilience. Concurrently, the "listing fee" model evolved: from direct payments to exchanges, to sharing tokens with the exchange's ecosystem, and finally to a current model where projects must allocate a significant portion of their token supply (3-7%) for user airdrops and marketing, effectively making listing a major customer acquisition cost. The core thesis is a transfer of pricing power: from community -> exchange -> VC -> finally to the market itself via sophisticated derivatives. The article concludes that the era of easy gains from simple listings is over, demanding greater professionalism from both projects and traders.

marsbit02/17 02:59

The Evolution of Listing Cycles: Yesterday's Wind Won't Fly Today's Kite

marsbit02/17 02:59

Plunge, Quantum Threat, VC Exodus: Why the Crypto Market is FUD

The podcast discusses the recent crypto market crash, quantum computing threats, and the departure of VCs, analyzing the underlying FUD (fear, uncertainty, doubt). Experts attribute the Bitcoin sell-off to broader market risk reduction and leveraged positions unwinding, rather than a single catalyst. Quantum computing is highlighted as a significant long-term risk, potentially forcing institutional intervention (e.g., BlackRock) if not addressed, possibly leading to centralized governance changes in Bitcoin. The conversation critiques the 2025 "junk token" cycle, emphasizing that the future lies in cash-flow-generating infrastructure like DeFi and stablecoins, not speculative tokens. Hyperliquid’s rise and Solana’s derivatives gap are noted, while AI is seen as a transformative but capital-intensive trend, with infrastructure plays favored over model companies.

比推02/12 19:38

Plunge, Quantum Threat, VC Exodus: Why the Crypto Market is FUD

比推02/12 19:38

AI is Red-Hot, Crypto is Left in the Cold

The article discusses the significant shift of venture capital investments from the crypto sector to AI, as observed in the strategies of major firms like Sequoia, a16z, Lightspeed, and Y Combinator. Many early Web3 adopters are now leaving for AI or prediction markets. The author argues against two extreme reactions: dismissing departures as a lack of faith or abandoning crypto for AI. Instead, he asserts that blockchain-driven finance is inevitable, citing cryptocurrencies' potential to serve as a superior, trust-minimized, and cost-effective global monetary system. He highlights the efficiency of decentralized systems like Uniswap, which operates with drastically lower overhead than traditional exchanges, and emphasizes the importance of censorship-resistant financial infrastructure, particularly for underserved regions. While acknowledging AI's value as a tool, the author believes crypto represents a larger, transformative opportunity for building equitable and efficient financial systems globally.

marsbit02/12 10:38

AI is Red-Hot, Crypto is Left in the Cold

marsbit02/12 10:38

a16z Partner's Account: Boutique VC is Dead, Scaling Up is the Endgame for VC

In this article, a16z partner Erik Torenberg argues that the traditional "boutique" model of venture capital is outdated. As software becomes the core of the U.S. economy and AI accelerates innovation, startups require far more capital and operational support. The VC industry is shifting from a "judgment-driven" model to one where the ability to win competitive deals is paramount. Scaled VC firms like a16z, which offer extensive resources—capital, talent networks, go-to-market expertise, and global reach—are better positioned to support founders building capital-intensive, transformative companies. These firms can compete for and win access to the most promising startups, which now require unprecedented levels of funding and operational backing. Torenberg contends that the number of high-value startups and their potential scale have increased dramatically, justifying larger fund sizes. The best returns are concentrated in scaled platforms that can repeatedly win and support outlier companies. The future of VC will be a "barbell" structure: a few large, full-service firms on one end, and many small, specialized funds on the other, with mid-sized firms struggling to compete.

marsbit02/12 10:08

a16z Partner's Account: Boutique VC is Dead, Scaling Up is the Endgame for VC

marsbit02/12 10:08

A New Paradigm in Tokenomics? When Backpack Makes VCs 'Delay Gratification'

The article discusses Backpack's innovative tokenomics model, which challenges conventional practices in the cryptocurrency industry. Unlike typical projects where teams and venture capitalists (VCs) receive immediate token allocations, Backpack allocates 100% of liquid tokens to users at TGE. The remaining 37.5% of tokens, traditionally reserved for teams and investors, are locked in a corporate vault and tied to the company’s eventual IPO. This structure ensures that internal stakeholders can only benefit after a successful IPO, with an additional one-year lock-up period post-IPO to prevent early sell-offs. Backpack’s approach emphasizes long-term alignment with user interests and project sustainability. The token distribution prioritizes community incentives, with 25% of tokens released at TGE to reward users and NFT holders. Future unlocks are tied to product milestones, ensuring that new token releases contribute more value to the ecosystem than they dilute the token’s price. Additionally, Backpack prioritizes regulatory compliance, currently serving only 48% of global regions to adhere to legal standards. Its goal is to build a hybrid platform integrating crypto and traditional financial services. Market reactions are mixed: Backpack is reportedly seeking funding at a $1 billion valuation, but predictions about its token FDV reflect uncertainty. Ultimately, Backpack’s model represents a shift toward transparency, long-term value, and user-centric growth in Web3.

marsbit02/10 14:42

A New Paradigm in Tokenomics? When Backpack Makes VCs 'Delay Gratification'

marsbit02/10 14:42

Is finance crypto’s first chapter or its final form? VCs weigh in…

The article explores whether finance represents crypto's foundational use case or its ultimate application, featuring perspectives from venture capitalists. Chris Dixon of a16z Crypto argues that non-financial applications are still emerging, with finance developing first due to infrastructure needs. Haseeb Qureshi of Dragonfly counters that consumer crypto failed due to weak demand and poor products, not regulation, asserting finance is crypto's only proven product-market fit. Capital flows in 2025 support this, with venture funding exceeding $20 billion, heavily focused on DeFi and infrastructure. TVL recovered to ~$99 billion, and stablecoin supply surpassed $307 billion, demonstrating finance's dominance. Revenue data further reinforces this: top DeFi protocols like PancakeSwap and Aave generated significant fees, while non-financial sectors like gaming struggled with thin revenue and low user monetization. The conclusion is that finance remains crypto's primary value layer, with strong capital and payment flows, whereas utility sectors face challenges in converting engagement into sustainable revenue.

ambcrypto02/10 01:02

Is finance crypto’s first chapter or its final form? VCs weigh in…

ambcrypto02/10 01:02

The Turn of 'The Greatest Crypto Investor in History' Kyle Samani, and the Mirror Image from a Decade Ago

Kyle Samani, co-founder of Multicoin Capital and one of crypto's most prominent investors, announced in early 2026 that he would step back from daily management to focus on AI, robotics, and life sciences, while maintaining personal crypto investments. His earlier deleted statement expressing disillusionment with Web3 and dApps sparked industry-wide concern, interpreted by some as a loss of faith in crypto’s non-financial applications. Samani’s journey began after his first venture, Pristine—a Google Glass software startup—failed due to platform risk when Google discontinued consumer sales. This experience drew him to decentralized systems, leading to the founding of Multicoin in 2017. Though initially inspired by Ethereum, he became a vocal critic and instead championed Solana, making early and highly profitable investments. Known for his provocative style, Samani aggressively advocated for Solana while dismissing Ethereum’s scalability. Despite successes, Multicoin faced challenges, including significant exposure to FTX’s collapse and criticism over fund management during SOL’s price volatility. Samani’s partial exit mirrors his departure from Pristine a decade earlier—a shift prompted by narrative contraction, not failure. Just as Pristine’s technology eventually found new life through acquisitions and emerging tech, crypto’s current struggles may lead to renewed growth under better conditions, such as improved regulation, infrastructure, or AI integration. The industry’s poised for evolution, not extinction.

比推02/09 15:04

The Turn of 'The Greatest Crypto Investor in History' Kyle Samani, and the Mirror Image from a Decade Ago

比推02/09 15:04

After Three Years at Multicoin, My Thoughts on Kyle the 'Shill King' Announcing His Exit

Kyle Samani, co-founder of Multicoin Capital, is stepping back from the firm, a move that reflects his strategic focus on pursuing asymmetric, non-consensual bets rather than managing a conventional fund. According to the author, a former Multicoin partner, Samani excelled at identifying and investing in high-conviction, contrarian theses—such as Solana’s potential as a "Nasdaq on-chain"—long before they gained mainstream acceptance. While some have questioned why Multicoin missed certain trends in the current cycle, like leading perpetual DEXs, the author explains that these areas had already become consensus plays, which did not align with Samani’s investment philosophy. His strength lay in early, non-consensus conviction. The author expresses confidence in Multicoin’s remaining team, noting their expertise in on-chain trading, AI, and regulatory strategy. Meanwhile, Samani is expected to explore new ventures, possibly in data-centric businesses. The piece concludes with a personal reflection: everyone has a unique “game” they are meant to play. For Samani, it was asymmetric investing; for the author, it’s building value-transfer protocols. The key is to focus on what one does best and play to win.

marsbit02/06 07:49

After Three Years at Multicoin, My Thoughts on Kyle the 'Shill King' Announcing His Exit

marsbit02/06 07:49

The First Snowfall in the Crypto Industry of 2026

In February 2026, the crypto industry faces a severe downturn, marked by capital flight, collapsing narratives, and a loss of faith. A meeting with a VC friend in Beijing sets the tone: investment has stalled for half a year, and even committed believers are questioning the future. The announcement of Kyle Samani, a key figure at Multicoin Capital, leaving the industry signals a deeper crisis. The collapse is attributed to the end of an era of cheap money, as global liquidity recedes and risk assets—including cryptocurrencies—plunge simultaneously. Bitcoin’s narrative as "digital gold" crumbles as it correlates closely with tech stocks, amplifying rather than hedging risk. The Web3 application narrative also falters, overshadowed by the rise of AI, which has captured capital and talent, leaving crypto’s promises looking increasingly hollow. Projects like Entropy and Bit[.]com shut down, while Gemini downsizes drastically. Developers shift focus to AI, and social media fills with nostalgia for the 2021 bull market. The upcoming Consensus conference in Hong Kong highlights the industry’s search for direction amid the wreckage. Yet, amid the despair, there is hope for a quieter, more grounded future. Blockchain technology may find practical, niche applications—in supply chain finance or digital identity—without the hype of get-rich-quick schemes. The path forward requires patience, introspection, and a commitment to solving real problems, not chasing fantasies.

marsbit02/06 02:15

The First Snowfall in the Crypto Industry of 2026

marsbit02/06 02:15

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