2025 年， 顶级加密风投公司都看好哪些赛道？

链捕手Опубліковано о 2025-01-02Востаннє оновлено о 2025-01-02

作者：Yogita Khatri

编译：白话区块链

 

根据《The Block Pro》的资金仪表板数据显示，2024 年加密风投融资同比增长了 28%，达到了约 137 亿美元。尽管与 2023 年相比取得了显著进展，但这波增长仍未能回到之前的高峰，尽管今年的市场情绪十分看涨。

展望 2025 年，顶级加密风投保持谨慎乐观的态度。尽管大多数人认为融资水平不太可能恢复到 2021-2022 年的高点，但已有明确共识：那些具备强大产品市场契合度和可见用户采用的初创企业，将在未来一年里最有可能吸引资本。

以下是来自 Dragonfly、Pantera、Mult1C0in、Coinbase Ventures、BN Labs、Galaxy Ventures 等公司的领导者与《The Block》分享的 2025 年融资展望。

1、Dragonfly：押注 DeFi、CeFi、稳定币等领域

Dragonfly 的普通合伙人 Rob Hadick 在接受《The Block》采访时表示，预计 2025 年加密风投融资将出现显著增长，推动因素包括美国监管环境的放松、可能持续的 Token 价格上涨以及机构资本的增加。然而，Hadick 认为融资水平在「很长时间内」都不会回到 2021-2022 年的高点，这反映出风投对重蹈过去错误的谨慎态度。

Dragonfly 仍将重点支持那些在经过验证的产品市场契合度领域中表现出色的创始人，包括去中心化金融（DeFi）、扩展平台、中心化金融（CeFi）和稳定币 / 支付等领域。尽管像加密人工智能和去中心化物理基础设施网络（DePIN）等新兴领域也在关注之列，Hadick 认为这些目前仍处于「实验」阶段。

相反，Hadick 表示，随着关注点转向新兴行业，像安全、Token 化和互操作性等类别的投资可能会下降。他还预测，去中心化社交媒体将面临挑战，原因是其缺乏可扩展性和产品市场契合度。

2、Pantera：看好加密 -AI、DePIN 和新型 Layer 1 区块链

Pantera Capital 的普通合伙人 Lauren Stephanian 在接受《The Block》采访时表示，由于投资者对美国支持加密的政府更愿意投放资本，预计 2025 年加密风投融资将有所增长。

不过，Stephanian 提到，「牛市不会永远持续」，因此仍需观察「在未来一年中，投资部署何时会开始放缓」。

Pantera 将继续在加密和区块链领域进行广泛投资，但特别看好加密 -AI、去中心化物理基础设施网络（DePIN）以及支持更多应用层功能的新型 Layer 1 区块链。

3、Mult1C0in：持续看好 Solana 生态系统

Mult1C0in Capital 目前的重点是扩大其在去中心化金融（DeFi）应用上的投资，尤其是在 Solana 生态系统中。今年，Solana 的链上关键指标表现优于以太坊和其 Layer2 生态系统。「我们预计这一趋势将持续下去，Solana 上的应用和协议将在下一个周期中成为大赢家，因为更多的用户、资本、发行和活动会迁移到 Solana 的生态系统中，」Mult1C0in Capital 的联合创始人兼管理合伙人 Kyle Samani 对《The Block》说道。

Samani 认为，以太坊将继续面临困境，甚至可能陷入长期衰退，因为它正面临来自 Solana 和其他更快、更便宜区块链的激烈竞争。「除非以太坊能够迎头赶上，否则开发者、用户和资本将迁移到能更好满足其需求的其他链上，」他补充道。

此外，Mult1C0in 还对稳定币持乐观态度。Samani 形容稳定币是「我们有生之年最伟大的技术和金融创新之一」。

「稳定币有机会在 2025 年成为不可忽视的力量」，Samani 表示。「全世界都想要美元，而稳定币是获得美元最有效的方式。其设计空间极其广阔，而我们在采用曲线上仍处于相对早期阶段。」

4、Coinbase Ventures：聚焦链上经济

Coinbase Ventures 的负责人 Hoolie Tejwani 在接受《The Block》采访时表示，预计 2025 年及以后该机构将「非常活跃」，并有能力抓住市场机遇。公司对美国的监管进展持乐观态度，尤其是由于支持加密货币的唐纳德·特朗普政府和将于 2025 年 1 月上任的亲加密国会。

Tejwani 表示，Coinbase Ventures 将继续围绕链上经济进行广泛投资，并以「最优秀、最有才华的建设者投入最多时间和精力的地方」为指引。公司对应用层持乐观态度，认为随着基础设施的日趋成熟，具备互联网规模的应用终于成为可能。关注领域包括稳定币支付和金融、加密与人工智能的交集、链上消费类应用（如社交、游戏和创作者应用）以及 DeFi 创新。

同时，Coinbase Ventures 并未完全放弃基础设施层投资，因为工具领域仍存在未解决的挑战和新的机会，Tejwani 补充道。

5、BN Labs：优先考虑基本面和用户采用

作为 BN 旗下价值 100 亿美元的风险投资和孵化部门，BN Labs 是一个「常青型」投资者。无论市场周期如何变化，公司都会继续支持 Web3、人工智能和生物技术初创企业，其投资总监 Alex Odagiu 向《The Block》表示。

BN Labs 预计 2025 年加密风投资金将保持强劲势头，但仍将「专注于基本面」，而非价格波动或市场炒作。Odagiu 强调，拥有实际应用场景、产品市场契合度、优秀团队和可持续收入模型的项目将最有可能取得成功。

6、Galaxy Ventures：看好稳定币和 Token 化

Galaxy Ventures 对 2025 年稳定币和 Token 化的增长潜力持乐观态度。该公司合伙人 Will Nuelle 向《The Block》表示，稳定币，尤其是在支付领域，表现出强大的产品市场契合度，仍然是资本投放的重点领域。

尽管 Token 化的采用速度仍落后于稳定币，Nuelle 认为其对投资者具有巨大潜力。Galaxy Ventures 计划进一步探索这些机会。然而，Nuelle 对元宇宙相关项目的看法较为悲观，预计由于缺乏明确的采用迹象，2025 年该领域的融资将会滞后。

7、Hashed：对 2025 年持谨慎乐观态度

Hashed 的首席执行官兼管理合伙人 Simon Seojoon Kim 对 2025 年持谨慎乐观的态度。他表示，尽管特朗普关于将比特币作为美国财政资产的言论暗示了机构情绪可能发生的变化，但融资水平不太可能回到 2021-2022 年的高峰。Kim 补充称，若出现宏观或政治「黑天鹅」事件，这一情况可能会显著改变。

Kim 指出，2025 年的关键推动因素可能包括美国监管框架的明晰、亚洲市场机构活动的增加以及支持现实应用的基础设施进步。然而，他也警告称，监管挫折、宏观经济不确定性和地缘政治紧张局势可能会抑制增长。

Hashed 的 2025 年投资优先事项包括数据基础设施、机构级 DeFi 应用、受监管的稳定币支付系统以及加密与人工智能基础设施。Kim 认为，这些领域具备明确的产品市场契合度、合规路径和可靠的收入潜力。相比之下，他预计缺乏可持续经济模型的 GameFi 项目、无差异化的 Layer 1 和 Layer 2 协议、受限地区的消费级 DeFi 应用以及没有明确实用性或收入模式的 NFT 平台的融资将减少。

Hashed 计划在 2025 年第一季度完成其第三支风险基金的募集，并在阿布扎比推出一只新投资工具，以便在该地区的监管框架下进行直接 Token 投资。他表示，这一战略扩展旨在解决现有韩国本土基金因本地法规限制无法进行直接 Token 投资的问题，但未透露目标基金规模。

8、Hack VC：押注加密与人工智能、基础设施和 DeFi

Hack VC 联合创始人兼管理合伙人 Ed Roman 向《The Block》表示，除非出现黑天鹅事件，2025 年加密风险投资资金预计将「大幅增长」。Roman 将这归因于亲加密的政府政策和重燃的 Web3 创业者热情。

Hack VC 主要关注三个领域：加密与人工智能、基础设施和 DeFi。Roman 提到，由于基于 GPU 的去中心化物理基础设施网络（DePINs），加密领域在多层人工智能堆栈方面提供了低于传统 Web2 云的独特机会。「这是一个服务 Web2 客户的万亿级市场，」他说。

在基础设施方面，Hack VC 对可扩展性协议、模块化基础设施、Web3 安全性、最大可提取价值（MEV）改进以及账户抽象技术持乐观态度。这些创新显著提升了 Web3 技术栈，改善了去中心化应用（dApp）的用户体验。

在 DeFi 领域，Hack VC 认为目前是「精简金融系统的一代难遇的机会」。Roman 将基于稳定币的支付视为这一系统的基础，拥有广泛的现实应用潜力，并代表了「一个万亿级市场」。不过，他对 NFT 表示不太看好，预测大多数 NFT 会贬值，仅有顶级资产能保持价值。

9、Portal Ventures：支持一体化平台

Portal Ventures 创始人兼管理合伙人 Evan Fisher 预计，2025 年市场的「动物精神」将回归，但融资水平不会重回 2021-2022 年的高点，因为那两年的宏观经济环境独具特色。

Fisher 向《The Block》表示，Portal Ventures 看好同时提供基础设施和应用的平台，这类平台能控制用户体验并构建实用场景。然而，他预测对较重型基础设施项目（如零知识开发平台和中间件）的投资将放缓，原因是缺乏客户和可持续的商业模式。

10、Blockchain Capital：专注于多个领域，包括稳定币基础设施和 DeFi

Blockchain Capital 的合伙人 Kinjal Shah 预计，随着市场的持续强劲，2025 年的融资水平将上升。但她认为，融资规模不会回到 2021-2022 年那样的高点，因为那时的热潮受到了更广泛宏观经济趋势的影响。

Blockchain Capital 将继续保持机会主义投资，重点关注稳定币基础设施、创新的分发模型以及连接机构和零售用户的 DeFi 平台。

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