# Пов'язані статті щодо Primary Market

VCs Sticking to the Primary Market: How Much Money Do They Still Have?

The article discusses the current state of the cryptocurrency venture capital (VC) market, based on a debate among investors from firms like Pantera Capital, Crucible Capital, and others. Key insights reveal that while VC funds are not short on capital, there is a scarcity of high-quality investment opportunities. The discussion highlights a structural shift: early-stage funding is more dispersed and competitive, with many smaller funds active, but later-stage growth capital is highly concentrated among a few large players like Paradigm and Pantera. Data indicates that over 80% of funding in 2026 went to later rounds, but this includes "graduated" fintech projects that have entered traditional VC realms. The core issue is not the availability of money, but its distribution and accessibility—early-stage founders face intense competition for funding, while later-stage funding is gatekept by a handful of major firms. This reflects a broader trend where VCs are being more selective, prioritizing long-term, proven projects over narrative-driven investments, and founders must demonstrate substantial progress and resilience to secure capital.

Odaily星球日报04/22 07:42

Tokens, Models, and Bubbles: The Crypto × AI Game in the Primary Market

Based on a two-year retrospective, this article analyzes the convergence of Crypto and AI from a primary market perspective. Initially, the crypto space heavily promoted "Crypto Helps AI" through three main narratives: computation power tokenization, data tokenization, and model tokenization. However, these efforts largely resulted in what the author calls a "tokenization illusion"—projects that issued tokens but lacked real product-market fit or sustainable business models. The piece critiques these approaches: decentralized compute networks often fail to meet enterprise reliability standards; tokenized data struggles with supply-demand alignment due to low user motivation and high professional requirements; and model tokenization is fundamentally flawed since AI models are non-scarce, easily replicable, and depreciate quickly. Additionally, projects focusing on verifiable inference (like ZKML or OPML) are solutions in search of a problem, as real-world AI failures are rarely due to malicious tampering but rather design errors or misconfigurations. The author references Vitalik Buterin’s updated views, which now present a more balanced perspective compared to two years ago. Buterin outlines four quadrants of Crypto × AI integration: two where crypto (especially Ethereum) provides trustless, economic layers for AI agents and private interactions, and two where AI enhances crypto—through local LLMs acting as user shields for security and AI improving market efficiency and DAO governance. The conclusion emphasizes that meaningful progress lies at the intersection of both fields, beyond mere tokenization or speculative narratives, and expresses hope for more substantive developments in the future.

比推02/12 06:16

When Crypto Projects Run Out of Supply, What Can Traders Trade?

The article examines the severe downturn in the crypto market, particularly the sharp decline in Bitcoin and altcoin prices, and raises a critical question: what will traders be able to trade in a year if the supply of new crypto-native projects dries up? Data shows a structural collapse in early-stage funding for crypto projects (like L1s, L2s, DeFi), with a 63.9% drop in seed/angel rounds over four years. This "first-level market death" means fewer new tokens will launch, leaving exchanges and traders with a shrinking pool of native assets. Even established crypto funds are struggling with poor returns and low cash distributions post-2020. While memes surged as an alternative, they have evolved into short-term, attention-based assets driven by liquidity and speculation—not sustainable replacements for traditional altcoins. The industry is now looking outward for solutions: - **Tokenization of real-world assets (RWA)**: Platforms are listing tokenized stocks, metals, and indices to attract traders with traditional market volatility and narratives. - **Prediction markets**: Platforms like Polymarket are growing rapidly by allowing direct betting on real-world events (e.g., elections, macro trends), simplifying speculation to yes/no outcomes based on probability. In conclusion, as native project pipelines shrink, the market is shifting from "new token-driven trading" to speculating on external uncertainties and tradable narratives from the broader world. Traders must adapt to this new paradigm.

比推02/02 16:23

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

marsbit02/02 09:58

Dialogue with Hashkey Capital Partner Xiao Xiao: The Story and Key Insights Behind Raising $250 Million in 3 Months

HashKey Capital, a leading Asian crypto VC, successfully raised $250 million for its fourth fund, HashKey Fintech Multi-Strategy Fund IV, in just three months. The fund attracted institutional investors, family offices, and high-net-worth individuals, with a total target of $500 million. Unlike previous funds, this multi-strategy fund will focus on liquid assets, including public market investments, OTC purchases of tokenized assets, and selective private market deals. It offers greater flexibility and mid-term redemption options to meet LP demands for liquidity and exit opportunities. The fund will invest in global infrastructure, scalability solutions, and large-scale application scenarios. Xiao Xiao emphasized that mass adoption requires real usage motivation, sustainable business models, and network effects. Despite a market slowdown, HashKey remains active, seeking high-quality projects during cooler market periods. The firm avoids overvalued deals and prioritizes teams with strong execution, clear vision, and proper fund management. Xiao also discussed the evolving role of Chinese founders, noting their strength in execution and operational expertise, while highlighting the trend toward hybrid global teams. He expects greater transparency in the industry and a convergence of equity and token-based financing models. The crypto primary market is increasingly blending traditional and crypto-native exit strategies, with capital concentrating around top-tier projects and blurred lines between primary and secondary investments.

marsbit01/20 10:54