AI在Web3中也越來越多地採用，每天都會宣布新的集成

Cointelegraph Accelerator最近在X空間上進行了圓桌討論，將風險投資家匯總在一起以找到答案。

A recent discussion on X Spaces, organized by Cointelegraph Accelerator, brought together venture capitalists to delve into the trends shaping the crypto landscape and their thoughts on the opportunities and challenges on the horizon.

Cointelegraph Accelerator組織的X空間的最新討論使風險資本家匯集了構成加密貨幣景觀的趨勢，以及他們對地平線上的機遇和挑戰的想法。

The panelists included Nikola Santoni, partner at Lemniscap; Ivan Li, founding partner at Comma3 Ventures and Michael Zajko, co-founder of Lattice. Together, they covered topics such as the current state of crypto investments, key trends and factors that will shape the landscape in 2025, and the biggest barriers to mass adoption.

小組成員包括Lemniscap的合夥人Nikola Santoni； Comma3 Ventures的創始合夥人Ivan Li和Lattice的聯合創始人Michael Zajko。他們一起涵蓋了諸如當前的加密貨幣投資狀態，主要趨勢和將影響2025年景觀的因素以及大規模收養的最大障礙。

Listen to the full conversation on X Spaces:

聽X空間上的完整對話：

Get a head start on the trends

從趨勢開始

Santoni kicked off the conversation by highlighting the importance of assessing future demand rather than chasing current trends.

桑托尼（Santoni）通過強調評估未來需求而不是追逐當前趨勢的重要性來開始對話。

“Obviously, the intersection of crypto and AI, with AI agents, has accelerated tremendously, which is impossible to ignore. But what stands out is how quickly the narratives and attention spans are changing, from retail investors to the media to institutional investors. This is what we need to be aware of when investing.”

“顯然，加密和AI與AI代理的交集已經極大地加速了，這是不可能忽略的。但是，引人注目的是敘事和關注跨度的變化速度，從散戶投資者到媒體到機構投資者。這是我們在投資時需要注意的。”

Shedding light on Lemniscap’s approach, the partner explained that the company focuses on identifying natural market demand and teams with potential for product development.

合作夥伴解釋說，闡明了Lemniscap的方法，該公司專注於確定自然市場需求和具有產品開發潛力的團隊。

“We tend to build conviction very early on. A key consideration is whether the product you originally envisioned makes sense in the long run.”

“我們傾向於很早就建立信念。一個關鍵的考慮因素是從長遠來看，您最初設想的產品是否有意義。”

Zajko agreed, adding that to be successful, you need to invest before something becomes a hot trend, not after.

Zajko同意，並補充說要成功，您需要在某事成為熱門趨勢之前進行投資，而不是之後。

“Typically, venture investments have a 5-7-year timeline, and we can see some examples like DeFi Summer, where investing at the peak would have meant missing out on earlier opportunities like Uniswap and Aave.

“通常，風險投資有一個5 - 7年的時間表，我們可以看到一些諸如Defi Summer之類的例子，在該峰會上，在峰值上進行投資意味著要錯過諸如Uniswap和Aave之類的早期機會。

We are investing in something that may not be available for several years. This trend has played out year after year with DeFi, NFTs, gaming and now decentralized physical infrastructure networks (DePIN). We have been big proponents of DePIN, and there are many exciting projects, but the path to market and token launch for a really high-quality project is much longer because they’re using real-world infrastructure. Some of the DePIN tokens are coming to market this year, and there’s going to be a lot of exciting opportunities in that space.”

我們正在投資幾年可能無法使用的東西。這種趨勢已與DEFI，NFTS，遊戲以及現在分散的物理基礎設施網絡（DEPIN）一起逐年發揮。我們一直是Depin的忠實擁護者，並且有許多令人興奮的項目，但是對於一個真正的高質量項目而言，通往市場和代幣的途徑更長，因為他們使用了現實世界中的基礎架構。今年，一些Depin代幣將上市，在該領域將會有很多令人興奮的機會。”

Li added that it’s risky to chase all the chains.

李補充說，追逐所有鏈條是有風險的。

“If you’re a trader in the open market, you can chase these narrative changes in the short term because there’s a lot of liquidity. But in primary investments, there is no liquidity, so it is a very risky game. The long timelines - three years to TGE and another year for lock-ups and vesting - only add to the risk. The key is to invest before a project gets off the ground.”

“如果您是公開市場上的交易者，則可以在短期內追逐這些敘事變化，因為有很多流動性。但是在主要投資中，沒有流動性，因此這是一個非常冒險的遊戲。漫長的時間表 - 到TGE三年，鎖定和歸屬的一年僅增加了風險。關鍵是在項目脫離地面之前進行投資。”

He disclosed that Comma3 Ventures doesn’t see a bright future for EVM-based blockchains and keeps the focus on somewhere else.

他透露，Comma3 Ventures並沒有為基於EVM的區塊鏈帶來光明的未來，並將專注於其他地方的關注。

“I suggest everyone take a closer look at Move-based blockchains like SUI. If you compare SUI to EVM, it’s like today’s Tesla to Ferrari 30 years ago. Our portfolio at Comma3 Ventures currently covers about 85-90% of the total value locked up in the entire SUI ecosystem.”

“我建議每個人都會仔細研究Sui等基於移動的區塊鏈。如果您將SUI與EVM進行比較，就像今天的Tesla和Ferrari 30年前一樣。我們在Comma3 Ventures的投資組合目前覆蓋了整個SUI生態系統中鎖定的總價值的85-90％。”

More complex AI is coming

更複雜的AI即將到來

Zajko mentioned that the excitement around AI is largely due to its rapid development within Web2, but most AI-related projects in crypto today take a simplistic approach.

Zajko提到，圍繞AI的興奮主要是由於其在Web2中的迅速發展，但今天的加密貨幣中大多數與AI相關的項目都採用了一種簡單的方法。

“It’s a good way to speculate, and frankly, there’s still a very strong product-market fit in crypto for anything you can speculate on. What stands out to me is that developers are taking a more cautious approach. I think they’re looking at what actually works and delivers long-term value rather than just launching a token for retail speculation. A lot of these projects won’t come out right away, but I do expect to see more advanced AI agents this year that do things that aren’t just tweeting.”

“這是一種推測的好方法，坦率地說，對於您可以推測的任何東西，仍然有一個非常強大的產品市場。在我看來，開發人員正在採取更加謹慎的態度。我認為他們正在研究實際有效的東西並提供長期價值，而不僅僅是為零售投機推出令牌。這些項目中的許多不會立即出現，但是我確實希望今年看到更多的高級AI特工，這些代理商不僅僅是發推文。”

According to the co-founder, AI can be divided into two main areas:

根據聯合創始人的說法，AI可以分為兩個主要領域：

“Enterprise AI includes decentralized compute projects like io.net and Render Network. Then you have the more retail-focused projects that are still in development. And there are a number of more platform-oriented projects that haven’t launched tokens on the enterprise side, like Ritual or Sentient. So I would expect to see a reemergence of that category. They’re coming out in the second half of the year, and their tokens should bring new energy to decentralized AI.”

“企業AI包括IO.NET和渲染網絡等分散的計算項目。然後，您將擁有仍在開發中的零售項目。而且，還有許多以平台為導向的項目，這些項目尚未在企業方面啟動令牌，例如儀式或有意識。因此，我希望看到該類別的重新出現。他們在下半年出現，他們的代幣應為分散的AI帶來新的能量。”

Younger generation will push crypto adoption

年輕一代將推動加密的採用

Li highlighted the double-edged nature of regulation, saying that without a clear legal framework, there will be issues with AML, taxes and even the ability to take innovative risks within a proper structure, which is a huge risk for founders and investors. On the other hand, regulation also opens the door to institutional capital, even from conservative sources such as pension funds.

李強調了法規的雙刃本質，稱如果沒有明確的法律框架，AML，稅收甚至能夠在適當結構內承擔創新風險的能力就會存在問題，這對創始人和投資者來說是巨大的風險。另一方面，即使是從諸如養老基金之類的保守來源，法規也為機構資本打開了大門。

For Li, regulation is also a matter of global competition: "It's a

對於李，法規也是全球競爭的問題：“這是一個