新研究表明，比特幣本地啟動活動的持續增長

風險投資公司Trammell Venture Partners（TVP）的新研究重點介紹了比特幣本地創業活動的持續增長，籌集了近12億美元

output: New research from venture capital firm Trammell Venture Partners (TVP) highlights the continued growth of bitcoin native startup activity, with nearly $1.2 billion raised by early-stage companies between 2021 and 2024.

產出：風險投資公司Trammell Venture Partners（TVP）的新研究強調了比特幣本地創業活動的持續增長，在2021年至2024年之間，早期公司籌集了近12億美元。

This startup formation and funding activity comes despite a broader downturn in crypto and tech venture capital markets during 2023 and 2024, particularly at the Pre-Seed stage.

儘管在2023年和2024年，尤其是在種子前的階段，加密貨幣和技術風險投資市場的低迷和技術風險投資市場的下滑和資金活動仍在進行。

According to the 2024 edition of TVP’s Bitcoin-Native Venture Capital Landscape Research Brief, transaction volume at this stage of the startup lifecycle is up 767% in 2024 compared to 2021, signalling a maturing and sustained venture capital category. In 2024 alone, Pre-Seed transaction counts increased 50% year-over-year, while the overall deal count for Bitcoin-native startups grew by 31.8%.

根據2024年TVP的比特幣本地風險投資景觀研究簡介，該啟動生命週期的交易量在2024年增長了767％，而2021年相比，這表明了成熟且持續的風險投資資本類別。僅在2024年，預婚交易的同比增長了50％，而比特幣本地初創公司的總交易數量增長了31.8％。

“One or two years’ data might represent an anomaly, but with four consecutive years of year-over-year growth at the earliest stage of Bitcoin startup formation, the data now confirm a sustained, long-term venture category trend,” said Christopher Calicott, Managing Director at TVP.

TVP董事總經理克里斯托弗·卡利科特（Christopher Calicott）表示：“一兩年的數據可能代表異常，但在比特幣創業組的最早階段連續四年的同期增長，該數據現在證實了持續的長期風險投資類別趨勢。”

TVP defines a Bitcoin-native company as one whose product success is inherently aligned with Bitcoin’s success and which leverages the Bitcoin protocol stack in its core operations.

TVP將一家比特幣本地公司定義為其產品成功與比特幣的成功一致的公司，該公司在其核心運營中利用比特幣協議堆棧。

In terms of resilience, the broader crypto venture capital market experienced a downturn in 2023 and 2024, with total disclosed startup transactions dropping from a peak of $32 billion in 2021 to $11 billion in 2023. However, Bitcoin-specific startups bucked this trend.

在韌性方面，更廣泛的加密風險投資市場在2023年和2024年經歷了衰退，總披露的啟動交易從2021年的320億美元下降到2023年的110億美元。但是，比特幣特異性的創業公司使這一趨勢屈服了。

As a share of the broader crypto startup activity, which includes startups building in blockchains other than Bitcoin, these investments are becoming increasingly interesting to institutional VC firms. In 2024, there was notable participation in Bitcoin-native startups from Draper Associates, Founders Fund, Y Combinator, and Ribbit Capital.

作為更廣泛的加密初創企業活動的一部分，其中包括在比特幣以外的區塊鏈中建造的初創公司，這些投資對機構風險投資公司越來越有趣。在2024年，Draper Associates，Founders Fund，Y Combinator和Ribbit Capital的比特幣本地初創公司都有顯著參與。

TVP’s report does not include any mining operations or late-stage outlier deals and focuses on early-stage software and infrastructure startups. The data set used in the report includes activity from 2021 through 2024 and aims to offer allocators an analysis of the long-term trends in Bitcoin’s startup ecosystem.

TVP的報告不包括任何採礦業務或後期異常值交易，而是專注於早期軟件和基礎設施初創公司。報告中使用的數據集包括從2021年到2024年的活動，旨在為分配者分析比特幣創業生態系統的長期趨勢。

The full report is available for download via TVP’s official website: https://www.tvp.ventures/.

完整的報告可通過TVP的官方網站下載：https：//www.tvp.ventures/。