2025年，來自IOSG Ventures，Bing Ventures，Waterdrip Capital和Hashkey Capital的加密投資趨勢和籌款建議

隨著新年的開始，隨著各種新興技術和市場趨勢的不斷出現，全球投資環境不斷變化。

As we enter the new year, the global investment landscape continues to shift, with emerging technologies and market trends shaping the strategies of investors across industries. In the realm of cryptocurrency, this dynamic environment presents both challenges and opportunities for project teams seeking to raise funds. To gain valuable insights into the investment trends and strategies for 2025, as well as recommendations for projects planning to raise funds, RootData, in collaboration with ChainCatcher, conducted an exclusive interview with several representative investment institutions.

當我們進入新年時，全球投資格局不斷變化，新興技術和市場趨勢塑造了整個行業投資者的戰略。在加密貨幣領域，這種動態環境為尋求籌集資金的項目團隊帶來了挑戰和機遇。為了獲得對2025年投資趨勢和策略的寶貴見解，以及計劃籌集資金的項目的建議，Rootdata與ChainCatcher合作，與幾家代表性投資機構進行了獨家訪談。

In this installment, we feature insights from IOSG Ventures, Bing Ventures, Waterdrip Capital, and HashKey Capital, who shared their perspectives on promising investment sectors, the logic behind their choices, and suggestions for project teams.

在本期中，我們提供了來自IOSG Ventures，Bing Ventures，Waterdrip Capital和Hashkey Capital的見解，他們分享了他們對有希望的投資領域的觀點，他們選擇背後的邏輯以及對項目團隊的建議。

Here's a summary of their insights:

這是他們見解的摘要：

* **Investment Strategies and Promising Sectors for 2025**

*** 2025年投資策略和有前途的部門**

According to IOSG Ventures, one promising investment sector is Crypto x AI, which has attracted significant market attention and offers a wide range of possibilities. Sovereign AI (AI systems driven by decentralized crypto infrastructure) presents a revolutionary opportunity, but also carries risks. These systems can achieve true autonomy, interacting on-chain with non-custodial wallets and other agents and humans. In the future, we may even see AI agents purchasing human services for off-chain tasks.

根據IOSG Ventures的說法，一個有前途的投資部門是Crypto X AI，它引起了市場的重大關注，並提供了廣泛的可能性。主權AI（由分散加密基礎設施驅動的AI系統）提出了革命性的機會，但也帶來了風險。這些系統可以實現真正的自主權，並與非習慣錢包以及其他代理人和人類進行鏈上相互作用。將來，我們甚至可能會看到AI代理購買人力服務以進行鍊鍊任務。

Another promising area is DePIN, which combines crypto economic models with off-chain hardware to address challenges in traditional industries. While DePIN is a promising field, not all projects are equally viable and their success depends on the projects themselves.

另一個有前途的領域是Depin，該領域將加密經濟模型與脫鏈硬件結合在一起，以應對傳統行業的挑戰。雖然Depin是一個有前途的領域，但並非所有項目都同樣可行，而且其成功取決於項目本身。

IOSG is particularly interested in DePIN projects that can provide clear and measurable value (such as reducing costs, improving efficiency, or entering untapped markets). The success of DePIN often stems from the new business models it creates, which centralized systems cannot replicate. This advantage allows projects to achieve better market penetration, distribution, and accessibility. DePIN can also drive cost efficiency and better unit economics by lowering operational costs or improving resource utilization, making its decentralized model more competitive and sustainable. Additionally, capital expenditure optimization is a significant advantage of DePIN projects, as they share infrastructure costs with the community through token incentives, enabling faster scaling and broader participation.

IOSG對可以提供明確和可衡量的價值的DECIN項目特別感興趣（例如降低成本，提高效率或進入未開發的市場）。 Depin的成功通常源於其創建的新業務模型，而集中系統無法複製。該優勢使項目能夠實現更好的市場滲透，分配和可訪問性。 Depin還可以通過降低運營成本或改善資源利用來提高成本效率和更好的單位經濟學，從而使其分散模型更具競爭力和可持續性。此外，資本支出優化是Depin項目的重要優勢，因為它們通過令牌激勵措施與社區共享基礎設施成本，從而更快地擴展和更廣泛的參與。

On the other hand, we should avoid DePIN projects that misuse tokenization. Their failed token economics often lead to unsustainable ecosystems. Some projects' tokens do not bring actual efficiency improvements or enhancements over traditional methods but rely solely on token incentives to mask potential inefficiencies and subsidize usage costs in the short term. Relying solely on tokenization does not justify decentralization, and sometimes the outcomes are worse than existing centralized models.

另一方面，我們應該避免濫用令牌化的項目。他們失敗的令牌經濟學通常會導致不可持續的生態系統。某些項目的代幣不會帶來對傳統方法的實際效率提高或增強功能，而僅依靠令牌激勵措施來掩蓋潛在的效率低下並在短期內補貼使用成本。僅依靠令牌化並不能證明權力下放是合理的，有時結果比現有的集中模型更糟。

Bing Ventures, on the other hand, is focusing on discovering the value of early-stage projects and promoting the mainstream application of blockchain technology. The logic behind this strategy is that the rapid iteration of the blockchain industry means that the earlier you participate and position yourself, the more likely you are to capture exponential growth opportunities.

另一方面，Bing Ventures專注於發現早期項目的價值，並促進區塊鏈技術的主流應用。這種策略背後的邏輯是，區塊鏈行業的快速迭代意味著您越早參與並定位自己，您就越有可能捕獲指數增長的機會。

Specifically, Bing Ventures is interested in the following directions:

具體而言，Bing Ventures對以下方向感興趣：

* Early-stage project teams often have deep technical accumulation and a clear understanding of industry trends, which are important factors in determining a project's early success.

*早期項目團隊通常具有深厚的技術積累和對行業趨勢的清晰了解，這是確定項目早期成功的重要因素。

* Projects that can combine advanced blockchain technology with mass user needs and pain points, such as applications that optimize user experience and lower barriers to entry.

*可以將高級區塊鏈技術與大量用戶需求和疼痛點相結合的項目，例如優化用戶體驗和較低進入障礙的應用程序。

* Experienced teams in the industry often have deep resources and market insights when they choose to start their own ventures. These projects typically have a higher starting point and, therefore, a higher success rate.

*經驗豐富的團隊在選擇開展自己的企業時，通常會有深厚的資源和市場見解。這些項目通常具有更高的起點，因此成功率更高。

In terms of key sectors, Bing Ventures is optimistic about the following areas, which demonstrate the comprehensive evolution of blockchain technology from underlying architecture to practical applications:

就關鍵部門而言，Bing Ventures對以下領域非常樂觀，這表明了區塊鏈技術從基礎體系結構到實際應用的全面發展：

* Parallel virtual machine architecture is key to improving blockchain performance. Traditional blockchain systems' transaction processing speed is often a bottleneck, while ParallelVM offers solutions to enhance throughput through parallel execution of transactions and contracts. This has enormous application potential in transaction-intensive scenarios like DeFi and blockchain gaming. Of course, the challenges in this sector include concurrency management and security issues that still need time to resolve.

*並行虛擬機架構是改善區塊鏈性能的關鍵。傳統區塊鏈系統的交易處理速度通常是瓶頸，而ParalleLVM通過並行執行交易和合同提供解決方案來增強吞吐量。這在交易密集型場景（如DEFI和區塊鏈遊戲）中具有巨大的應用潛力。當然，該行業的挑戰包括仍需要時間解決的並發管理和安全問題。

* Blockchain developers have a clear demand for more efficient and flexible virtual machines. Alternative VM breaks the limitations of the Ethereum Virtual Machine (EVM) and supports more programming languages, such as Rust and Wasm, which are crucial for attracting developers and creating more complex applications. Although building the ecosystem for new architectures takes time, its potential cannot be ignored.

*區塊鏈開發人員對更高效，更靈活的虛擬機有明確的需求。替代VM打破了以太坊虛擬機（EVM）的局限性，並支持更多的編程語言，例如Rust和Wasm，這對於吸引開發人員和創建更複雜的應用程序至關重要。儘管建立新體系結構的生態系統需要時間，但它的潛力不能被忽略。

* As global regulations on cryptocurrencies become increasingly stringent, compliance is becoming a necessity. Projects that can simplify processes such as KYC, AML, and tax compliance while ensuring transparency will be highly sought after, especially given the trend of mainstream financial markets wanting to embrace crypto.

*隨著全球關於加密貨幣的法規變得越來越嚴格，因此遵守規定已成為必要。可以簡化KYC，AML和稅收合規過程的項目，同時確保透明度將受到極大的追捧，特別是考慮到主流金融市場希望接受加密貨幣的趨勢。

Waterdrip Capital believes that 2025 will be a year for Crypto to embrace large-scale adoption and regulation. For the primary market, their investment logic will be based on the following core trends:

沃特迪（Waterdrip Capital）認為，加密貨幣（Crypto）接受大規模採用和法規將是一年。對於主要市場，他們的投資邏輯將基於以下核心趨勢：

* Compliance and Mainstreaming: The gradual clarity of the global regulatory environment and the launch of cryptocurrency ETFs signify that cryptocurrencies are moving from the margins to the mainstream financial system.

*合規性和主流化：全球監管環境的逐漸清晰度和加密貨幣ETF的推出表示加密貨幣正在從利潤率轉移到主流金融體系。

* Technological Innovation and

*技術創新和