加密貨幣創投的復興：創新與無限可能性的沸騰大鍋

加密貨幣創投格局正在升溫，2024 年第一季的融資額較上一季增加了 25%，就證明了這一點。這種復甦歸因於法律上的勝利和圍繞 DeFi 的積極情緒，以及機構對加密貨幣的需求。該行業的新創活動正在增加，特別是在 DeFi、SocialFi 和比特幣第二層成長等領域。估值不斷上升，創辦人也受益於更優惠的條款。儘管一些代幣正在捲土重來，但許多創投家對其長期表現仍持謹慎態度。隨著持續的正面情緒和監管進展，預計市場將在 2024 年剩餘時間內保持活躍。

The Resurgence of Crypto Venture Capital: A Boiling Pot of Innovation and Boundless Potential

加密創投的復興：創新的沸騰鍋與無限的潛力

As the embers of the crypto winter smolder, a vibrant resurgence is igniting within the venture capital landscape. Q1 of 2024 has witnessed a remarkable surge in investment activity, signaling an invigorated belief in the transformative potential of blockchain technology and its burgeoning ecosystem.

隨著加密貨幣冬季的餘燼逐漸熄滅，創投領域正燃起一股充滿活力的復甦之火。 2024 年第一季投資活動顯著激增，顯示人們對區塊鏈技術及其新興生態系統的變革潛力充滿信心。

Data from PitchBook reveals a staggering $2.52 billion in capital raised across the crypto and blockchain industries during the first quarter of 2024, a significant 25% increase compared to the $2.02 billion invested in Q4 2023. This resurgence echoes the fervor of 2021, a period marked by an influx of capital seeking to capitalize on the burgeoning crypto revolution.

PitchBook 的數據顯示，2024 年第一季度，加密貨幣和區塊鏈產業籌集的資金達到驚人的25.2 億美元，與2023 年第四季的20.2 億美元投資額相比，大幅成長25%。這種復甦與2021 年的熱情相呼應，這是一個標誌性的時期大量資本湧入，尋求利用新興的加密貨幣革命。

"It's been an extraordinarily busy time," remarks David Nage, portfolio manager at Arca. "The pace of deal-making has picked up significantly, reminiscent of the heady days of 2021. We're tracking over 690 deals across various stages during Q1, a 30-40% increase compared to the lows of 2023."

Arca 投資組合經理 David Nage 表示：“這是一段異常忙碌的時期。” 「交易節奏顯著加快，讓人回想起 2021 年令人興奮的日子。我們在第一季度跟踪了各個階段的 690 多筆交易，與 2023 年的低點相比增加了 30-40%。”

This surge in investment activity is attributed to a confluence of factors, including the positive outcomes of legal challenges involving Ripple and Grayscale, the growing adoption of DeFi (decentralized finance) on Solana, and the increasing demand for Bitcoin following the approval of SEC spot Bitcoin ETFs in the U.S.

投資活動激增是多種因素共同作用的結果，包括涉及Ripple 和Grayscale 的法律挑戰的積極成果、Solana 上DeFi（去中心化金融）的日益普及，以及SEC 現貨比特幣獲得批准後對比特幣的需求不斷增加美國的 ETF

"The crypto markets have demonstrated resilience," says Nage. "Despite the turbulence we witnessed with the collapse of LUNA, BlockFi, FTX, and the banking crisis, the industry has not crumbled."

「加密貨幣市場已經表現出了彈性，」內奇說。 “儘管我們目睹了 LUNA、BlockFi、FTX 的崩潰和銀行業危機帶來的動盪，但該行業並沒有崩潰。”

The crypto venture capital resurgence is further fueled by macro-economic validation. "We anticipate a continued bull run in crypto venture capital driven by a favorable macro backdrop," states Mike Giampapa, general partner at Galaxy Ventures. "Factors such as the launch of crypto ETF products, the BTC halving, and projected rate cuts in the U.S. will play a pivotal role in sustaining the momentum."

宏觀經濟驗證進一步推動了加密貨幣創投的復甦。 Galaxy Ventures 普通合夥人 Mike Giampapa 表示：“我們預計，在有利的宏觀背景的推動下，加密風險投資將持續牛市。” “加密貨幣 ETF 產品的推出、比特幣減半以及美國預計降息等因素將在維持這一勢頭方面發揮關鍵作用。”

Institutional interest is also translating into tangible investment, with BlackRock's launch of its tokenized money market fund on the Ethereum blockchain serving as a testament to the growing embrace of crypto assets. This trend is expected to escalate, leading to heightened competition and increased adoption within the financial sector.

機構興趣也正在轉化為有形投資，貝萊德在以太坊區塊鏈上推出代幣化貨幣市場基金，證明了人們對加密資產的日益歡迎。這種趨勢預計將升級，導致金融領域的競爭加劇和採用率增加。

Deal Flow and Emerging Trends

交易流程和新興趨勢

The crypto startup deal flow has surged across diverse segments, ranging from DeFi to SocialFi and Bitcoin layer-2 growth. "We're witnessing 30 to 40 deals on a weekly basis, marking a 10-20% increase over the previous quarter," says Nage. "The sheer volume is becoming challenging to keep up with."

加密新創公司的交易流量在各個領域激增，從 DeFi 到 SocialFi 和比特幣第二層成長。 「我們每週都會看到 30 至 40 筆交易，比上一季增加 10-20%，」Nage 說。 “龐大的數量變得難以跟上。”

There has been a noticeable influx of both new companies entering the market and existing companies that have successfully navigated the bear market by maintaining lean operations. "The market in 2024 will be a tale of two cities," adds Giampapa. "Established players riding the waves of popular narratives will secure funding at premium valuations, while many others may struggle to stay afloat."

進入市場的新公司和透過維持精益營運成功度過熊市的現有公司都大量湧入。 「2024 年的市場將是兩個城市的故事，」Giampapa 補充道。 “乘風破浪的老牌企業將以高估值獲得融資，而其他許多企業可能難以維持生計。”

SocialFi, a sector encompassing decentralized social media platforms, is currently experiencing significant traction. Recent fundraises by Bi.social and Mask Network exemplify the growing interest in this space. The integration of familiar Web 2.0 techniques by platforms like Farcaster is also contributing to the adoption of decentralized social networks. Web3 gaming is another area expected to expand rapidly, with hundreds of new games anticipated to launch later this year.

SocialFi 是一個包含去中心化社群媒體平台的產業，目前正在經歷巨大的吸引力。 Bi.social 和 Mask Network 最近的融資證明了人們對這一領域日益增長的興趣。 Farcaster 等平台對熟悉的 Web 2.0 技術的整合也有助於去中心化社交網路的採用。 Web3 遊戲是另一個預計將迅速擴張的領域，預計將在今年稍後推出數百款新遊戲。

Cryptocurrencies intertwined with AI, blockchains, and zero-knowledge proofs are also attracting considerable attention. "These areas are red-hot right now," says Tom Schmidt, a partner at Dragonfly Capital. "The potential of AI to revolutionize the global economy will fuel this trend for the foreseeable future."

與人工智慧、區塊鏈和零知識證明交織在一起的加密貨幣也引起了相當大的關注。蜻蜓資本合夥人湯姆·施密特表示：“這些領域目前炙手可熱。” “人工智慧徹底改變全球經濟的潛力將在可預見的未來推動這一趨勢。”

AI-integrated blockchains, such as 0G Labs, are capturing the interest of venture capitalists. The convergence of modularity and AI holds immense promise, as evidenced by the $35 million pre-seed round raised by 0G Labs.

0G Labs 等人工智慧整合區塊鏈正在吸引創投家的興趣。模組化和人工智慧的融合帶來了巨大的前景，0G Labs 籌集的 3500 萬美元種子前融資就證明了這一點。

Founder-Friendly Market and Competitive Advantage

創辦人友善的市場和競爭優勢

The resurgence of crypto venture capital has empowered founders with greater leverage during fundraising. "There is no shortage of hungry money available," notes Michael Anderson, co-founder of Framework Ventures.

加密貨幣創投的復甦使創辦人在融資過程中擁有更大的影響力。 Framework Ventures 聯合創始人 Michael Anderson 表示：“不乏飢渴的資金。”

"This creates a founder-friendly environment where investors are actively pitching their value proposition," explains Marthe Naudts, an associate at White Star Capital's Digital Asset Fund. "Founders now have the ability to negotiate favorable terms and set their own parameters."

White Star Capital 數位資產基金合夥人 Marthe Naudts 解釋道：“這創造了一個對創始人友好的環境，投資者可以積極推銷他們的價值主張。” “創始人現在有能力談判有利的條款並設定自己的參數。”

However, Naudts emphasizes that the balance of power has not shifted entirely away from investors. Instead, a "perfectly balanced" dynamic exists, where both founders and investors can secure advantageous outcomes. Founders benefit from expedited fundraising processes and slightly higher valuations, while VCs gain access to favorable deal structures.

然而，諾茨強調，權力平衡並未完全從投資者手中轉移。相反，存在著「完美平衡」的動態，創辦人和投資者都可以獲得有利的結果。創辦人受益於加快的融資流程和略高的估值，而創投則可以獲得有利的交易結構。

It is important to note that valuations vary significantly based on the quality of the founding team and the sector in which they operate. While some startups face re-pricing through down rounds or extensions, others are entering the market with impressive valuations.

值得注意的是，估值因創始團隊的素質及其所在產業而有很大差異。雖然一些新創公司面臨透過降價融資或延期融資的重新定價，但其他新創公司卻以令人印象深刻的估值進入市場。

"Pre-seed rounds in the crypto consumer space are witnessing valuations below $10 million," says Schmidt. "However, sectors like crypto and AI command valuations of $300 million or higher."

施密特表示：“加密消費領域的種子輪前估值低於 1000 萬美元。” “然而，加密貨幣和人工智慧等行業的估值高達 3 億美元或更高。”

Seed rounds are also experiencing a surge in valuations, with some companies securing pre-money valuations in the $25 million to $40 million range and market valuations of $80 million.

種子輪融資的估值也出現飆升，一些公司的融資前估值在 2,500 萬至 4,000 萬美元範圍內，市場估值達到 8,000 萬美元。

The Return of Tokenomics

代幣經濟學的回歸

Since the end of 2023, there has been a resurgence of token issuance, according to Nage. Arca's portfolio companies are actively exploring tokenomic designs for 2024. This trend marks a departure from the mid-2022 era, when the aftermath of the Terra/LUNA collapse led to a preference for SAFE (Simple Agreement for Future Equity) or warrant-based funding.

Nage 表示，自 2023 年底以來，代幣發行出現復甦。 Arca 的投資組合公司正在積極探索2024 年的代幣經濟設計。這一趨勢標誌著與2022 年中期時代的背離，當時Terra/LUNA 崩潰的後果導致人們傾向於選擇SAFE（未來股權簡單協議）或基於認股權證的融資。

"The issuance landscape has shifted significantly," says Nage. "Valuations have experienced a dramatic adjustment."

「發行格局已經發生了顯著變化，」內奇說。 “估值經歷了戲劇性的調整。”

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