加密貨幣風險投資在 2024 年第一季升溫，在 2023 年第四季之後激增

在積極的情緒和有希望的法律發展的背景下，加密貨幣風險投資格局在2024 年第一季度出現了顯著上升，籌集了25.2 億美元，超過了上季度的價值，並表明從2023 年的挑戰中反彈。這種激增得益於交易活動的增加、代幣發行的增加以及有利於創始人的競爭性風險投資環境。儘管估值有所上升，但權力平衡仍保持平衡，投資者仍保持謹慎態度，以避免估值過高。儘管監管不確定性仍將是影響市場的關鍵因素，但隨著預計交易數量強勁以及有限合夥人興趣重新出現，該行業預計未來幾季將繼續過度活躍。

Crypto Venture Landscape Heats Up in Q1 2024, Surpassing 2023 Fourth Quarter

加密貨幣創投格局將在 2024 年第一季升溫，超過 2023 年第四季

The crypto venture capital market has surged in the first quarter of 2024, with a total capital of $2.52 billion raised across the crypto and blockchain sectors, according to PitchBook data. This represents a 25% increase compared to the $2.02 billion raised in the fourth quarter of 2023.

根據 PitchBook 數據，2024 年第一季加密貨幣創投市場激增，加密貨幣和區塊鏈領域籌集的資金總額達 25.2 億美元。與 2023 年第四季籌集的 20.2 億美元相比，增加了 25%。

"The market feels like 2021 again," said David Nage, portfolio manager at Arca. "Our firm has tracked over 690 deals across stages that have transpired during Q1, about 30 to 40% more than the lows in 2023."

Arca 投資組合經理 David Nage 表示：“市場感覺又回到了 2021 年。” “我們公司追蹤了第一季發生的跨階段交易超過 690 筆，比 2023 年的低點增加了約 30% 至 40%。”

Alex Felix, co-founder and chief investment officer at CoinFund, attributed the uptick in deal-making activity to factors such as positive legal outcomes for Ripple and Grayscale, growing interest in decentralized finance (DeFi) on Solana, and increased demand for Bitcoin following SEC spot ETF approvals in the U.S.

CoinFund 聯合創始人兼首席投資長 Alex Felix 將交易活動的增加歸因於 Ripple 和 Grayscale 的積極法律結果、人們對 Solana 去中心化金融 (DeFi) 的興趣日益增長以及比特幣需求增加等因素。美國SEC批准現貨ETF

"The market is also buoyed by the fact that we didn't die," said Nage. "After the collapses of LUNA, BlockFi, FTX, and the banking crisis, we thought we would, but we didn't."

「我們沒有死，這一事實也提振了市場，」內奇說。 “在 LUNA、BlockFi、FTX 崩潰以及銀行危機之後，我們以為我們會這麼做，但我們沒有。”

Analysts predict that the crypto venture market will continue to heat up, fueled by positive macroeconomic conditions, the launch of crypto ETF products, the upcoming Bitcoin halving, and projected rate cuts in the U.S. ahead of the upcoming presidential election.

分析師預測，在積極的宏觀經濟狀況、加密 ETF 產品的推出、即將到來的比特幣減半以及美國在即將到來的總統大選之前預計降息的推動下，加密風險投資市場將繼續升溫。

"We're also seeing institutional interest start to convert into real budgets and products," said Mike Giampapa, general partner at Galaxy Ventures. "For example, BlackRock is launching its tokenized money market fund on the Ethereum blockchain, which could lead to heightened competitive pressure from traditional financial institutions and more adoptions."

Galaxy Ventures 普通合夥人 Mike Giampapa 表示：“我們也看到機構興趣開始轉化為實際預算和產品。” “例如，貝萊德正在以太坊區塊鏈上推出其代幣化貨幣市場基金，這可能會導致傳統金融機構的競爭壓力加大，並導致更多採用。”

Deal flow has picked up in areas ranging from DeFi to SocialFi to Bitcoin layer-2 growth. "We see 30 to 40 deals on a weekly basis, that's increased 10% to 20% over the last quarter," said Nage.

從 DeFi 到 SocialFi，再到比特幣 Layer-2 成長等領域，交易流量已回升。 「我們每週都會看到 30 至 40 筆交易，比上一季增加了 10% 至 20%，」Nage 說。

"The market in 2024 will be a tale of the 'haves' and 'have nots,' with newer companies building along popular narratives getting funded at rich valuations and many other companies going out of business," added Giampapa.

Giampapa 補充說：“2024 年的市場將是‘富人’和‘窮人’的故事，新成立的公司將按照流行的說法以高估值獲得融資，而許多其他公司將倒閉。”

SocialFi, which refers to decentralized social media in the web3 world, is currently a hot sector. Bi.social recently closed a $3 million round, and Mask Network raised $100 million to support similar applications.

SocialFi，指的是web3世界中的去中心化社群媒體，是當前的熱門領域。 Bi.social 最近完成了 300 萬美元的融資，Mask Network 籌集了 1 億美元來支援類似的應用程式。

Crypto and AI, blockchains, and anything zero-knowledge related are also gaining significant attention. "Given the grandiose expectations for AI's potential to impact the global economy, we expect this trend to continue for the foreseeable future," said Tekin Salimi, founder of dao5.

加密貨幣和人工智慧、區塊鏈以及任何與零知識相關的事物也受到了廣泛關注。 dao5 創辦人 Tekin Salimi 表示：“鑑於人們對人工智慧影響全球經濟的潛力抱有巨大期望，我們預計這一趨勢在可預見的未來將持續下去。”

"Valuations are up significantly, and even when larger, more established firms pass on a deal, founders still have plenty of options with others," said Michael Anderson, co-founder of Framework Ventures. "Some of the valuations we're seeing are already a bit outlandish given how early we are in this cycle."

Framework Ventures 聯合創始人 Michael Anderson 表示：“估值大幅上漲，即使更大、更成熟的公司放棄交易，創始人仍然有很多選擇。” “考慮到我們處於這個週期的早期階段，我們看到的一些估值已經有點奇怪了。”

However, venture capitalists are mindful of not getting trapped into higher valuations by blindly following the hype. "It is common to see rounds get oversubscribed within days of coming to market and allocations being denied or shifted to subsequent rounds at higher valuations," said Thomas Tang, VP of investments at Ryze Labs.

然而，創投家要注意不要因盲目追隨炒作而陷入更高的估值。 Ryze Labs 投資副總裁 Thomas Tang 表示：「上市後幾天內，各輪融資就被超額認購，分配被拒絕或轉移到估值更高的後續輪次，這是很常見的情況。”

Since the end of 2023, there has been a resurgence in token issuance as companies explore tokenomic designs for 2024. "This is a shift from the mid-2022 post-Terra/LUNA collapse era, when most seed deals were funded with SAFe or warrants," said Nage.

自2023 年底以來，隨著公司探索2024 年的代幣經濟設計，代幣發行出現復甦。「這是與2022 年中期Terra/LUNA 崩潰後時代的轉變，當時大多數種子交易都是由SAFe 或認股權證資助的，」內吉說。

"This new issuance phase we're entering into is that valuations have shifted violently," added Nage. "This dynamic has driven VCs to accept lofty valuations in private rounds since they expect that the tokens will be traded publicly at a significant markup."

內奇補充道：“我們正在進入的新發行階段是估值發生了劇烈變化。” “這種動態促使創投公司接受私募輪中的高估值，因為他們預計代幣將以大幅加價公開交易。”

While SAFe rounds are still happening, the market has congealed around those alongside priced equity rounds and token structures. "This gives investors protection but also provides teams with flexibility," said Schmidt.

儘管 SAFe 輪仍在進行，但市場已經圍繞定價股權輪和代幣結構進行融資。施密特表示：“這為投資者提供了保護，同時也為團隊提供了靈活性。”

Clay Robbins, co-founder of accelerator and venture capital fund Colosseum, noted that it is more challenging for teams raising around traditional business models due to the bias towards token trades and early liquidity among crypto-native VCs.

加速器和創投基金 Colosseum 聯合創始人 Clay Robbins 指出，由於加密原生風投對代幣交易和早期流動性的偏見，對於圍繞傳統商業模式籌集資金的團隊來說更具挑戰性。

"The long-term performance of these tokens is yet to be seen," said Marthe Naudts, associate at White Star Capital's Digital Asset Fund. "We're seeing lots more experimentation with tokenomics models here and it's certainly a space where we are excited by the innovation at play."

White Star Capital 數位資產基金合夥人 Marthe Naudts 表示：“這些代幣的長期表現還有待觀察。” “我們在這裡看到了更多關於代幣經濟模型的實驗，這無疑是一個讓我們對正在發揮的創新感到興奮的領域。”

Looking ahead to the rest of 2024, analysts expect the early-stage funding space to continue heating up, but there may be some variation at the growth stage. "Given the relatively anemic IPO market, lack of fundamentals-based underwriting of growth-stage crypto companies, and a confirmed trial between the SEC and Coinbase, I anticipate it will be inconsistent," said Robbins.

展望2024年剩餘時間，分析師預計早期融資空間將持續升溫，但在成長期可能會出現一些變化。 Robbins 表示：“鑑於 IPO 市場相對疲軟，成長階段加密公司缺乏基於基本面的承銷，以及 SEC 和 Coinbase 之間已確認的試驗，我預計這將是不一致的。”

April will be a significant month for crypto market sentiment, as the Bitcoin Halving is approaching. "Past halving events have propelled the price of Bitcoin, but historical data doesn't always predict the future," said Salimi.

隨著比特幣減半的臨近，四月將是加密貨幣市場情緒的重要月份。薩利米表示：“過去的減半事件推動了比特幣的價格上漲，但歷史數據並不總是能預測未來。”

"If there's positive progress on the regulatory front, real on-chain momentum, more institutional-based products being launched, and continued overall improved macroenvironment, there could be 'frenzy levels of deployment,'" said Robbins.

羅賓斯表示：“如果監管方面取得積極進展，真正的鏈上勢頭，推出更多基於機構的產品，以及宏觀環境持續全面改善，那麼可能會出現‘瘋狂的部署水平’。”

Last year, most funds were doing about one to two deals a month, but there has been a significant increase in deal volume. "That has dramatically changed," said Nage. "In December alone, we've done half a dozen, if not more."

去年，大多數基金每月大約進行一到兩筆交易，但交易量大幅增加。 「情況發生了巨大的變化，」內吉說。 “僅在 12 月，我們就已經做了六次，甚至更多。”

Despite the challenges faced in 2023, analysts are confident that the crypto venture market will remain active throughout 2024. "If [firms] can raise funds in the next two to three quarters, they won't hold on to their past dry powder as aggressively as they did the past year," said Nage. "As that eases, you'll see more checks."

儘管 2023 年面臨挑戰，但分析師相信加密創投市場將在 2024 年保持活躍。「如果（公司）能夠在未來兩到三個季度籌集資金，他們就不會那麼積極地持有過去的乾粉了就像他們去年所做的那樣，」內奇說。 “隨著情況的緩解，你會看到更多的檢查。”

While Felix projected that VC funding to web3 could exceed $16.2 billion by year end, most firms estimated that the total capital raised would surpass the $10 billion mark. "This market falls somewhere between the mania of 2021, 2022 and the muted market of last year," said Robbins.

雖然 Felix 預計到年底 web3 的風險投資可能會超過 162 億美元，但大多數公司估計籌集的資金總額將超過 100 億美元大關。羅賓斯表示：“這個市場介於 2021 年、2022 年的狂熱和去年的低迷市場之間。”

Giampapa noted that some large deployers of capital in the previous bull market are no longer in business, which may impact the overall amount of capital deployed in crypto VC. "Without these pools of capital, I struggle to see how dollars deployed into crypto VC get back to the 2021 to 2022 levels."

Giampapa 指出，先前牛市中的一些大型資本部署者已不再營業，這可能會影響加密 VC 中部署的資本總量。 “如果沒有這些資本池，我很難看到部署在加密貨幣風險投資中的美元如何回到 2021 年至 2022 年的水平。”