創投參與 Web3 的未來：新的通證經濟模型如何重塑生態系統

隨著Web3生態系統的成熟，融資、Tokenomics和創投（VC）參與的動態正在發生巨大的變化。

The dynamics of financing, Tokenomics, and venture capital (VC) participation in Web3 are undergoing drastic changes. From the early frenzy of ICOs (initial coin offerings), to the rise of low-volume models, to the re-emergence of high-volume structures today, Web3 capital markets have been in a state of experimentation.

Web3 的融資、代幣經濟學和創投 (VC) 參與動態正在發生巨大變化。從早期 ICO（首次代幣發行）的狂熱，到小批量模式的興起，再到今天大批量結構的重新出現，Web3 資本市場一直處於試驗狀態。

Founders, investors, and communities are thinking about the role of VCs, the sustainability of token structures, and how to achieve growth through the best mechanisms in an increasingly competitive environment.

創辦人、投資者和社區正在思考創投的角色、代幣結構的可持續性，以及如何在競爭日益激烈的環境中透過最佳機制實現成長。

This article integrates insights from the past, present, and future of VC participation in Web3 and explores how the new Tokenomics model can reshape the entire ecosystem.

本文整合了 VC 參與 Web3 的過去、現在和未來的見解，探討了新的 Tokenomics 模型如何重塑整個生態系統。

ICO Frenzy: Historical Background of Web3 Fundraising

ICO 狂熱：Web3 募款的歷史背景

The ICO craze of 2017-2018 was a pivotal moment in crypto funding, marked by:

2017-2018 年的 ICO 熱潮是加密貨幣融資的關鍵時刻，其特點是：

Minimal lock-up and huge returns: VCs enter projects at lower valuations than regular investors and without a lock-up period, resulting in huge returns (e.g., @Zilliqa achieved 50x growth after its ICO in January 2018).

最小的鎖定和巨大的回報：風險投資以比普通投資者更低的估值進入項目，並且沒有鎖定期，從而獲得巨大的回報（例如，@Zilliqa 在2018 年1 月ICO 後實現了50 倍的增長）。

Liquidity concentration: At the time, only a small number of tokens were issued each week in the market, and investors had limited choices. This scarcity drove demand and amplified returns.

流動性集中：當時市場上每週發行的代幣數量很少，投資者的選擇有限。這種稀缺性推動了需求並放大了回報。

VC as a signal: The attraction of VC is not mainly its capital (most ICO projects do not need much capital in the stage without products), but its signaling effect. Projects raise millions of funds by attracting a few well-known VCs, thereby attracting more ICO investors to participate.

VC作為訊號：VC的吸引力主要不是它的資金（大多數ICO專案在沒有產品的階段不需要太多資金），而是它的訊號效應。專案透過吸引一些知名VC來籌集數百萬資金，從而吸引更多的ICO投資者參與。

However, this period was not sustainable. Scams, money flight and unclear regulation undermined market trust.

然而，這個時期並不可持續。詐騙、資金外逃和不明確的監管破壞了市場信任。

By 2019, regulation began to shape a more structured funding environment. Characteristics of this period include:

到 2019 年，監理開始塑造更結構化的融資環境。這一時期的特徵包括：

Longer lock-up period: VCs need to accept longer lock-up periods when entering private rounds. The market can no longer support the hype-driven “same-day unlocking” behavior of VCs in the early days.

更長的鎖定期：VC在進入私募輪時需要接受更長的鎖定期。市場已經無法支撐早期VC炒作的「當日解鎖」行為。

Fragmented liquidity: The market is oversaturated with too many ICO projects launching at the same time. Investor demand is no longer concentrated in a few projects, and the hype that early success relied on begins to wane.

流動性分散：市場過度飽和，同時啟動的 ICO 專案過多。投資者的需求不再集中在少數項目上，早期成功所依賴的炒作開始減弱。

VC as a source of funding for builders: Founders need VC funding to develop products before launching tokens. This marks a shift in the funding landscape from speculative ICOs to a more product-focused approach.

創投作為建設者的資金來源：創辦人在推出代幣之前需要創投資金來開發產品。這標誌著融資格局從投機性 ICO 轉向更加以產品為中心的方式的轉變。

After 2019, the market transitioned to what is now often referred to as a “low circulation, high FDV (fully diluted valuation)” environment, where token issuances typically have low circulating supply at launch and high FDV valuations.

2019 年後，市場過渡到現在通常所說的「低流通量、高FDV（完全攤薄估值）」環境，在這種環境下，代幣發行通常在發行時流通量較低，而FDV 估值較高。

Challenges facing VCs today

當今創投面臨的挑戰

Despite the important role VC has played in history, it faces increasing challenges in today’s market:

儘管創投在歷史上發揮了重要作用，但它在當今市場面臨越來越多的挑戰：

1. Tokenomics Mismatch

1. 代幣經濟學不匹配

Historically, VCs have entered at low valuations and with short lock-up periods, which is inconsistent with the interests of ordinary investors. This has led to reputational issues and a lack of trust.

從歷史上看，VC進入的估值較低，鎖定期較短，這與普通投資者的利益不符。這導致了聲譽問題和缺乏信任。

Poorly designed Tokenomics (e.g., low circulation, high FDV) lead to projects experiencing “sustained and expected sell-offs” after launch.

設計不當的代幣經濟學（例如，低流通量、高 FDV）會導致專案在啟動後經歷「持續且預期的拋售」。

2. Reduced demand for VC funding

2. 創投需求減少

Wealthier founders: Successful founders no longer rely on VCs, but instead use their personal resources to launch projects.

更富有的創辦人：成功的創辦人不再依賴創投，而是利用個人資源來啟動專案。

Retail-driven models: Memecoin and high liquidity offerings (see @HyperliquidX) show that some projects can succeed without VC involvement.

零售驅動模式：Memecoin 和高流動性產品（參見@HyperliquidX）表明，一些項目無需風險投資的參與即可取得成功。

Weakened signaling effect: Although some mainstream VCs still have influence in infrastructure projects, their influence in application-layer projects has declined significantly.

訊號效應減弱：部分主流VC雖然在基礎設施專案中仍有影響力，但在應用層專案中的影響力已明顯下降。

3. Product-market mismatch

3.產品與市場不匹配

For most Web3 projects, community and users are the driving force for success. However, VCs are not good at reaching out to the community.

對於大多數 Web3 專案來說，社群和使用者是成功的驅動力。然而，創投並不擅長接觸社區。

As a result, the role of traditional VCs is gradually being replaced by well-known angel investors, who often have closer connections with end users and are better able to drive community-driven growth.

因此，傳統創投的角色逐漸被知名天使投資人所取代，他們往往與最終用戶有更密切的聯繫，更能夠推動社群驅動的成長。

The Future Role of VCs

創投的未來角色

While the need for VC funding may be uncertain, VC remains relevant in certain contexts:

儘管創投的需求可能不確定，但創投在某些情況下仍具有相關性：

1. Deeply participate in the ecosystem

1.深度參與生態系統

VCs need to actively participate in ecosystem activities, such as mining, Memecoin trading and other retail-level operations.

創投需要積極參與生態系統活動，例如挖礦、Memecoin 交易和其他零售層面的營運。

To stay relevant, VCs need to exist not only as institutions, but also as players deeply embedded in the trenches. This involvement enables them to provide unique insights into evolving growth hacking strategies, Tokenomics designs, and market strategies.

為了保持相關性，創投不僅需要作為機構存在，而且還需要作為深深紮根於戰壕中的參與者而存在。這種參與使他們能夠為不斷發展的成長駭客策略、代幣經濟學設計和市場策略提供獨特的見解。

2. Provide strategic value

2. 提供策略價值

Founders increasingly value VCs that can provide real value (e.g., operational support, Tokenomics guidance, market expertise).

創辦人越來越重視能夠提供真正價值的創投（例如，營運支援、代幣經濟學指導、市場專業知識）。

While angel investors can help, they are not as focused on portfolio management as VCs.

雖然天使投資者可以提供幫助，但他們不像創投人那樣專注於投資組合管理。

VCs need to transform from passive financiers to active strategic partners.

創投需要從被動的融資者轉變為主動的策略夥伴。

3. Selective participation

3.選擇性參與

VCs can focus on a small number

創投可以專注於少數人