ket可能不會經歷大幅下降輸出：標題：2024年加密產業回顧與2025年展望：VC分享他們的觀察和想法

隨著新年的鐘聲即將敲響，加密產業迎來了新的發展節點。在剛過去的2024年，市場經歷了復甦

the market liquidity of Bitcoin is no longer as good as before. In addition, the halving event in April will also stimulate people's enthusiasm for buying and holding crypto assets. Therefore, it is difficult for us to see a large-scale market sell-off in the first half of the year.

比特幣的市場流動性已經大不如前。此外，4月的減半事件也將激發人們購買和持有加密資產的熱情。因此，上半年我們很難看到市場出現大規模拋售。

output: As the New Year's bell is about to ring, the crypto industry has ushered in a new development node. In the past 2024, the market has experienced recovery, innovation and adjustment. The leading projects have continued to consolidate their positions, and emerging tracks have quietly emerged, laying the foundation for the future. In the ups and downs of this year, VC, as a weather vane for the development of the industry, has not only witnessed the changes in the market, but also shaped the direction of the industry at the intersection of capital, community and technology.

輸出：隨著新年的鐘聲即將敲響，加密產業迎來了新的發展節點。在剛過去的2024年，市場經歷了復甦、創新和調整。龍頭計畫不斷鞏固地位，新興賽道悄悄湧現，為未來奠定基礎。在這一年的風風雨雨中，VC作為產業發展的風向標，不僅見證了市場的變化，也在資本、社區和技術的交匯處塑造了產業的走向。

Standing at the starting point of 2025, PANews invited more than a dozen top VCs to share their observations and thoughts on the crypto industry. They reviewed the highlights of the past year, analyzed the opportunities and challenges of the current market, and made predictions on future development trends. In this rapidly changing field, which projects and tracks are becoming the focus of VCs? Let us walk into the perspective of VCs and explore the "yesterday, today and tomorrow" of the crypto industry.

站在2025年的起點，PANews邀請了十幾位頂級VC分享他們對加密產業的觀察與思考。他們回顧了過去一年的亮點，分析了當前市場的機會和挑戰，並對未來的發展趨勢進行了預測。在這個瞬息萬變的領域，哪些項目和賽道正在成為VC的焦點？讓我們走進VC的視角，探討加密產業的「昨天、今天和明天」。

The most impressive projects in 2024

2024 年最令人印象深刻的項目

In the past year, the crypto industry has ushered in a new wave of growth driven by the dual drive of market recovery and technological innovation. From infrastructure upgrades to breakthroughs in emerging tracks, countless projects have emerged this year, showing strong vitality and innovation potential. Some of these projects have not only attracted a lot of attention with their unique technical paths or business models, but also left a deep mark inside and outside the industry.

過去一年，在市場復甦和技術創新的雙重驅動下，加密產業迎來了新一波成長。從基礎設施升級到新興賽道突破，今年湧現無數項目，展現出強大的生命力和創新潛力。其中一些項目不僅以其獨特的技術路徑或商業模式備受關注，也在行業內外留下了深刻的印記。

James Wo, founder and CEO of DFG (Digital Finance Group), pointed out that Hyperliquid started out as a high-performance perpetual contract decentralized exchange (perp DEX), attracting a large number of users while maintaining transaction execution speed and liquidity. In addition, the tokens launched by Hyperliquid have no VC or listing on centralized exchanges (CEX), becoming one of the most successful airdrops in crypto history. "The platform is expanding its products and launching its own HyperEVM ecosystem, which includes many native decentralized applications (dApps) to increase the practicality of its spot ecosystem. The platform earns a lot of fees through on-chain clearing and market making, gradually eroding the market share of the top DEX and CEX."

DFG（數位金融集團）創辦人兼執行長 James Wo 指出，Hyperliquid 起家是高性能永續合約去中心化交易所（perp DEX），吸引了大量用戶，同時保持了交易執行速度和流動性。此外，Hyperliquid推出的代幣沒有VC，也沒有在中心化交易所（CEX）上市，成為加密貨幣史上最成功的空投之一。 「該平台正在擴展產品，推出自己的HyperEVM生態系統，其中包括許多原生去中心化應用程式（dApp），以增加其現貨生態系統的實用性。該平台透過鏈上清算和做市賺取大量費用，逐漸侵蝕頂級DEX和CEX的市場份額。

Web3Port co-founder Chris also spoke highly of Hyperliquid and was impressed by its market share, community airdrop and distribution mechanism, and wealth effect. In addition, he also mentioned Pump.fun, the most successful Meme coin launch platform this year. Compared with existing platforms on the market, Pump.fun successfully pushed the concept of "Meme launch platform" to the top narrative and ignited the craze in the Meme market. Chris said that the revelation of Pump.fun is that Web3 projects can succeed by building products that are truly practical, have high user experience, and have market fit.

Web3Port聯合創辦人Chris也對Hyperliquid給予了高度評價，對其市場份額、社群空投和分配機制以及財富效應印象深刻。此外，他也提到了今年最成功的Meme幣發行平台Pump.fun。與市場上現有的平台相比，Pump.fun成功地將「Meme發布平台」的概念推向了頂級敘事，並點燃了Meme市場的熱潮。 Chris表示，Pump.fun的啟示是，Web3專案可以透過建立真正實用、具有高用戶體驗和市場契合度的產品來取得成功。

Ryan Rodenbaugh, CEO and co-founder of Wallfacer Labs (vaults.fyi), said that the revival of mature lending protocols such as AAVE and Compound in the DeFi field, as well as the emergence of high-quality new entrants such as Morpho, Euler, and Ajna, are exciting. Although DeFi has not received the same attention as in the past in the current cycle, the low-key success of these protocols is still worth paying attention to and tracking.

Wallfacer Labs（vaults.fyi）執行長兼共同創辦人 Ryan Rodenbaugh 表示，AAVE、Compound 等成熟借貸協議在 DeFi 領域的復興，以及 Morpho 等優質新進業者的出現，歐拉和阿吉納令人興奮。儘管 DeFi 在本輪週期中沒有像過去那樣受到關注，但這些協議的低調成功仍然值得關注和追蹤。

Among the answers given by a number of VCs, Pudgy Penguin is one of the most frequently mentioned projects. Joanna, founder and CEO of Jsquare, highly praised Pudgy Penguin, believing that it has driven the revival of the entire NFT track on its own. "As a first-round investor and Pudgy NFT holder, I fully felt the powerful energy of Luca's Web2+Web3 fusion thinking as a representative of the new generation of entrepreneurs, which also made me firm in one of the first principles: Invest in next generation."

在眾多VC給出的答案中，Pudgy Penguin是最常被提及的項目之一。 Jsquare創辦人兼CEO Joanna對Pudgy Penguin給予了高度評價，認為它憑藉一己之力帶動了整個NFT賽道的復興。 「身為首輪投資人和Pudgy NFT持有者，我充分感受到Luca作為新一代創業家代表的Web2+Web3融合思維的強大能量，這也讓我堅定了首要原則之一：投資下一個世代。 」

"Ethena has performed well in the DeFi field with its USDE stablecoin, profiting from high funding rates by establishing 1x long and 1x short positions on centralized exchanges (CEXs)." Jsquare partner Dinghan said that Ethena's cooperation with BlackRock BUIDL Fund ensures that USDE can maintain stable returns even when the funding rate is negative, further consolidating its long-term feasibility.

“Ethena 憑藉其 USDE 穩定幣在 DeFi 領域表現出色，通過在中心化交易所 (CEX) 上建立 1 倍多頭和 1 倍空頭頭寸，從高資金利率中獲利。” Jsquare合夥人Dinghan表示，Ethena與BlackRock BUIDL Fund的合作保證了USDE即使在資金利率為負的情況下也能保持穩定的回報，進一步鞏固了其長期可行性。

How will the Bitcoin market develop?

比特幣市場將如何發展？

Bitcoin has shown amazing growth momentum in 2024. According to Coingecko data, as of December 31, 2024, the price of Bitcoin has risen by 119.1%. This increase is mainly due to the institutional adoption of spot ETFs, the halving event in April

比特幣在2024年展現了驚人的成長勢頭。這一增長主要是由於機構採用現貨ETF、4月份的減半事件