投資加密的四個支柱

本文解釋了四個支柱研究團隊的投資邏輯及其持有資產的原因。

Author: Four Pillars

作者：四個支柱

Compiled by: Bai Ding, Xian Ran

編譯者：bai ding，Xian跑了

Note: Four Pillars is a Korean investment and research institution. The team has in-depth insights into market and industry development trends. Based on their own research and judgment, they have invested in many star projects such as INJ, SUI, Ethena, Virtuals, and Hyperliquid. This article is a research report that explains their investment logic and reasons for holding positions. Four Pillars members deeply express their views on future market development. I recommend you to read it.

注意：四個支柱是韓國投資和研究機構。該團隊對市場和行業發展趨勢有深入的見解。根據他們自己的研究和判斷，他們投資了許多星級項目，例如INJ，SUI，Ethena，Virtuals和Hyproliquid。本文是一份研究報告，解釋了他們的投資邏輯和擔任職位的原因。四個支柱成員對未來市場發展的看法深深地表達了他們的看法。我建議您閱讀。

Whenever we talk about our research in blockchain, there are always people who ask: "What coins should I buy now?" "Which projects are worth investing in?" In fact, the responsibility of VC researchers is to analyze blockchain-related technologies and determine market trends, rather than to provide investment advice, so we are usually reluctant to answer such questions.

每當我們談論我們在區塊鏈中的研究時，總會有人問：“我現在應該購買什麼硬幣？” “哪些項目值得投資？”實際上，風險投資研究人員的責任是分析與區塊鏈相關的技術並確定市場趨勢，而不是提供投資建議，因此我們通常不願意回答此類問題。

But what’s special about the Four Pillars research team is that we are both industry observers and deep participants in the crypto market, so instead of giving vague “investment advice”, we would rather directly disclose our position structure and explain the investment logic.

但是，四個支柱研究團隊的特殊之處在於，我們既是加密貨幣市場的行業觀察者，又是深入參與者，因此，我們寧願直接透露我們的立場結構並解釋投資邏輯，而不是提供模糊的“投資建議”。

You may be curious: What assets do these Four Pillars researchers who are immersed in blockchain research all day long hold? What is the basis for their decisions? Before explaining each investment target in detail, we will use a chart to visually present the team's overall holdings:

您可能會很好奇：這四個支柱研究人員整天都浸入了區塊鏈研究中的這四個支柱研究人員有哪些資產？他們決定的基礎是什麼？在詳細說明每個投資目標之前，我們將使用圖表在視覺上呈現團隊的整體持有量：

From the above chart, we can easily find that the team's holdings show diversified distribution characteristics, covering multiple tracks and ecosystems. Next, we will analyze the investment logic of each researcher one by one, as well as their judgment on the future potential of these assets.

從上圖來看，我們可以輕鬆地發現團隊的持股顯示出多樣化的分銷特徵，涵蓋了多個軌道和生態系統。接下來，我們將一一分析每個研究人員的投資邏輯，以及他們對這些資產未來潛力的判斷。

Steve: Ethereum’s dominance is declining, so focus on products with PMF that are already in the market

史蒂夫：以太坊的主導地位正在下降，因此專注於已經在市場上的PMF的產品上

Portfolio: Sui, Injective, Jito, Ethena, Azuki, Rootlets, Kumo

投資組合：SUI，Injodive，Jito，Ethena，Azuki，Rootlets，kumo

Smart contract platforms are no longer winner-take-all

智能合約平台不再是贏家

Four Pillars was established in May 2023. At that time, there were a number of new public chains that were regarded as challengers to Ethereum. They all collapsed after the Terra collapse and the FTX incident. At that time, Ethereum firmly occupied the market dominance. But I was sure at that time: in the next bull market, Ethereum's market share will definitely fall back to around 30%. There are three core logics:

2023年5月建立了四個支柱。當時，有許多新的公共連鎖店被視為以太坊的挑戰者。他們都在塔拉倒塌和FTX事件後倒塌。當時，以太坊牢固地佔據了市場優勢。但是我確信那時：在下一個牛市，以太坊的市場份額肯定會降至30％左右。有三個核心邏輯：

First, the scale of users entering the market in the new cycle will be far greater than in the past;

首先，在新周期中進入市場的用戶的規模將遠大於過去。

Second, incremental users will inevitably bring diversified value orientations;

其次，增量用戶將不可避免地帶來多樣化的價值取向；

Third, Ethereum cannot meet the needs and preferences of all groups.

第三，以太坊無法滿足所有群體的需求和偏好。

The Ethereum ecosystem places the "concept of decentralization" as the highest priority, which makes me notice its key contradiction - to achieve true "Mass adoption", it must be compatible with user groups who do not regard decentralization as the ultimate value.

以太坊的生態系統將“權力下放的概念”視為最高優先級，這使我注意到其關鍵矛盾 - 要獲得真正的“批量採用”，它必須與不認為權力下放為最終價值的用戶群體兼容。

Of course, the essence of blockchain technology requires "a certain degree of decentralization", but I believe that not all scenarios require Ethereum-level decentralization. On the contrary, other value dimensions such as execution efficiency, compliance framework, user experience, etc. may have higher priority than decentralization. This diversity of value orientation will continue to stimulate market demand for other public chains besides Ethereum.

當然，區塊鏈技術的本質需要“一定程度的權力下放”，但我認為並非所有場景都需要以太坊級的權力下放化。相反，其他價值維度（例如執行效率，合規框架，用戶體驗等）的優先級可能高於權力下放。這種價值取向的多樣性將繼續刺激除了以太坊以外的其他公共連鎖店的市場需求。

Subsequent market performance has verified my judgment: compared with 2023, the current market share of Ethereum has stabilized in the range of 20-30%. As of January 9, 2025, the market value of Ethereum is 398.5 billion US dollars, and the total market value of the entire crypto market is 1.35 trillion US dollars.

隨後的市場績效證實了我的判斷：與2023年相比，以太坊的當前市場份額穩定在20-30％的範圍內。截至2025年1月9日，以太坊的市場價值為3985億美元，整個加密貨幣市場的總市場價值為13.5萬億美元。

And I think the biggest problem of Ethereum ecosystem is not the technical level, but its arrogant attitude that "everything will eventually belong to Ethereum". To some extent, this runs counter to the decentralization concept they advocate. The open world that blockchain tries to build will never run according to the will of any particular group. Therefore, I think it is almost impossible for the smart contract platform field to form a winner-takes-all situation in the future.

我認為以太坊生態系統的最大問題不是技術層面，而是它自大的態度“一切最終都將屬於以太坊”。在某種程度上，這與他們主張的權力下放概念背道而馳。區塊鏈試圖建立的開放世界將永遠不會按照任何特定群體的意願進行。因此，我認為智能合同平台領域幾乎不可能在將來形成贏家。

Because anyone can create a new public chain, innovation may emerge at any time. Over time, more and more people will become familiar with blockchain technology, and the threshold for using new public chains will continue to decrease. Smart contract platforms are likely to maintain fierce competition. Of course, this does not mean that we will return to the era of random chain issuance. In the future, the number of major public chains participating in the competition may decrease, but new frameworks and platforms will continue to emerge, and the existing leading public chains will continue to improve their infrastructure.

因為任何人都可以創建新的公共連鎖店，所以創新可能隨時出現。隨著時間的流逝，越來越多的人會熟悉區塊鏈技術，使用新公共連鎖店的門檻將繼續減少。智能合同平台可能會保持激烈的競爭。當然，這並不意味著我們將回到隨機發行的時代。將來，參加比賽的主要公共連鎖店的數量可能會減少，但是新的框架和平台將繼續出現，現有的領先公共連鎖店將繼續改善其基礎設施。

Based on this judgment, new blockchain frameworks and technologies have always been my focus. My interest in Sui will continue until 2025, and it is at the forefront of the field of "new infrastructure technology". In addition, I believe that public chains like Solana and Injective, which rely on their respective advantages to build

基於這一判斷，新的區塊鏈框架和技術一直是我的重點。我對SUI的興趣將持續到2025年，它處於“新基礎設施技術”領域的最前沿。此外，我相信諸如Solana和Injementive之類的公共連鎖店依靠各自的優勢來建造