AI在Web3中也越来越多地采用，每天都会宣布新的集成

Cointelegraph Accelerator最近在X空间上进行了圆桌讨论，将风险投资家汇总在一起以找到答案。

A recent discussion on X Spaces, organized by Cointelegraph Accelerator, brought together venture capitalists to delve into the trends shaping the crypto landscape and their thoughts on the opportunities and challenges on the horizon.

Cointelegraph Accelerator组织的X空间的最新讨论使风险资本家汇集了构成加密货币景观的趋势，以及他们对地平线上的机遇和挑战的想法。

The panelists included Nikola Santoni, partner at Lemniscap; Ivan Li, founding partner at Comma3 Ventures and Michael Zajko, co-founder of Lattice. Together, they covered topics such as the current state of crypto investments, key trends and factors that will shape the landscape in 2025, and the biggest barriers to mass adoption.

小组成员包括Lemniscap的合伙人Nikola Santoni； Comma3 Ventures的创始合伙人Ivan Li和Lattice的联合创始人Michael Zajko。他们一起涵盖了诸如当前的加密货币投资状态，主要趋势和将影响2025年景观的因素以及大规模收养的最大障碍。

Listen to the full conversation on X Spaces:

听X空间上的完整对话：

Get a head start on the trends

从趋势开始

Santoni kicked off the conversation by highlighting the importance of assessing future demand rather than chasing current trends.

桑托尼（Santoni）通过强调评估未来需求而不是追逐当前趋势的重要性来开始对话。

“Obviously, the intersection of crypto and AI, with AI agents, has accelerated tremendously, which is impossible to ignore. But what stands out is how quickly the narratives and attention spans are changing, from retail investors to the media to institutional investors. This is what we need to be aware of when investing.”

“显然，加密和AI与AI代理的交集已经极大地加速了，这是不可能忽略的。但是，引人注目的是叙事和关注跨度的变化速度，从散户投资者到媒体到机构投资者。这是我们在投资时需要注意的。”

Shedding light on Lemniscap’s approach, the partner explained that the company focuses on identifying natural market demand and teams with potential for product development.

合作伙伴解释说，阐明了Lemniscap的方法，该公司专注于确定自然市场需求和具有产品开发潜力的团队。

“We tend to build conviction very early on. A key consideration is whether the product you originally envisioned makes sense in the long run.”

“我们倾向于很早就建立信念。一个关键的考虑因素是从长远来看，您最初设想的产品是否有意义。”

Zajko agreed, adding that to be successful, you need to invest before something becomes a hot trend, not after.

Zajko同意，并补充说要成功，您需要在某事成为热门趋势之前进行投资，而不是之后。

“Typically, venture investments have a 5-7-year timeline, and we can see some examples like DeFi Summer, where investing at the peak would have meant missing out on earlier opportunities like Uniswap and Aave.

“通常，风险投资有一个5 - 7年的时间表，我们可以看到一些诸如Defi Summer之类的例子，在该峰会上，在峰值上进行投资意味着要错过诸如Uniswap和Aave之类的早期机会。

We are investing in something that may not be available for several years. This trend has played out year after year with DeFi, NFTs, gaming and now decentralized physical infrastructure networks (DePIN). We have been big proponents of DePIN, and there are many exciting projects, but the path to market and token launch for a really high-quality project is much longer because they’re using real-world infrastructure. Some of the DePIN tokens are coming to market this year, and there’s going to be a lot of exciting opportunities in that space.”

我们正在投资几年可能无法使用的东西。这种趋势已与DEFI，NFTS，游戏以及现在分散的物理基础设施网络（DEPIN）一起逐年发挥。我们一直是Depin的忠实拥护者，并且有许多令人兴奋的项目，但是对于一个真正的高质量项目而言，通往市场和代币的途径更长，因为他们使用了现实世界中的基础架构。今年，一些Depin代币将上市，在该领域将会有很多令人兴奋的机会。”

Li added that it’s risky to chase all the chains.

李补充说，追逐所有链条是有风险的。

“If you’re a trader in the open market, you can chase these narrative changes in the short term because there’s a lot of liquidity. But in primary investments, there is no liquidity, so it is a very risky game. The long timelines - three years to TGE and another year for lock-ups and vesting - only add to the risk. The key is to invest before a project gets off the ground.”

“如果您是公开市场上的交易者，则可以在短期内追逐这些叙事变化，因为有很多流动性。但是在主要投资中，没有流动性，因此这是一个非常冒险的游戏。漫长的时间表 - 到TGE三年，锁定和归属的一年仅增加了风险。关键是在项目脱离地面之前进行投资。”

He disclosed that Comma3 Ventures doesn’t see a bright future for EVM-based blockchains and keeps the focus on somewhere else.

他透露，Comma3 Ventures并没有为基于EVM的区块链带来光明的未来，并将专注于其他地方的关注。

“I suggest everyone take a closer look at Move-based blockchains like SUI. If you compare SUI to EVM, it’s like today’s Tesla to Ferrari 30 years ago. Our portfolio at Comma3 Ventures currently covers about 85-90% of the total value locked up in the entire SUI ecosystem.”

“我建议每个人都会仔细研究Sui等基于移动的区块链。如果您将SUI与EVM进行比较，就像今天的Tesla和Ferrari 30年前一样。我们在Comma3 Ventures的投资组合目前覆盖了整个SUI生态系统中锁定的总价值的85-90％。”

More complex AI is coming

更复杂的AI即将到来

Zajko mentioned that the excitement around AI is largely due to its rapid development within Web2, but most AI-related projects in crypto today take a simplistic approach.

Zajko提到，围绕AI的兴奋主要是由于其在Web2中的迅速发展，但今天的加密货币中大多数与AI相关的项目都采用了一种简单的方法。

“It’s a good way to speculate, and frankly, there’s still a very strong product-market fit in crypto for anything you can speculate on. What stands out to me is that developers are taking a more cautious approach. I think they’re looking at what actually works and delivers long-term value rather than just launching a token for retail speculation. A lot of these projects won’t come out right away, but I do expect to see more advanced AI agents this year that do things that aren’t just tweeting.”

“这是一种推测的好方法，坦率地说，对于您可以推测的任何东西，仍然有一个非常强大的产品市场。在我看来，开发人员正在采取更加谨慎的态度。我认为他们正在研究实际有效的东西并提供长期价值，而不仅仅是为零售投机推出令牌。这些项目中的许多不会立即出现，但是我确实希望今年看到更多的高级AI特工，这些代理商不仅仅是发推文。”

According to the co-founder, AI can be divided into two main areas:

根据联合创始人的说法，AI可以分为两个主要领域：

“Enterprise AI includes decentralized compute projects like io.net and Render Network. Then you have the more retail-focused projects that are still in development. And there are a number of more platform-oriented projects that haven’t launched tokens on the enterprise side, like Ritual or Sentient. So I would expect to see a reemergence of that category. They’re coming out in the second half of the year, and their tokens should bring new energy to decentralized AI.”

“企业AI包括IO.NET和渲染网络等分散的计算项目。然后，您将拥有仍在开发中的零售项目。而且，还有许多以平台为导向的项目，这些项目尚未在企业方面启动令牌，例如仪式或有意识。因此，我希望看到该类别的重新出现。他们在下半年出现，他们的代币应为分散的AI带来新的能量。”

Younger generation will push crypto adoption

年轻一代将推动加密的采用

Li highlighted the double-edged nature of regulation, saying that without a clear legal framework, there will be issues with AML, taxes and even the ability to take innovative risks within a proper structure, which is a huge risk for founders and investors. On the other hand, regulation also opens the door to institutional capital, even from conservative sources such as pension funds.

李强调了法规的双刃本质，称如果没有明确的法律框架，AML，税收甚至能够在适当结构内承担创新风险的能力就会存在问题，这对创始人和投资者来说是巨大的风险。另一方面，即使是从诸如养老基金之类的保守来源，法规也为机构资本打开了大门。

For Li, regulation is also a matter of global competition: "It's a

对于李，法规也是全球竞争的问题：“这是一个