2025年，来自IOSG Ventures，Bing Ventures，Waterdrip Capital和Hashkey Capital的加密投资趋势和筹款建议

随着新年的开始，随着各种新兴技术和市场趋势的不断出现，全球投资环境不断变化。

As we enter the new year, the global investment landscape continues to shift, with emerging technologies and market trends shaping the strategies of investors across industries. In the realm of cryptocurrency, this dynamic environment presents both challenges and opportunities for project teams seeking to raise funds. To gain valuable insights into the investment trends and strategies for 2025, as well as recommendations for projects planning to raise funds, RootData, in collaboration with ChainCatcher, conducted an exclusive interview with several representative investment institutions.

当我们进入新年时，全球投资格局不断变化，新兴技术和市场趋势塑造了整个行业投资者的战略。在加密货币领域，这种动态环境为寻求筹集资金的项目团队带来了挑战和机遇。为了获得对2025年投资趋势和策略的宝贵见解，以及计划筹集资金的项目的建议，Rootdata与ChainCatcher合作，与几家代表性投资机构进行了独家访谈。

In this installment, we feature insights from IOSG Ventures, Bing Ventures, Waterdrip Capital, and HashKey Capital, who shared their perspectives on promising investment sectors, the logic behind their choices, and suggestions for project teams.

在本期中，我们提供了来自IOSG Ventures，Bing Ventures，Waterdrip Capital和Hashkey Capital的见解，他们分享了他们对有希望的投资领域的观点，他们选择背后的逻辑以及对项目团队的建议。

Here's a summary of their insights:

这是他们见解的摘要：

* **Investment Strategies and Promising Sectors for 2025**

*** 2025年投资策略和有前途的部门**

According to IOSG Ventures, one promising investment sector is Crypto x AI, which has attracted significant market attention and offers a wide range of possibilities. Sovereign AI (AI systems driven by decentralized crypto infrastructure) presents a revolutionary opportunity, but also carries risks. These systems can achieve true autonomy, interacting on-chain with non-custodial wallets and other agents and humans. In the future, we may even see AI agents purchasing human services for off-chain tasks.

根据IOSG Ventures的说法，一个有前途的投资部门是Crypto X AI，它引起了市场的重大关注，并提供了广泛的可能性。主权AI（由分散加密基础设施驱动的AI系统）提出了革命性的机会，但也带来了风险。这些系统可以实现真正的自主权，并与非习惯钱包以及其他代理人和人类进行链上相互作用。将来，我们甚至可能会看到AI代理购买人力服务以进行链链任务。

Another promising area is DePIN, which combines crypto economic models with off-chain hardware to address challenges in traditional industries. While DePIN is a promising field, not all projects are equally viable and their success depends on the projects themselves.

另一个有前途的领域是Depin，该领域将加密经济模型与脱链硬件结合在一起，以应对传统行业的挑战。虽然Depin是一个有前途的领域，但并非所有项目都同样可行，而且其成功取决于项目本身。

IOSG is particularly interested in DePIN projects that can provide clear and measurable value (such as reducing costs, improving efficiency, or entering untapped markets). The success of DePIN often stems from the new business models it creates, which centralized systems cannot replicate. This advantage allows projects to achieve better market penetration, distribution, and accessibility. DePIN can also drive cost efficiency and better unit economics by lowering operational costs or improving resource utilization, making its decentralized model more competitive and sustainable. Additionally, capital expenditure optimization is a significant advantage of DePIN projects, as they share infrastructure costs with the community through token incentives, enabling faster scaling and broader participation.

IOSG对可以提供明确和可衡量的价值的DECIN项目特别感兴趣（例如降低成本，提高效率或进入未开发的市场）。 Depin的成功通常源于其创建的新业务模型，而集中系统无法复制。该优势使项目能够实现更好的市场渗透，分配和可访问性。 Depin还可以通过降低运营成本或改善资源利用来提高成本效率和更好的单位经济学，从而使其分散模型更具竞争力和可持续性。此外，资本支出优化是Depin项目的重要优势，因为它们通过令牌激励措施与社区共享基础设施成本，从而更快地扩展和更广泛的参与。

On the other hand, we should avoid DePIN projects that misuse tokenization. Their failed token economics often lead to unsustainable ecosystems. Some projects' tokens do not bring actual efficiency improvements or enhancements over traditional methods but rely solely on token incentives to mask potential inefficiencies and subsidize usage costs in the short term. Relying solely on tokenization does not justify decentralization, and sometimes the outcomes are worse than existing centralized models.

另一方面，我们应该避免滥用令牌化的项目。他们失败的令牌经济学通常会导致不可持续的生态系统。某些项目的代币不会带来对传统方法的实际效率提高或增强功能，而仅依靠令牌激励措施来掩盖潜在的效率低下并在短期内补贴使用成本。仅依靠令牌化并不能证明权力下放是合理的，有时结果比现有的集中模型更糟。

Bing Ventures, on the other hand, is focusing on discovering the value of early-stage projects and promoting the mainstream application of blockchain technology. The logic behind this strategy is that the rapid iteration of the blockchain industry means that the earlier you participate and position yourself, the more likely you are to capture exponential growth opportunities.

另一方面，Bing Ventures专注于发现早期项目的价值，并促进区块链技术的主流应用。这种策略背后的逻辑是，区块链行业的快速迭代意味着您越早参与并定位自己，您就越有可能捕获指数增长的机会。

Specifically, Bing Ventures is interested in the following directions:

具体而言，Bing Ventures对以下方向感兴趣：

* Early-stage project teams often have deep technical accumulation and a clear understanding of industry trends, which are important factors in determining a project's early success.

*早期项目团队通常具有深厚的技术积累和对行业趋势的清晰了解，这是确定项目早期成功的重要因素。

* Projects that can combine advanced blockchain technology with mass user needs and pain points, such as applications that optimize user experience and lower barriers to entry.

*可以将高级区块链技术与大量用户需求和疼痛点相结合的项目，例如优化用户体验和较低进入障碍的应用程序。

* Experienced teams in the industry often have deep resources and market insights when they choose to start their own ventures. These projects typically have a higher starting point and, therefore, a higher success rate.

*经验丰富的团队在选择开展自己的企业时，通常会有深厚的资源和市场见解。这些项目通常具有更高的起点，因此成功率更高。

In terms of key sectors, Bing Ventures is optimistic about the following areas, which demonstrate the comprehensive evolution of blockchain technology from underlying architecture to practical applications:

就关键部门而言，Bing Ventures对以下领域非常乐观，这表明了区块链技术从基础体系结构到实际应用的全面发展：

* Parallel virtual machine architecture is key to improving blockchain performance. Traditional blockchain systems' transaction processing speed is often a bottleneck, while ParallelVM offers solutions to enhance throughput through parallel execution of transactions and contracts. This has enormous application potential in transaction-intensive scenarios like DeFi and blockchain gaming. Of course, the challenges in this sector include concurrency management and security issues that still need time to resolve.

*并行虚拟机架构是改善区块链性能的关键。传统区块链系统的交易处理速度通常是瓶颈，而ParalleLVM通过并行执行交易和合同提供解决方案来增强吞吐量。这在交易密集型场景（如DEFI和区块链游戏）中具有巨大的应用潜力。当然，该行业的挑战包括仍需要时间解决的并发管理和安全问题。

* Blockchain developers have a clear demand for more efficient and flexible virtual machines. Alternative VM breaks the limitations of the Ethereum Virtual Machine (EVM) and supports more programming languages, such as Rust and Wasm, which are crucial for attracting developers and creating more complex applications. Although building the ecosystem for new architectures takes time, its potential cannot be ignored.

*区块链开发人员对更高效，更灵活的虚拟机有明确的需求。替代VM打破了以太坊虚拟机（EVM）的局限性，并支持更多的编程语言，例如Rust和Wasm，这对于吸引开发人员和创建更复杂的应用程序至关重要。尽管建立新体系结构的生态系统需要时间，但它的潜力不能被忽略。

* As global regulations on cryptocurrencies become increasingly stringent, compliance is becoming a necessity. Projects that can simplify processes such as KYC, AML, and tax compliance while ensuring transparency will be highly sought after, especially given the trend of mainstream financial markets wanting to embrace crypto.

*随着全球关于加密货币的法规变得越来越严格，因此遵守规定已成为必要。可以简化KYC，AML和税收合规过程的项目，同时确保透明度将受到极大的追捧，特别是考虑到主流金融市场希望接受加密货币的趋势。

Waterdrip Capital believes that 2025 will be a year for Crypto to embrace large-scale adoption and regulation. For the primary market, their investment logic will be based on the following core trends:

沃特迪（Waterdrip Capital）认为，加密货币（Crypto）接受大规模采用和法规将是一年。对于主要市场，他们的投资逻辑将基于以下核心趋势：

* Compliance and Mainstreaming: The gradual clarity of the global regulatory environment and the launch of cryptocurrency ETFs signify that cryptocurrencies are moving from the margins to the mainstream financial system.

*合规性和主流化：全球监管环境的逐渐清晰度和加密货币ETF的推出表示加密货币正在从利润率转移到主流金融体系。

* Technological Innovation and

*技术创新和