加密货币风险投资的复兴：创新和无限可能性的沸腾大锅

加密货币风险投资格局正在升温，2024 年第一季度的融资额较上一季度增加了 25%，就证明了这一点。这种复苏归因于法律上的胜利和围绕 DeFi 的积极情绪，以及机构对加密货币的需求。该行业的初创活动正在增加，特别是在 DeFi、SocialFi 和比特币第二层增长等领域。估值不断上升，创始人也受益于更优惠的条款。尽管一些代币正在卷土重来，但许多风险投资家对其长期表现仍持谨慎态度。随着持续的积极情绪和监管进展，预计市场将在 2024 年剩余时间内保持活跃。

The Resurgence of Crypto Venture Capital: A Boiling Pot of Innovation and Boundless Potential

加密风险投资的复兴：创新的沸腾锅和无限的潜力

As the embers of the crypto winter smolder, a vibrant resurgence is igniting within the venture capital landscape. Q1 of 2024 has witnessed a remarkable surge in investment activity, signaling an invigorated belief in the transformative potential of blockchain technology and its burgeoning ecosystem.

随着加密货币冬季的余烬逐渐熄灭，风险投资领域正在燃起一股充满活力的复苏之火。 2024 年第一季度投资活动显着激增，表明人们对区块链技术及其新兴生态系统的变革潜力充满信心。

Data from PitchBook reveals a staggering $2.52 billion in capital raised across the crypto and blockchain industries during the first quarter of 2024, a significant 25% increase compared to the $2.02 billion invested in Q4 2023. This resurgence echoes the fervor of 2021, a period marked by an influx of capital seeking to capitalize on the burgeoning crypto revolution.

PitchBook 的数据显示，2024 年第一季度，加密货币和区块链行业筹集的资金达到惊人的 25.2 亿美元，与 2023 年第四季度的 20.2 亿美元投资额相比，大幅增长 25%。这种复苏与 2021 年的热情相呼应，这是一个标志性的时期大量资本涌入，寻求利用新兴的加密货币革命。

"It's been an extraordinarily busy time," remarks David Nage, portfolio manager at Arca. "The pace of deal-making has picked up significantly, reminiscent of the heady days of 2021. We're tracking over 690 deals across various stages during Q1, a 30-40% increase compared to the lows of 2023."

Arca 投资组合经理 David Nage 表示：“这是一段异常忙碌的时期。” “交易节奏显着加快，让人回想起 2021 年令人兴奋的日子。我们在第一季度跟踪了各个阶段的 690 多笔交易，与 2023 年的低点相比增加了 30-40%。”

This surge in investment activity is attributed to a confluence of factors, including the positive outcomes of legal challenges involving Ripple and Grayscale, the growing adoption of DeFi (decentralized finance) on Solana, and the increasing demand for Bitcoin following the approval of SEC spot Bitcoin ETFs in the U.S.

投资活动激增是多种因素共同作用的结果，包括涉及 Ripple 和 Grayscale 的法律挑战的积极成果、Solana 上 DeFi（去中心化金融）的日益普及，以及 SEC 现货比特币获得批准后对比特币的需求不断增加美国的 ETF

"The crypto markets have demonstrated resilience," says Nage. "Despite the turbulence we witnessed with the collapse of LUNA, BlockFi, FTX, and the banking crisis, the industry has not crumbled."

“加密货币市场已经表现出了弹性，”内奇说。 “尽管我们目睹了 LUNA、BlockFi、FTX 的崩溃和银行业危机带来的动荡，但该行业并没有崩溃。”

The crypto venture capital resurgence is further fueled by macro-economic validation. "We anticipate a continued bull run in crypto venture capital driven by a favorable macro backdrop," states Mike Giampapa, general partner at Galaxy Ventures. "Factors such as the launch of crypto ETF products, the BTC halving, and projected rate cuts in the U.S. will play a pivotal role in sustaining the momentum."

宏观经济验证进一步推动了加密货币风险投资的复苏。 Galaxy Ventures 普通合伙人 Mike Giampapa 表示：“我们预计，在有利的宏观背景的推动下，加密风险投资将持续牛市。” “加密货币 ETF 产品的推出、比特币减半以及美国预计降息等因素将在维持这一势头方面发挥关键作用。”

Institutional interest is also translating into tangible investment, with BlackRock's launch of its tokenized money market fund on the Ethereum blockchain serving as a testament to the growing embrace of crypto assets. This trend is expected to escalate, leading to heightened competition and increased adoption within the financial sector.

机构兴趣也正在转化为有形投资，贝莱德在以太坊区块链上推出代币化货币市场基金，证明了人们对加密资产的日益欢迎。这种趋势预计将升级，导致金融领域的竞争加剧和采用率增加。

Deal Flow and Emerging Trends

交易流程和新兴趋势

The crypto startup deal flow has surged across diverse segments, ranging from DeFi to SocialFi and Bitcoin layer-2 growth. "We're witnessing 30 to 40 deals on a weekly basis, marking a 10-20% increase over the previous quarter," says Nage. "The sheer volume is becoming challenging to keep up with."

加密初创公司的交易流量在各个领域激增，从 DeFi 到 SocialFi 和比特币第二层增长。 “我们每周都会看到 30 至 40 笔交易，比上一季度增加 10-20%，”Nage 说。 “庞大的数量变得难以跟上。”

There has been a noticeable influx of both new companies entering the market and existing companies that have successfully navigated the bear market by maintaining lean operations. "The market in 2024 will be a tale of two cities," adds Giampapa. "Established players riding the waves of popular narratives will secure funding at premium valuations, while many others may struggle to stay afloat."

进入市场的新公司和通过维持精益运营成功度过熊市的现有公司都大量涌入。 “2024 年的市场将是两个城市的故事，”Giampapa 补充道。 “乘风破浪的老牌企业将以高估值获得融资，而其他许多企业可能难以维持生计。”

SocialFi, a sector encompassing decentralized social media platforms, is currently experiencing significant traction. Recent fundraises by Bi.social and Mask Network exemplify the growing interest in this space. The integration of familiar Web 2.0 techniques by platforms like Farcaster is also contributing to the adoption of decentralized social networks. Web3 gaming is another area expected to expand rapidly, with hundreds of new games anticipated to launch later this year.

SocialFi 是一个包含去中心化社交媒体平台的行业，目前正在经历巨大的吸引力。 Bi.social 和 Mask Network 最近的融资证明了人们对这一领域日益增长的兴趣。 Farcaster 等平台对熟悉的 Web 2.0 技术的集成也有助于去中心化社交网络的采用。 Web3 游戏是另一个预计将迅速扩张的领域，预计将在今年晚些时候推出数百款新游戏。

Cryptocurrencies intertwined with AI, blockchains, and zero-knowledge proofs are also attracting considerable attention. "These areas are red-hot right now," says Tom Schmidt, a partner at Dragonfly Capital. "The potential of AI to revolutionize the global economy will fuel this trend for the foreseeable future."

与人工智能、区块链和零知识证明交织在一起的加密货币也引起了相当大的关注。蜻蜓资本合伙人汤姆·施密特表示：“这些领域目前炙手可热。” “人工智能彻底改变全球经济的潜力将在可预见的未来推动这一趋势。”

AI-integrated blockchains, such as 0G Labs, are capturing the interest of venture capitalists. The convergence of modularity and AI holds immense promise, as evidenced by the $35 million pre-seed round raised by 0G Labs.

0G Labs 等人工智能集成区块链正在吸引风险投资家的兴趣。模块化和人工智能的融合带来了巨大的前景，0G Labs 筹集的 3500 万美元种子前融资就证明了这一点。

Founder-Friendly Market and Competitive Advantage

创始人友好的市场和竞争优势

The resurgence of crypto venture capital has empowered founders with greater leverage during fundraising. "There is no shortage of hungry money available," notes Michael Anderson, co-founder of Framework Ventures.

加密货币风险投资的复苏使创始人在融资过程中拥有更大的影响力。 Framework Ventures 联合创始人迈克尔·安德森 (Michael Anderson) 表示：“不乏饥渴的资金。”

"This creates a founder-friendly environment where investors are actively pitching their value proposition," explains Marthe Naudts, an associate at White Star Capital's Digital Asset Fund. "Founders now have the ability to negotiate favorable terms and set their own parameters."

White Star Capital 数字资产基金合伙人 Marthe Naudts 解释道：“这创造了一个对创始人友好的环境，投资者可以积极推销他们的价值主张。” “创始人现在有能力谈判有利的条款并设定自己的参数。”

However, Naudts emphasizes that the balance of power has not shifted entirely away from investors. Instead, a "perfectly balanced" dynamic exists, where both founders and investors can secure advantageous outcomes. Founders benefit from expedited fundraising processes and slightly higher valuations, while VCs gain access to favorable deal structures.

然而，诺茨强调，权力平衡并未完全从投资者手中转移。相反，存在一种“完美平衡”的动态，创始人和投资者都可以获得有利的结果。创始人受益于加快的融资流程和略高的估值，而风险投资则可以获得有利的交易结构。

It is important to note that valuations vary significantly based on the quality of the founding team and the sector in which they operate. While some startups face re-pricing through down rounds or extensions, others are entering the market with impressive valuations.

值得注意的是，估值因创始团队的素质及其所在行业而有很大差异。虽然一些初创公司面临通过降价融资或延期融资的重新定价，但其他初创公司却以令人印象深刻的估值进入市场。

"Pre-seed rounds in the crypto consumer space are witnessing valuations below $10 million," says Schmidt. "However, sectors like crypto and AI command valuations of $300 million or higher."

施密特表示：“加密消费领域的种子轮前估值低于 1000 万美元。” “然而，加密货币和人工智能等行业的估值高达 3 亿美元或更高。”

Seed rounds are also experiencing a surge in valuations, with some companies securing pre-money valuations in the $25 million to $40 million range and market valuations of $80 million.

种子轮融资的估值也出现飙升，一些公司的融资前估值在 2500 万至 4000 万美元范围内，市场估值达到 8000 万美元。

The Return of Tokenomics

代币经济学的回归

Since the end of 2023, there has been a resurgence of token issuance, according to Nage. Arca's portfolio companies are actively exploring tokenomic designs for 2024. This trend marks a departure from the mid-2022 era, when the aftermath of the Terra/LUNA collapse led to a preference for SAFE (Simple Agreement for Future Equity) or warrant-based funding.

Nage 表示，自 2023 年底以来，代币发行出现复苏。 Arca 的投资组合公司正在积极探索 2024 年的代币经济设计。这一趋势标志着与 2022 年中期时代的背离，当时 Terra/LUNA 崩溃的后果导致人们倾向于选择 SAFE（未来股权简单协议）或基于认股权证的融资。

"The issuance landscape has shifted significantly," says Nage. "Valuations have experienced a dramatic adjustment."

“发行格局已经发生了显着变化，”内奇说。 “估值经历了戏剧性的调整。”

Vent

发泄