加密货币风险投资在 2024 年第一季度升温，在 2023 年第四季度之后激增

在积极的情绪和有希望的法律发展的背景下，加密货币风险投资格局在 2024 年第一季度出现了显着上升，筹集了 25.2 亿美元，超过了上季度的价值，并表明从 2023 年的挑战中反弹。这种激增得益于交易活动的增加、代币发行的增加以及有利于创始人的竞争性风险投资环境。尽管估值有所上升，但权力平衡仍保持平衡，投资者仍保持谨慎态度，以避免估值过高。尽管监管不确定性仍将是影响市场的关键因素，但随着预计交易数量强劲以及有限合伙人兴趣重新出现，该行业预计未来几个季度将继续过度活跃。

Crypto Venture Landscape Heats Up in Q1 2024, Surpassing 2023 Fourth Quarter

加密货币风险投资格局将在 2024 年第一季度升温，超过 2023 年第四季度

The crypto venture capital market has surged in the first quarter of 2024, with a total capital of $2.52 billion raised across the crypto and blockchain sectors, according to PitchBook data. This represents a 25% increase compared to the $2.02 billion raised in the fourth quarter of 2023.

根据 PitchBook 数据，2024 年第一季度加密货币风险投资市场激增，加密货币和区块链领域筹集的资金总额达 25.2 亿美元。与 2023 年第四季度筹集的 20.2 亿美元相比，增加了 25%。

"The market feels like 2021 again," said David Nage, portfolio manager at Arca. "Our firm has tracked over 690 deals across stages that have transpired during Q1, about 30 to 40% more than the lows in 2023."

Arca 投资组合经理 David Nage 表示：“市场感觉又回到了 2021 年。” “我们公司追踪了第一季度发生的跨阶段交易超过 690 笔，比 2023 年的低点增加了约 30% 至 40%。”

Alex Felix, co-founder and chief investment officer at CoinFund, attributed the uptick in deal-making activity to factors such as positive legal outcomes for Ripple and Grayscale, growing interest in decentralized finance (DeFi) on Solana, and increased demand for Bitcoin following SEC spot ETF approvals in the U.S.

CoinFund 联合创始人兼首席投资官 Alex Felix 将交易活动的增加归因于 Ripple 和 Grayscale 的积极法律结果、人们对 Solana 去中心化金融 (DeFi) 的兴趣日益增长以及比特币需求增加等因素。美国 SEC 批准现货 ETF

"The market is also buoyed by the fact that we didn't die," said Nage. "After the collapses of LUNA, BlockFi, FTX, and the banking crisis, we thought we would, but we didn't."

“我们没有死，这一事实也提振了市场，”内奇说。 “在 LUNA、BlockFi、FTX 崩溃以及银行危机之后，我们以为我们会这么做，但我们没有。”

Analysts predict that the crypto venture market will continue to heat up, fueled by positive macroeconomic conditions, the launch of crypto ETF products, the upcoming Bitcoin halving, and projected rate cuts in the U.S. ahead of the upcoming presidential election.

分析师预测，在积极的宏观经济状况、加密 ETF 产品的推出、即将到来的比特币减半以及美国在即将到来的总统大选之前预计降息的推动下，加密风险投资市场将继续升温。

"We're also seeing institutional interest start to convert into real budgets and products," said Mike Giampapa, general partner at Galaxy Ventures. "For example, BlackRock is launching its tokenized money market fund on the Ethereum blockchain, which could lead to heightened competitive pressure from traditional financial institutions and more adoptions."

Galaxy Ventures 普通合伙人 Mike Giampapa 表示：“我们还看到机构兴趣开始转化为实际预算和产品。” “例如，贝莱德正在以太坊区块链上推出其代币化货币市场基金，这可能会导致传统金融机构的竞争压力加大，并导致更多采用。”

Deal flow has picked up in areas ranging from DeFi to SocialFi to Bitcoin layer-2 growth. "We see 30 to 40 deals on a weekly basis, that's increased 10% to 20% over the last quarter," said Nage.

从 DeFi 到 SocialFi，再到比特币 Layer-2 增长等领域，交易流量有所回升。 “我们每周都会看到 30 至 40 笔交易，比上一季度增加了 10% 至 20%，”Nage 说。

"The market in 2024 will be a tale of the 'haves' and 'have nots,' with newer companies building along popular narratives getting funded at rich valuations and many other companies going out of business," added Giampapa.

Giampapa 补充道：“2024 年的市场将是‘富人’和‘穷人’的故事，新成立的公司将按照流行的说法以高估值获得融资，而许多其他公司将倒闭。”

SocialFi, which refers to decentralized social media in the web3 world, is currently a hot sector. Bi.social recently closed a $3 million round, and Mask Network raised $100 million to support similar applications.

SocialFi，指的是web3世界中的去中心化社交媒体，是当前的热门领域。 Bi.social 最近完成了 300 万美元的融资，Mask Network 筹集了 1 亿美元来支持类似的应用程序。

Crypto and AI, blockchains, and anything zero-knowledge related are also gaining significant attention. "Given the grandiose expectations for AI's potential to impact the global economy, we expect this trend to continue for the foreseeable future," said Tekin Salimi, founder of dao5.

加密货币和人工智能、区块链以及任何与零知识相关的事物也受到了广泛关注。 dao5 创始人 Tekin Salimi 表示：“鉴于人们对人工智能影响全球经济的潜力抱有巨大期望，我们预计这一趋势在可预见的未来将持续下去。”

"Valuations are up significantly, and even when larger, more established firms pass on a deal, founders still have plenty of options with others," said Michael Anderson, co-founder of Framework Ventures. "Some of the valuations we're seeing are already a bit outlandish given how early we are in this cycle."

Framework Ventures 联合创始人迈克尔·安德森 (Michael Anderson) 表示：“估值大幅上涨，即使更大、更成熟的公司放弃交易，创始人仍然有很多选择。” “考虑到我们处于这个周期的早期阶段，我们看到的一些估值已经有点奇怪了。”

However, venture capitalists are mindful of not getting trapped into higher valuations by blindly following the hype. "It is common to see rounds get oversubscribed within days of coming to market and allocations being denied or shifted to subsequent rounds at higher valuations," said Thomas Tang, VP of investments at Ryze Labs.

然而，风险投资家要注意不要因盲目追随炒作而陷入更高的估值。 Ryze Labs 投资副总裁托马斯·唐 (Thomas Tang) 表示：“上市后几天内，各轮融资就被超额认购，分配被拒绝或转移到估值更高的后续轮次，这是很常见的情况。”

Since the end of 2023, there has been a resurgence in token issuance as companies explore tokenomic designs for 2024. "This is a shift from the mid-2022 post-Terra/LUNA collapse era, when most seed deals were funded with SAFe or warrants," said Nage.

自 2023 年底以来，随着公司探索 2024 年的代币经济设计，代币发行出现复苏。“这是与 2022 年中期 Terra/LUNA 崩溃后时代的转变，当时大多数种子交易都是由 SAFe 或认股权证资助的，”内吉说。

"This new issuance phase we're entering into is that valuations have shifted violently," added Nage. "This dynamic has driven VCs to accept lofty valuations in private rounds since they expect that the tokens will be traded publicly at a significant markup."

内奇补充道：“我们正在进入的新发行阶段是估值发生了剧烈变化。” “这种动态促使风险投资公司接受私募轮中的高估值，因为他们预计代币将以大幅加价公开交易。”

While SAFe rounds are still happening, the market has congealed around those alongside priced equity rounds and token structures. "This gives investors protection but also provides teams with flexibility," said Schmidt.

尽管 SAFe 轮仍在进行，但市场已经围绕定价股权轮和代币结构进行融资。施密特表示：“这为投资者提供了保护，同时也为团队提供了灵活性。”

Clay Robbins, co-founder of accelerator and venture capital fund Colosseum, noted that it is more challenging for teams raising around traditional business models due to the bias towards token trades and early liquidity among crypto-native VCs.

加速器和风险投资基金 Colosseum 联合创始人 Clay Robbins 指出，由于加密原生风投对代币交易和早期流动性的偏见，对于围绕传统商业模式筹集资金的团队来说更具挑战性。

"The long-term performance of these tokens is yet to be seen," said Marthe Naudts, associate at White Star Capital's Digital Asset Fund. "We're seeing lots more experimentation with tokenomics models here and it's certainly a space where we are excited by the innovation at play."

White Star Capital 数字资产基金合伙人 Marthe Naudts 表示：“这些代币的长期表现还有待观察。” “我们在这里看到了更多关于代币经济模型的实验，这无疑是一个让我们对正在发挥的创新感到兴奋的领域。”

Looking ahead to the rest of 2024, analysts expect the early-stage funding space to continue heating up, but there may be some variation at the growth stage. "Given the relatively anemic IPO market, lack of fundamentals-based underwriting of growth-stage crypto companies, and a confirmed trial between the SEC and Coinbase, I anticipate it will be inconsistent," said Robbins.

展望2024年剩余时间，分析师预计早期融资空间将继续升温，但在成长期可能会出现一些变化。 Robbins 表示：“鉴于 IPO 市场相对疲软，成长阶段加密公司缺乏基于基本面的承销，以及 SEC 和 Coinbase 之间已确认的试验，我预计这将是不一致的。”

April will be a significant month for crypto market sentiment, as the Bitcoin Halving is approaching. "Past halving events have propelled the price of Bitcoin, but historical data doesn't always predict the future," said Salimi.

随着比特币减半的临近，四月将是加密货币市场情绪的重要月份。萨利米表示：“过去的减半事件推动了比特币的价格上涨，但历史数据并不总是能预测未来。”

"If there's positive progress on the regulatory front, real on-chain momentum, more institutional-based products being launched, and continued overall improved macroenvironment, there could be 'frenzy levels of deployment,'" said Robbins.

罗宾斯表示：“如果监管方面取得积极进展，真正的链上势头，推出更多基于机构的产品，以及宏观环境持续全面改善，那么可能会出现‘疯狂的部署水平’。”

Last year, most funds were doing about one to two deals a month, but there has been a significant increase in deal volume. "That has dramatically changed," said Nage. "In December alone, we've done half a dozen, if not more."

去年，大多数基金每月大约进行一到两笔交易，但交易量大幅增加。 “情况发生了巨大的变化，”内吉说。 “仅在 12 月，我们就已经做了六次，甚至更多。”

Despite the challenges faced in 2023, analysts are confident that the crypto venture market will remain active throughout 2024. "If [firms] can raise funds in the next two to three quarters, they won't hold on to their past dry powder as aggressively as they did the past year," said Nage. "As that eases, you'll see more checks."

尽管 2023 年面临挑战，但分析师相信加密风险投资市场将在 2024 年保持活跃。“如果（公司）能够在未来两到三个季度筹集资金，他们就不会那么积极地持有过去的干粉了就像他们去年所做的那样，”内奇说。 “随着情况的缓解，你会看到更多的检查。”

While Felix projected that VC funding to web3 could exceed $16.2 billion by year end, most firms estimated that the total capital raised would surpass the $10 billion mark. "This market falls somewhere between the mania of 2021, 2022 and the muted market of last year," said Robbins.

虽然 Felix 预计到年底 web3 的风险投资可能会超过 162 亿美元，但大多数公司估计筹集的资金总额将超过 100 亿美元大关。罗宾斯表示：“这个市场介于 2021 年、2022 年的狂热和去年的低迷市场之间。”

Giampapa noted that some large deployers of capital in the previous bull market are no longer in business, which may impact the overall amount of capital deployed in crypto VC. "Without these pools of capital, I struggle to see how dollars deployed into crypto VC get back to the 2021 to 2022 levels."

Giampapa 指出，之前牛市中的一些大型资本部署者已不再营业，这可能会影响加密 VC 中部署的资本总量。 “如果没有这些资本池，我很难看到部署在加密货币风险投资中的美元如何回到 2021 年至 2022 年的水平。”