风险投资参与 Web3 的未来：新的通证经济模型如何重塑生态系统

随着Web3生态系统的成熟，融资、Tokenomics和风险投资（VC）参与的动态正在发生巨大的变化。

The dynamics of financing, Tokenomics, and venture capital (VC) participation in Web3 are undergoing drastic changes. From the early frenzy of ICOs (initial coin offerings), to the rise of low-volume models, to the re-emergence of high-volume structures today, Web3 capital markets have been in a state of experimentation.

Web3 的融资、代币经济学和风险投资 (VC) 参与动态正在发生巨大变化。从早期 ICO（首次代币发行）的狂热，到小批量模式的兴起，再到今天大批量结构的重新出现，Web3 资本市场一直处于试验状态。

Founders, investors, and communities are thinking about the role of VCs, the sustainability of token structures, and how to achieve growth through the best mechanisms in an increasingly competitive environment.

创始人、投资者和社区正在思考风险投资的作用、代币结构的可持续性，以及如何在竞争日益激烈的环境中通过最佳机制实现增长。

This article integrates insights from the past, present, and future of VC participation in Web3 and explores how the new Tokenomics model can reshape the entire ecosystem.

本文整合了 VC 参与 Web3 的过去、现在和未来的见解，探讨了新的 Tokenomics 模型如何重塑整个生态系统。

ICO Frenzy: Historical Background of Web3 Fundraising

ICO 狂热：Web3 筹款的历史背景

The ICO craze of 2017-2018 was a pivotal moment in crypto funding, marked by:

2017-2018 年的 ICO 热潮是加密货币融资的关键时刻，其特点是：

Minimal lock-up and huge returns: VCs enter projects at lower valuations than regular investors and without a lock-up period, resulting in huge returns (e.g., @Zilliqa achieved 50x growth after its ICO in January 2018).

最小的锁定和巨大的回报：风险投资以比普通投资者更低的估值进入项目，并且没有锁定期，从而获得巨大的回报（例如，@Zilliqa 在 2018 年 1 月 ICO 后实现了 50 倍的增长）。

Liquidity concentration: At the time, only a small number of tokens were issued each week in the market, and investors had limited choices. This scarcity drove demand and amplified returns.

流动性集中：当时市场上每周发行的代币数量很少，投资者的选择有限。这种稀缺性推动了需求并放大了回报。

VC as a signal: The attraction of VC is not mainly its capital (most ICO projects do not need much capital in the stage without products), but its signaling effect. Projects raise millions of funds by attracting a few well-known VCs, thereby attracting more ICO investors to participate.

VC作为信号：VC的吸引力主要不是它的资金（大多数ICO项目在没有产品的阶段不需要太多资金），而是它的信号效应。项目通过吸引一些知名VC来筹集数百万资金，从而吸引更多的ICO投资者参与。

However, this period was not sustainable. Scams, money flight and unclear regulation undermined market trust.

然而，这个时期并不可持续。诈骗、资金外逃和不明确的监管破坏了市场信任。

By 2019, regulation began to shape a more structured funding environment. Characteristics of this period include:

到 2019 年，监管开始塑造更加结构化的融资环境。这一时期的特点包括：

Longer lock-up period: VCs need to accept longer lock-up periods when entering private rounds. The market can no longer support the hype-driven “same-day unlocking” behavior of VCs in the early days.

更长的锁定期：VC在进入私募轮时需要接受更长的锁定期。市场已经无法支撑早期VC炒作的“当日解锁”行为。

Fragmented liquidity: The market is oversaturated with too many ICO projects launching at the same time. Investor demand is no longer concentrated in a few projects, and the hype that early success relied on begins to wane.

流动性分散：市场过度饱和，同时启动的 ICO 项目过多。投资者的需求不再集中在少数项目上，早期成功所依赖的炒作开始减弱。

VC as a source of funding for builders: Founders need VC funding to develop products before launching tokens. This marks a shift in the funding landscape from speculative ICOs to a more product-focused approach.

风险投资作为建设者的资金来源：创始人在推出代币之前需要风险投资资金来开发产品。这标志着融资格局从投机性 ICO 转向更加以产品为中心的方式的转变。

After 2019, the market transitioned to what is now often referred to as a “low circulation, high FDV (fully diluted valuation)” environment, where token issuances typically have low circulating supply at launch and high FDV valuations.

2019 年之后，市场过渡到现在通常所说的“低流通量、高 FDV（完全摊薄估值）”环境，在这种环境下，代币发行通常在发行时流通量较低，而 FDV 估值较高。

Challenges facing VCs today

当今风险投资面临的挑战

Despite the important role VC has played in history, it faces increasing challenges in today’s market:

尽管风险投资在历史上发挥了重要作用，但它在当今市场面临着越来越多的挑战：

1. Tokenomics Mismatch

1. 代币经济学不匹配

Historically, VCs have entered at low valuations and with short lock-up periods, which is inconsistent with the interests of ordinary investors. This has led to reputational issues and a lack of trust.

从历史上看，VC进入的估值较低，锁定期较短，这与普通投资者的利益不符。这导致了声誉问题和缺乏信任。

Poorly designed Tokenomics (e.g., low circulation, high FDV) lead to projects experiencing “sustained and expected sell-offs” after launch.

设计不当的代币经济学（例如，低流通量、高 FDV）会导致项目在启动后经历“持续和预期的抛售”。

2. Reduced demand for VC funding

2. 风险投资需求减少

Wealthier founders: Successful founders no longer rely on VCs, but instead use their personal resources to launch projects.

更富有的创始人：成功的创始人不再依赖风投，而是利用个人资源来启动项目。

Retail-driven models: Memecoin and high liquidity offerings (see @HyperliquidX) show that some projects can succeed without VC involvement.

零售驱动模式：Memecoin 和高流动性产品（参见@HyperliquidX）表明，一些项目无需风险投资的参与即可取得成功。

Weakened signaling effect: Although some mainstream VCs still have influence in infrastructure projects, their influence in application-layer projects has declined significantly.

信号效应减弱：部分主流VC虽然在基础设施项目中仍有影响力，但在应用层项目中的影响力已明显下降。

3. Product-market mismatch

3、产品与市场不匹配

For most Web3 projects, community and users are the driving force for success. However, VCs are not good at reaching out to the community.

对于大多数 Web3 项目来说，社区和用户是成功的驱动力。然而，风险投资并不擅长接触社区。

As a result, the role of traditional VCs is gradually being replaced by well-known angel investors, who often have closer connections with end users and are better able to drive community-driven growth.

因此，传统风险投资的角色逐渐被知名天使投资人所取代，他们往往与最终用户有更密切的联系，更能够推动社区驱动的增长。

The Future Role of VCs

风险投资的未来角色

While the need for VC funding may be uncertain, VC remains relevant in certain contexts:

虽然风险投资的需求可能不确定，但风险投资在某些情况下仍然具有相关性：

1. Deeply participate in the ecosystem

1.深度参与生态系统

VCs need to actively participate in ecosystem activities, such as mining, Memecoin trading and other retail-level operations.

风险投资需要积极参与生态系统活动，例如挖矿、Memecoin 交易和其他零售层面的运营。

To stay relevant, VCs need to exist not only as institutions, but also as players deeply embedded in the trenches. This involvement enables them to provide unique insights into evolving growth hacking strategies, Tokenomics designs, and market strategies.

为了保持相关性，风险投资不仅需要作为机构存在，而且还需要作为深深扎根于战壕中的参与者而存在。这种参与使他们能够为不断发展的增长黑客策略、代币经济学设计和市场策略提供独特的见解。

2. Provide strategic value

2. 提供战略价值

Founders increasingly value VCs that can provide real value (e.g., operational support, Tokenomics guidance, market expertise).

创始人越来越重视能够提供真正价值的风险投资（例如，运营支持、代币经济学指导、市场专业知识）。

While angel investors can help, they are not as focused on portfolio management as VCs.

虽然天使投资者可以提供帮助，但他们不像风险投资人那样专注于投资组合管理。

VCs need to transform from passive financiers to active strategic partners.

风险投资需要从被动的融资者转变为主动的战略合作伙伴。

3. Selective participation

3.选择性参与

VCs can focus on a small number

风险投资可以专注于少数人