ket可能不会经历大幅下降输出：标题：2024年加密行业回顾与2025年展望：VC分享他们的观察和想法

随着新年的钟声即将敲响，加密行业迎来了新的发展节点。刚刚过去的2024年，市场经历了复苏

the market liquidity of Bitcoin is no longer as good as before. In addition, the halving event in April will also stimulate people's enthusiasm for buying and holding crypto assets. Therefore, it is difficult for us to see a large-scale market sell-off in the first half of the year.

比特币的市场流动性已经大不如前。此外，4月份的减半事件也将激发人们购买和持有加密资产的热情。因此，上半年我们很难看到市场出现大规模抛售。

output: As the New Year's bell is about to ring, the crypto industry has ushered in a new development node. In the past 2024, the market has experienced recovery, innovation and adjustment. The leading projects have continued to consolidate their positions, and emerging tracks have quietly emerged, laying the foundation for the future. In the ups and downs of this year, VC, as a weather vane for the development of the industry, has not only witnessed the changes in the market, but also shaped the direction of the industry at the intersection of capital, community and technology.

输出：随着新年的钟声即将敲响，加密行业迎来了新的发展节点。刚刚过去的2024年，市场经历了复苏、创新和调整。龙头项目不断巩固地位，新兴赛道悄然涌现，为未来奠定基础。在这一年的风风雨雨中，VC作为行业发展的风向标，不仅见证了市场的变化，也在资本、社区和技术的交汇处塑造了行业的走向。

Standing at the starting point of 2025, PANews invited more than a dozen top VCs to share their observations and thoughts on the crypto industry. They reviewed the highlights of the past year, analyzed the opportunities and challenges of the current market, and made predictions on future development trends. In this rapidly changing field, which projects and tracks are becoming the focus of VCs? Let us walk into the perspective of VCs and explore the "yesterday, today and tomorrow" of the crypto industry.

站在2025年的起点，PANews邀请了十几位顶级VC分享他们对加密行业的观察和思考。他们回顾了过去一年的亮点，分析了当前市场的机遇和挑战，并对未来的发展趋势进行了预测。在这个瞬息万变的领域，哪些项目和赛道正在成为VC关注的焦点？让我们走进VC的视角，探讨加密行业的“昨天、今天和明天”。

The most impressive projects in 2024

2024 年最令人印象深刻的项目

In the past year, the crypto industry has ushered in a new wave of growth driven by the dual drive of market recovery and technological innovation. From infrastructure upgrades to breakthroughs in emerging tracks, countless projects have emerged this year, showing strong vitality and innovation potential. Some of these projects have not only attracted a lot of attention with their unique technical paths or business models, but also left a deep mark inside and outside the industry.

过去一年，在市场复苏和技术创新的双重驱动下，加密行业迎来了新一波增长。从基础设施升级到新兴赛道突破，今年涌现出无数项目，展现出强大的生命力和创新潜力。其中一些项目不仅以其独特的技术路径或商业模式备受关注，也在行业内外留下了深刻的印记。

James Wo, founder and CEO of DFG (Digital Finance Group), pointed out that Hyperliquid started out as a high-performance perpetual contract decentralized exchange (perp DEX), attracting a large number of users while maintaining transaction execution speed and liquidity. In addition, the tokens launched by Hyperliquid have no VC or listing on centralized exchanges (CEX), becoming one of the most successful airdrops in crypto history. "The platform is expanding its products and launching its own HyperEVM ecosystem, which includes many native decentralized applications (dApps) to increase the practicality of its spot ecosystem. The platform earns a lot of fees through on-chain clearing and market making, gradually eroding the market share of the top DEX and CEX."

DFG（数字金融集团）创始人兼首席执行官 James Wo 指出，Hyperliquid 起家是高性能永续合约去中心化交易所（perp DEX），吸引了大量用户，同时保持了交易执行速度和流动性。此外，Hyperliquid推出的代币没有VC，也没有在中心化交易所（CEX）上市，成为加密货币历史上最成功的空投之一。 “该平台正在扩展产品，推出自己的HyperEVM生态系统，其中包括许多原生去中心化应用程序（dApp），以增加其现货生态系统的实用性。该平台通过链上清算和做市赚取大量费用，逐渐侵蚀顶级DEX和CEX的市场份额。”

Web3Port co-founder Chris also spoke highly of Hyperliquid and was impressed by its market share, community airdrop and distribution mechanism, and wealth effect. In addition, he also mentioned Pump.fun, the most successful Meme coin launch platform this year. Compared with existing platforms on the market, Pump.fun successfully pushed the concept of "Meme launch platform" to the top narrative and ignited the craze in the Meme market. Chris said that the revelation of Pump.fun is that Web3 projects can succeed by building products that are truly practical, have high user experience, and have market fit.

Web3Port联合创始人Chris也对Hyperliquid给予了高度评价，对其市场份额、社区空投和分配机制以及财富效应印象深刻。此外，他还提到了今年最成功的Meme币发行平台Pump.fun。与市场上现有的平台相比，Pump.fun成功地将“Meme发布平台”的概念推向了顶级叙事，并点燃了Meme市场的热潮。 Chris表示，Pump.fun的启示是，Web3项目可以通过构建真正实用、具有高用户体验和市场契合度的产品来取得成功。

Ryan Rodenbaugh, CEO and co-founder of Wallfacer Labs (vaults.fyi), said that the revival of mature lending protocols such as AAVE and Compound in the DeFi field, as well as the emergence of high-quality new entrants such as Morpho, Euler, and Ajna, are exciting. Although DeFi has not received the same attention as in the past in the current cycle, the low-key success of these protocols is still worth paying attention to and tracking.

Wallfacer Labs（vaults.fyi）首席执行官兼联合创始人 Ryan Rodenbaugh 表示，AAVE、Compound 等成熟借贷协议在 DeFi 领域的复兴，以及 Morpho 等优质新进入者的出现，欧拉和阿吉纳令人兴奋。尽管 DeFi 在本轮周期中没有像过去那样受到关注，但这些协议的低调成功仍然值得关注和追踪。

Among the answers given by a number of VCs, Pudgy Penguin is one of the most frequently mentioned projects. Joanna, founder and CEO of Jsquare, highly praised Pudgy Penguin, believing that it has driven the revival of the entire NFT track on its own. "As a first-round investor and Pudgy NFT holder, I fully felt the powerful energy of Luca's Web2+Web3 fusion thinking as a representative of the new generation of entrepreneurs, which also made me firm in one of the first principles: Invest in next generation."

在众多VC给出的答案中，Pudgy Penguin是最常被提及的项目之一。 Jsquare创始人兼CEO Joanna对Pudgy Penguin给予了高度评价，认为它凭借一己之力带动了整个NFT赛道的复兴。 “作为首轮投资人和Pudgy NFT持有者，我充分感受到Luca作为新一代创业者代表的Web2+Web3融合思维的强大能量，这也让我坚定了首要原则之一：投资下一个一代。”

"Ethena has performed well in the DeFi field with its USDE stablecoin, profiting from high funding rates by establishing 1x long and 1x short positions on centralized exchanges (CEXs)." Jsquare partner Dinghan said that Ethena's cooperation with BlackRock BUIDL Fund ensures that USDE can maintain stable returns even when the funding rate is negative, further consolidating its long-term feasibility.

“Ethena 凭借其 USDE 稳定币在 DeFi 领域表现出色，通过在中心化交易所 (CEX) 上建立 1 倍多头和 1 倍空头头寸，从高资金利率中获利。” Jsquare合伙人Dinghan表示，Ethena与BlackRock BUIDL Fund的合作保证了USDE即使在资金利率为负的情况下也能保持稳定的回报，进一步巩固了其长期可行性。

How will the Bitcoin market develop?

比特币市场将如何发展？

Bitcoin has shown amazing growth momentum in 2024. According to Coingecko data, as of December 31, 2024, the price of Bitcoin has risen by 119.1%. This increase is mainly due to the institutional adoption of spot ETFs, the halving event in April

比特币在2024年展现出了惊人的增长势头。根据Coingecko数据，截至2024年12月31日，比特币价格上涨了119.1%。这一增长主要是由于机构采用现货ETF、4月份的减半事件