投资加密的四个支柱

本文解释了四个支柱研究团队的投资逻辑及其持有资产的原因。

Author: Four Pillars

作者：四个支柱

Compiled by: Bai Ding, Xian Ran

编译者：bai ding，Xian跑了

Note: Four Pillars is a Korean investment and research institution. The team has in-depth insights into market and industry development trends. Based on their own research and judgment, they have invested in many star projects such as INJ, SUI, Ethena, Virtuals, and Hyperliquid. This article is a research report that explains their investment logic and reasons for holding positions. Four Pillars members deeply express their views on future market development. I recommend you to read it.

注意：四个支柱是韩国投资和研究机构。该团队对市场和行业发展趋势有深入的见解。根据他们自己的研究和判断，他们投资了许多星级项目，例如INJ，SUI，Ethena，Virtuals和Hyproliquid。本文是一份研究报告，解释了他们的投资逻辑和担任职位的原因。四个支柱成员对未来市场发展的看法深深地表达了他们的看法。我建议您阅读。

Whenever we talk about our research in blockchain, there are always people who ask: "What coins should I buy now?" "Which projects are worth investing in?" In fact, the responsibility of VC researchers is to analyze blockchain-related technologies and determine market trends, rather than to provide investment advice, so we are usually reluctant to answer such questions.

每当我们谈论我们在区块链中的研究时，总会有人问：“我现在应该购买什么硬币？” “哪些项目值得投资？”实际上，风险投资研究人员的责任是分析与区块链相关的技术并确定市场趋势，而不是提供投资建议，因此我们通常不愿意回答此类问题。

But what’s special about the Four Pillars research team is that we are both industry observers and deep participants in the crypto market, so instead of giving vague “investment advice”, we would rather directly disclose our position structure and explain the investment logic.

但是，四个支柱研究团队的特殊之处在于，我们既是加密货币市场的行业观察者，又是深入参与者，因此，我们宁愿直接透露我们的立场结构并解释投资逻辑，而不是提供模糊的“投资建议”。

You may be curious: What assets do these Four Pillars researchers who are immersed in blockchain research all day long hold? What is the basis for their decisions? Before explaining each investment target in detail, we will use a chart to visually present the team's overall holdings:

您可能会很好奇：这四个支柱研究人员整天都浸入了区块链研究中的这四个支柱研究人员有哪些资产？他们决定的基础是什么？在详细说明每个投资目标之前，我们将使用图表在视觉上呈现团队的整体持有量：

From the above chart, we can easily find that the team's holdings show diversified distribution characteristics, covering multiple tracks and ecosystems. Next, we will analyze the investment logic of each researcher one by one, as well as their judgment on the future potential of these assets.

从上图来看，我们可以轻松地发现团队的持股显示出多样化的分销特征，涵盖了多个轨道和生态系统。接下来，我们将一一分析每个研究人员的投资逻辑，以及他们对这些资产未来潜力的判断。

Steve: Ethereum’s dominance is declining, so focus on products with PMF that are already in the market

史蒂夫：以太坊的主导地位正在下降，因此专注于已经在市场上的PMF的产品上

Portfolio: Sui, Injective, Jito, Ethena, Azuki, Rootlets, Kumo

投资组合：SUI，Injodive，Jito，Ethena，Azuki，Rootlets，kumo

Smart contract platforms are no longer winner-take-all

智能合约平台不再是赢家

Four Pillars was established in May 2023. At that time, there were a number of new public chains that were regarded as challengers to Ethereum. They all collapsed after the Terra collapse and the FTX incident. At that time, Ethereum firmly occupied the market dominance. But I was sure at that time: in the next bull market, Ethereum's market share will definitely fall back to around 30%. There are three core logics:

2023年5月建立了四个支柱。当时，有许多新的公共连锁店被视为以太坊的挑战者。他们都在塔拉倒塌和FTX事件后倒塌。当时，以太坊牢固地占据了市场优势。但是我确信那时：在下一个牛市，以太坊的市场份额肯定会降至30％左右。有三个核心逻辑：

First, the scale of users entering the market in the new cycle will be far greater than in the past;

首先，在新周期中进入市场的用户的规模将远大于过去。

Second, incremental users will inevitably bring diversified value orientations;

其次，增量用户将不可避免地带来多样化的价值取向；

Third, Ethereum cannot meet the needs and preferences of all groups.

第三，以太坊无法满足所有群体的需求和偏好。

The Ethereum ecosystem places the "concept of decentralization" as the highest priority, which makes me notice its key contradiction - to achieve true "Mass adoption", it must be compatible with user groups who do not regard decentralization as the ultimate value.

以太坊的生态系统将“权力下放的概念”视为最高优先级，这使我注意到其关键矛盾 - 要获得真正的“批量采用”，它必须与不认为权力下放为最终价值的用户群体兼容。

Of course, the essence of blockchain technology requires "a certain degree of decentralization", but I believe that not all scenarios require Ethereum-level decentralization. On the contrary, other value dimensions such as execution efficiency, compliance framework, user experience, etc. may have higher priority than decentralization. This diversity of value orientation will continue to stimulate market demand for other public chains besides Ethereum.

当然，区块链技术的本质需要“一定程度的权力下放”，但我认为并非所有场景都需要以太坊级的权力下放化。相反，其他价值维度（例如执行效率，合规框架，用户体验等）的优先级可能高于权力下放。这种价值取向的多样性将继续刺激除了以太坊以外的其他公共连锁店的市场需求。

Subsequent market performance has verified my judgment: compared with 2023, the current market share of Ethereum has stabilized in the range of 20-30%. As of January 9, 2025, the market value of Ethereum is 398.5 billion US dollars, and the total market value of the entire crypto market is 1.35 trillion US dollars.

随后的市场绩效证实了我的判断：与2023年相比，以太坊的当前市场份额稳定在20-30％的范围内。截至2025年1月9日，以太坊的市场价值为3985亿美元，整个加密货币市场的总市场价值为13.5万亿美元。

And I think the biggest problem of Ethereum ecosystem is not the technical level, but its arrogant attitude that "everything will eventually belong to Ethereum". To some extent, this runs counter to the decentralization concept they advocate. The open world that blockchain tries to build will never run according to the will of any particular group. Therefore, I think it is almost impossible for the smart contract platform field to form a winner-takes-all situation in the future.

我认为以太坊生态系统的最大问题不是技术层面，而是它自大的态度“一切最终都将属于以太坊”。在某种程度上，这与他们主张的权力下放概念背道而驰。区块链试图建立的开放世界将永远不会按照任何特定群体的意愿进行。因此，我认为智能合同平台领域几乎不可能在将来形成赢家。

Because anyone can create a new public chain, innovation may emerge at any time. Over time, more and more people will become familiar with blockchain technology, and the threshold for using new public chains will continue to decrease. Smart contract platforms are likely to maintain fierce competition. Of course, this does not mean that we will return to the era of random chain issuance. In the future, the number of major public chains participating in the competition may decrease, but new frameworks and platforms will continue to emerge, and the existing leading public chains will continue to improve their infrastructure.

因为任何人都可以创建新的公共连锁店，所以创新可能随时出现。随着时间的流逝，越来越多的人会熟悉区块链技术，使用新公共连锁店的门槛将继续减少。智能合同平台可能会保持激烈的竞争。当然，这并不意味着我们将回到随机发行的时代。将来，参加比赛的主要公共连锁店的数量可能会减少，但是新的框架和平台将继续出现，现有的领先公共连锁店将继续改善其基础设施。

Based on this judgment, new blockchain frameworks and technologies have always been my focus. My interest in Sui will continue until 2025, and it is at the forefront of the field of "new infrastructure technology". In addition, I believe that public chains like Solana and Injective, which rely on their respective advantages to build

基于这一判断，新的区块链框架和技术一直是我的重点。我对SUI的兴趣将持续到2025年，它处于“新基础设施技术”领域的最前沿。此外，我相信诸如Solana和Injementive之类的公共连锁店依靠各自的优势来建造