VC "DEATH"? NO, THE BUSINESS IS SHUFFLED

As a former VC investor, what do you think of the current CT & ldquo; VC dead & rdquo

I'll answer the question. I thought a lot of things about that

Let's start with the conclusion--

1. THE FACT THAT PART OF THE VC HAS DIED IS UNDENIABLE

THE WHOLE VC WILL NOT DIE, IT WILL STAY ALIVE AND PUSH THE INDUSTRY FORWARD

The VC actually enters a &ldquao; &rdquao; and &ldquao; the wave-hunting &rdquao; a phase similar to the 2000 Internet bubble. This is the last round of mad cow & ldquo; debt & rdquo; after a few years of paying off, it will enter a new healthy growth phase, but the threshold is much higher

Let's go over each one

1. PARTIALLY VC DECEASED

Asia's VC should be the worst round of this year's largely head stoppage, disassembly, probably less than once in a few months, focusing on Portfolio's current withdrawal, and more difficult to raise funds for the new phase

The first half of Europe and the United States are still relatively OK, because of their LP structure and the amount of money, but some of the momentum of the Asian VC has been evident in the second half of the year, especially for almost a month or two, with a decreasing frequency of engagement, some of which are simply not invested, or the transition to pure Liquid Fund. Started with an investment manager/partner on TT to tell me &ldquao; too hard to back off &rdquao; The impact of the 1011 tragedy on the mobility of the mountains is deadly

The ones in Europe and America don't seem to have much impact

In fact, VC rounds & ldquo; Bear City & rdquo; &ldquo after Luna in 2022; Delayed effects & rdquo; secondary markets were out of reach at that time, but first-class markets, whether project valuation or the amount of funds raised by VC, were not affected much, and many new VCs were created after Luna (e.g. ABCDE). Difi Summer's star projects, MakerDAO, Uniswap and so on, were from Build, Bear City, 18-19, and the 18-19 wave of the VC was full of crazy cows in 21 years, Bear City was a VC, and it was a good project

But the ideal's full, the reality is so strong, for three reasons

First, it was crazy to put water on that 21-year-old balconies, and the 18-19 VC actually had a small difference between a good project and a bad project, when the chickens rose, and any project was dozens or even hundreds of times. This has also led to the valuation and financing of new projects in the 22-23 primary market, even in the bear market, because the anchoring effect remains at a relatively high level and has not received much impact from the secondary market, i.e., the &ldquo in bear market in the first market, and the delayed effect &rdqua;

Second, the four-year cycle was broken, with no so-called &ldquao at all for 25 years; & rdquao; there are macro-causes, there are too many quagmires, there are insufficient mobility, there are reasons for the narratives, there are no longer PPTs and VC endorsements, there are AI outbreaks, US shares & ldqua; real value investments & rdquo; the reason for the sorbence effect on the money coil & shelip; & shellip; Anyway, the former Pattern no longer repeats and wants to return to good projects 19 years ago, the dream of 21 times more than 100 years is impossible

Thirdly, even if the four-year cycle is repeated, the VC ' s terms are completely out of line, and some of the Portfolios we dropped at the beginning of 23 years, and 2,3 years have passed without a coin, and even TGE will have to lock for one year, release another two to three years, a 23-year project, and probably 28 to 29 years before the last tokens can be obtained, directly through a half-cycle. How many projects in the currency ring can survive through the cycle? Plumbs

2. VC WILL NOT DIE AS A WHOLE

There's nothing to worry about, but if the industry doesn't die, the VC doesn't die. Otherwise, new ideaa, new technology, new direction, who will give the resources to achieve it? Can't say ICO or KOL

The ICO is more involved in carrying part of the diaspora and the community to the bus +, and the KOL wheel is primarily responsible for dissemination, which is happening later in the project. In the early stages of one or two Foundations+PPT, only VC can really understand and pay. I've been talking about more than 1,000 projects in ABCDE over two years, and in the end I've just voted for 40. This finely selected 40 is estimated to be 20 or 30 dead. Many of the items that you can see on the market, you think “ garbage ” have been sifted many times over “ refined ” otherwise the ICOs are all on the KOLs, and the diasporas even include the KOLs

Think about the phenomenon level projects from the last round to this round, except for a very rare case like Hyperliquid, which has no VC behind it? Whether Uniswap, AAVE, or Solana, Opensea, or PolyMarket, Ethena &herlip; &herlip; emotional Andi-VC, which still depends on Founder+VC to push forward

A few days ago I talked about a forecast market project that was completely different from the Copycat of most Polymarket/Kalshi on the market, and very different. The two days were given to some VC and KOL, and the feedback was interesting, and we're going to talk. You see, good projects don't die. Good VC too

3. VC, project, will raise the threshold of talent towards Web2

VC - THE REPUTATION, FUNDING AND PROFESSIONALISM ARE CLEARLY AT THE STAGE OF STRENGTH。

The most important thing about VC's reputation and brand is not to see how famous you are in the diaspora, but to see Devloper, or whether the Founders are willing to take your money, why choose to take your money instead of another VC, which is the true moat of VC. The VC is clearly similar to the CEX

The project - We look at the narratives and white papers from the previous round (not even the white papers, such as the 17-year-old Idea Idea, with hundreds of millions of dollars) to the last round of TVL, VC endorsements, narratives, Trasaction & Hellip; & Hellip; to the real users of this round, to the agreed revenues & shellip; & shellip; it seems to be moving in the direction of the US stock。

Jeff of Hyperliquid once stated in an interview that the only business model for most of the moneyring projects was to sell money, because there was nothing at the time of TGE, just a main network, no ecology, no user, no income &herlip; &herlip; and then only money. Imagine when a company in America was listed with only one main company and a bunch of employees, and maybe factories and workshops, but no customers, no income. Why can't we just go to TGE or Ling

This round of Polymarket and Hyperliquid played one of the best in terms of a few years of real user and income, or even a new track, before considering a coin. One did attract early users by using token drops as an incentive, but the product was invincible, the money was sent back, the project was a cash cow, and 99% of the income was bought back. When the project has a non-Farmer real user plus real income, talk about TGE, talk about Listing, and we're on the right track

Talent -- one of the reasons I've always had faith in Web3 is because the industry brings together the smartest people in the world. I've written before, that nearly half of the 1,000 projects I've been talking about, and the core team has graduated. The country's baser is almost one-size-fits-all in the Zheg Dynasty Building。

It's not academic, of course. I'm not from any school. But it's undeniable from a statistical point of view that so many highly intelligent people are gathered here, even because of the wealth effects, they can make something useful/funful

So I said earlier that while the market bears, this round of entrepreneurship is pretty clear, stable currency, Perp, everything on the chain, predicting the market, Age Economy is in the direction of determining the PMF, good Fourer plus good VC will make something really good. Polymarket and Hyperliquid do the best they can to see more star products coming

And for ordinary people, Web3 is still the most promising place for you to move from nobody to somebody -- of course, the most promising is compared to the difficulty of purging down to Web2. In keeping with the previous round or cycle, this difficulty has changed from EASY to Hard. It will be recalled that two days ago, a tweet of a Web3 VC partner said that he had recruited a junior intern who had received over 500 CVs a few days, many of which had graduated by name, and had scared him to close the job advertisement directly。

So it's the same thing