加密基礎設施的早期價值：範式，二線和與達斯的鬥爭

探索範式和Coinbase Ventures的戰略基礎設施投資，排水量 - 服務（DAAS）的威脅不斷上升​​以及加密安全的未來。

Crypto Infrastructure's Early-Stage Value: Paradigm, Coinbase, and the Fight Against DaaS

加密基礎設施的早期價值：範式，二線和與達斯的鬥爭

The crypto landscape is evolving rapidly. This article synthesizes insights on early-stage infrastructure investments by Paradigm and Coinbase, alongside the emerging threat of Drainers-as-a-Service (DaaS).

加密景觀正在迅速發展。本文綜合了Paradigm和Coinbase對早期基礎設施投資的見解，以及Drainers-As-As-Service（DAAS）的新興威脅。

Strategic Focus: Research vs. Execution

戰略重點：研究與執行

The crypto ecosystem has matured, revealing that solid infrastructure is key for innovation. Early-stage investments in blockchain infrastructure have yielded returns rivaling traditional venture capital. Paradigm and Coinbase Ventures, influenced by Fred Ehrsam, exemplify this with a dual strategy: research-driven innovation and scalable execution.

加密生態系統已經成熟，表明穩定的基礎設施是創新的關鍵。在區塊鏈基礎設施的早期投資已獲得與傳統風險投資相媲美的回報。受Fred Ehrsam影響的範式和Coinbase Ventures以雙重策略為例：研究驅動的創新和可擴展執行。

Paradigm, managing $12 billion as of 2025, prioritizes technically ambitious projects like Uniswap and StarkWare, enhancing scalability and liquidity. Coinbase Ventures leverages its market access to support projects closer to product-market fit, such as Etherscan and Alchemy, achieving significant returns on investments like Polygon and The Graph.

截至2025年，範式管理了120億美元的範式，將諸如Uniswap和Starkware之類的技術雄心勃勃的項目優先考慮，從而提高了可擴展性和流動性。 Coinbase Ventures利用其市場的訪問權限，可以在靠近產品市場契合度（例如Etherscan and Alchemy）上獲得支持項目，從而在Polygon和The Graph等投資上獲得了可觀的回報。

Fred Ehrsam's Vision: Compounding Through Infrastructure

弗雷德·埃薩姆（Fred Ehrsam）的願景：通過基礎設施複雜

Ehrsam emphasizes compounding returns, identifying projects with the potential to redefine financial infrastructure. Paradigm's technical input refined Uniswap's AMM model, which now powers a large portion of smart contract development. Coinbase integrates infrastructure with user-facing platforms, creating a beneficial cycle for both the exchange and its partners.

EHRSAM強調複雜的回報，識別有可能重新定義金融基礎設施的項目。 Paradigm的技術輸入完善了UNISWAP的AMM模型，該模型現在為智能合同開發的很大一部分提供了動力。 Coinbase將基礎架構與面向用戶的平台集成在一起，為交易所及其合作夥伴創建一個有益的周期。

Paradigm's initial fund grew significantly, demonstrating that infrastructure investments can deliver financial and systemic value. Coinbase Ventures' portfolio validates that infrastructure is a reliable asset class in the crypto economy.

Paradigm的初始基金大大增長，表明基礎設施投資可以帶來財務和系統性價值。 Coinbase Ventures的投資組合證實了基礎設施是加密經濟中可靠的資產類別。

The Rise of Drainers-as-a-Service (DaaS)

流水機 - 服務的興起（DAAS）

However, this promising landscape faces challenges. The rise of DaaS has transformed crypto theft into a scalable operation. By 2025, DaaS platforms offer tools for cybercriminals, exploiting vulnerabilities in wallet and smart contract security.

但是，這種有希望的景觀面臨著挑戰​​。 DAA的崛起已將加密盜竊轉變為可擴展的操作。到2025年，DAAS平台為網絡犯罪分子提供工具，利用錢包和智能合同安全性的漏洞。

DaaS democratizes access to crypto-draining tools, with affiliates purchasing malware and phishing templates. These tools exploit integration-layer vulnerabilities, such as reentrancy amplification and permission mismanagement. Attacks, like the SEC impersonation drainer, highlight the irreversibility of crypto transactions and the lack of real-time user verification.

Daas通過分支機構購買惡意軟件和網絡釣魚模板來使獲得加密釋放工具的訪問權限。這些工具利用集成層漏洞，例如重新進入和允許管理不善。攻擊，例如SEC冒充排水器，突出了加密交易的不可逆性和缺乏實時用戶驗證的不可逆轉。

Systemic Risks and Institutional Solutions

系統性風險和機構解決方案

The proliferation of DaaS creates systemic risks, eroding trust in crypto platforms and exposing weaknesses in institutional custody solutions. Institutions are adopting advanced security measures, including Multi-Party Computation (MPC) and smart contract auditing.

DAA的擴散會產生系統性的風險，侵蝕加密平台的信任並暴露於機構監護解決方案中的弱點。機構正在採用高級安全措施，包括多方計算（MPC）和智能合同審核。

Regulatory frameworks are evolving, with the OCC mandating robust OPSEC protocols for banks using crypto custody services. This has spurred demand for Custody-as-a-Service (CaaS), integrating MPC and AI-driven threat detection.

監管框架正在發展，並且使用加密保管服務為銀行提供了強大的OPSEC協議。這刺激了對監護權服務的需求（CAAS），整合了MPC和AI驅動的威脅檢測。

Investment Implications: Securing the Future

投資影響：確保未來

For investors, the DaaS threat presents both risks and opportunities. Companies developing institutional custody solutions are well-positioned for growth. Key sectors include MPC wallet providers and smart contract security audits.

對於投資者而言，DAAS威脅既有風險和機遇。開發機構監護權解決方案的公司具有良好的增長。關鍵部門包括MPC錢包提供商和智能合約安全審核。

Investors should also consider the geopolitical risks associated with DaaS, supporting companies with global compliance frameworks. As the industry matures, investing in security and compliance will mitigate systemic risks and position firms at the forefront of a resilient digital asset ecosystem.

投資者還應考慮與DAA相關的地緣政治風險，並為擁有全球合規框架的公司提供支持。隨著行業的成熟，對安全和合規性進行投資將減輕系統性的風險，並將公司位置在彈性數字資產生態系統的最前沿。

Conclusion: A Call for Proactive Defense

結論：主動防禦的呼籲

The future of crypto depends on proactive defense. While individual users must adopt best practices, institutional custodians must prioritize integration-layer security and regulatory compliance. So, keep your wits about you, stay secure, and remember, in the world of crypto, a little paranoia goes a long way!

加密的未來取決於主動防禦。儘管各個用戶必須採用最佳實踐，但機構保管人必須優先考慮集成層安全性和法規合規性。因此，請保持智慧，保持安全，並記住，在加密世界中，一點偏執狂走了很長一段路！