三鍵實驗室是一個致力於支持面向消費者項目的加密投資基金

三鍵實驗室是一個加密投資基金，致力於支持捕捉文化勢頭的面向消費者的項目，提供早期資本

Three Keys Lab, a crypto investment fund focused on supporting consumer-facing projects that capture cultural momentum, is providing early-stage capital and community scaling thesis to help founders navigate market cycles.

Trix Keys Lab是一個致力於支持捕捉文化動力的面向消費者的項目的加密投資基金，正在提供早期資本和社區規模論文，以幫助創始人在市場週期中導航。

The fund’s strategy centers around integrating higher-level layers of user engagement, cultural creation, and market experimentation into the core fabric of onchain ecosystems.

該基金的戰略圍繞著將用戶參與，文化創建和市場實驗的高級層次融合到OnChain生態系統的核心結構中。

Recent reports from Union Square Ventures and Token Terminal show that applications targeting end users outnumber infrastructure ventures in deal volume but lag significantly in total capital raised.

聯合廣場風險投資和代幣終端的最新報告表明，針對最終用戶的應用程序數量超過了交易量的基礎設施企業，但總資本籌集的總資本卻大大落後。

Despite early signals of mass adoption, platforms built around non-fungible tokens (NFTs), social tokens and memecoins have struggled to secure long-term funding. That gap in financing is likely to be a key factor in the high failure rate of consumer-crypto startups.

儘管早期採用了大規模收養的信號，但圍繞不可避免的令牌（NFT）建立的平台，社會令牌和成員仍在努力獲得長期資金。融資的差距可能是消費者 - 墨西哥人初創公司高失敗率的關鍵因素。

This capital imbalance has tangible consequences. Research on crypto startup failures reveals that many promising ventures collapse due to a lack of capital to weather shifting market conditions, even when demand and innovation are present.

這種資本不平衡會帶來切實的後果。對加密初創企業失敗的研究表明，即使存在需求和創新，許多有前途的企業崩潰了，即使存在需求和創新。

The above chart data shows that the public-market capitalization of native onchain assets — principally NFTs and memecoins — expanded more than six-fold in less than a year, rising from a cyclical trough of $22 billion in Q4 2023 to roughly $140 billion at the Q4 2024 peak.

上圖數據顯示，本地Onchain資產（主要是NFTS和Memecoins）的公共市場資本化在不到一年的時間內擴大了六倍以上，從周期性的220億美元的2023年$ 22億美元增加到大約1400億美元，達到了40億美元2024峰值。

One fund identified this market shift early and structured its entire strategy around what it calls the “tokenized attention economy.” Onchain cultural assets such as memes, social-capital tokens, and digital collectibles whose worth rises with network momentum. Three Keys Lab fund backs community-led, consumer-facing products that compound value as social engagement scales.

一家基金及早確定了這一市場的轉變，並圍繞所謂的“標記關注經濟”制定了整個戰略。諸如模因，社會資本令牌和數字收藏品之類的OnChain文化資產，其價值隨著網絡勢頭而提高。三個鑰匙實驗室基金會支持社區主導的面向消費者的產品，這些產品將價值作為社會參與量表而復合。

In the first quarter of 2025, the fund delivered top-quartile results among 2022-vintage crypto vehicles. The fund returned all paid-in capital to its limited partners, reaching a distributions to paid-in capital (DPI) ratio of 1.0 — a milestone that indicates full capital recovery for investors.

在2025年第一季度，該基金在2022年的年份加密貨車中取得了排名四分之一的業績。該基金將所有有薪資本歸還給其有限合夥人，達到1.0的付費資本（DPI）比率的分配，這是一個指示投資者的資本回收的里程碑。

Over the same quarter, the fund’s AUM doubled, with a large portion of this growth driven by its Liquid Strategy, which includes a diversified mix of onchain assets.

在同一季度中，該基金的AUM翻了一番，這一增長的很大一部分是由其液體策略驅動的，其中包括多樣化的Onchain資產組合。

Formed at the peak of the 2022 NFT boom, the fund remained unscathed through the collapse of FTX, protected its chip stack during the metaverse pull-back and navigated the NFT retrenchment — events that shuttered many of its peers.

該基金在2022 NFT繁榮的峰值上形成，通過FTX的崩潰，毫髮無損，在元回頭背靠背的過程中保護其芯片堆棧，並導航了NFT裁員 - 這使許多同行都關閉了。

By embracing the onchain frontier and deploying capital with discipline and focus, the fund compounded gains through successive bear cycles, ultimately emerging as one of the few survivors of its vintage and delivering notable returns in Q1 2025.

通過擁抱OnChain Frontier並以紀律和重點部署資本，該基金通過連續的熊週期加劇了收益，最終成為其複古的少數倖存者之一，並在第1季度2025年第1季度獲得了可觀的回報。

Consumer Crypto, ReimaginedThe fund’s thesis is reflected in a portfolio that spans several user-facing Web3 segments. Gondi enables NFT-based lending; Kaito develops AI-native information markets; Fountain operates as a crypto-native art finance desk; and Holderscan offers data infrastructure for memecoins.

消費者加密，重新想像基金的論文反映在跨越幾個面向用戶的Web3段的投資組合中。 Gondi啟用基於NFT的貸款； Kaito開發了本地信息市場；噴泉是加密本地藝術融資台的運營； Holderscan為Memecoins提供數據基礎架構。

While these projects vary in function and visibility, they share a common strength: the ability to endure and adapt through extended market downturns.

儘管這些項目的功能和知名度各不相同，但它們具有共同的優勢：忍受和適應擴展的市場低迷的能力。

Three Keys Lab’s culture-driven approach has begun to attract broader institutional support. The fund’s backers include Dragonfly, SIG, Mirana Ventures and a consortium of family offices.

三個鑰匙實驗室的文化驅動方法已經開始吸引更廣泛的機構支持。該基金的支持者包括蜻蜓，Sig，Mirana Ventures和家庭辦事處。

Following its Q1 results, Three Keys Lab plans to expand its internal operations by hiring across research, engineering and portfolio support. Its goal is to deepen deployment in what it sees as the next frontier of onchain market growth: the convergence of culture, finance, and tech.

在其第一季度的結果之後，三個鑰匙實驗室計劃通過在研究，工程和投資組合支持中僱用來擴大內部運營。它的目標是加深將其視為OnChain市場增長的下一個領域的部署：文化，金融和技術的融合。