加密基础设施的早期价值：范式，二线和与达斯的斗争

探索范式和Coinbase Ventures的战略基础设施投资，排水量 - 服务（DAAS）的威胁不断上升​​以及加密安全的未来。

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

加密基础设施的早期价值：范式，二线和与达斯的斗争

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).

加密景观正在迅速发展。本文综合了Paradigm和Coinbase对早期基础设施投资的见解，以及Drainers-As-As-Service（DAAS）的新兴威胁。

Strategic Focus: Research vs. Execution

战略重点：研究与执行

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.

加密生态系统已经成熟，表明稳定的基础设施是创新的关键。在区块链基础设施的早期投资已获得与传统风险投资相媲美的回报。受Fred Ehrsam影响的范式和Coinbase Ventures以双重策略为例：研究驱动的创新和可扩展执行。

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，范式管理了120亿美元的范式，将诸如Uniswap和Starkware之类的技术雄心勃勃的项目优先考虑，从而提高了可扩展性和流动性。 Coinbase Ventures利用其市场的访问权限，可以在靠近产品市场契合度（例如Etherscan and Alchemy）上获得支持项目，从而在Polygon和The Graph等投资上获得了可观的回报。

Fred Ehrsam's Vision: Compounding Through Infrastructure

弗雷德·埃萨姆（Fred Ehrsam）的愿景：通过基础设施复杂

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强调复杂的回报，识别有可能重新定义金融基础设施的项目。 Paradigm的技术输入完善了UNISWAP的AMM模型，该模型现在为智能合同开发的很大一部分提供了动力。 Coinbase将基础架构与面向用户的平台集成在一起，为交易所及其合作伙伴创建一个有益的周期。

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的初始基金大大增长，表明基础设施投资可以带来财务和系统性价值。 Coinbase Ventures的投资组合证实了基础设施是加密经济中可靠的资产类别。

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

流水机 - 服务的兴起（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，这种有希望的景观面临着挑战。 DAA的崛起已将加密盗窃转变为可扩展的操作。到2025年，DAAS平台为网络犯罪分子提供工具，利用钱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通过分支机构购买恶意软件和网络钓鱼模板来使获得加密释放工具的访问权限。这些工具利用集成层漏洞，例如重新进入和允许管理不善。攻击，例如SEC冒充排水器，突出了加密交易的不可逆性和缺乏实时用户验证的不可逆转。

Systemic Risks and Institutional Solutions

系统性风险和机构解决方案

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的扩散会产生系统性的风险，侵蚀加密平台的信任并暴露于机构监护解决方案中的弱点。机构正在采用高级安全措施，包括多方计算（MPC）和智能合同审核。

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.

监管框架正在发展，并且使用加密保管服务为银行提供了强大的OPSEC协议。这刺激了对监护权服务的需求（CAAS），整合了MPC和AI驱动的威胁检测。

Investment Implications: Securing the Future

投资影响：确保未来

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.

对于投资者而言，DAAS威胁既有风险和机遇。开发机构监护权解决方案的公司具有良好的增长。关键部门包括MPC钱包提供商和智能合约安全审核。

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.

投资者还应考虑与DAA相关的地缘政治风险，并为拥有全球合规框架的公司提供支持。随着行业的成熟，对安全和合规性进行投资将减轻系统性的风险，并将公司位置在弹性数字资产生态系统的最前沿。

Conclusion: A Call for Proactive Defense

结论：主动防御的呼吁

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!

加密的未来取决于主动防御。尽管各个用户必须采用最佳实践，但机构保管人必须优先考虑集成层安全性和法规合规性。因此，请保持智慧，保持安全，并记住，在加密世界中，一点偏执狂走了很长一段路！