三键实验室是一个致力于支持面向消费者项目的加密投资基金

三键实验室是一个加密投资基金，致力于支持捕捉文化势头的面向消费者的项目，提供早期资本

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是一个致力于支持捕捉文化动力的面向消费者的项目的加密投资基金，正在提供早期资本和社区规模论文，以帮助创始人在市场周期中导航。

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.

该基金的战略围绕着将用户参与，文化创建和市场实验的高级层次融合到OnChain生态系统的核心结构中。

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.

联合广场风险投资和代币终端的最新报告表明，针对最终用户的应用程序数量超过了交易量的基础设施企业，但总资本筹集的总资本却大大落后。

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.

尽管早期采用了大规模收养的信号，但围绕不可避免的令牌（NFT）建立的平台，社会令牌和成员仍在努力获得长期资金。融资的差距可能是消费者 - 墨西哥人初创公司高失败率的关键因素。

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.

这种资本不平衡会带来切实的后果。对加密初创企业失败的研究表明，即使存在需求和创新，许多有前途的企业崩溃了，即使存在需求和创新。

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.

上图数据显示，本地Onchain资产（主要是NFTS和Memecoins）的公共市场资本化在不到一年的时间内扩大了六倍以上，从周期性的220亿美元的2023年$ 22亿美元增加到大约1400亿美元，达到了40亿美元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.

一家基金及早确定了这一市场的转变，并围绕所谓的“标记关注经济”制定了整个战略。诸如模因，社会资本令牌和数字收藏品之类的OnChain文化资产，其价值随着网络势头而提高。三个钥匙实验室基金会支持社区主导的面向消费者的产品，这些产品将价值作为社会参与量表而复合。

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，该基金在2022年的年份加密货车中取得了排名四分之一的业绩。该基金将所有有薪资本归还给其有限合伙人，达到1.0的付费资本（DPI）比率的分配，这是一个指示投资者的资本回收的里程碑。

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，该基金的AUM翻了一番，这一增长的很大一部分是由其液体策略驱动的，其中包括多样化的Onchain资产组合。

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.

该基金在2022 NFT繁荣的峰值上形成，通过FTX的崩溃，毫发无损，在元回头背靠背的过程中保护其芯片堆栈，并导航了NFT裁员 - 这使许多同行都关闭了。

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.

通过拥抱OnChain Frontier并以纪律和重点部署资本，该基金通过连续的熊周期加剧了收益，最终成为其复古的少数幸存者之一，并在第1季度2025年第1季度获得了可观的回报。

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.

消费者加密，重新想象基金的论文反映在跨越几个面向用户的Web3段的投资组合中。 Gondi启用基于NFT的贷款； Kaito开发了本地信息市场；喷泉是加密本地艺术融资台的运营； Holderscan为Memecoins提供数据基础架构。

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

尽管这些项目的功能和知名度各不相同，但它们具有共同的优势：忍受和适应扩展的市场低迷的能力。

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.

三个钥匙实验室的文化驱动方法已经开始吸引更广泛的机构支持。该基金的支持者包括蜻蜓，Sig，Mirana Ventures和家庭办事处。

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.

在其第一季度的结果之后，三个钥匙实验室计划通过在研究，工程和投资组合支持中雇用来扩大内部运营。它的目标是加深将其视为OnChain市场增长的下一个领域的部署：文化，金融和技术的融合。