Naval Ravikant 认为加密货币实际上并不需要风险投资方式来为初创企业融资

美国早期产品领先投资者之一纳瓦尔·拉维坎特 (Naval Ravikant) 表示，加密货币模型不需要风险投资。

One of the leading US investors in early-stage products has stated that the crypto model does not require VC funding. This statement comes at the end of a trend that saw crypto projects attract more VC funding than ever before to build some of the most prominent chains and projects.

美国领先的早期产品投资者之一表示，加密货币模型不需要风险投资。这一声明是在加密货币项目吸引比以往更多的风险投资来建立一些最著名的链和项目的趋势结束时发表的。

VC was crucial for the latest batch of startups that arrived during the 2021 bull market. Before this, crypto projects relied on the ICO model, which provided high-level funding from regular buyers. However, ICO fundraisers did not always ensure a fair launch, leading to issues with the credibility of projects.

对于 2021 年牛市期间到来的最新一批初创企业来说，风险投资至关重要。在此之前，加密货币项目依赖于 ICO 模式，该模式从普通买家那里提供高额资金。然而，ICO 筹款活动并不总能确保公平启动，导致项目可信度出现问题。

The problem with VC funding is that it helps create low-float projects. Retail investors later realized that they were the exit liquidity for these projects, which permanently depressed the token price.

风险投资的问题在于它有助于创建低流动性项目。散户投资者后来意识到，他们是这些项目的退出流动性，这永久性地压低了代币价格。

Funds have been entering the crypto space for a decade, like Pantera Capital. Other big names included Andreessen Horowitz, Sequoia Capital, Coinbase Ventures, and Blockchain Capital.

十年来，基金一直在进入加密货币领域，例如 Pantera Capital。其他知名企业包括 Andreessen Horowitz、红杉资本、Coinbase Ventures 和 Blockchain Capital。

Some of the big names in venture funding also helped legitimize FTX Ventures, the arm of the now-defunct exchange. Sequoia Capital, Black Rock, and SoftBank were among the backers that brought FTX to prominence. The presence of VC funding also accelerated the cycle of crypto startups, leading to faster exchange listings and more aggressive marketing.

风险投资领域的一些知名人士也帮助 FTX Ventures 合法化，FTX Ventures 是现已解散的交易所的子公司。红杉资本、黑岩资本和软银都是使 FTX 声名鹊起的支持者之一。风险投资的存在也加速了加密初创公司的周期，导致更快的交易所上市和更积极的营销。

However, by 2024, even exchanges were becoming skeptical, with Binance increasing its scrutiny of projects with a low initial float. Skepticism about VC also increased as Worldcoin prepared for one of its biggest insider unlocks in just a week. WLD was an asset to start trading and gain market exposure with a float of just 1.4% of the supply.

然而，到 2024 年，甚至交易所也开始持怀疑态度，币安加大了对初始流通量较低的项目的审查力度。随着世界币在短短一周内准备迎接其最大的内部人士解锁之一，对风险投资的怀疑也有所增加。 WLD 是一种开始交易并获得市场敞口的资产，其流通量仅为供应量的 1.4%。

VC inflows coincide with bull marketsThe involvement of VC investors, especially from traditional funds, also gave legitimacy to crypto projects. Inflows of VC coincided with the price of Bitcoin (BTC).

风险投资的流入与牛市相吻合风险投资者的参与，尤其是来自传统基金的风险投资，也赋予了加密项目合法性。风险投资的流入与比特币（BTC）的价格一致。

However, not all VC investments come from outsiders. Older ICOs sitting on ETH and BTC treasuries also fund newer projects, as they can do so with a fraction of their treasury.

然而，并非所有风险投资都来自外部。持有 ETH 和 BTC 金库的较旧 ICO 也为新项目提供资金，因为它们可以用其金库的一小部分来实现这一目的。

But even mined projects are not always fairly launched, as several coins started with a premine for the team. Fair launch tokens became a trend in 2024, reflected in the creation of meme assets that were fully diluted and immediately available to the community.

但即使是开采的项目也并不总是公平启动，因为有几个代币是从团队预挖开始的。公平发行代币在 2024 年成为一种趋势，这反映在创建完全稀释并立即可供社区使用的模因资产上。

In Q2, VC inflows in crypto also showed no sign of stopping. For the last period, crypto projects received $3.19B in 577 deals. The number of deals decreased compared to Q1, but each deal received slightly more funding.

第二季度，加密货币领域的风险投资流入也没有停止的迹象。上一时期，加密货币项目在 577 笔交易中获得了 $3.19B 的收益。与第一季度相比，交易数量有所减少，但每笔交易获得的资金略有增加。

Crypto funding is just a fraction of the global VC market, which also saw overall growth in Q2. But in the case of crypto, the relatively small size of the market has an outsized effect.

加密货币融资仅占全球风险投资市场的一小部分，该市场在第二季度也出现了整体增长。但就加密货币而言，相对较小的市场规模却产生了巨大的影响。

The golden age of VC market inflows into crypto is now in the past, having peaked in 2021. The current market is still absorbing the token unlocks and inflows.

风险投资市场流入加密货币的黄金时代已经过去，在 2021 年达到顶峰。当前市场仍在吸收代币解锁和流入。

The present market prices have shown the market's capacity to absorb selling but achieved lower returns for late retail buyers.VC inflows lag behind crypto market hypeIn Q2, the expansion of VC inflows lagged behind the trend of the current bull market. The previous crop of investments is now re-evaluating its potential returns.

目前的市场价格显示了市场吸纳抛售的能力，但后期散户的回报较低。 VC 流入落后于加密货币市场炒作 第二季度，VC 流入扩张落后于当前牛市的趋势。之前的投资现在正在重新评估其潜在回报。

Projects are also being scrutinized more closely for delivering utility rather than just hype.Some VC funding is flowing into already established projects, such as the prediction hub Polymarket, Eigen Layer, and the crypto social media Farcaster.

项目也受到更严格的审查，以提供实用性，而不仅仅是炒作。一些风险投资资金正在流入已经建立的项目，例如预测中心 Polymarket、Eigen Layer 和加密社交媒体 Farcaster。

The slowdown in VC has also affected the gaming sector. Web3 gaming was one of the main vectors of investment, spearheaded by Animoca Brands.

风险投资的放缓也影响了游戏行业。 Web3 游戏是主要的投资载体之一，由 Animoca Brands 领衔。

Web3 gaming also needed a bull market to be sustainable. Most game tokens also felt the pressure from unlocks. Even leading tokens like SAND slid further as early investments became available to sell.

Web3 游戏也需要牛市才能持续。大多数游戏代币也感受到了解锁带来的压力。随着早期投资可供出售，即使是像 SAND 这样的领先代币也进一步下滑。